Document:

Exhibit 4.4

 

 

Execution Copy 

	 

 

WELLS FARGO COMMERCIAL MORTGAGE SECURITIES,
INC.,

as Depositor

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Master Servicer

 

C-III
ASSET MANAGEMENT LLC,

as Special Servicer

 

WELLS
FARGO BANK, NATIONAL ASSOCIATION,

as Certificate Administrator

 

WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Trustee,

 

and

 

PENTALPHA SURVEILLANCE LLC,

as Operating Advisor and Asset Representations Reviewer, 

	 	 	 

 

POOLING AND SERVICING AGREEMENT

 

Dated as of December 1, 2015

	 	 	 

 

Commercial Mortgage Pass-Through Certificates

Series 2015-P2 

	 

 

     

    	 

    

 

TABLE OF CONTENTS 

	 	 	Page
	Article I 

DEFINITIONS
	Section 1.01          Defined Terms	 	5
	Section 1.02          Certain Calculations	 	112
	Article II 

CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES
	Section 2.01          Conveyance of Mortgage Loans	 	113
	Section 2.02          Acceptance by Trustee	 	119
	Section 2.03          Representations, Warranties and Covenants of the Depositor; Mortgage Loan Sellers’ Repurchase or Substitution of Mortgage Loans for Defects in Mortgage Files and Breaches of Representations and Warranties	 	124
	Section 2.04          Execution of Certificates; Issuance of Lower-Tier Regular Interests	 	139
	Section 2.05          Creation of the Grantor Trust	 	140
	Article III 

ADMINISTRATION AND SERVICING OF THE TRUST FUND
	Section 3.01          The Master Servicer to Act as Master Servicer; Special Servicer to Act as Special Servicer; Administration of the Mortgage Loans, the Serviced Companion Loans, and REO Properties	 	140
	Section 3.02          Collection of Mortgage Loan Payments	 	147
	Section 3.03          Collection of Taxes, Assessments and Similar Items; Servicing Accounts	 	152
	Section 3.04          The Collection Account, the Lower-Tier REMIC Distribution Account, the Upper-Tier REMIC Distribution Account, the Companion Distribution Account, the Interest Reserve Account, the Excess Interest Distribution Account, and the Gain-on-Sale Reserve Account	 	157
	Section 3.05          Permitted Withdrawals from the Collection Account, the Distribution Accounts and the Companion Distribution Account	 	163
	Section 3.06          Investment of Funds in the Collection Account and the REO Account	 	174
	Section 3.07          Maintenance of Insurance Policies; Errors and Omissions and Fidelity Coverage	 	175
	Section 3.08          Enforcement of Due-on-Sale Clauses; Assumption Agreements	 	181
	Section 3.09          Realization Upon Defaulted Loans and Companion Loans	 	187

 

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	Section 3.10          Trustee and Certificate Administrator to Cooperate; Release of Mortgage Files	 	190
	Section 3.11          Servicing Compensation	 	192
	Section 3.12          Inspections; Collection of Financial Statements	 	198
	Section 3.13          Access to Certain Information	 	203
	Section 3.14          Title to REO Property; REO Account	 	215
	Section 3.15          Management of REO Property	 	216
	Section 3.16          Sale of Defaulted Loans and REO Properties	 	219
	Section 3.17          Additional Obligations of Master Servicer and Special Servicer	 	225
	Section 3.18          Modifications, Waivers, Amendments and Consents	 	228
	Section 3.19          Transfer of Servicing Between Master Servicer and Special Servicer; Recordkeeping; Asset Status Report	 	236
	Section 3.20          Sub-Servicing Agreements	 	242
	Section 3.21          Interest Reserve Account	 	246
	Section 3.22          Directing Certificateholder and Operating Advisor Contact with Master Servicer and Special Servicer	 	246
	Section 3.23          Controlling Class Certificateholders and Directing Certificateholder; Certain Rights and Powers of Directing Certificateholder	 	246
	Section 3.24          Intercreditor Agreements	 	250
	Section 3.25          Rating Agency Confirmation	 	253
	Section 3.26          The Operating Advisor	 	255
	Section 3.27          Companion Paying Agent	 	262
	Section 3.28          Companion Register	 	262
	Section 3.29          Certain Matters Relating to the Non-Serviced Mortgage Loans and the Serviced Pari Passu Companion Loans	 	263
	Section 3.30          [RESERVED]	 	264
	Section 3.31          [RESERVED]	 	264
	Section 3.32          Litigation Control	 	264
	Section 3.33          Delivery of Excluded Information to the Certificate Administrator	 	267
	Article IV 

distributions TO CERTIFICATEHOLDERS
	Section 4.01          Distributions	 	268
	Section 4.02          Distribution Date Statements; CREFC® Investor Reporting Packages; Grant of Power of Attorney	 	277
	Section 4.03          P&I Advances	 	283
	Section 4.04          Allocation of Realized Losses	 	286
	Section 4.05          Appraisal Reduction Amounts	 	287
	Section 4.06          Grantor Trust Reporting	 	290
	Section 4.07          Investor Q&A Forum; Investor Registry; and Rating Agency Q&A Forum and Document Request Tool	 	291
	Section 4.08          Secure Data Room	 	294

 

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	Article V 

THE CERTIFICATES
	Section 5.01          The Certificates	 	296
	Section 5.02          Form and Registration	 	296
	Section 5.03          Registration of Transfer and Exchange of Certificates	 	298
	Section 5.04          Mutilated, Destroyed, Lost or Stolen Certificates	 	306
	Section 5.05          Persons Deemed Owners	 	306
	Section 5.06          Access to List of Certificateholders’ Names and Addresses; Special Notices	 	306
	Section 5.07          Maintenance of Office or Agency	 	307
	Section 5.08          Appointment of Certificate Administrator	 	308
	Section 5.09          [RESERVED]	 	308
	Section 5.10          Voting Procedures	 	308
	Article VI 

THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER, the Operating Advisor, the asset representations reviewer AND THE DIRECTING CERTIFICATEHOLDER
	Section 6.01          Representations, Warranties and Covenants of the Master Servicer, Special Servicer, the Operating Advisor and the Asset Representations Reviewer	 	310
	Section 6.02          Liability of the Depositor, the Master Servicer, the Operating Advisor, the Special Servicer and the Asset Representations Reviewer	 	316
	Section 6.03          Merger, Consolidation or Conversion of the Depositor, the Master Servicer, the Operating Advisor, the Special Servicer or the Asset Representations Reviewer	 	316
	Section 6.04          Limitation on Liability of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and Others	 	318
	Section 6.05          Depositor, Master Servicer and Special Servicer Not to Resign	 	323
	Section 6.06          Rights of the Depositor in Respect of the Master Servicer and the Special Servicer	 	324
	Section 6.07          The Master Servicer and the Special Servicer as Certificate Owner	 	324
	Section 6.08          The Directing Certificateholder	 	324
	Article VII 

SERVICER TERMINATION EVENTS
	Section 7.01          Servicer Termination Events; Master Servicer and Special Servicer Termination	 	330
	Section 7.02          Trustee to Act; Appointment of Successor	 	338

 

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	Section 7.03          Notification to Certificateholders	 	340
	Section 7.04          Waiver of Servicer Termination Events	 	340
	Section 7.05          Trustee as Maker of Advances	 	340
	Article VIII 

CONCERNING THE TRUSTEE AND THE CERTIFICATE ADMINISTRATOR
	Section 8.01          Duties of the Trustee and the Certificate Administrator	 	341
	Section 8.02          Certain Matters Affecting the Trustee and the Certificate Administrator	 	342
	Section 8.03          Trustee and Certificate Administrator Not Liable for Validity or Sufficiency of Certificates or Mortgage Loans	 	345
	Section 8.04          Trustee or Certificate Administrator May Own Certificates	 	345
	Section 8.05          Fees and Expenses of Trustee and Certificate Administrator; Indemnification of Trustee and Certificate Administrator	 	345
	Section 8.06          Eligibility Requirements for Trustee and Certificate Administrator	 	347
	Section 8.07          Resignation and Removal of the Trustee and Certificate Administrator	 	348
	Section 8.08          Successor Trustee or Certificate Administrator	 	350
	Section 8.09          Merger or Consolidation of Trustee or Certificate Administrator	 	351
	Section 8.10          Appointment of Co-Trustee or Separate Trustee	 	351
	Section 8.11          Appointment of Custodians	 	352
	Section 8.12          Representations and Warranties of the Trustee	 	352
	Section 8.13          Provision of Information to Certificate Administrator, Master Servicer and Special Servicer	 	354
	Section 8.14          Representations and Warranties of the Certificate Administrator	 	354
	Section 8.15          Compliance with the PATRIOT Act	 	355
	Article IX 

TERMINATION
	Section 9.01          Termination upon Repurchase or Liquidation of All Mortgage Loans	 	356
	Section 9.02          Additional Termination Requirements	 	359
	Article X 

ADDITIONAL REMIC PROVISIONS
	Section 10.01          REMIC Administration	 	360
	Section 10.02          Use of Agents	 	363
	Section 10.03          Depositor, Master Servicer and Special Servicer to Cooperate with Certificate Administrator	 	364
	Section 10.04          Appointment of REMIC Administrators	 	364

 

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	Article XI 

EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE
	Section 11.01          Intent of the Parties; Reasonableness	 	365
	Section 11.02          Succession; Subcontractors	 	366
	Section 11.03          Filing Obligations	 	368
	Section 11.04          Form 10-D Filings	 	369
	Section 11.05          Form 10-K Filings	 	372
	Section 11.06          Sarbanes-Oxley Certification	 	375
	Section 11.07          Form 8-K Filings	 	376
	Section 11.08          Form 15 Filing	 	378
	Section 11.09          Annual Compliance Statements	 	378
	Section 11.10          Annual Reports on Assessment of Compliance with Servicing Criteria	 	380
	Section 11.11          Annual Independent Public Accountants’ Attestation Report	 	382
	Section 11.12          Indemnification	 	383
	Section 11.13          Amendments	 	386
	Section 11.14          Regulation AB Notices	 	386
	Section 11.15          Certain Matters Relating to the Future Securitization of the Serviced Pari Passu Companion Loans	 	386
	Section 11.16          [RESERVED]	 	392
	Section 11.17          Impact of Cure Period	 	392
	Article XII 

the asset representations reviewer
	Section 12.01          Asset Review	 	392
	Section 12.02          Payment of Asset Representations Reviewer Fees and Expenses; Limitation of Liability	 	398
	Section 12.03          Resignation of the Asset Representations Reviewer	 	399
	Section 12.04          Restrictions of the Asset Representations Reviewer	 	399
	Section 12.05          Termination of the Asset Representations Reviewer	 	399
	Article XIII 

MISCELLANEOUS PROVISIONS
	Section 13.01          Amendment	 	402
	Section 13.02          Recordation of Agreement; Counterparts	 	407
	Section 13.03          Limitation on Rights of Certificateholders	 	407
	Section 13.04          Governing Law; Submission to Jurisdiction; Waiver of Jury Trial	 	408
	Section 13.05          Notices	 	409
	Section 13.06          Severability of Provisions	 	414
	Section 13.07          Grant of a Security Interest	 	414
	Section 13.08          Successors and Assigns; Third Party Beneficiaries	 	415

 

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	Section 13.09          Article and Section Headings	 	415
	Section 13.10          Notices to the Rating Agencies	 	415

 

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	EXHIBITS	 	 
	 	 	 
	EXHIBIT A-1	 	Form of Certificate (other than Class R and Class V Certificates)
	EXHIBIT A-2	 	Form of Class R Certificate
	EXHIBIT A-3	 	Form of Class V Certificate
	EXHIBIT A-4	 	[RESERVED]
	EXHIBIT B	 	Mortgage Loan Schedule
	EXHIBIT C	 	Form of Investment Representation Letter
	EXHIBIT D-1	 	Form of Transferee Affidavit for Transfers of Class R Certificates
	EXHIBIT D-2	 	Form of Transferor Letter for Transfers of Class R Certificates
	EXHIBIT E	 	Form of Request for Release
	EXHIBIT F-1	 	Form of ERISA Representation Letter regarding ERISA Restricted Certificates
	EXHIBIT F-2	 	Form of ERISA Representation Letter regarding Class R Certificates and Class V Certificates
	EXHIBIT G	 	Form of Distribution Date Statement
	EXHIBIT H	 	Form of Omnibus Assignment
	EXHIBIT I	 	Form of Transfer Certificate for Rule 144A Book-Entry Certificate to Temporary Regulation S Book-Entry Certificate during Restricted Period
	EXHIBIT J	 	Form of Transfer Certificate for Rule 144A Book-Entry Certificate to Regulation S Book-Entry Certificate after Restricted Period
	EXHIBIT K	 	Form of Transfer Certificate for Temporary Regulation S Book-Entry Certificate to Rule 144A Book-Entry Certificate during Restricted Period
	EXHIBIT L	 	Form of Transfer Certificate for Temporary Regulation S Book-Entry Certificate to Regulation S Book-Entry Certificate after Restricted Period
	EXHIBIT M	 	Form of Transfer Certificate for Non-Book Entry Certificate to Temporary Regulation S Book-Entry Certificate
	EXHIBIT N	 	Form of Transfer Certificate for Non-Book Entry Certificate to Regulation S Book-Entry Certificate
	EXHIBIT O	 	Form of Transfer Certificate for Non-Book Entry Certificate to Rule 144A Book-Entry Certificate
	EXHIBIT P-1A	 	Form of Investor Certification for Non-Borrower Party (for Persons other than the Directing Certificateholder and/or a Controlling Class Certificateholder)
	EXHIBIT P-1B	 	Form of Investor Certification for Non-Borrower Party (for the Directing Certificateholder and/or a Controlling Class Certificateholder)
	EXHIBIT P-1C	 	Form of Investor Certification for Borrower Party (for Persons other than the Directing Certificateholder and/or a Controlling Class Certificateholder)
	EXHIBIT P-1D	 	Form of Investor Certification for Borrower Party (for the Directing Certificateholder and/or a Controlling Class Certificateholder)
	EXHIBIT P-1E	 	Form of Notice of Excluded Controlling Class Holder
	EXHIBIT P-1F	 	Form of Notice of Excluded Controlling Class Holder to Certificate Administrator
	EXHIBIT P-1G	 	Form of Certification of Directing Certificateholder
	EXHIBIT P-2	 	Form of Certification for NRSROs
	EXHIBIT P-3	 	Online Market Data Provider Certification

 

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	EXHIBIT Q	 	Custodian Certification/Exception Report
	EXHIBIT R-1	 	Form of Power of Attorney – Master Servicer
	EXHIBIT R-2	 	Form of Power of Attorney – Special Servicer
	EXHIBIT S	 	Initial Companion Holders
	EXHIBIT T	 	Form of Notice Relating to the Non-Serviced Mortgage Loan
	EXHIBIT U	 	Form of Notice and Certification Regarding Defeasance of Mortgage Loan
	EXHIBIT V	 	Form of Operating Advisor Annual Report
	EXHIBIT W	 	Form of Notice from Operating Advisor Recommending Replacement of Special Servicer
	EXHIBIT X	 	Form of Confidentiality Agreement
	EXHIBIT Y	 	Form Certification to be Provided with Form 10-K
	EXHIBIT Z-1	 	Form of Certification to be Provided to Depositor by Certificate Administrator
	EXHIBIT Z-2	 	Form of Certification to be Provided to Depositor by Master Servicer
	EXHIBIT Z-3	 	Form of Certification to be Provided to Depositor by Special Servicer
	EXHIBIT Z-4	 	Form of Certification to be Provided to Depositor by Trustee
	EXHIBIT Z-5	 	Form of Certification to be Provided to Depositor by Operating Advisor
	EXHIBIT Z-6	 	Form of Certification to be Provided to Depositor by Custodian
	EXHIBIT Z-7	 	Form of Certification to be Provided to Depositor by Asset Representations Reviewer
	EXHIBIT AA	 	Servicing Criteria to be Addressed in Assessment of Compliance
	EXHIBIT BB	 	Additional Form 10-D Disclosure
	EXHIBIT CC	 	Additional Form 10-K Disclosure
	EXHIBIT DD	 	Form 8-K Disclosure Information
	EXHIBIT EE	 	Additional Disclosure Notification
	EXHIBIT FF	 	Initial Sub-Servicers
	EXHIBIT GG	 	Servicing Function Participants
	EXHIBIT HH	 	Form of Annual Compliance Statement
	EXHIBIT II	 	Form of Report on Assessment of Compliance with Servicing Criteria
	EXHIBIT JJ	 	CREFC® Payment Information
	EXHIBIT KK	 	Form of Notice of Additional Indebtedness Notification
	EXHIBIT LL	 	[RESERVED]
	EXHIBIT MM	 	Additional Disclosure Notification (Accounts)
	EXHIBIT NN	 	Form of Notice of Purchase of Controlling Class Certificate
	EXHIBIT OO	 	Form of Asset Review Report
	EXHIBIT PP	 	Form of Asset Review Report Summary
	EXHIBIT QQ	 	Asset Review Procedures
	EXHIBIT RR	 	Form of Certification to Certificate Administrator Requesting Access to Secure Data Room
	EXHIBIT SS	 	Form of Notice of [Additional Delinquent Mortgage Loan][Cessation of Delinquent Mortgage Loan][Cessation of Asset Review Trigger]
	 	 	 
	SCHEDULES	 	 
	 	 	 
	SCHEDULE 1	 	Mortgage Loans With Additional Debt
	SCHEDULE 2	 	Class A-SB Planned Principal Balance Schedule

 

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	SCHEDULE 3	 	Mortgage Loans With “Performance”, “Earn-Out” or “Holdback” Escrows or Reserves exceeding 10% of the Initial Principal Balance

  

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This Pooling and Servicing
Agreement is dated and effective as of December 1, 2015, among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor,
Wells Fargo Bank, National Association, as Master Servicer, C-III Asset Management LLC, as Special Servicer, Wells Fargo Bank,
National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee, Pentalpha Surveillance
LLC, as Operating Advisor and Pentalpha Surveillance LLC, as Asset Representations Reviewer.

 

PRELIMINARY STATEMENT:

 

The Depositor intends
to sell commercial mortgage pass-through certificates (collectively, the “Certificates”), to be issued hereunder
in multiple classes (each, a “Class”), which in the aggregate will evidence the entire beneficial ownership
interest in the Trust to be created hereunder, the primary assets of which will be a pool of commercial mortgage loans. As provided
herein, the Certificate Administrator shall elect or shall cause an election to be made to treat designated portions of the Trust
(exclusive of the Excess Interest and the proceeds thereof in the Excess Interest Distribution Account) for federal income tax
purposes as two separate real estate mortgage investment conduits (the “Upper-Tier REMIC” and the “Lower-Tier
REMIC”, and each a “Trust REMIC” as described herein).

 

In addition, the parties
intend that the portions of the Trust Fund consisting of the Class V Specific Grantor Trust Assets shall be treated as a grantor
trust under subpart E, part I of subchapter J of the Code for federal income tax purposes (the “Grantor Trust”).
Solely for tax purposes, the Class V Certificates shall represent undivided beneficial interests in the Grantor Trust. As provided
herein, the Certificate Administrator shall take all actions expressly required hereunder to ensure that the portion of the Trust
Fund consisting of the Grantor Trust maintains its status as a grantor trust under federal income tax law and not be treated as
part of either Trust REMIC.

 

The Depositor intends
to sell the Certificates to the Underwriters and the Initial Purchasers.

 

LOWER-TIER REMIC

 

The Lower-Tier REMIC
will hold the Mortgage Loans (exclusive of Excess Interest) and will issue the Class LA1, Class LA2A, Class LA2B, Class LA3, Class
LA4, Class LASB, Class LAS, Class LB, Class LC, Class LD, Class LE, Class LF and Class LG Uncertificated Interests (the “Lower-Tier
Regular Interests”), which will evidence the “regular interests” in the Lower-Tier REMIC created hereunder.
The Lower-Tier REMIC will also issue the uncertificated Class LR Interest, which is the sole Class of “residual interests”
in the Lower-Tier REMIC for purposes of the REMIC Provisions and is represented by the Class R Certificates. 

 

     

    	 

    

 

The following table sets
forth the Original Lower-Tier Principal Amounts and per annum rates of interest for the Lower-Tier Regular Interests and
the Class LR Interest:

 

	
        Class Designation 
	 	
        Interest Rate 
	 	Original Lower-Tier
 Principal Amount

	Class LA1	 	(1)	 	 	$	28,655,000	 
	Class LA2A	 	(1)	 	 	$	70,000,000	 
	Class LA2B	 	(1)	 	 	$	82,513,000	 
	Class LA3	 	(1)	 	 	$	209,000,000	 
	Class LA4	 	(1)	 	 	$	253,790,000	 
	Class LASB	 	(1)	 	 	$	57,582,000	 
	Class LAS	 	(1)	 	 	$	47,605,000	 
	Class LB	 	(1)	 	 	$	61,385,000	 
	Class LC	 	(1)	 	 	$	50,110,000	 
	Class LD	 	(1)	 	 	$	56,373,000	 
	Class LE	 	(1)	 	 	$	22,550,000	 
	Class LF	 	(1)	 	 	$	11,275,000	 
	Class LG	 	(1)	 	 	$	51,363,025	 
	Class LR	 	None(2)	 	 	None	 

 

 

		(1)	The
                                         interest rate for each Class of Lower-Tier Regular Interests on any Distribution Date
                                         will be the Weighted Average Net Mortgage Rate for such Distribution Date.

 

		(2)	The
                                         Class LR Interest (evidenced by the Class R Certificates) will not have a Certificate
                                         Balance or Notional Amount, will not bear interest and will not be entitled to distributions
                                         of Prepayment Premiums or Yield Maintenance Charges. Any Available Funds remaining in
                                         the Lower-Tier REMIC Distribution Account after distributing the Lower-Tier Distribution
                                         Amount will be deemed distributed to the Class LR Interest and shall be payable to the
                                         Holders of the Class R Certificates.

 

UPPER-TIER REMIC

 

The Upper-Tier REMIC
will hold the Lower-Tier Regular Interests and will issue the Class A-1, Class A-2A, Class A-2B, Class A-3, Class A-4, Class A-SB,
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, each of which
is a “regular interest” in the Upper-Tier REMIC created hereunder. The Upper-Tier REMIC also will issue the uncertificated
Class UR Interest, which is the sole Class of “residual interests” in the Upper-Tier REMIC for purposes of the REMIC
Provisions and is represented by the Class R Certificates.

 

THE GRANTOR TRUST

 

The Class V Certificates
shall represent undivided beneficial interests in the portion of the Grantor Trust consisting of the assets set forth opposite
such Class in the following table, in each case as described herein. As provided herein, the Certificate Administrator shall not
take any actions that would cause the portion of the Trust Fund consisting of the Grantor Trust (i) to fail to maintain its status
as a “grantor trust” under federal income tax law or (ii) to be treated as part of any Trust REMIC.

 

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        Class Designation
	 	
        Corresponding Grantor Trust
Assets

	Class V	 	Class V Specific Grantor Trust Assets

 

THE CERTIFICATES

 

The following table
(and related paragraphs) sets forth the designation, the pass-through rate (the “Pass-Through Rate”) and the
aggregate initial principal amount (the “Original Certificate Balance”) or Notional Amount (the “Original
Notional Amount”), as applicable, for each Class of Certificates: 

	 	 	 	 	 	 	 	 	 
	Corresponding

Certificates	 	Initial Pass-

Through Rate	 	Original

Certificate

Balance or 

Notional Amount
	Class A-1 Certificates	 	1.9690%	 	 	 	$	28,655,000	 
	Class A-2A Certificates	 	3.1170%	 	 	 	$	70,000,000	 
	Class A-2B Certificates	 	4.8978%	 	 	 	$	82,513,000	 
	Class A-3 Certificates	 	3.5410%	 	 	 	$	209,000,000	 
	Class A-4 Certificates	 	3.8090%	 	 	 	$	253,790,000	 
	Class A-SB Certificates	 	3.6560%	 	 	 	$	57,582,000	 
	Class X-A Certificates	 	1.1775%	(1)	 	 	$	749,145,000	(2)
	Class X-B Certificates	 	0.6428%	(1)	 	 	$	61,385,000	(2)
	Class X-D Certificates	 	1.6568%	(1)	 	 	$	56,373,000	(2)
	Class A-S Certificates	 	4.0130%	 	 	 	$	47,605,000	 
	Class B Certificates	 	4.2550%	 	 	 	$	61,385,000	 
	Class C Certificates	 	4.8978%	 	 	 	$	50,110,000	 
	Class D Certificates	 	3.2410%	 	 	 	$	56,373,000	 
	Class E Certificates	 	4.8978%	 	 	 	$	22,550,000	 
	Class F Certificates	 	4.8978%	 	 	 	$	11,275,000	 
	Class G Certificates	 	4.8978%	 	 	 	$	51,363,025	 
	Class R Certificates	 	None(3)	 	 	 	 	N/A	 
	Class V Certificates	 	None(3)	 	 	 	 	N/A	 

 

 

		(1)	The
                                         Pass-Through Rate for the Class X-A, Class X-B and Class X-D Certificates will be calculated
                                         in accordance with the definition of “Class X-A Pass-Through Rate”, “Class
                                         X-B Pass-Through Rate” and “Class X-D Pass-Through Rate”, respectively.

 

		(2)	None
                                         of the Class X-A, Class X-B and Class X-D Certificates will have a Certificate Balance;
                                         rather, such Classes will accrue interest as provided herein on the Class X-A Notional
                                         Amount, the Class X-B Notional Amount or the Class X-D Notional Amount, as applicable.

 

		(3)	Neither
                                         the Class R nor the Class V Certificates will have a Certificate Balance or a Notional
                                         Amount, bear interest or be entitled to distributions of Prepayment Premiums or Yield
                                         Maintenance Charges. Any Available Funds remaining in the Upper-Tier REMIC Distribution
                                         Account, after all required distributions under this Agreement have been made to each
                                         Class of Regular Certificates will be deemed distributed to the Class UR Interest and
                                         shall be payable to the Holders of the Class R Certificates.

 

As of the close of business
on the Cut-off Date, the Mortgage Loans had an aggregate principal balance, after application of all payments of principal due
on or before such date, whether or not received, equal to $1,002,201,025.

 

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The Empire Mall Pari
Passu Companion Loans, the Heritage Industrial Portfolio Pari Passu Companion Loan, the Harbor Pointe Apartments Pari Passu Companion
Loan, the Anchorage Marriott Downtown Pari Passu Companion Loan, the Harvey Building Products Portfolio Pari Passu Companion Loans,
the JW Marriott Santa Monica Le Merigot Pari Passu Companion Loan and any AB Subordinate Companion Loan (each a “Companion
Loan” and collectively, the “Companion Loans”) are not part of the Trust Fund, but are each secured
by the applicable Mortgage that secures the related Mortgage Loan that is part of the Trust Fund. As and to the extent provided
herein, any Companion Loan (other than any Non-Serviced Companion Loan) will be serviced and administered in accordance with this
Agreement. Amounts attributable to any Companion Loan will not be part of the Trust Fund, and (except to the extent that such amounts
are payable or reimbursable to any party to this Agreement) will be owned by the related Companion Holders.

 

The Empire Mall Whole
Loan consists of the Empire Mall Mortgage Loan and the Empire Mall Pari Passu Companion Loans. The Empire Mall Mortgage Loan and
the Empire Mall Pari Passu Companion Loans are pari passu with each other. The Empire Mall Mortgage Loan is part of the
Trust Fund. The Empire Mall Pari Passu Companion Loans are not part of the Trust Fund. The Empire Mall Mortgage Loan and the Empire
Mall Pari Passu Companion Loans will initially be serviced and administered in accordance with this Agreement and the Empire Mall
Intercreditor Agreement. From and after the Empire Mall Companion Loan Securitization Date, the Empire Mall Whole Loan will be
serviced pursuant to the related Non-Serviced PSA and the Empire Mall Intercreditor Agreement.

 

The Heritage Industrial
Portfolio Whole Loan consists of the Heritage Industrial Portfolio Mortgage Loan and the Heritage Industrial Portfolio Pari Passu
Companion Loan. The Heritage Industrial Portfolio Mortgage Loan and the Heritage Industrial Portfolio Pari Passu Companion Loan
are pari passu with each other. The Heritage Industrial Portfolio Mortgage Loan is part of the Trust Fund. The Heritage
Industrial Portfolio Pari Passu Companion Loan is not part of the Trust Fund. The Heritage Industrial Portfolio Mortgage Loan and
the Heritage Industrial Portfolio Pari Passu Companion Loan will be serviced and administered in accordance with this Agreement
and the Heritage Industrial Portfolio Intercreditor Agreement.

 

The Anchorage Marriott
Downtown Whole Loan consists of the Anchorage Marriott Downtown Mortgage Loan and the Anchorage Marriott Downtown Pari Passu Companion
Loan. The Anchorage Marriott Downtown Mortgage Loan and the Anchorage Marriott Downtown Pari Passu Companion Loan are pari passu
with each other. The Anchorage Marriott Downtown Mortgage Loan is part of the Trust Fund. The Anchorage Marriott Downtown Pari
Passu Companion Loan is not part of the Trust Fund. The Anchorage Marriott Downtown Mortgage Loan and the Anchorage Marriott Downtown
Pari Passu Companion Loan will be serviced and administered in accordance with the CGCMT 2015-GC35 Pooling and Servicing Agreement
and the Anchorage Marriott Downtown Intercreditor Agreement.

 

The Harbor Pointe Apartments
Whole Loan consists of the Harbor Pointe Apartments Mortgage Loan and the Harbor Pointe Apartments Pari Passu Companion Loan. The
Harbor Pointe Apartments Mortgage Loan and the Harbor Pointe Apartments Pari Passu Companion Loan are pari passu with each
other. The Harbor Pointe Apartments Mortgage Loan is part of the Trust Fund. The Harbor Pointe Apartments Pari Passu Companion
Loan is not part

 

     -4-

    	 

    

 

of the Trust Fund. The Harbor Pointe Apartments Mortgage Loan and the Harbor Pointe Apartments Pari Passu Companion
Loan will be serviced and administered in accordance with the CGCMT 2015-GC35 Pooling and Servicing Agreement and the Harbor Pointe
Apartments Intercreditor Agreement.

 

The Harvey Building Products
Portfolio Whole Loan consists of the Harvey Building Products Portfolio Mortgage Loan and the Harvey Building Products Portfolio
Pari Passu Companion Loans. The Harvey Building Products Portfolio Mortgage Loan and the Harvey Building Products Portfolio Pari
Passu Companion Loans are pari passu with each other. The Harvey Building Products Portfolio Mortgage Loan is part of the Trust
Fund. The Harvey Building Products Portfolio Pari Passu Companion Loans are not part of the Trust Fund. The Harvey Building Products
Portfolio Mortgage Loan and the Harvey Building Products Portfolio Pari Passu Companion Loans will be serviced and administered
in accordance with the COMM 2015-LC23 Pooling and Servicing Agreement and the Harvey Building Products Portfolio Intercreditor
Agreement.

 

The JW Marriott Santa
Monica Le Merigot Whole Loan consists of the JW Marriott Santa Monica Le Merigot Mortgage Loan and the JW Marriott Santa Monica
Le Merigot Pari Passu Companion Loan. The JW Marriott Santa Monica Le Merigot Mortgage Loan and the JW Marriott Santa Monica Le
Merigot Pari Passu Companion Loan are pari passu with each other. The JW Marriott Santa Monica Le Merigot Mortgage Loan
is part of the Trust Fund. The JW Marriott Santa Monica Le Merigot Pari Passu Companion Loan is not part of the Trust Fund. The
JW Marriott Santa Monica Le Merigot Mortgage Loan and the JW Marriott Santa Monica Le Merigot Pari Passu Companion Loan will be
serviced and administered in accordance with the CGCMT 2015-GC35 Pooling and Servicing Agreement and the JW Marriott Santa Monica
Le Merigot Intercreditor Agreement.

 

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

 

Article
I

DEFINITIONS

 

Section 1.01     Defined
Terms. Whenever used in this Agreement, including in the Preliminary Statement, the following capitalized terms, unless
the context otherwise requires, shall have the meanings specified in this Article.

 

“10-K Filing
Deadline”: As defined in Section 11.05(a).

 

“15Ga-1 Notice”:
As defined in Section 2.02(g).

 

“15Ga-1 Repurchase
Request”: As defined in Section 2.02(g).

 

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

 

     -5-

    	 

    

 

“17g-5 Information
Provider’s Website”: The 17g-5 Information Provider’s Internet website, which shall initially be located
within the Certificate Administrator’s Website (initially “www.ctslink.com”), under the “NRSRO” tab
on the page relating to this transaction.

 

“30/360 Mortgage
Loans”: The Mortgage Loans indicated as such in the Mortgage Loan Schedule.

 

“AB Control
Appraisal Period”: With respect to any AB Subordinate Companion Loan, the period during which (a)(i) the initial principal
balance of such AB Subordinate Companion Loan minus (ii) the sum of (x) any payments of principal allocated to, and received on,
such AB Subordinate Companion Loan, (y) any Appraisal Reduction Amounts for the related AB Whole Loan that are allocated to such
AB Subordinate Companion Loan and (z) any losses realized with respect to the related Mortgaged Property or AB Whole Loan that
are allocated to such AB Subordinate Companion Loan, is less than (b) 25% of the remainder of the (i) initial principal balance
of such AB Subordinate Companion Loan less (ii) any payments of principal allocated to, and received by, the holders of such AB
Subordinate Companion Loan. With respect to any AB Whole Loan, the period during which the holder of the related AB Subordinate
Companion Loan is the AB Whole Loan Controlling Holder.

 

“AB Intercreditor
Agreement”: Any Intercreditor Agreement by and among the holder of an AB Subordinate Companion Loan and the holder of
the related Mortgage Loan, relating to the relative rights of such holders of the related AB Whole Loan, as the same may be further
amended in accordance with the terms thereof. For the avoidance of doubt, there is no AB Intercreditor Agreement under this Agreement.

 

“AB Mortgage
Loan”: A senior “A note” that is part of an AB Whole Loan and which is a Mortgage Loan that is part of the
Trust Fund. For the avoidance of doubt, there is no AB Mortgage Loan under this Agreement.

 

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

 

“AB Subordinate
Companion Loan”: With respect to any AB Whole Loan, the related companion loan evidenced by the related promissory note
made by the related Mortgagor and secured by the Mortgage on the related AB Mortgaged Property, which is not included in the Trust
and which is subordinate in right of payment to the related AB Mortgage Loan to the extent set forth in the related Mortgage Loan
documents and as provided in the related Intercreditor Agreement. For the avoidance of doubt, there is no AB Subordinate Companion
Loan under this Agreement.

 

“AB Whole Loan”:
A Whole Loan that consists of a Mortgage Loan and a related AB Subordinate Companion Loan. For the avoidance of doubt, there is
no AB Whole Loan under this Agreement.

 

“AB Whole Loan
Controlling Holder”: The “Directing Lender” or similarly defined party identified in the related AB Intercreditor
Agreement. For the avoidance of doubt, there is no AB Whole Loan Controlling Holder under this Agreement.

 

     -6-

    	 

    

 

“Acceptable
Insurance Default”: With respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan,
a default under the related Mortgage Loan documents arising by reason of (i) any failure on the part of the related Mortgagor to
maintain with respect to the related Mortgaged Property specific insurance coverage with respect to, or an all-risk casualty insurance
policy that does not specifically exclude, terrorist or similar acts, and/or (ii) any failure on the part of the related Mortgagor
to maintain with respect to the related Mortgaged Property insurance coverage with respect to damages or casualties caused by terrorist
or similar acts upon terms not materially less favorable than those in place as of the Closing Date, in each case as to which default
the Master Servicer and the Special Servicer may forbear taking any enforcement action, provided that the Special Servicer
has determined, in its reasonable judgment, based on inquiry consistent with the Servicing Standard and (unless a Control Termination
Event has occurred and is continuing (or other than with respect to any Excluded Loan), with the consent of the Directing Certificateholder
(and after a Control Termination Event has occurred, but prior to the occurrence of a Consultation Termination Event (or other
than with respect to any Excluded Loan), after consultation with the Directing Certificateholder as provided in Section 6.08
hereof)) (or, with respect to a Serviced AB Whole Loan, and prior to any related AB Control Appraisal Period, with the consent
of the related AB Whole Loan Controlling Holder to the extent required under the related Intercreditor Agreement), that either
(a) such insurance is not available at commercially reasonable rates and that such hazards are not at the time commonly insured
against for properties similar to the related Mortgaged Property and located in or around the region in which such related Mortgaged
Property is located, or (b) such insurance is not available at any rate; provided, however, that the Directing Certificateholder
(or, with respect to a Serviced AB Whole Loan, the AB Whole Loan Controlling Holder prior to any AB Control Appraisal Period to
the extent required under the related Intercreditor Agreement) will not have more than thirty (30) days to respond to the Special
Servicer’s request for such consent or consultation; provided, further, that upon the Special Servicer’s
determination, consistent with the Servicing Standard, that exigent circumstances do not allow the Special Servicer to consult
with the Directing Certificateholder or any applicable AB Whole Loan Controlling Holder, as applicable, the Special Servicer is
not required to do so. Each of the Master Servicer (at its own expense) and the Special Servicer (at the expense of the Trust Fund)
shall be entitled to rely on insurance consultants in making the determinations described above.

 

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

 

“Actual/360
Basis”: Interest accrual on the basis of the actual number of days in a month assuming a 360-day year.

 

“Actual/360
Mortgage Loans”: The Mortgage Loans, to the extent indicated as such in the Mortgage Loan Schedule.

 

“Additional
Debt”: With respect to any Mortgage Loan, any debt owed by the related Mortgagor to a party other than the lender under
such Mortgage Loan that is secured by the related Mortgaged Property as of the Closing Date as set forth on Schedule 1 hereto,
as increased or decreased from time to time pursuant to the terms of the related subordinate or pari passu loan documents
(including any Intercreditor Agreement or subordination agreement).

 

     -7-

    	 

    

 

“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 hereto as Exhibit EE.

 

“Additional
Exclusions”: Exclusions in addition to those customarily found in the insurance policies for mortgaged properties similar
to the Mortgaged Properties on or prior to September 11, 2001.

 

“Additional
Form 10-D Disclosure”: As defined in Section 11.04(a).

 

“Additional
Form 10-K Disclosure”: As defined in Section 11.05(a).

 

“Additional
Servicer”: Each Affiliate of the Master Servicer, the Special Servicer or any Mortgage Loan Seller that services any
of the Mortgage Loans and each Person who is not an Affiliate of the Master Servicer, other than the Special Servicer, who services
10% or more of the Mortgage Loans by unpaid principal balance as of any date of determination pursuant to Article XI.

 

“Administrative
Cost Rate”: As of any date of determination and with respect to each Mortgage Loan, a per annum rate equal to
the sum of the Servicing Fee Rate, the Certificate Administrator Fee Rate (which fee rate accounts for the Trustee Fee), the Operating
Advisor Fee Rate, the Asset Representations Reviewer Fee Rate and the CREFC® Intellectual Property Royalty License
Fee Rate and, in the case of each Non-Serviced Mortgage Loan, the related Non-Serviced Primary Servicing Fee Rate.

 

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

 

“Adverse REMIC
Event”: As defined in Section 10.01(f).

 

“Affected Party”:
As defined in Section 7.01(b).

 

“Affected Reporting
Party”: As defined in Section 11.12.

 

“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.

 

“Affirmative
Asset Review Vote”: As defined in Section 12.01(a).

 

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

 

“Anchorage Marriott
Downtown Intercreditor Agreement”: That certain Co-Lender Agreement, dated as of December 1, 2015, by and between the
holder of the Anchorage Marriott Downtown Pari Passu Companion Loan and the holder of the Anchorage Marriott

 

     -8-

    	 

    

 

Downtown Mortgage
Loan, relating to the relative rights of such holders of the Anchorage Marriott Downtown Whole Loan, as the same may be further
amended in accordance with the terms thereof.

 

“Anchorage Marriott
Downtown Mortgage Loan”: With respect to the Anchorage Marriott Downtown Whole Loan, the Mortgage Loan that is included
in the Trust (identified as Mortgage Loan No. 8 on the Mortgage Loan Schedule), which is designated as promissory note A-2, and
is pari passu in right of payment with the Anchorage Marriott Downtown Pari Passu Companion Loan to the extent set forth
in the Anchorage Marriott Downtown Intercreditor Agreement.

 

“Anchorage Marriott
Downtown Mortgaged Property”: The Mortgaged Property that secures the Anchorage Marriott Downtown Whole Loan.

 

“Anchorage Marriott
Downtown Pari Passu Companion Loan”: With respect to the Anchorage Marriott Downtown Whole Loan, the Companion Loan evidenced
by the related promissory note made by the related Mortgagor and secured by the Mortgage on the Anchorage Marriott Downtown Mortgaged
Property, which is not included in the Trust and which is pari passu in right of payment to the Anchorage Marriott Downtown
Mortgage Loan to the extent set forth in the related Mortgage Loan documents and as provided in the Anchorage Marriott Downtown
Intercreditor Agreement.

 

“Anchorage Marriott
Downtown Whole Loan”: The Anchorage Marriott Downtown Mortgage Loan, together with the Anchorage Marriott Downtown Pari
Passu Companion Loan, each of which is secured by the same Mortgage on the Anchorage Marriott Downtown Mortgaged Property. References
herein to the Anchorage Marriott Downtown Whole Loan shall be construed to refer to the aggregate indebtedness under the Anchorage
Marriott Downtown Mortgage Loan and the Anchorage Marriott Downtown Pari Passu Companion Loan.

 

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

 

“Applicable
Laws”: As defined in Section 8.15.

 

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

 

“Appraisal”:
An appraisal prepared by an appraiser who is licensed or certified to prepare appraisals in the state where the Mortgaged Property
is located and which satisfies the Interagency Appraisal and Evaluation Guidelines jointly issued by The Office of the Comptroller
of the Currency (OCC), the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC),
and the National Credit Union Administration (NCUA) relating to real estate appraisals and evaluations used to support real estate-related

 

     -9-

    	 

    

 

financial transactions, as amended from time to time. Any Appraisal ordered by the Master Servicer or Special Servicer shall be
performed by an Independent MAI-designated appraiser.

 

“Appraisal Reduction
Amount”: For any Distribution Date and for any Mortgage Loan (other than a Non-Serviced Mortgage Loan), Serviced Companion
Loan, or Serviced Whole Loan as to which any Appraisal Reduction Event has occurred, will be an amount, calculated by the Special
Servicer (prior to the occurrence of a Consultation Termination Event and only with respect to any Mortgage Loan or Whole Loan
other than an Excluded Loan) in consultation with the Directing Certificateholder, and, after the occurrence and during the continuance
of a Control Termination Event, in consultation with the Directing Certificateholder (only with respect to a Mortgage Loan or Whole
Loan other than an Excluded Loan) and the Operating Advisor and, after the occurrence and during the continuance of a Consultation
Termination Event, in consultation with the Operating Advisor), as of the first Determination Date that is at least ten (10) Business
Days following the date on which the Special Servicer receives an Appraisal or conducts a valuation described below, equal to the
excess of (a) the Stated Principal Balance of that Mortgage Loan or the Stated Principal Balance of the applicable Serviced Whole
Loan over (b) the excess of (i) the sum of (A) 90% of the Appraised Value of the related Mortgaged Property as determined (1) by
one or more Appraisals obtained by the Special Servicer with respect to any Mortgage Loan (together with any other Mortgage Loan
cross-collateralized with such Mortgage Loan) or Serviced Whole Loan, as the case may be, with an outstanding principal balance
equal to or in excess of $2,000,000 (the costs of which shall be paid by the Master Servicer as an Advance) or (2) by an internal
valuation performed by the Special Servicer with respect to any Mortgage Loan (together with any other Mortgage Loan cross collateralized
with such Mortgage Loan) or Serviced Whole Loan, as the case may be, with an outstanding principal balance less than $2,000,000,
minus, with respect to any Appraisals, such downward adjustments as the Special Servicer may make (without implying any obligation
to do so) based upon its review of the Appraisal and any other information it deems relevant and (B) all escrows, letters of credit
and reserves in respect of such Mortgage Loan or Serviced Whole Loan, as applicable, as of the date of calculation over (ii) the
sum of, as of the Due Date occurring in the month of the date of determination, (A) to the extent not previously advanced by the
Master Servicer or the Trustee, all unpaid interest due on such Mortgage Loan or Serviced Whole Loan, as the case may be, at a
per annum rate equal to its Mortgage Rate (and, with respect to any AB Whole Loan, any accrued and unpaid interest on the related
AB Subordinate Companion Loan, as applicable), (B) all P&I Advances on the related Mortgage Loan and all Servicing Advances
on the related Mortgage Loan or Serviced Whole Loan, as applicable, not reimbursed from proceeds of such Mortgage Loan or Serviced
Whole Loan, as applicable, and interest thereon at the Reimbursement Rate in respect of such Mortgage Loan or Serviced Whole Loan,
as applicable, and (C) all currently due and unpaid real estate taxes, assessments, insurance premiums, ground rents, unpaid Special
Servicing Fees and all other amounts due and unpaid (including any capitalized interest whether or not then due and payable) with
respect to such Mortgage Loan or Serviced Whole Loan, as the case may be (which taxes, premiums, ground rents and other amounts
have not been the subject of an Advance by the Master Servicer, the Special Servicer or the Trustee, as applicable); provided,
however, without limiting the Special Servicer’s obligation to order and obtain such Appraisal or perform such valuation,
if the Special Servicer has not obtained an Appraisal or performed such valuation, as applicable, referred to above within sixty
(60) days of the Appraisal Reduction Event (or with respect to the Appraisal Reduction Events set forth in clauses (i) and (vi)
of the definition of Appraisal Reduction Event,

 

     -10-

    	 

    

 

within one hundred twenty (120) days (in the case of clause (i)) or ninety (90)
days or one hundred twenty (120) days, as applicable (in case of clause (vi)) after the initial delinquency for the related Appraisal
Reduction Event), the Appraisal Reduction Amount shall be deemed to be an amount equal to 25% of the current Stated Principal Balance
of the related Mortgage Loan or Serviced Whole Loan, as applicable, until such time as such appraisal or valuation referred to
above is received by the Special Servicer and the Appraisal Reduction Amount is calculated as of the first Determination Date that
is at least ten (10) Business Days thereafter. Within sixty (60) days after the Appraisal Reduction Event, the Special Servicer
shall order and use reasonable efforts to receive an Appraisal (the cost of which shall be paid by the Master Servicer as a Servicing
Advance); provided, further, however, that with respect to an Appraisal Reduction Event as set forth in clause
(i) of the definition of Appraisal Reduction Event, the Special Servicer shall order and use reasonable efforts to receive such
Appraisal within the one hundred twenty (120) day period set forth in such clause (i), and with respect to an Appraisal Reduction
Event as set forth in clause (vi) of the definition of Appraisal Reduction Event, the Special Servicer shall order and use reasonable
efforts to receive such Appraisal within the ninety (90) day period or one hundred twenty (120) day period, as applicable, set
forth in such clause (vi); provided, further, however, that in no event shall the Special Servicer be required
to order any such Appraisal prior to the conclusion of such sixty (60), ninety (90), or one hundred twenty (120) day period, as
applicable, and in each case, the related Appraisal shall be promptly delivered in electronic format by the Special Servicer to
the Master Servicer, the Directing Certificateholder (but only prior to the occurrence of a Consultation Termination Event), the
Certificate Administrator and the Trustee. In connection with any Appraisal Reduction Amount, the Master Servicer shall provide
the Special Servicer with the information as set forth in Section 4.05(c) within four (4) Business Days of its receipt of
any such request. The Master Servicer will not calculate Appraisal Reduction Amounts.

 

With respect to any Appraisal
Reduction Amount calculated for purposes of determining the existence and identity of the Controlling Class pursuant to Section
4.05(a) hereof, the Appraised Value for the related Mortgaged Property determined in connection with clause (b)(i)(A)(1)
or clause (b)(i)(A)(2) of the first paragraph of this definition shall be determined on an “as-is” basis.

 

Notwithstanding anything
herein to the contrary, the aggregate Appraisal Reduction Amount related to a Mortgage Loan or the related REO Property will be
reduced to zero as of the date on which Mortgage Loan is paid in full, liquidated, repurchased or otherwise removed from the Trust
or as otherwise set forth in Section 4.05(d).

 

Any Appraisal Reduction
Amount in respect of a Non-Serviced Whole Loan shall be calculated by the applicable party under and in accordance with and pursuant
to the terms of the applicable Non-Serviced PSA.

 

“Appraisal Reduction
Event”: With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan), Serviced Companion Loan, and Serviced
Whole Loan, the earliest of (i) one hundred twenty (120) days after an uncured delinquency (without regard to the application of
any Grace Period), other than any uncured delinquency in respect of a Balloon Payment, occurs in respect of such Mortgage Loan,
Companion Loan or Serviced Whole Loan, as applicable, (ii) the date on which a reduction in the amount of Periodic Payments on
such

 

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Mortgage Loan or Companion Loan, as applicable, or a change in any other material economic term of such Mortgage Loan or Companion
Loan, as applicable (other than an extension of the Maturity Date), becomes effective as a result of a modification of such Mortgage
Loan or Companion Loan, as applicable, by the Special Servicer, (iii) thirty (30) days after the date on which a receiver has been
appointed for the Mortgaged Property, (iv) thirty (30) days after the date on which a Mortgagor or the tenant at a single tenant
property declares bankruptcy (and the bankruptcy petition is not otherwise dismissed within such time), (v) sixty (60) days after
the date on which an involuntary petition of bankruptcy is filed with respect to a Mortgagor if not dismissed within such time,
(vi) ninety (90) days after an uncured delinquency occurs in respect of a Balloon Payment with respect to such Mortgage Loan or
Companion Loan, as applicable, except where a refinancing is anticipated within one hundred twenty (120) days after the Maturity
Date of the Mortgage Loan or Companion Loan, as applicable, in which case one hundred twenty (120) days after such uncured delinquency,
and (vii) immediately after such Mortgage Loan or Companion Loan, as applicable, becomes an REO Loan; provided that the
thirty (30) day period referenced in clauses (iii) and clause (iv) shall not apply if the related Mortgage Loan is a Specially
Serviced Loan; provided, further, however, that an Appraisal Reduction Event shall not occur at any time when
the aggregate Certificate Balances of all Classes of Subordinate Certificates have been reduced to zero. The Special Servicer shall
notify the Master Servicer, the Directing Certificateholder, and the Operating Advisor, or the Master Servicer shall notify the
Special Servicer and the Operating Advisor, as applicable, promptly upon such Person having notice or knowledge of the occurrence
of any of the foregoing events. The obligation to obtain an Appraisal following the occurrence of an Appraisal Reduction Event
shall be subject to the provisions of Section 4.05 hereof.

 

“Appraisal Review
Period”: As defined in Section 4.05(b)(ii).

 

“Appraised-Out
Class”: As defined in Section 4.05(b)(i).

 

“Appraised Value”:
With respect to any Mortgaged Property (other than a Non-Serviced Mortgaged Property), the appraised value thereof as determined
by the most recent Appraisal of the Mortgaged Property securing the related Mortgage Loan, Serviced Whole Loan, or AB Whole Loan,
as applicable, and with respect to a Non-Serviced Mortgaged Property, the appraised value allocable thereto, as determined pursuant
to the applicable Non-Serviced PSA.

 

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

 

“Arbitration
Services Provider”: As defined in Section 2.03(n)(i).

 

“ARD Loan”:
Any Mortgage Loan that is identified on the Mortgage Loan Schedule as having an Anticipated Repayment Date and Revised Rate.

 

“Asset Representations
Reviewer”: Pentalpha Surveillance LLC, and its successors-in-interest.

 

“Asset Representations
Reviewer Fee”: As defined in Section 12.02(a).

 

“Asset Representations
Reviewer Fee Rate”: As defined in Section 12.02(a). 

 

     -12-

    	 

    

 

“Asset Representations
Reviewer Asset Review Fee”: As defined in Section 12.02(b).

 

“Asset Representations
Reviewer Termination Event”: As defined in Section 12.05(a).

 

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

 

“Asset Review
Notice”: As defined in Section 12.01(a).

 

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

 

“Asset Review
Report”: As defined in Section 12.01(b)(viii), a report setting forth the findings and conclusions of an Asset
Review substantially in the form attached hereto as Exhibit OO.

 

“Asset Review
Report Summary”: As defined in Section 12.01(b)(viii), a summary report setting forth the conclusions of an Asset
Review Report substantially in the form attached hereto as Exhibit PP.

 

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

 

“Asset Review
Trigger”: Any time when either (1) Mortgage Loans with an aggregate outstanding principal balance of 25.0% or more of
the aggregate outstanding principal balance of all of the Mortgage Loans (including any REO Loans (or a portion of any REO Loan
in the case of a Whole Loan)) held by the Trust as of the end of the applicable Collection Period are Delinquent Loans or (2) at
least fifteen (15) Mortgage Loans are Delinquent Loans as of the end of the applicable Collection Period and the outstanding principal
balance of such Delinquent Loans in the aggregate constitutes at least 20.0% of the aggregate outstanding principal balance of
all of the Mortgage Loans (including any REO Loans (or a portion of any REO Loan in the case of a Whole Loan)) held by the Trust
as of the end of the applicable Collection Period.

 

“Asset Review
Vote Election”: As defined in Section 12.01(a).

 

“Asset Status
Report”: As defined in Section 3.19(d).

 

“Assignment”
and “Assignments”: Each as defined in Section 2.01(c).

 

     -13-

    	 

    

 

“Assignment
of Leases”: With respect to any Mortgaged Property, any assignment of leases, rents and profits or similar instrument
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.

 

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

 

“Assumed Scheduled
Payment”: For any Collection Period and with respect to any Mortgage Loan (including any Non-Serviced Mortgage Loan)
that is delinquent in respect of its Balloon Payment or any REO Loan (excluding, for purposes of determining or making P&I
Advances, the portion allocable to any related Companion Loan), an amount equal to the sum of (a) the principal portion of the
Periodic Payment that would have been due on such Mortgage Loan or REO Loan on the related Due Date based on the constant payment
required by the related Mortgage Note or the original amortization schedule of such Mortgage Loan (as calculated with interest
at the related Mortgage Rate), if applicable, assuming such Balloon Payment has not become due, after giving effect to any reduction
in the principal balance thereof occurring in connection with a modification of such Mortgage Loan in connection with a default
or bankruptcy (or similar proceeding), and (b) interest on the Stated Principal Balance of such Mortgage Loan or REO Loan (excluding,
for purposes of determining P&I Advances, the portion allocable to any related Companion Loan) at the applicable Mortgage Rate
(net of interest at the Servicing Fee Rate and the related Non-Serviced Primary Servicing Fee Rate, if applicable).

 

“Authenticating
Agent”: The Certificate Administrator or any agent of the Certificate Administrator appointed to act as Authenticating
Agent pursuant to Section 5.02(a).

 

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

 

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

 

     -14-

    	 

    

 

(i)        all
Periodic Payments paid by the Mortgagors of a Mortgage Loan that are due on a Due Date following the end of the related Collection
Period, excluding interest relating to payments prior to, but due after, the Cut-off Date;

 

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

 

(iii)      (A)
all amounts payable or reimbursable to any Person from the Collection Account pursuant to clauses (ii) through (xviii),
inclusive, and (xxi) of Section 3.05(a); (B) all amounts payable or reimbursable to any Person from the Lower-Tier
REMIC Distribution Account pursuant to clauses (ii) through (vii), inclusive, of Section 3.05(b); and (C)
any Net Investment Earnings contained therein;

 

(iv)      with
respect to the Actual/360 Mortgage Loans and any Distribution Date relating to each Interest Accrual Period occurring in (1) each
February or (2) any January in a year that is not a leap year (in each case, unless the related Distribution Date is the final
Distribution Date), an amount equal to one (1) day of interest on the Stated Principal Balance of such Mortgage Loan as of the
Due Date in the month preceding the month in which such Distribution Date occurs at the related Mortgage Rate to the extent such
amounts are Withheld Amounts;

 

(v)        all
Excess Interest allocable to the Mortgage Loans (which is separately distributed to the Class V Certificates);

 

(vi)       all
Prepayment Premiums and Yield Maintenance Charges allocable to the Mortgage Loans;

 

(vii)      all
amounts deposited in the Collection Account in error; and

 

(viii)     any
Penalty Charges allocable to the Mortgage Loans;

 

(b)        if
and to the extent not already included in clause (a) hereof, the aggregate amount transferred from the REO Account allocable
to the Mortgage Loans to the Collection Account for such Distribution Date pursuant to Section 3.14(c);

 

(c)        the
aggregate amount of any Compensating Interest Payments made by the Master Servicer in respect of the Mortgage Loans with respect
to such Distribution Date and P&I Advances made by the Master Servicer or the Trustee, as applicable, with respect to the Mortgage
Loans and the Distribution Date (net of the related Certificate Administrator Fee, Operating Advisor Fee, Asset Representations
Reviewer Fee,

 

     -15-

    	 

    

 

CREFC® Intellectual Property Royalty License Fee and Trustee Fee with respect to the Mortgage Loans for which
such P&I Advances are made) pursuant to Section 4.03 or Section 7.05; and

 

(d)         with
respect to each Actual/360 Mortgage Loan and any Distribution Date occurring in each March (or February, if the related Distribution
Date is the final Distribution Date), the Withheld Amounts remitted to the Lower-Tier REMIC Distribution Account pursuant to Section
3.21(b).

 

Notwithstanding the investment
of funds held in the Collection Account pursuant to Section 3.06, for purposes of calculating the Available Funds, the amounts
so invested shall be deemed to remain on deposit in such account.

 

“Balloon Mortgage
Loan”: Any Mortgage Loan or Companion Loan that by its original terms or by virtue of any modification entered into as
of the Closing Date provides for an amortization schedule for such Mortgage Loan or Companion Loan extending beyond its Maturity
Date.

 

“Balloon Payment”:
With respect to any Balloon Mortgage Loan, as of any date of determination, the Periodic Payment payable on the Maturity Date of
such Balloon Mortgage Loan.

 

“Bankruptcy
Code”: The federal Bankruptcy Code, as amended from time to time (Title 11 of the United States Code).

 

“Base Interest
Fraction”: As defined in Section 4.01(e).

 

“Baymont Inn
& Suites Las Vegas Mortgage Loan”: The Mortgage Loan identified as Loan No. 61 on the Mortgage Loan Schedule.

 

“Baymont Inn
& Suites Las Vegas Retained Fee Amount”: As defined in Section 3.11(a).

 

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

 

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

 

“Borrower Party
Affiliate”: With respect to a borrower, a Mortgagor, a manager of a Mortgaged Property or a mezzanine lender that has
accelerated the related mezzanine loan

 

     -16-

    	 

    

  

(unless (i) acceleration was automatic under such mezzanine loan, (ii) the event directly
giving rise to the automatic acceleration under such mezzanine loan was not initiated by such mezzanine lender or an Affiliate
of such mezzanine lender, and (iii) such mezzanine lender is stayed from exercising and has not commenced the exercise of remedies
associated with foreclosure of the equity collateral under such mezzanine loan) or commenced foreclosure or enforcement proceedings
against the equity collateral pledged to secure the related mezzanine loan, (a) any other Person controlling or controlled by or
under common control with such borrower, Mortgagor, manager or mezzanine lender, as applicable, or (b) any other Person owning,
directly or indirectly, 25% or more of the beneficial interests in such borrower, Mortgagor, manager or mezzanine lender, as applicable.
For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct
the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract
or otherwise and the terms “controlling” and “controlled” have meanings correlative to the foregoing.

 

“Borrower-Related
Party”: As defined in Section 3.32(a).

 

“Breach”:
With respect to any Mortgage Loan, a breach of any representation or warranty with respect to such Mortgage Loan set forth in Section
4(b) of the related Mortgage Loan Purchase Agreement.

 

“Business Day”:
Any day other than a Saturday, a Sunday or a day on which banking institutions in North Carolina, New York, California, or the
city and state in which the Corporate Trust Office of the Trustee or the Certificate Administrator, or the principal place of business
or principal commercial mortgage loan servicing office of the Master Servicer or the Special Servicer is located, or the New York
Stock Exchange or the Federal Reserve System of the United States of America are authorized or obligated by law or executive order
to remain closed.

 

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

 

“Certificate”:
Any one of the Depositor’s Commercial Mortgage Pass-Through Certificates, Series 2015-P2, as executed and delivered by the
Certificate Registrar and authenticated and delivered hereunder by the Authenticating Agent.

 

“Certificate
Administrator”: Wells Fargo Bank, National Association, in its capacity as certificate administrator, or if any successor
certificate administrator is appointed thereto pursuant to Section 5.08 or any successor certificate administrator appointed
hereunder. Wells Fargo Bank, National Association shall perform the certificate administrator role through its Corporate Trust
Services division.

 

“Certificate
Administrator Fee”: The fee to be paid to the Certificate Administrator as compensation for the Certificate Administrator’s
activities under this Agreement; provided that the Certificate Administrator Fee includes the Trustee Fee, and the Certificate
Administrator shall pay the Trustee Fee to the Trustee.

 

     -17-

    	 

    

 

“Certificate
Administrator Fee Rate”: The Certificate Administrator Fee shall be equal to the product of the rate equal to 0.0060%
per annum and the Stated Principal Balance of the related Mortgage Loan (calculated in the same manner as interest is calculated
on the related Mortgage Loan) or REO Loan (other than the portion of an REO Loan related to any Companion Loan) as of the preceding
Distribution Date. The Certificate Administrator Fee includes the Trustee Fee.

 

“Certificate
Administrator’s Website”: The Certificate Administrator’s Internet website, which shall initially be located
at “www.ctslink.com”.

 

“Certificate
Balance”: With respect to any Class of Principal Balance Certificates, (i) on or prior to the first Distribution Date,
an amount equal to the Original Certificate Balance of such Class as specified in the Preliminary Statement hereto and (ii) as
of any date of determination after the first Distribution Date, the Certificate Balance of such Class of Principal Balance Certificates
on the Distribution Date immediately prior to such date of determination (determined as adjusted pursuant to Section 1.02(iii)).

 

“Certificate
Factor”: With respect to any Class of Certificates (other than the Class R and Class V Certificates), as of any date
of determination, a fraction, expressed as a decimal carried to at least eight (8) places, the numerator of which is the then related
Certificate Balance or Notional Amount, and the denominator of which is the related Original Certificate Balance.

 

“Certificate
Owner”: With respect to a Book-Entry 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 Depository Participant or on the books of an indirect participating brokerage
firm for which a Depository Participant acts as agent.

 

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

 

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

 

     -18-

    	 

    

 

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

 

“Certificateholder
Quorum”: The Holders of Certificates evidencing at least 75% of the aggregate Voting Rights (taking into account the
application of Realized Losses and, other than with respect to the termination of the Asset Representations Reviewer, the application
of any Appraisal Reduction Amounts to notionally reduce the Certificate Balance of the Certificates) of all Principal Balance Certificates
on an aggregate basis.

 

“Certificateholder
Repurchase Request”: As defined in Section 2.03(k)(i).

 

“Certification
Parties”: As defined in Section 11.06.

 

“Certification
Party”: Any one of the Certification Parties.

 

“Certifying
Person”: As defined in Section 11.06.

 

“Certifying
Servicer”: As defined in Section 11.09.

 

“CGCMT 2015-GC35
Pooling and Servicing Agreement”: The pooling and servicing agreement, dated as of December 1, 2015, among Citigroup
Commercial Mortgage Securities Inc., as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master
servicer, C-III Asset Management LLC, as special servicer, Citibank,

 

     -19-

    	 

    

 

N.A., as certificate administrator, Deutsche Bank Trust Company
Americas, as trustee, and Park Bridge Lender Services LLC, as operating advisor, as from time to time amended, supplemented or
modified relating to the issuance of the Citigroup Commercial Mortgage Trust 2015-GC35, Commercial Mortgage Pass-Through Certificates,
Series 2015-GC35.

 

“Class”:
With respect to any Certificates or Lower-Tier Regular Interests, all of the Certificates bearing the same alphabetical (and, if
applicable, numerical) Class designation and each designated Lower-Tier Regular Interest.

 

“Class A Certificate”:
Any Class A-1, Class A-2A, Class A-2B, Class A-3, Class A-4, Class A-SB and Class A-S Certificate.

 

“Class A-1 Certificate”:
A Certificate designated as “Class A-1” on the face thereof, in the form of Exhibit A-1 hereto, and evidencing
a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class A-1 Pass-Through
Rate”: With respect to any Distribution Date, a per annum rate equal to a fixed rate of 1.9690%.

 

“Class A-2A
Certificate”: A Certificate designated as “Class A-2A” on the face thereof, in the form of Exhibit A-1
hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class A-2A
Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to a fixed rate of 3.1170%.

 

“Class A-2B
Certificate”: A Certificate designated as “Class A-2B” on the face thereof, in the form of Exhibit A-1
hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class A-2B
Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to the Weighted Average Net
Mortgage Rate for such Distribution Date.

 

“Class A-3 Certificate”:
A Certificate designated as “Class A-3” on the face thereof, in the form of Exhibit A-1 hereto, and evidencing
a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class A-3 Pass-Through
Rate”: With respect to any Distribution Date, a per annum rate equal to a fixed rate of 3.5410%.

 

“Class A-4 Certificate”:
A Certificate designated as “Class A-4” on the face thereof, in the form of Exhibit A-1 hereto, and evidencing
a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class A-4 Pass-Through
Rate”: With respect to any Distribution Date, a per annum rate equal to a fixed rate of 3.8090%.

 

     -20-

    	 

    

 

“Class A-S Certificate”:
A Certificate designated as “Class A-S” on the face thereof, in the form of Exhibit A-1 hereto, and evidencing
a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class A-S Pass-Through
Rate”: A per annum rate equal to 4.0130%.

 

“Class A-SB
Certificate”: A Certificate designated as “Class A-SB” on the face thereof, in the form of Exhibit A-1
hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class A-SB
Pass-Through Rate”: A per annum rate equal to 3.6560%.

 

“Class A-SB
Planned Principal Balance”: With respect to any Distribution Date, the planned principal amount for such Distribution
Date specified in Schedule 2 hereto relating to the Class A-SB Certificates.

 

“Class B Certificate”:
A Certificate designated as “Class B” on the face thereof, in the form of Exhibit A-1 hereto, and evidencing
a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class B Pass-Through
Rate”: A per annum rate equal to 4.2550%.

 

“Class C Certificate”:
A Certificate designated as “Class C” on the face thereof, in the form of Exhibit A-1 hereto, and evidencing
a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class C Pass-Through
Rate”: With respect to any Distribution Date, a per annum rate equal to the Weighted Average Net Mortgage Rate
for such Distribution Date.

 

“Class D Certificate”:
A Certificate designated as “Class D” on the face thereof, in the form of Exhibit A-1 hereto, and evidencing
a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class D Pass-Through
Rate”: With respect to any Distribution Date, a per annum rate equal to 3.2410% for such Distribution Date.

 

“Class E Certificate”:
A Certificate designated as “Class E” on the face thereof, in the form of Exhibit A-1 hereto, and evidencing
a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class E Pass-Through
Rate”: With respect to any Distribution Date, a per annum rate equal to the Weighted Average Net Mortgage Rate
for such Distribution Date.

 

“Class F Certificate”:
A Certificate designated as “Class F” on the face thereof, in the form of Exhibit A-1 hereto, and evidencing
a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

     -21-

    	 

    

 

“Class F Pass-Through
Rate”: With respect to any Distribution Date, a per annum rate equal to the Weighted Average Net Mortgage Rate
for such Distribution Date.

 

“Class G Certificate”:
A Certificate designated as “Class G” on the face thereof, in the form of Exhibit A-1 hereto, and evidencing
a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class G Pass-Through
Rate”: With respect to any Distribution Date, a per annum rate equal to the Weighted Average Net Mortgage Rate
for such Distribution Date.

 

“Class
LA1 Uncertificated Interest”: An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset
of the Upper-Tier REMIC and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth
in the Preliminary Statement hereto.

 

“Class LA2A
Uncertificated Interest”: An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the
Upper-Tier REMIC and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary
Statement hereto.

 

“Class LA2B
Uncertificated Interest”: An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the
Upper-Tier REMIC and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary
Statement hereto.

 

“Class LA3 Uncertificated
Interest”: An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the Upper-Tier REMIC
and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary Statement
hereto.

 

“Class LA4 Uncertificated
Interest”: An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the Upper-Tier REMIC
and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary Statement
hereto.

 

“Class LAS Uncertificated
Interest”: An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the Upper-Tier REMIC
and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary Statement
hereto.

 

“Class LASB
Uncertificated Interest”: An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the
Upper-Tier REMIC and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary
Statement hereto.

 

“Class LB Uncertificated
Interest”: An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the Upper-Tier REMIC
and having the Original

 

     -22-

    	 

    

 

Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary Statement
hereto.

 

“Class LC Uncertificated
Interest”: An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the Upper-Tier REMIC
and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary Statement
hereto.

 

“Class LD Uncertificated
Interest”: An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the Upper-Tier REMIC
and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary Statement
hereto.

 

“Class LE Uncertificated
Interest”: An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the Upper-Tier REMIC
and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary Statement
hereto.

 

“Class LF Uncertificated
Interest”: An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the Upper-Tier REMIC
and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary Statement
hereto.

 

“Class LG Uncertificated
Interest”: An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the Upper-Tier REMIC
and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary Statement
hereto.

 

“Class LR Interest”:
The uncertificated residual interest in the Lower-Tier REMIC, represented by the Class R Certificates.

 

“Class R Certificate”:
A Certificate designated as “Class R” on the face thereof in the form of Exhibit A-2 hereto, and evidencing
the sole class of “residual interests” in each Trust REMIC for purposes of the REMIC Provisions.

 

“Class UR Interest”:
The uncertificated residual interest in the Upper-Tier REMIC, represented by the Class R Certificates.

 

“Class V Certificate”:
Each of the Certificates executed and authenticated by the Certificate Administrator in substantially the form set forth in Exhibit
A-3 and designated as a Class V Certificate, and evidencing undivided beneficial ownership of the Class V Specific Grantor
Trust Assets.

 

“Class V Specific
Grantor Trust Assets”: The portion of the Trust Fund consisting of any Excess Interest, the Excess Interest Distribution
Account and the proceeds thereof.

 

     -23-

    	 

    

 

“Class X Certificates”:
The Class X-A, Class X-B and Class X-D Certificates, as the context may require.

 

“Class X-A Certificate”:
A Certificate designated as “Class X-A” on the face thereof, in the form of Exhibit A-1 hereto, and evidencing
a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class X-A Notional
Amount”: As of any date of determination, the aggregate of the Certificate Balances of the Class A Certificates.

 

“Class X-A Pass-Through
Rate”: The Pass-Through Rate for Class X-A Certificates for any Distribution Date will equal the excess, if any of (a)
the Weighted Average Net Mortgage Rate for the related Distribution Date, over (b) the weighted average of the Pass-Through Rates
on the Class A Certificates for such Distribution Date, weighted on the basis of their respective Certificate Balances immediately
prior to the Distribution Date. The Pass-Through Rate applicable to the Class X-A Certificates for the initial Distribution Date
shall be the rate set forth in the Preliminary Statement hereto.

 

“Class X-B Certificate”:
A Certificate designated as “Class X-B” on the face thereof, in the form of Exhibit A-1 hereto, and evidencing
a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class X-B Notional
Amount”: As of any date of determination, the aggregate of the Certificate Balance of the Class B Certificates.

 

“Class X-B Pass-Through
Rate”: The Pass-Through Rate for Class X-B Certificates for any Distribution Date will equal the excess, if any of (a)
the Weighted Average Net Mortgage Rate for the related Distribution Date, over (b) the Pass-Through Rate of the Class B Certificates.
The Pass-Through Rate applicable to the Class X-B Certificates for the initial Distribution Date shall be the rate set forth in
the Preliminary Statement hereto.

 

“Class X-D Certificate”:
A Certificate designated as “Class X-D” on the face thereof, in the form of Exhibit A-1 hereto, and evidencing
a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class X-D Notional
Amount”: As of any date of determination, the aggregate of the Certificate Balances of the Class D Certificates.

 

“Class X-D Pass-Through
Rate”: The Pass-Through Rate for Class X-D Certificates for any Distribution Date will equal the excess, if any of (a)
the Weighted Average Net Mortgage Rate for the related Distribution Date, over (b) the Pass-Through Rate of the Class D Certificates.
The Pass-Through Rate applicable to the Class X-D Certificates for the initial Distribution Date shall be the rate set forth in
the Preliminary Statement hereto.

 

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

 

“Clearstream”:
Clearstream Banking, société anonyme or any successor thereto.

 

     -24-

    	 

    

 

“Closing Date”:
December 23, 2015.

 

“CMBS”:
Commercial mortgage-backed securities.

 

“Code”:
The Internal Revenue Code of 1986, as amended from time to time, and applicable final or temporary regulations of the U.S. Department
of the Treasury issued pursuant thereto.

 

“Collection
Account”: A segregated custodial account or accounts created and maintained by the Master Servicer pursuant to Section
3.04(a) on behalf of the Trustee for the benefit of the Certificateholders, which shall be entitled “Wells Fargo Bank,
National Association, as Master Servicer, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the
registered holders of Wells Fargo Commercial Mortgage Trust 2015-P2, Commercial Mortgage Pass-Through Certificates, Series 2015-P2,
Collection Account”. Any such account or accounts shall be an Eligible Account. Subject to the related Intercreditor Agreement
and taking into account that each Companion Loan is subordinate or pari passu, as applicable, to the related Serviced Mortgage
Loan to the extent set forth in the related Intercreditor Agreement, the subaccount described in the second paragraph of Section
3.04(b) that is part of the Collection Account shall be for the benefit of the related Companion Holder, to the extent funds
on deposit in such subaccount are attributed to such Companion Loan and shall not be an asset of the Trust, any Trust REMIC or
the Grantor Trust.

 

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

 

“COMM 2015-LC23
Pooling and Servicing Agreement”: The pooling and servicing agreement, dated as of November 1, 2015, among Deutsche Mortgage
& Asset Receiving Corporation, as depositor, Wells Fargo Bank, National Association, as master servicer, LNR Partners, LLC,
as special servicer, Wells Fargo Bank, National Association, as certificate administrator, paying agent and custodian, Wilmington
Trust, National Association, as trustee, and Park Bridge Lender Services LLC, as operating advisor, as from time to time amended,
supplemented or modified relating to the issuance of the COMM 2015-LC23 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Series 2015-LC23.

 

“Commission”:
The Securities and Exchange Commission.

 

“Companion Distribution
Account”: With respect to any Serviced Companion Loan, the separate account created and maintained by the Companion Paying
Agent pursuant to

 

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Section 3.04(b) and held on behalf of the Companion Holders, which shall be entitled “Wells Fargo
Bank, National Association [or name of successor master servicer], as Companion Paying Agent, for the benefit of the Companion
Holders of the Companion Loans, relating to the Wells Fargo Commercial Mortgage Trust 2015-P2, Commercial Mortgage Pass-Through
Certificates, Series 2015-P2, Companion Distribution Account”. The Companion Distribution Account shall not be an asset of
the Trust, any Trust REMIC or the Grantor Trust, but instead shall be held by the Companion Paying Agent on behalf of the Companion
Holders. Any such account shall be an Eligible Account. Notwithstanding the foregoing, if the Master Servicer and the Companion
Paying Agent are the same entity, the Companion Distribution Account may be the subaccount referenced in the second paragraph of
Section 3.04(b).

 

“Companion Holders”:
Each of the holders of record of any Companion Loan.

 

“Companion Loan(s)”:
As defined in the Preliminary Statement.

 

“Companion Loan
Rating Agency”: Any NRSRO rating any class of Serviced Pari Passu Companion Loan Securities.

 

“Companion Paying
Agent”: With respect to the Serviced Companion Loans, if any, the Master Servicer in its role as Companion Paying Agent
appointed pursuant to Section 3.27.

 

“Companion Register”:
The register maintained by the Companion Paying Agent pursuant to Section 3.28.

 

“Compensating
Interest Payments”: An aggregate amount as of any Distribution Date equal to the lesser of (i) the aggregate amount of
Prepayment Interest Shortfalls incurred in connection with voluntary principal prepayments received in respect of the Mortgage
Loans (other than Non-Serviced Mortgage Loans) and any related Serviced Pari Passu Companion Loans (in each case other than any
Specially Serviced Loan or any Mortgage Loan or related Serviced Pari Passu Companion Loan on which the Special Servicer allowed
a prepayment on a date other than the applicable Due Date) for the related Distribution Date and (ii) the aggregate of (A) that
portion of the Master Servicer’s Servicing Fees for such Distribution Date that is, in the case of each Mortgage Loan (other
than any Non-Serviced Mortgage Loans), Serviced Pari Passu Companion Loan and REO Loan for which Servicing Fees are being paid
for such Collection Period, calculated at a rate of 0.0025% per annum, (B) all Prepayment Interest Excesses received by
the Master Servicer during such Collection Period with respect to the Mortgage Loans (other than the Non-Serviced Mortgage Loans)
(and, so long as a Serviced Whole Loan is serviced hereunder, the related Serviced Pari Passu Companion Loan) subject to such prepayment
and (C) to the extent earned on voluntary principal prepayments, net investment earnings payable to the Master Servicer for such
Collection Period received by the Master Servicer during such Collection Period with respect to the Mortgage Loans (other than
the Non-Serviced Mortgage Loans) or any related Serviced Pari Passu Companion Loan, as applicable, subject to such prepayment.
In no event will the rights of the Certificateholders to the offset of the aggregate Prepayment Interest Shortfalls be cumulative.
However, if a Prepayment Interest Shortfall occurs with respect to a Mortgage Loan as a result of the Master Servicer’s allowing
the related Mortgagor to deviate (a “Prohibited Prepayment”) from the terms

 

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of the related Mortgage Loan documents
regarding Principal Prepayments (other than (V) a Non-Serviced Mortgage Loan, (W) subsequent to a default under the related Mortgage
Loan documents or if the Mortgage Loan is a Specially Serviced Loan, (X) pursuant to applicable law or a court order or otherwise
in such circumstances where the Master Servicer is required to accept such Principal Prepayment in accordance with the Servicing
Standard, (Y) at the request or with the consent of the Special Servicer or, so long as no Control Termination Event has occurred
and is continuing, and only with respect to Mortgage Loans other than Excluded Loans, the Directing Certificateholder or (Z) in
connection with the payment of any Insurance and Condemnation Proceeds), then for purposes of calculating the Compensating Interest
Payment for the related Distribution Date, the Master Servicer shall pay, without regard to clause (ii) above, the aggregate
amount of Prepayment Interest Shortfalls with respect to such Mortgage Loan, otherwise described in clause (i) above in
connection with such Prohibited Prepayments.

 

For the avoidance of
doubt, Compensating Interest Payments attributable to a Serviced Whole Loan shall be allocated among the related Mortgage Loan
and the related Serviced Pari Passu Companion Loan(s), pro rata, in accordance with their respective principal balances.

 

“Consultation
Termination Event”: At any date at which (i) no Class of Control Eligible Certificates exists where such Class’s
aggregate Certificate Balance is at least equal to 25% of the Original Certificate Balance of that Class, in each case without
regard to the application of any Appraisal Reduction Amounts or (ii) a Holder of the Class E Certificates is the majority Controlling
Class Certificateholder and has irrevocably waived its right, in writing, to exercise any of the rights of the Controlling Class
Certificateholder, and such rights have not been reinstated to a successor controlling class certificateholder pursuant to Section
3.23(l); provided that no Consultation Termination Event resulting solely from the operation of clause (ii) shall be
deemed to have existed or be in continuance with respect to a successor Holder of Class E Certificates that has not irrevocably
waived its right to exercise any of the rights of the Controlling Class Certificateholder; provided, however, that
a Consultation Termination Event shall not be deemed continuing in the event that the Certificate Balances of the Certificates
other than the Control Eligible Certificates have been reduced to zero as a result of the allocation of principal payments on the
Mortgage Loans.

 

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

 

“Control Termination
Event”: The occurrence of (i) the Certificate Balance of the Class E Certificates (taking into account the application
of any Appraisal Reduction Amounts to notionally reduce the Certificate Balance of such Class in accordance with Section 4.05(a)
hereof) being reduced to less than 25% of the Original Certificate Balance of such Class or (ii) a Holder of the Class E Certificates
becoming the majority Controlling Class Certificateholder and has irrevocably waived its right, in writing, to exercise any of
the rights of the Controlling Class Certificateholder and such rights have not been reinstated to a successor controlling class
certificateholder pursuant to Section 3.23(l), provided, however, that a Control Termination Event shall not
be deemed continuing in the event that the Certificate Balances of the Certificates other than the Control Eligible Certificates
have been reduced to zero as a result of the allocation of principal payments on the Mortgage Loans.

 

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“Controlling
Class”: As of any date of determination, the most subordinate Class of Control Eligible Certificates then outstanding
that has an aggregate Certificate Balance as notionally reduced by any Appraisal Reduction Amounts allocable to such Class in accordance
with Section 4.05(a), at least equal to 25% of the Original Certificate Balance of that Class; provided, however,
that if at any time the Certificate Balances of the Certificates other than the Control Eligible Certificates have been reduced
to zero as a result of the allocation of principal payments on the Mortgage Loans, then the Controlling Class shall be the most
subordinate class among the Control Eligible Certificates that has a Certificate Balance greater than zero without regard to any
Appraisal Reduction Amounts. The Controlling Class as of the Closing Date will be the Class G Certificates.

 

“Controlling
Class Certificateholders”: Each Holder (or Certificate Owner, if applicable) of a Certificate of the Controlling Class
as determined by the Certificate Registrar, from time to time, upon request by any party hereto. The Trustee, the Master Servicer,
the Special Servicer or the Operating Advisor may from time to time request (the cost of which being an expense of the Trust) that
the Certificate Administrator provide a list of the Holders (or Certificate Owners, if applicable) of the Controlling Class and
the Certificate Administrator shall promptly provide such list without charge to such Trustee, Master Servicer, Operating Advisor
or Special Servicer, as applicable. The Trustee, Master Servicer, the Special Servicer and the Operating Advisor shall be entitled
to rely on any such list so provided.

 

“Corporate Trust
Office”: The principal corporate trust office of the Trustee and the Certificate Administrator at which at any particular
time its corporate trust business with respect to this Agreement shall be administered, which office at the date of the execution
of this Agreement is located (i) with respect to Certificate transfers and surrenders, at Wells Fargo Center, Sixth Street and
Marquette Avenue, Minneapolis, Minnesota 55479 0113; (ii) with respect to the Trustee at 1100 North Market Street, Wilmington,
Delaware 19890, Attention: CMBS Trustee WFCM 2015-P2; and (iii) for all other purposes, to the Certificate Administrator at 9062
Old Annapolis Road, Columbia, Maryland 21045, Attention: Corporate Trust Services (CMBS), WFCM Commercial Mortgage Securities Trust
2015-P2, telecopy number (410) 715-2380.

 

“Corrected Loan”:
Any Specially Serviced Loan that has become current and remained current for three (3) consecutive Periodic Payments (for such
purposes taking into account any modification or amendment of the related Mortgage Loan or Companion Loan, as applicable, whether
by a consensual modification or in connection with a bankruptcy, insolvency or similar proceeding involving the Mortgagor), and
(provided that no other Servicing Transfer Event has occurred with respect to such Mortgage Loan or Companion Loan during
such preceding three (3) months, no additional default is foreseeable in the reasonable judgment of the Special Servicer and no
other event or circumstance exists that causes such Mortgage Loan or Companion Loan, as applicable, to otherwise constitute a Specially
Serviced Loan) the servicing of which the Special Servicer has returned to the Master Servicer pursuant to Section 3.19(a).

 

“CREFC®”:
The Commercial Real Estate Finance Council®, or any successor organization reasonably acceptable to the Certificate
Administrator, the Master Servicer, the Special Servicer and, prior to the occurrence and continuance of a Control Termination
Event, the Directing Certificateholder.

 

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

 

“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.

 

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

 

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

 

“CREFC®
Comparative Financial Status Report”: The monthly report in “Comparative Financial Status Report” format
substantially in the form of and containing the information called for therein for the Mortgage Loans, or 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”: The monthly report in the “Delinquent Loan 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®
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 and effective from time to time on the CREFC® Website.

 

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

 

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“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 and REO Loan (other than the portion of
an REO Loan related to any Companion Loan) and for any Distribution Date, the amount accrued during the related Interest Accrual
Period at the CREFC® Intellectual Property Royalty License Fee Rate on the Stated Principal Balance of such Mortgage
Loan or REO 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 or REO Loan is computed and shall be prorated for partial periods. For the avoidance
of doubt, the CREFC® Intellectual Property Royalty License Fee shall be deemed payable by the Master Servicer from
the Lower-Tier REMIC.

 

“CREFC®
Intellectual Property Royalty License Fee Rate”: With respect to each Mortgage Loan and REO 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 and effective from time
to time on the CREFC® Website.

 

“CREFC®
Investor Reporting Package”: The collection of reports specified by the CREFC® from time to time as the
“CREFC® Investor Reporting Package.” As of the Closing Date, the CREFC® Investor Reporting
Package contains seven electronic files ((1) CREFC® Loan Setup File, (2) CREFC® Loan Periodic Update
File, (3) CREFC® Property File, (4) CREFC® Bond Level File, (5) CREFC® Collateral
Summary File, (6) CREFC® Financial File and (7) CREFC® Special Servicer Loan File) and nine surveillance
reports ((1) CREFC® Servicer Watch List, (2) CREFC® Delinquent Loan Status Report, (3) CREFC®
REO Status Report, (4) CREFC® Comparative Financial Status Report, (5) CREFC® Historical Loan Modification/Forbearance
and Corrected Mortgage Loan Report, (6) CREFC® Operating Statement Analysis Report, (7) CREFC® NOI
Adjustment Worksheet, (8) CREFC® Loan Level Reserve/LOC Report and (9) with respect to Mortgage Loans that have
a Companion Loan, as applicable, the CREFC® Total Loan Report). In addition, the CREFC® Investor
Reporting Package shall include the CREFC® Advance Recovery Report. In addition, the CREFC® Investor
Reporting Package shall include the following nine templates: (1) CREFC® Appraisal Reduction Template, (2) CREFC®
Servicer Realized Loss Template, (3) CREFC® Reconciliation of Funds Template, (4) CREFC® Historical
Bond/Collateral Realized Loss Reconciliation Template, (5) CREFC® Historical Liquidation Loss Template, (6) CREFC®
Interest Shortfall Reconciliation Template, (7) CREFC® Loan Modification Report, (8) CREFC® Loan
Liquidation Report and (9) CREFC® REO Liquidation Report. The CREFC® Investor Reporting Package shall
be substantially in the form of, and containing the information called for in, the

 

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downloadable forms of the “CREFC®
IRP” 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 or reports as may from time to time be approved by the CREFC®
for commercial mortgage backed securities transactions generally. For the purposes of the production of the CREFC®
Comparative Financial Status Report by the Master Servicer or the Special Servicer of any such report that is required to state
information for any period prior to the Cut-off Date, the Master Servicer or the Special Servicer, as the case may be, may conclusively
rely (without independent verification), absent manifest error, on information provided to it by the Mortgage Loan Sellers or by
the related Mortgagor or (x) in the case of such a report produced by the Master Servicer, by the Special Servicer (if other than
the Master Servicer or an Affiliate thereof) and (y) in the case of such a report produced by the Special Servicer, by the Master
Servicer (if other than the Special Servicer or an Affiliate thereof).

 

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

 

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

 

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

 

“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.

 

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

 

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

 

“CREFC®
REO Status Report”: The monthly 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 and effective from time to time on the CREFC®
Website.

 

“CREFC®
Servicer Watch List”: A monthly report, as of each Determination Date, including and identifying each Non-Specially 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.

 

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

 

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

 

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

 

“Cross-Over
Date”: The Distribution Date on which the Certificate Balances of the Subordinate Certificates have all previously been
reduced to zero as a result of the allocation of Realized Losses to such Certificates.

 

“Crossed Mortgage
Loan Group”: With respect to (i) any mortgage loan that consists of more than one commercial mortgage loan, the underlying
group of loans that are cross-collateralized and cross-defaulted with each other and (ii) any two or more individual mortgage loans
that are cross-collateralized and cross-defaulted with each other, such cross-collateralized and cross-defaulted mortgage loans.

 

“Crossed Underlying
Loan”: With respect to any Crossed Mortgage Loan Group, a mortgage loan that is cross-collateralized and cross-defaulted
with one or more other mortgage loans within such Crossed Mortgage Loan Group.

 

“Crossed Underlying
Loan Repurchase Criteria”: With respect to any Crossed Mortgage Loan Group as to which one or more (but not all) of the
Crossed Underlying Loans therein are affected by a Material Defect (the Crossed Underlying Loan(s) in such Crossed Mortgage Loan
Group affected by such Material Defect, for purposes of this definition, the “affected Crossed Underlying Loans” and
the other Crossed Underlying Loan(s) in such Crossed Mortgage Loan Group, for purposes of this definition, the “remaining
Crossed Underlying Loans”) (i) the debt service coverage ratio for all the remaining Crossed Underlying Loans for the four
most recently reported calendar quarters preceding the repurchase or substitution shall not be less than the least of (a) 0.10x
below the debt service coverage ratio for the Crossed Mortgage Loan Group (including the affected Crossed Underlying Loan(s)) set
forth in Annex A-1 to the Prospectus, (b) the debt service coverage ratio for the Crossed Mortgage Loan Group (including the affected
Crossed Underlying Loan(s)) for the four preceding calendar quarters preceding the repurchase or replacement and (c) 1.25x, (ii)
the loan-to-value ratio for all the remaining Crossed Underlying Loans determined at the time of repurchase or substitution based
upon an Appraisal obtained by the Special Servicer at the expense of the related Mortgage Loan Seller shall not be greater than
the greatest of (a) the loan-to-value ratio, expressed as a whole number percentage (taken to one decimal place), for the entire
Crossed Mortgage Loan Group,

 

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(including the affected Crossed Underlying Loan(s)) set forth in Annex A-1 to the Prospectus plus
10%, (b) the loan-to-value ratio, expressed as a whole number percentage (taken to one decimal place), for the entire such Crossed
Mortgage Loan Group, including the affected Crossed Underlying Loan(s) at the time of repurchase or substitution, and (c) 75%,
(iii) the related Mortgage Loan Seller, at its expense, shall have furnished the Trustee and the Certificate Administrator with
an Opinion of Counsel that any modification relating to the repurchase or substitution of a Crossed Underlying Loan shall not cause
an Adverse REMIC Event, (iv) the related Mortgage Loan Seller causes the affected Crossed Underlying Loan to become not cross-collateralized
and cross-defaulted with the remaining related Crossed Underlying Loans prior to such repurchase or substitution or otherwise forbears
from exercising enforcement rights against the Primary Collateral for any Crossed Underlying Loan(s) remaining in the Trust (while
the Trust forbears from exercising enforcement rights against the Primary Collateral for the Mortgage Loan removed from the Trust)
and (v) (other than with respect to any Excluded Loan) unless a Control Termination Event has occurred and is continuing, the Directing
Certificateholder shall have consented to the repurchase or substitution of the affected Crossed Underlying Loan, which consent
shall not be unreasonably withheld, conditioned or delayed.

 

“Cure/Contest
Period”: As defined in Section 12.01(b)(vii).

 

“Custodial Exception
Report”: As defined in Section 2.02(b).

 

“Custodian”:
A Person who is at any time appointed by the Trustee pursuant to Section 8.11 as a document custodian for the Mortgage Files,
which Person shall not be the Depositor, any of the Mortgage Loan Sellers or an Affiliate of any of them. The Certificate Administrator
shall be the initial Custodian. Wells Fargo Bank, National Association will
perform its duties as Custodian hereunder through its Document Custody division.

 

“Cut-off Date”:
With respect to each Mortgage Loan, the related Due Date of such Mortgage Loan in December 2015, or with respect to any Mortgage
Loan that has its first Due Date in January 2016, the date that would have otherwise been the related Due Date in December 2015.

 

“Cut-off Date
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., and its successors in interest. If neither DBRS nor any successor remains in existence, “DBRS” shall be
deemed to refer to such other nationally recognized statistical rating agency or other comparable Person reasonably designated
by the Depositor, notice of which designation shall be given to the Trustee, the Certificate Administrator, the Master Servicer,
the Directing Certificateholder and the Special Servicer and specific ratings of DBRS herein referenced shall be deemed to refer
to the equivalent ratings of the party so designated.

 

“DBSI”:
Deutsche Bank Securities Inc., or its successor-in-interest.

 

“Default Interest”:
With respect to any Mortgage Loan or Companion Loan and any Collection Period, all interest accrued in respect of such Mortgage
Loan or Companion Loan

 

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during such Collection Period provided for in the related Mortgage 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 accrued on the unpaid principal
balance of such Mortgage Loan or Companion Loan outstanding from time to time.

 

“Defaulted Loan”:
A Mortgage Loan (other than a Non-Serviced Mortgage Loan) or a Serviced Whole Loan (i) that is delinquent at least sixty (60) days
in respect of its Periodic Payments or delinquent in respect of its Balloon Payment, if any; provided that in respect of
a Balloon Payment, such period will be 120 days if the related Mortgagor has provided the Special Servicer with a written and fully
executed commitment for refinancing of the related Mortgage Loan from an acceptable lender reasonably satisfactory in form and
substance to the Special Servicer; and, in either case, such delinquency is to be determined without giving effect to any Grace
Period permitted by the related Mortgage or Mortgage Note and without regard to any acceleration of payments under the related
Mortgage and Mortgage Note or (ii) as to which the Special Servicer has, by written notice to the related Mortgagor, accelerated
the maturity of the indebtedness evidenced by the related Mortgage Note. For the avoidance of doubt, a defaulted Companion Loan
does not constitute a “Defaulted Loan”.

 

“Defeasance
Accounts”: As defined in Section 3.18(j).

 

“Defect”:
As defined in Section 2.02(f).

 

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

 

“Deficient Valuation”:
With respect to any Mortgage Loan or Serviced Whole Loan, as applicable, a valuation by a court of competent jurisdiction of the
related Mortgaged Property in an amount less than the then outstanding principal balance of such Mortgage Loan or Serviced Whole
Loan which valuation results from a proceeding initiated under the Bankruptcy Code.

 

“Definitive
Certificate”: Any Certificate in definitive, fully registered form without interest coupons. Initially, the Class R Certificates,
Class V Certificates and any Certificate issued pursuant to Sections 5.02(c) and (d) shall be Definitive Certificates.

 

“Delinquent
Loan”: A Mortgage Loan that is delinquent at least sixty (60) days in respect of its Periodic Payments or Balloon Payment,
if any, in either case such delinquency to be determined without giving effect to any Grace Period.

 

“Denomination”:
With respect to any Certificate or any beneficial interest in a Certificate the amount (i) (a) set forth on the face thereof, (b)
set forth on a schedule attached

 

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thereto or (c) in the case of any beneficial interest in a Book-Entry Certificate, the interest
of the related Certificate Owner in the applicable Class of Certificates as reflected on the books and records of the Depository
or related Depository Participant, as applicable, (ii) expressed in terms of initial Certificate Balance or initial Notional Amount,
as applicable, and (iii) in an authorized denomination, as set forth in Section 5.01(a).

 

“Depositor”:
Wells Fargo Commercial Mortgage Securities, Inc., a  North Carolina corporation, or its successor in interest.

 

“Depository”:
DTC, or any successor Depository hereafter named. The nominee of the initial Depository for purposes of registering those Certificates
that are to be Book-Entry Certificates, is Cede & Co. The Depository shall at all times be a “clearing corporation”
as defined in Section 8-102(3) of the UCC of the State of New York and a “clearing agency” registered pursuant to the
provisions of Section 17A of the Exchange Act.

 

“Depository
Participant”: A broker, dealer, bank or other financial institution or other Person for whom from time to time the Depository
effects book-entry transfers and pledges of securities deposited with the Depository.

 

“Designated
Site”: The website to which Diligence Files are uploaded as designated by the Depositor to the Mortgage Loan Sellers.

 

“Determination
Date”: With respect to any Distribution Date, the eleventh (11th) day of each calendar month (or, if the eleventh
(11th) calendar day of that month is not a Business Day, then the next Business Day, commencing in January 2016.

 

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

 

(a)         A
copy of each of the following documents:

 

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

 

(ii)         the
Mortgage, together with a copy of any intervening Assignments of Mortgage, in each case, with evidence of recording indicated thereon
or certified to have been submitted for recording (if in the possession of the applicable Mortgage Loan Seller);

 

(iii)       any
related Assignment of Leases and of any intervening Assignments (if such item is a document separate from the Mortgage), in each
case, with evidence of recording indicated thereon or certified to have been

 

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submitted for recording (if in the possession of the
applicable Mortgage Loan Seller);

 

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

 

(v)        the
policy or certificate of lender’s title insurance issued on the date of the origination of such Mortgage Loan, or, if such
policy has not been issued or located, an irrevocable, binding commitment (which may be a marked version of the policy that has
been executed by an authorized representative of the title company or an agreement to provide the same pursuant to binding escrow
instructions executed by an authorized representative of the title company) to issue such title insurance policy;

 

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

 

(vii)      any
Intercreditor Agreement relating to permitted debt of the Mortgagor, including any intercreditor agreement relating to a Serviced
Whole Loan;

 

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

 

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

 

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

 

(xi)       any
franchise agreements and comfort letters or similar agreements relating to a Mortgage Loan or Serviced Whole Loan and, with respect
to any franchise agreement, comfort letter or similar agreement, any assignment of such agreements or any notice to the franchisor
of the transfer of a Mortgage Loan or Serviced Whole Loan;

 

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

 

(xiii)     any
related mezzanine intercreditor agreement;

 

(xiv)     all
related environmental reports; and

 

(xv)      all
related environmental insurance policies;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(k)         a
copy of all zoning reports;

 

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

 

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

 

(n)         a
copy of all UCC searches;

 

(o)         a
copy of all litigation searches;

 

(p)         a
copy of all bankruptcy searches;

 

(q)         a
copy of any origination settlement statement;

 

(r)          a
copy of the Insurance Summary Report;

 

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

 

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(t)          a
copy of all escrow statements related to the escrow account balances as of the Mortgage Loan origination date;

 

(u)         a
copy of all related environmental reports that were received by the applicable Mortgage Loan Seller;

 

(v)         a
copy of any closure letter (environmental); and 

 

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

 

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

 

“Directing Certificateholder”:
The initial Directing Certificateholder shall be Raith Capital Partners, LLC, a Delaware limited liability company. Thereafter,
the Directing Certificateholder shall be the Controlling Class Certificateholder (or a representative thereof) selected by more
than 50% of the Controlling Class Certificateholders (by Certificate Balance, as determined by the Certificate Registrar) from
time to time; provided, however, that (i) absent that selection, or (ii) until a Directing Certificateholder is so
selected or (iii) upon receipt of a notice from a majority of the Controlling Class Certificateholders, by Certificate Balance,
that a Directing Certificateholder is no longer designated, the Controlling Class Certificateholder that owns the largest aggregate
Certificate Balance of the Controlling Class (or a representative thereof) will be the Directing Certificateholder; provided,
however, that, in the case of this clause (iii), in the event that no one Holder owns the largest aggregate Certificate
Balance of the Controlling Class, then there will be no Directing Certificateholder until appointed in accordance with the terms
of this Agreement. After the occurrence and during the continuance of a Control Termination Event, the Directing Certificateholder
shall only retain its consultation rights to the extent specifically provided for herein. After the occurrence of a Consultation
Termination Event, there will be no Directing Certificateholder. The Depositor shall promptly provide the name and contact information
for the initial Directing Certificateholder upon request of any party to this Agreement and any such requesting party may conclusively
rely on the name and contact information provided by the Depositor. In the event the Controlling Class Certificateholder has elected
to irrevocably waive its right to appoint a Directing Certificateholder or to exercise any of the rights of the Controlling Class
Certificateholder, there will be no Directing Certificateholder and no party will be entitled to exercise any of the rights of
the Directing

 

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Certificateholder until such time as a Controlling Class Certificateholder is reinstated pursuant to Section 3.23(l)
hereof and a new Directing Certificateholder is appointed in accordance with the terms hereof. The Certificate Administrator and
the other parties hereto shall be entitled to assume that the identity of the Directing Certificateholder has not changed until
such parties receive written notice of a replacement of the Directing Certificateholder from a party holding the requisite interest
in the Controlling Class (as confirmed by the Certificate Registrar), or the resignation of the then-current Directing Certificateholder.

 

“Directly Operate”:
With respect to any REO Property (except with respect to a Non-Serviced Mortgaged 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, the use of such REO Property in a trade or business conducted
by the Trust or on behalf of a Companion Holder or the performance of any construction work on the REO Property other than through
an Independent Contractor; provided, however, that an REO Property shall not be considered to be Directly Operated
solely because the Trustee (or the Special Servicer on behalf of the Trustee) establishes rental terms, chooses tenants, enters
into or renews leases, deals with taxes and insurance or makes decisions as to repairs or capital expenditures with respect to
such 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 Mortgage Loan (other than any Non-Serviced Mortgage Loan) and any related
Serviced Companion Loan (including any related REO Property), any compensation and other remuneration (including, without limitation,
in the form of commissions, brokerage fees, or rebates, or as a result of any other fee-sharing arrangement) received or retained
by the Special Servicer or any of its Affiliates that is paid by any Person (including, without limitation, the Trust, any Mortgagor,
any manager, any guarantor or indemnitor in respect of a Mortgage Loan or Serviced Companion Loan and any purchaser of any such
Mortgage Loan or Serviced Companion Loan or REO Property) in connection with the disposition, workout or foreclosure of any Mortgage
Loan (other than any Non-Serviced Mortgage Loan) or Serviced Companion 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 Permitted Special Servicer/Affiliate Fees and (2) any compensation to which the Special Servicer is entitled pursuant
to Section 3.11 of this Agreement.

 

“Disclosure
Parties”: As defined in Section 3.13(e).

 

“Discount Rate”:
As defined in Section 4.01(e).

 

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

 

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

 

“Disqualified Non-U.S. Tax Person”: With respect to the Class R Certificates, any Non-U.S.
Tax Person or its agent other than (a) a Non-U.S. Tax Person that holds the Class R

 

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Certificates 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 (b) 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 Certificates to it is in accordance with the requirements of the Code and the regulations
promulgated thereunder and that such transfer of the Class R Certificates will not be disregarded for federal income tax purposes.

 

“Disqualified
Organization”: Any of (i) the United States, any State or political subdivision thereof, any possession of the United
States or any agency or instrumentality of any of the foregoing (other than an instrumentality which is a corporation if all of
its activities are subject to tax and, except for Freddie Mac, a majority of its board of directors is not selected by such governmental
unit), (ii) a foreign government, any international organization or any agency or instrumentality of any of the foregoing,
(iii) any organization which is exempt from the tax imposed by Chapter 1 of the Code (including the tax imposed by Section 511
of the Code on unrelated business taxable income) on any excess inclusions (as defined in Section 860E(c)(1) of the Code)
with respect to the Class R Certificates (except certain farmers’ cooperatives described in Section 521 of the
Code), (iv) rural electric and telephone cooperatives described in Section 1381(a)(2)(C) of the Code, (v) an “electing
large partnership,” as defined in Section 775 of the Code and (vi) any other Person so designated by the Trustee
or the Certificate Administrator based upon an Opinion of Counsel as provided to the Trustee or the Certificate Administrator (at
no expense to the Trustee or the Certificate Administrator) that the holding of an Ownership Interest in a Class R Certificate
by such Person may cause either Trust REMIC to fail to qualify as a REMIC at any time that the Certificates are outstanding or
any Person having an Ownership Interest in any Class of Certificates (other than such Person) to incur a liability for any federal
tax imposed under the Code that would not otherwise be imposed but for the Transfer of an Ownership Interest in a Class R
Certificate to such Person. The terms “United States,” “State” and “international organization”
shall have the meanings set forth in Section 7701 of the Code or successor provisions.

 

“Distribution
Accounts”: Collectively, the Upper-Tier REMIC Distribution Account, the Lower-Tier REMIC Distribution Account and the
Excess Interest Distribution Account (and in each case any subaccount thereof), all of which may be subaccounts of a single Eligible
Account.

 

“Distribution
Date”: The fourth (4th) Business Day following each Determination Date, beginning in January 2016. The initial
Distribution Date shall be January 15, 2016.

 

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

 

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

 

    	-41-

    	 

    

 

any other securitization transaction. For the avoidance of doubt, as of the Closing Date, no parties
appear on the Do Not Hire List.

 

“DTC”:
The Depository Trust Company, a New York corporation.

 

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

 

“EDGAR”:
As defined in Section 11.03.

 

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

 

“Eligible Account”:
Any of the following: (i) a segregated account or accounts maintained with a federal or state chartered depository institution
or trust company (including the Trustee or the Certificate Administrator), (A) the long -term unsecured debt obligations of
which are rated at least “A2” by Moody’s, if the deposits are to be held in such account for thirty (30) days
or more, and the short-term debt obligations of which have a short-term rating of not less than “P-1” from Moody’s,
if the deposits are to be held in such account for less than thirty (30) days and (B) the long-term unsecured debt obligations
of which are rated at least “A” by Fitch (to the extent rated by Fitch), if the deposits are to be held in such account
for thirty (30) days or more, and the short-term debt obligations of which have a short-term rating of not less than “F1”
from Fitch (to the extent rated by Fitch), if the deposits are to be held in such account for less than thirty (30) days; (ii) an
account or accounts maintained with Wells Fargo Bank, National Association so long as Wells Fargo Bank, National Association’s
long-term unsecured debt rating shall be at least “A2” from Moody’s and “A” from Fitch (to the extent
rated by Fitch) (if the deposits are to be held in the account for more than thirty (30) days) or Wells Fargo Bank, National Association’s
short-term deposit or short-term unsecured debt rating shall be at least “P-1” from Moody’s and “F2”
from Fitch (to the extent rated by Fitch) (if the deposits are to be held in the account for thirty (30) days or less); (iii) 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) – (ii) 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, which account may be an account maintained by or with the Certificate Administrator, the Trustee, the
Master Servicer or the Special Servicer; (iv) any other account or accounts not listed in clauses (i) –
(ii) above with respect to which a Rating Agency Confirmation has been obtained from each and every Rating Agency and a
confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of
its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied

 

    	-42-

    	 

    

 

with respect to the
Certificates pursuant to Section 3.25), which account may be an account maintained by or with the Certificate Administrator,
the Trustee, the Master Servicer or the Special Servicer; or (v) a segregated trust account or accounts maintained with the
corporate trust department of a federal or state chartered depository institution or trust company that has a long-term unsecured
debt rating of at least “A2” from Moody’s (if the deposits are to be held in the account for more than thirty
(30) days) or a short-term unsecured debt rating of at least “P-1” from Moody’s (if the deposits are to be held
in the account for thirty (30) days or less) and that, in either case, has corporate trust powers, acting in its fiduciary capacity,
provided that any state chartered depository institution or trust company is subject to regulation regarding fiduciary funds
substantially similar to 12 C.F.R. § 9.10(b). Eligible Accounts may bear interest. No Eligible Account shall be evidenced
by a certificate of deposit, passbook or other similar instrument.

 

“Eligible Asset
Representations Reviewer”: An institution that (a) is the special servicer, operating advisor or asset representations
reviewer on a transaction rated by any of Moody’s, Fitch, KBRA, S&P, DBRS or Morningstar and that has not been a special
servicer, operating advisor or asset representations reviewer on a transaction for which any of Moody’s, Fitch, KBRA, S&P,
DBRS and Morningstar has qualified, downgraded or withdrawn its rating or ratings of one or more classes of certificates for such
transaction citing servicing or other relevant concerns with such special servicer, operating advisor or asset representations
reviewer, as applicable, as the sole or material factor in such rating action, (b) can and will make the representations and
warranties set forth in Section 6.01(d), (c) is not (and is not affiliated with) a Sponsor, a Mortgage Loan Seller,
an originator, the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Trustee, the Directing
Certificateholder or any of their respective Affiliates, (d) has not performed (and is not affiliated with any party hired
to perform) any due diligence, loan underwriting, brokerage, borrower advisory or similar services with respect to any Mortgage
Loan or any related Companion Loan prior to the Closing Date for or on behalf of any Sponsor, any Mortgage Loan Seller, any Underwriter,
any party to this Agreement or the Directing Certificateholder or any of their respective Affiliates, or have been paid any fees,
compensation or other remuneration by any of them in connection with any such services, and (e) does not directly or indirectly,
through one or more Affiliates or otherwise, own any interest in any Certificates, any Mortgage Loans, any Companion Loan or any
securities backed by a Companion Loan or otherwise have any financial interest in the securitization transaction to which this
Agreement relates, other than in fees from its role as Asset Representations Reviewer (or as Operating Advisor, if applicable).

 

“Eligible Operating
Advisor”: An institution (a) that is a special servicer or operating advisor on a commercial mortgage-backed securities
transaction rated by the Rating Agencies (including, in the case of the Operating Advisor, this transaction) but has not been a
special servicer or operating advisor on a transaction for which any Rating Agency has qualified, downgraded or withdrawn its rating
or ratings of one or more classes of certificates for such transaction citing servicing or other relevant concerns with the special
servicer or operating advisor, as applicable, as the sole or a material factor in such rating action; (b) that can and will
make the representations and warranties of the Operating Advisor set forth in Section 6.01(c) of this Agreement; (c) that
is not (and is not affiliated with) the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special
Servicer, a Mortgage Loan Seller, the Directing Certificateholder, or a depositor, a trustee, a certificate administrator, a master
servicer

 

    	-43-

    	 

    

 

or a special servicer with respect to the securitization of a Companion Loan, or any of their respective Affiliates; (d) that
has not been paid by any Special Servicer or successor special servicer any fees, compensation or other remuneration (x) in
respect of its obligations hereunder or (y) for the appointment or recommendation for replacement of a successor special servicer
to become the Special Servicer; and (e) that (i) has been regularly engaged in the business of analyzing and advising clients in
commercial mortgage-backed securities matters and has at least five (5) years of experience in collateral analysis and loss projections
and (ii) has at least five (5) years of experience in commercial real estate asset management and experience in the workout and
management of distressed commercial real estate assets.

 

“Empire Mall
Companion Loan Securitization Date”: The date on which the Empire Mall Controlling Pari Passu Companion Loan is included
in a securitization trust.

 

“Empire Mall
Controlling Pari Passu Companion Loan”: The Empire Mall Pari Passu Companion Loan evidenced by the related promissory
note designated as promissory note A-1.

 

“Empire Mall
Intercreditor Agreement”: That certain Co-Lender Agreement, dated December 23, 2015, by and between each holder
of the Empire Mall Pari Passu Companion Loans and the holder of the Empire Mall Mortgage Loan, relating to the relative rights
of such holders of the Empire Mall Whole Loan, as the same may be further amended in accordance with the terms thereof.

 

“Empire Mall
Mortgage Loan”: With respect to the Empire Mall Whole Loan, the Mortgage Loan that is included in the Trust (identified
as Mortgage Loan No. 2 on the Mortgage Loan Schedule), which is designated as promissory note A-2, and is pari passu
in right of payment with the Empire Mall Pari Passu Companion Loans to the extent set forth in the Empire Mall Intercreditor Agreement.

 

“Empire Mall
Mortgaged Property”: The Mortgaged Property that secures the Empire Mall Whole Loan.

 

“Empire Mall
Pari Passu Companion Loans”: With respect to the Empire Mall Whole Loan, the Companion Loans evidenced by the related
promissory notes designated as promissory notes A-1, A-3, A-4 and A-5 and made by the related Mortgagor and secured by the Mortgage
on the Empire Mall Mortgaged Property, which are not included in the Trust and which are pari passu in right of payment
to the Empire Mall Mortgage Loan to the extent set forth in the related Mortgage Loan documents and as provided in the Empire Mall
Intercreditor Agreement.

 

“Empire Mall
Pooling and Servicing Agreement”: Any pooling and servicing agreement that creates a trust whose assets include the Empire
Mall Controlling Pari Passu Companion Loan.

 

“Empire Mall
Whole Loan”: The Empire Mall Mortgage Loan, together with the Empire Mall Pari Passu Companion Loans, each of which is
secured by the same Mortgage on the Empire Mall Mortgaged Property. References herein to the Empire Mall Whole Loan shall

 

    	-44-

    	 

    

 

be construed
to refer to the aggregate indebtedness under the Empire Mall Mortgage Loan and the Empire Mall Pari Passu Companion Loans.

 

“Enforcing Party”:
The person obligated to or that elects pursuant to Section 2.03 to enforce the rights of the Trust against the
related Mortgage Loan Seller with respect to the Repurchase Request.

 

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

 

“Environmental
Assessment”: An “environmental site assessment” as such term is defined in, and meeting the criteria of,
the American Society of Testing Materials Standard Section E 1527-00, or any successor thereto.

 

“Environmental
Indemnity Agreement”: With respect to any Mortgage Loan, any agreement between the Mortgagor (or a guarantor thereof)
and the originator of such Mortgage Loan relating to the Mortgagor’s obligation to remediate or monitor or indemnify for
any environmental problems relating to the related Mortgaged Property.

 

“ERISA”:
The Employee Retirement Income Security Act of 1974, as amended.

 

“ERISA Restricted
Certificate”: Any Certificate (other than a Class R or Class V Certificate) that does not meet the requirements
of Prohibited Transaction Exemption 96-22 (as such exemption may be amended from time to time) as of the date of the acquisition
of such Certificate by a Plan. As of the Closing Date, each of the Class E, Class F and Class G Certificates is
an ERISA Restricted Certificate.

 

“Escrow Payment”:
Any payment received by the Master Servicer or the Special Servicer for the account of any Mortgagor for application toward the
payment of real estate taxes, assessments, insurance premiums, ground lease rents and similar items in respect of the related Mortgaged
Property, including amounts for deposit to any reserve account.

 

“Euroclear”:
The Euroclear System or any successor thereto.

 

“Excess Interest”:
With respect to each ARD Loan, interest accrued on such ARD Loan after the Anticipated Repayment Date allocable to the Excess Rate,
including all interest accrued thereon to the extent permitted by applicable law and the related Mortgage Loan documents. The Excess
Interest shall not be an asset of either Trust REMIC, but rather shall be an asset of the Grantor Trust.

 

“Excess Interest
Distribution Account”: The trust account or accounts created and maintained as a separate account or accounts (or as
a subaccount of the Distribution Account) by the Certificate Administrator pursuant to Section 3.04(c), which shall
be entitled “Wells Fargo Bank, National Association, as Certificate Administrator, on behalf of Wilmington Trust, National
Association, as Trustee, for the benefit of the registered holders of Wells Fargo Commercial Mortgage Trust 2015-P2, Commercial
Mortgage Pass-Through Certificates, Series 2015-P2, Class V, Excess Interest Distribution Account”, and which must be
an Eligible Account (or a subaccount of an Eligible Account). The Excess Interest Distribution Account shall be held solely for
the benefit of the Holders of the Class V Certificates. The Excess Interest Distribution

 

    	-45-

    	 

    

 

Account shall not be an asset of
either Trust REMIC, but rather shall be an asset of the Grantor Trust.

 

“Excess Modification
Fee Amount”: With respect to either the Master Servicer or the Special Servicer, any Corrected Loan and any particular
modification, waiver, extension or amendment with respect to such Corrected Loan that gives rise to the payment of a Workout Fee,
an amount equal to the aggregate of any Excess Modification Fees paid by or on behalf of the related Mortgagor with respect to
the related Mortgage Loan (including the related Serviced Companion Loan, if applicable, unless prohibited under the related Intercreditor
Agreement) and received and retained by the Master Servicer or the Special Servicer, as applicable, as compensation within the
prior twelve (12) months of such modification, waiver, extension or amendment, but only to the extent those fees have not previously
been deducted from a Workout Fee or Liquidation Fee.

 

“Excess Modification
Fees”: With respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan, the sum
of (A) the excess, if any, of (i) any and all Modification Fees with respect to a modification, waiver, extension or
amendment of any of the terms of such Mortgage Loan or Serviced Whole Loan, as applicable, over (ii) all unpaid or unreimbursed
additional expenses (including, without limitation, reimbursement of Advances and interest on Advances to the extent not otherwise
paid or reimbursed by the Mortgagor but excluding Special Servicing Fees, Workout Fees and Liquidation Fees) outstanding or previously
incurred on behalf of the Trust with respect to the related Mortgage Loan or Serviced Whole Loan, as applicable, and 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 or otherwise. With respect to each of the
Master Servicer and the Special Servicer, the Excess Modification Fees collected and earned by such Person from the related Mortgagor
(taken in the aggregate with any other Excess Modification Fees collected and earned by such Person from the related Mortgagor
within the prior twelve (12) months of the collection of the current Excess Modification Fees) will be subject to a cap of
1.0% of the outstanding principal balance of the related Mortgage Loan or Serviced Whole Loan, as applicable, on the closing date
of the related modification, extension, waiver or amendment (after giving effect to such modification, extension, waiver or amendment)
with respect to any Mortgage Loan or Serviced Whole Loan, as applicable.

 

“Excess Prepayment
Interest Shortfall”: The aggregate of any Prepayment Interest Shortfalls resulting from any Principal Prepayments made
on the Mortgage Loans to be included in the Available Funds for any Distribution Date that are not covered by the Master Servicer’s
Compensating Interest Payment for the related Distribution Date and the portion of the compensating interest payments allocable
to any Non-Serviced Mortgage Loan to the extent received from the related Non-Serviced Master Servicer.

 

“Excess Rate”:
With respect to each ARD Loan, the excess of (i) the applicable Revised Rate over (ii) the applicable Mortgage Rate,
each as set forth in the Mortgage Loan Schedule.

 

    	-46-

    	 

    

 

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

 

“Excluded Controlling
Class Holder”: With respect to any Excluded Controlling Class Loan, the Directing Certificateholder or any Controlling
Class Certificateholder, as applicable, that is a Borrower Party with respect to such Excluded Controlling Class Loan. Promptly
upon obtaining actual knowledge of the Directing Certificateholder or any Controlling Class Certificateholder becoming an “Excluded
Controlling Class Holder”, such Directing Certificateholder or Controlling Class Certificateholder, as applicable, shall
provide notice in the form of Exhibit P-1D hereto to the Master Servicer, the Special Servicer, the Operating Advisor, the
Trustee and the Certificate Administrator, which notice shall be physically delivered in accordance with Section 13.05
of this Agreement and shall specifically identify the Excluded Controlling Class Holder and the subject Excluded Controlling Class
Loan. Additionally, any Excluded Controlling Class Holder shall also send to the Certificate Administrator a notice substantially
in the form of Exhibit P-1F hereto, which notice shall provide each of the CTSLink User ID associated with such Excluded
Controlling Class Holder, and which notice shall direct the Certificate Administrator to restrict such Excluded Controlling Class
Holder’s access to the Certificate Administrator’s Website as and to the extent provided in this Agreement. For the
avoidance of doubt, if a Person is not an Excluded Controlling Class Holder, such Person is also not an Excluded Holder. As of
the Closing Date, there are no Excluded Controlling Class Holders related to this Trust.

 

“Excluded Controlling
Class Loan”: Any Mortgage Loan or Whole Loan with respect to which, as of any date of determination, the Directing Certificateholder
or any Controlling Class Certificateholder is a Borrower Party. For the avoidance of doubt, if a Mortgage Loan or Whole Loan is
not an Excluded Controlling Class Loan, such Mortgage Loan or Whole Loan is also not an Excluded Loan. As of the Closing Date,
there are no Excluded Controlling Class Loans related to the Trust.

 

“Excluded Information”:
With respect to any Excluded Controlling Class Loan, any information solely related to such Excluded Controlling Class Loan, which
shall include any Asset Status Reports, Final Asset Status Reports (or summaries thereof), inspection reports related to Specially
Serviced Loans conducted by a Special Servicer or any Excluded Special Servicer and which may include any Operating Advisor reports
delivered to the Certificate Administrator regarding a Special Servicer’s net present value determination or any Appraisal
Reduction calculations delivered pursuant to Section 3.26(d) and Section 3.26(e), and any Officer’s
Certificates delivered by the Trustee, the Master Servicer or the Special Servicer, supporting any determination that any Advance
was (or, if made, would be) a Nonrecoverable Advance, or such other information and reports designated as Excluded Information
by the Special Servicer, the Master Servicer or the Operating Advisor, as applicable, but in each case other than information with
respect to such Excluded Controlling Class Loan that is aggregated with information of other Mortgage Loans at a pool level. 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 Loan) shall not
be considered “Excluded Information”. Each of the Master Servicer, the Special Servicer or the Operating Advisor shall
deliver any Excluded Information to the Certificate Administrator in accordance with Section 3.33 hereof. For the avoidance
of doubt, the Certificate Administrator’s

 

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obligation to segregate any information delivered to it under the “Excluded
Information” tab on the Certificate Administrator’s Website shall be triggered solely by such information being delivered
in the manner provided in Section 3.26 hereof.

 

“Excluded Loan”:
Any Mortgage Loan or Whole Loan if, as of any date of determination, the Directing Certificateholder or the Holder of the majority
of the Controlling Class is a Borrower Party. For the avoidance of doubt, any Excluded Loan is also an Excluded Controlling Class
Loan. As of the Closing Date, there are no Excluded Loans related to the Trust.

 

“Excluded Special
Servicer”: With respect any Excluded Special Servicer 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 Section 7.01(g). As of the Closing
Date, there are no Excluded Special Servicers related to this Trust.

 

“Excluded Special
Servicer Information”: With respect to any Excluded Special Servicer Loan, any information solely related to such Excluded
Special Servicer Loan and/or the related Mortgaged Properties, which shall include the Asset Status Reports, Final Asset Status
Reports (or summaries thereof), any Operating Advisor reports to the Certificate Administrator regarding an Excluded Special Servicer’s
net present value determination or any Appraisal Reduction Amount calculations delivered pursuant to Section 3.26(d)
and Section 3.26(e), and any Officer’s Certificates delivered by the Master Servicer or the applicable Excluded
Special Servicer supporting any determination that any Advance was (or, if made, would be) a Nonrecoverable Advance, or such other
information and reports designated as Excluded Special Servicer Information by the applicable Excluded Special Servicer, the Master
Servicer or the Operating Advisor, as applicable. 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 Special Servicer Loan) shall not be considered “Excluded Special Servicer Information”.

 

“Excluded Special
Servicer Loan”: Any Mortgage Loan or Serviced Whole Loan with respect to which, as of any date of determination, the
Special Servicer is a Borrower Party. For the avoidance of doubt, there are no Excluded Special Servicer Loans related to the Trust
as of the Closing Date.

 

“Extended Cure
Period”: As defined in Section 2.03(b).

 

“Fannie Mae”:
Federal National Mortgage Association or any successor thereto.

 

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

 

“Final Asset
Status Report”: With respect to any Specially Serviced Loan, each related Asset Status Report, together with such other
data or supporting information provided by the Special Servicer to the Directing Certificateholder which does not include any communication
(other than the related Asset Status Report) between the Special Servicer and Directing Certificateholder with respect to such
Specially Serviced Loan; provided that, with respect to any Mortgage Loan other than an Excluded Loan, so long as no Control
Termination Event has occurred and is continuing, no Asset Status Report shall be considered to be a Final

 

    	-48-

    	 

    

 

Asset Status Report
unless the Directing Certificateholder 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 Section 3.19, or has been deemed
to have approved or consented to such action or the Asset Status Report is otherwise implemented by the Special Servicer in accordance
with this Agreement.

 

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

 

“Final Recovery
Determination”: A reasonable determination by the Special Servicer, in consultation with the Directing Certificateholder
if related to a Mortgage Loan other than an Excluded Loan and made prior to the occurrence of a Consultation Termination Event,
with respect to any Defaulted Loan (and, if applicable, any defaulted Companion Loan) or Corrected Loan or REO Property (other
than a Mortgage Loan or REO Property, as the case may be, that was purchased by (i) any of the Mortgage Loan Sellers pursuant
to Section 5 of the applicable Mortgage Loan Purchase Agreement, (ii) the Special Servicer or other person pursuant to
Section 3.16(b), any Companion Holder or any mezzanine lender pursuant to Section 3.16 or (iii) the
Master Servicer, Special Servicer, the Holders of the Controlling Class, or the Holders of the Class R Certificates pursuant
to Section 9.01) that there has been a recovery of all Insurance and Condemnation Proceeds, Liquidation Proceeds, REO
Revenue and other payments or recoveries that, in the Special Servicer’s judgment, which judgment was exercised without regard
to any obligation of the Special Servicer to make payments from its own funds pursuant to Section 3.07(b), will ultimately
be recoverable. With respect to all Mortgage Loans other than Excluded Loans, prior to the occurrence and continuance of any Control
Termination Event, the Directing Certificateholder shall have ten (10) Business Days to review and approve each such recovery
determination by the Special Servicer; provided, however, that if the Directing Certificateholder fails to approve
or disapprove any recovery determination within ten (10) Business Days of receipt of the initial recovery determination, such
consent shall be deemed given.

 

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

 

“Form 8-K Disclosure
Information”: As defined in Section 11.07.

 

“Form 15 Suspension
Notification”: As defined in Section 11.08.

 

“Freddie Mac”:
Federal Home Loan Mortgage Corporation or any successor thereto.

 

“Gain-on-Sale
Proceeds”: With respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan), the excess of (i) Liquidation
Proceeds net of any related Liquidation Expenses (or the portion of such net Liquidation Proceeds payable to the related

 

    	-49-

    	 

    

 

Mortgage
Loan pursuant to the related Intercreditor Agreement) over (ii) the Purchase Price for such Mortgage Loan on the date on which
Liquidation Proceeds were received.

 

“Gain-on-Sale
Reserve Account”: A custodial account or accounts (or subaccount of the Distribution Account) created and maintained
by the Certificate Administrator, pursuant to Section 3.04(e) on behalf of the Trustee for the benefit of the Certificateholders,
which shall initially be entitled “Wells Fargo Bank, National Association, as Certificate Administrator, on behalf of Wilmington
Trust, National Association, as Trustee, for the benefit of the registered holders of Wells Fargo Commercial Mortgage Trust 2015-P2,
Commercial Mortgage Pass-Through Certificates, Series 2015-P2, Gain-on-Sale Reserve Account”. Any such account shall be an
Eligible Account or a subaccount of an Eligible Account.

 

“Grace Period”:
The number of days before a payment default is an event of default under the related Mortgage Loan.

 

“Grantor Trust”:
A segregated asset pool within the Trust Fund treated as a “grantor trust” under subpart E, part I of subchapter J
of the Code, consisting of the assets described in the Preliminary Statement hereto.

 

“Ground Lease”:
The ground lease pursuant to which any Mortgagor holds a leasehold interest in the related Mortgaged Property and any estoppels
or other agreements executed and delivered by the ground lessor in favor of the lender under the Mortgage Loan.

 

“Harbor Pointe
Apartments Intercreditor Agreement”: That certain Co-Lender Agreement, dated as of December 1, 2015, by and between
the holder of the Harbor Pointe Apartments Pari Passu Companion Loan and the holder of the Harbor Pointe Apartments Mortgage Loan,
relating to the relative rights of such holders of the Harbor Pointe Apartments Whole Loan, as the same may be further amended
in accordance with the terms thereof.

 

“Harbor Pointe
Apartments Mortgage Loan”: With respect to the Harbor Pointe Apartments Whole Loan, the Mortgage Loan that is included
in the Trust (identified as Mortgage Loan No. 6 on the Mortgage Loan Schedule), which is designated as promissory note A-2,
and is pari passu in right of payment with the Harbor Pointe Apartments Pari Passu Companion Loan to the extent set forth
in the Harbor Pointe Apartments Intercreditor Agreement.

 

“Harbor Pointe
Apartments Mortgaged Property”: The Mortgaged Property that secures the Harbor Pointe Apartments Whole Loan.

 

“Harbor Pointe
Apartments Pari Passu Companion Loan”: With respect to the Harbor Pointe Apartments Whole Loan, the Companion Loan evidenced
by the related promissory note made by the related Mortgagor and secured by the Mortgage on the Harbor Pointe Apartments Mortgaged
Property, which is not included in the Trust and which is pari passu in right of payment to the Harbor Pointe Apartments
Mortgage Loan to the extent set forth in the related Mortgage Loan documents and as provided in the Harbor Pointe Apartments Intercreditor
Agreement.

 

“Harbor Pointe
Apartments Whole Loan”: The Harbor Pointe Apartments Mortgage Loan, together with the Harbor Pointe Apartments Pari Passu
Companion Loan, each

 

    	-50-

    	 

    

 

of which is secured by the same Mortgage on the Harbor Pointe Apartments Mortgaged Property. References herein
to the Harbor Pointe Apartments Whole Loan shall be construed to refer to the aggregate indebtedness under the Harbor Pointe Apartments
Mortgage Loan and the Harbor Pointe Apartments Pari Passu Companion Loan.

 

“Harvey Building
Products Portfolio Intercreditor Agreement”: That certain Co-Lender Agreement, dated as of November 17, 2015, by and
between the holder of the Harvey Building Products Portfolio Pari Passu Companion Loans and the holder of the Harvey Building Products
Portfolio Mortgage Loan, relating to the relative rights of such holders of the Harvey Building Products Portfolio Whole Loan,
as the same may be further amended in accordance with the terms thereof.

 

“Harvey Building
Products Portfolio Mortgage Loan”: With respect to the Harvey Building Products Portfolio Whole Loan, the Mortgage Loan
that is included in the Trust (identified as Mortgage Loan No. 9 on the Mortgage Loan Schedule), which is designated as promissory
note A-2, and is pari passu in right of payment with the Harvey Building Products Portfolio Pari Passu Companion Loans to the extent
set forth in the Harvey Building Products Portfolio Intercreditor Agreement.

 

“Harvey Building
Products Portfolio Mortgaged Property”: The Mortgaged Property that secures the Harvey Building Products Portfolio Whole
Loan.

 

“Harvey Building
Products Portfolio Pari Passu Companion Loans”: With respect to the Harvey Building Products Portfolio Whole Loan, the
Companion Loans evidenced by the related promissory notes made by the related Mortgagor and secured by the Mortgage on the Harvey
Building Products Portfolio Mortgaged Property, which are not included in the Trust and which are pari passu in right of
payment to the Harvey Building Products Portfolio Mortgage Loan to the extent set forth in the related Mortgage Loan documents
and as provided in the Harvey Building Products Portfolio Intercreditor Agreement.

 

“Harvey Building
Products Portfolio Whole Loan”: The Harvey Building Products Portfolio Mortgage Loan, together with the Harvey Building
Products Portfolio Pari Passu Companion Loans, each of which is secured by the same Mortgage on the Harvey Building Products Portfolio
Mortgaged Property. References herein to the Harvey Building Products Portfolio Whole Loan shall be construed to refer to the aggregate
indebtedness under the Harvey Building Products Portfolio Mortgage Loan and the Harvey Building Products Portfolio Pari Passu Companion
Loans.

 

“Hazardous Materials”:
Any dangerous, toxic or hazardous pollutants, chemicals, wastes or substances, including, without limitation, those so identified
pursuant to CERCLA or any other federal, state or local environmental related laws and regulations, 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.

 

    	-51-

    	 

    

  

“Heritage Industrial
Portfolio Intercreditor Agreement”: That certain Co-Lender Agreement, dated as of December 14, 2015, by and between
the holder of the Heritage Industrial Portfolio Pari Passu Companion Loan and the holder of the Heritage Industrial Portfolio Mortgage
Loan, relating to the relative rights of such holders of the Heritage Industrial Portfolio Whole Loan, as the same may be further
amended in accordance with the terms thereof.

 

“Heritage Industrial
Portfolio Mortgage Loan”: With respect to the Heritage Industrial Portfolio Whole Loan, the Mortgage Loan that is included
in the Trust (identified as Mortgage Loan No. 7 on the Mortgage Loan Schedule), which is designated as promissory note A-1, and
is pari passu in right of payment with the Heritage Industrial Portfolio Pari Passu Companion Loan to the extent set forth in the
Heritage Industrial Portfolio Intercreditor Agreement.

 

“Heritage Industrial
Portfolio Mortgaged Property”: The Mortgaged Property that secures the Heritage Industrial Portfolio Whole Loan.

 

“Heritage Industrial
Portfolio Pari Passu Companion Loan”: With respect to the Heritage Industrial Portfolio Whole Loan, the Companion Loan
evidenced by the related promissory note made by the related Mortgagor and secured by the Mortgage on the Heritage Industrial Portfolio
Mortgaged Property, which is not included in the Trust and which is pari passu in right of payment to the Heritage Industrial Portfolio
Mortgage Loan to the extent set forth in the related Mortgage Loan documents and as provided in the Heritage Industrial Portfolio
Intercreditor Agreement.

 

“Heritage Industrial
Portfolio Whole Loan”: The Heritage Industrial Portfolio Mortgage Loan, together with the Heritage Industrial Portfolio
Pari Passu Companion Loan, each of which is secured by the same Mortgage on the Heritage Industrial Portfolio Mortgaged Property.
References herein to the Heritage Industrial Portfolio Whole Loan shall be construed to refer to the aggregate indebtedness under
the Heritage Industrial Portfolio Mortgage Loan and the Heritage Industrial Portfolio Pari Passu Companion Loan.

 

“Heritage Industrial
Portfolio Pooling and Servicing Agreement”: Any pooling and servicing agreement that creates a trust whose assets include
the Heritage Industrial Portfolio Pari Passu Companion Loan.

 

“Independent”:
When used with respect to any accountants, a Person who is “independent” within the meaning of Rule 2-01(b) of
the Commission’s Regulation S-X. When used with respect to any specified Person, any such Person who (i) is in
fact independent of the Trustee, the Certificate Administrator, the Depositor, the Master Servicer, the Special Servicer, the Directing
Certificateholder, the Companion Holders (insofar as the relevant matter involves a Whole Loan (whether alone or together with
one or more other Mortgage Loans)), the Operating Advisor, the Asset Representations Reviewer and all Affiliates thereof, (ii) does
not have any material direct financial interest in or any material indirect financial interest in any of the Trustee, the Certificate
Administrator, the Depositor, the Master Servicer, the Special Servicer, the Directing Certificateholder, the Companion Holders
(insofar as the relevant matter involves a Whole Loan (whether alone or together with one or more other Mortgage Loans)), the Operating
Advisor, the Asset Representations Reviewer or any Affiliate thereof and (iii) is not connected

 

    	-52-

    	 

    

 

with the Trustee, the Certificate
Administrator, the Depositor, the Master Servicer, the Special Servicer, the Directing Certificateholder, the Companion Holders
(insofar as the relevant matter involves a Whole Loan (whether alone or together with one or more other Mortgage Loans)), the Operating
Advisor, the Asset Representations Reviewer or any Affiliate thereof as an 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 Trustee, the Certificate Administrator, the Depositor, the Master Servicer, the Special Servicer, the Directing Certificateholder,
the Companion Holders or any Affiliate thereof merely because such Person is the beneficial owner of 1% or less of any Class of
securities issued by the Trustee, the Certificate Administrator, the Depositor, the Master Servicer, the Special Servicer, the
Operating Advisor, the Asset Representations Reviewer, the Directing Certificateholder, the Companion Holders or any Affiliate
thereof, as the case may be, so long as such ownership constitutes less than 1% of the total assets of such Person. For the avoidance
of doubt, the exception in the proviso above for ownership of 1% or less of any Class of Certificates shall not apply with respect
to the Operating Advisor or the Asset Representations Reviewer.

 

“Independent
Contractor”: Either (i) any Person that would be an “independent contractor” with respect to the Trust
within the meaning of Section 856(d)(3) of the Code if the Trust were a real estate investment trust (except that the ownership
test 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 of Certificates, or such other interest in any Class of Certificates as is set forth in an Opinion of Counsel, which shall
be at no expense to the Trustee, the Certificate Administrator, the Master Servicer, any Companion Holder or the Trust, delivered
to the Trustee, any Companion Holder, the Certificate Administrator and the Master Servicer), so long as the Trust does not receive
or derive any income from such Person and provided that the relationship between such Person and the Trust is at arm’s
length, all within the meaning of Treasury Regulations Section 1.856-4(b)(5) (except that 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 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) upon receipt by the Trustee, the Certificate Administrator, the
Operating Advisor and the Master Servicer of an Opinion of Counsel, which shall be at no expense to the Trustee, the Certificate
Administrator, the Master Servicer, the Operating Advisor or the Trust, 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 Section 860G(a)(8) of the Code or cause any income realized in respect of such REO Property to fail to qualify
as Rents from Real Property.

 

“Initial Cure
Period”: As defined in Section 2.03(b).

 

“Initial Purchasers”:
Wells Fargo Securities, LLC, Citigroup Global Markets Inc., SG Americas Securities LLC, DBSI and Goldman, Sachs & Co.

 

“Initial Requesting
Certificateholder”: The first Certificateholder or Certificate Owner to deliver a Certificateholder Repurchase Request
as described in Section 2.03(k) with

 

    	-53-

    	 

    

 

respect to a Mortgage Loan. For the avoidance of doubt, there may not be more
than one Initial Requesting Certificateholder with respect to any Mortgage Loan.

 

“Initial Sub-Servicer”:
With respect to each Mortgage Loan that is subject to a Sub-Servicing Agreement with the Master Servicer as of the Closing Date,
the Sub-Servicer under any such Sub-Servicing Agreement. As of the Closing Date, each entity listed on Exhibit FF is
an Initial Sub-Servicer.

 

“Initial Sub-Servicing
Agreement”: Any Sub-Servicing Agreement in effect as of the Closing Date.

 

“Inquiry”
and “Inquiries”: As each is defined in Section 4.07(a).

 

“Institutional
Accredited Investor”: An institutional investor which is an “accredited investor” within the meaning of paragraphs
(1), (2), (3) or (7) of Rule 501(a) of Regulation D under the Act or any entity in which all of the equity owners come
within such paragraphs.

 

“Insurance and
Condemnation Proceeds”: All proceeds paid under any Insurance Policy or in connection with the full or partial condemnation
of a Mortgaged Property, in either case, to the extent such proceeds are not applied to the restoration of the related Mortgaged
Property or released to the Mortgagor or any tenants or ground lessors, in either case, in accordance with the Servicing Standard
(and in the case of any Mortgage Loan with a related Companion Loan, to the extent any portion of such proceeds are received by
the Master Servicer or Certificate Administrator in connection with such Mortgage Loan, pursuant to the allocations set forth in
the related Intercreditor Agreement) and the REMIC Provisions.

 

“Insurance Summary
Report”: With respect to each Mortgage Loan, a report or other summary prepared either by the related Mortgage Loan Seller
or a third party insurance consultant on behalf of the related Mortgage Loan Seller that provides a summary of all insurance policies
covering the related Mortgaged Property(ies), identifying the insurance provider, applicable ratings of each such provider and
the amount of coverage and any applicable deductible.

 

“Insurance Policy”:
With respect to any Mortgage Loan, any hazard insurance policy, flood insurance policy, title policy or other insurance policy
that is maintained from time to time in respect of such Mortgage Loan or the related Mortgaged Property.

 

“Intercreditor
Agreement”: Each of the Empire Mall Intercreditor Agreement, the Heritage Industrial Portfolio Intercreditor Agreement,
the Harbor Pointe Apartments Intercreditor Agreement, the Anchorage Marriott Downtown Intercreditor Agreement, the Harvey Building
Products Portfolio Intercreditor Agreement, the JW Marriott Santa Monica Le Merigot Intercreditor Agreement and any AB Intercreditor
Agreement and any intercreditor agreement entered into in connection with the issuance to the direct or indirect equity holders
in the Mortgagor of any existing mezzanine indebtedness or any future mezzanine indebtedness permitted under the related Mortgage
Loan documents.

 

    	-54-

    	 

    

 

“Interest Accrual
Amount”: With respect to any Distribution Date and any Class of Regular Certificates, the amount of interest for the
related Interest Accrual Period accrued at the Pass-Through Rate for such Class of Certificates on the Certificate Balance or Notional
Amount, as applicable, for such Class immediately prior to that Distribution Date. Calculations of interest for each Interest Accrual
Period will be made on 30/360 basis.

 

“Interest Accrual
Period”: For each Distribution Date, the calendar month prior to the month in which that Distribution Date occurs.

 

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

 

For purposes of clause (B)
above, the Excess Prepayment Interest Shortfall, if any, for each Distribution Date shall be allocated to each Class of Regular
Certificates in an amount equal to the product of (i) the amount of such Excess Prepayment Interest Shortfall and (ii) a
fraction, the numerator of which is the Interest Accrual Amount for such Class for such Distribution Date and the denominator of
which is the aggregate Interest Accrual Amounts for all Classes of Regular Certificates for such Distribution Date.

 

“Interest Reserve
Account”: The trust account or subaccount of the Distribution Account created and maintained by the Certificate Administrator
pursuant to Section 3.04(b) initially in the name of “Wells Fargo Bank, National Association, as Certificate
Administrator, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered holders of Wells
Fargo Commercial Mortgage Trust 2015-P2, Commercial Mortgage Pass-Through Certificates, Series 2015-P2, Interest Reserve Account”,
into which the amounts set forth in Section 3.21 shall be deposited directly and which must be an Eligible Account
or subaccount of an Eligible Account.

 

“Interest Shortfall”:
With respect to any Distribution Date for any Class of Regular Certificates, the sum of (a) the portion of the Interest Distribution
Amount for such Class remaining unpaid as of the close of business on the preceding Distribution Date, and (b) to the extent
permitted by applicable law, (i) other than in the case of Class X Certificates, one month’s interest on that amount
remaining unpaid at the Pass-Through Rate applicable to such Class for the current Distribution Date and (ii) in the case
of the Class X Certificates, one-month’s interest on that amount remaining unpaid at the Weighted Average Net Mortgage
Rate for such Distribution Date.

 

“Interested
Person”: As of the date of any determination, the Depositor, the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Directing Certificateholder, any Sponsor,
any Borrower Party, any Independent Contractor engaged by the Special Servicer, or any known Affiliate of any of the preceding
entities. With respect to a Whole Loan if it is a Defaulted Loan, the Depositor, the Master Servicer, the Special Servicer (or
any Independent Contractor engaged by such Special Servicer), or the trustee for the securitization of a

 

    	-55-

    	 

    

 

Companion Loan, and each
related Companion Holder or its representative, any holder of a related mezzanine loan, or any known Affiliate of any such party
described above.

 

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

 

“Investment
Account”: As defined in Section 3.06(a).

 

“Investment
Representation Letter”: As defined in Section 5.03(e), a form of which is attached hereto as Exhibit C.

 

“Investor-Based
Exemption”: Any of PTCE 84-14 (for transactions by independent “qualified professional asset managers”),
PTCE 91-38 (for transactions by bank collective investment funds), PTCE 90-1 (for transactions by insurance company pooled separate
accounts), PTCE 95-60 (for transactions by insurance company general accounts) or PTCE 96-23 (for transactions effected by “in-house
asset managers”) or a similar exemption under Similar Law.

 

“Investor Certification”:
A certificate (which may be in electronic form) substantially in the form of Exhibit P-1A, Exhibit P-1B,
Exhibit P-1C and Exhibit P-1D to this Agreement or in the form of an electronic certification contained
on the Certificate Administrator’s Website (which may be a click-through confirmation), representing (i) that such Person
executing the certificate is a Certificateholder, the Directing Certificateholder (to the extent such Person is not a Certificateholder),
a beneficial owner of a Certificate, a prospective purchaser of a Certificate or a Companion Holder (or any investment advisor,
manager or other representative of the foregoing), (ii) that either (a) such Person is not a Borrower Party,
in which case such Person shall have access to all the reports and information made available to Certificateholders via
the Certificate Administrator’s Website hereunder, or (b) such Person is a Borrower Party in which case (1) if
such Person is the Directing Certificateholder or a Controlling Class Certificateholder, such Person shall have access to all the
reports and information made available to Certificateholders via the Certificate Administrator’s Website hereunder other
than any Excluded Information as set forth herein, or (2) if such Person is not the Directing Certificateholder or a Controlling
Class Certificateholder, such Person shall only receive access to the Statements to Certificateholders prepared by the Certificate
Administrator, (iii) that such Person has received a copy of the final Prospectus and (iv) such Person agrees to keep
any Privileged Information confidential and will not violate any securities laws; provided, however, that any Excluded
Controlling Class Holder (i) shall be permitted to obtain in accordance with Section 4.02(f) of this Agreement
any Excluded Information relating to any Excluded Controlling Class Loan with respect to which such Excluded Controlling Class
Holder is not a Borrower Party (if such Excluded Information is not otherwise available to such Excluded Controlling Class Holder
via the Certificate Administrator’s Website) and (ii) shall be considered a Privileged Person for all other purposes,
except with respect to its ability to obtain information with respect to any related Excluded Controlling Class Loan. The Certificate
Administrator may require that Investor Certifications be re-submitted from time to time in accordance with its policies and procedures
and shall restrict access to the Certificate Administrator’s Website to any mezzanine lender upon notice from any party to
this Agreement

 

    	-56-

    	 

    

 

that such mezzanine lender has accelerated the related mezzanine loan or commenced foreclosure proceedings against
the equity collateral pledged to secure the related mezzanine loan.

 

“Investor Q&A
Forum”: As defined in Section 4.07(a).

 

“Investor Registry”:
As defined in Section 4.07(b).

 

“JW Marriott
Santa Monica Le Merigot Intercreditor Agreement”: That certain Co-Lender Agreement, dated as of December 1, 2015,
by and between the holder of the JW Marriott Santa Monica Le Merigot Pari Passu Companion Loan and the holder of the JW Marriott
Santa Monica Le Merigot Mortgage Loan, relating to the relative rights of such holders of the JW Marriott Santa Monica Le Merigot
Whole Loan, as the same may be further amended in accordance with the terms thereof.

 

“JW Marriott
Santa Monica Le Merigot Mortgage Loan”: With respect to the JW Marriott Santa Monica Le Merigot Whole Loan, the
Mortgage Loan that is included in the Trust (identified as Mortgage Loan No. 10 on the Mortgage Loan Schedule), which is designated
as promissory note A-2, and is pari passu in right of payment with the JW Marriott Santa Monica Le Merigot Pari Passu Companion
Loan to the extent set forth in the JW Marriott Santa Monica Le Merigot Intercreditor Agreement.

 

“JW Marriott
Santa Monica Le Merigot Mortgaged Property”: The Mortgaged Property that secures the JW Marriott Santa Monica Le Merigot
Whole Loan.

 

“JW Marriott
Santa Monica Le Merigot Pari Passu Companion Loan”: With respect to the JW Marriott Santa Monica Le Merigot Whole
Loan, the Companion Loan evidenced by the related promissory note made by the related Mortgagor and secured by the Mortgage on
the JW Marriott Santa Monica Le Merigot Mortgaged Property, which is not included in the Trust and which is pari passu in
right of payment to the JW Marriott Santa Monica Le Merigot Mortgage Loan to the extent set forth in the related Mortgage Loan
documents and as provided in the JW Marriott Santa Monica Le Merigot Intercreditor Agreement.

 

“JW Marriott
Santa Monica Le Merigot Whole Loan”: The JW Marriott Santa Monica Le Merigot Mortgage Loan, together with the
JW Marriott Santa Monica Le Merigot Pari Passu Companion Loan, each of which is secured by the same Mortgage on the JW Marriott
Santa Monica Le Merigot Mortgaged Property. References herein to the JW Marriott Santa Monica Le Merigot Whole Loan shall be construed
to refer to the aggregate indebtedness under the JW Marriott Santa Monica Le Merigot Mortgage Loan and the JW Marriott Santa Monica
Le Merigot Pari Passu Companion Loan.

 

“KBRA”:
Kroll Bond Rating Agency, Inc., and 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,
the Directing Certificateholder and the Special

 

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

 

“Keeper’s
Self Storage Manhattan Mortgage Loan”: The Mortgage Loan identified as Loan No. 11 on the Mortgage Loan Schedule.

 

“Keeper’s
Self Storage Manhattan Retained Fee Amount”: As defined in Section 3.11(a).

 

“Late Collections”:
With respect to any Mortgage Loan, Whole Loan or Companion Loan, all amounts received thereon prior to the related Determination
Date, whether as payments, Insurance and Condemnation Proceeds, Liquidation Proceeds or otherwise, which represent late payments
or collections of principal or interest due in respect of such Mortgage Loan, Whole Loan or Companion Loan, as applicable (without
regard to any acceleration of amounts due thereunder by reason of default), on a Due Date prior to the immediately preceding Determination
Date and not previously recovered. With respect to any REO Loan, all amounts received in connection with the related REO Property
prior to the related Determination Date, whether as Insurance and Condemnation Proceeds, Liquidation Proceeds, REO Revenues or
otherwise, which represent late collections of principal or interest due or deemed due in respect of such REO Loan or the predecessor
Mortgage Loan, Whole Loan or Companion Loan, as applicable (without regard to any acceleration of amounts due under the predecessor
Mortgage Loan, Whole Loan or Companion Loan, as applicable, by reason of default), on a Due Date prior to the immediately preceding
Determination Date and not previously recovered. The term “Late Collections” shall specifically exclude Penalty Charges.
With respect to any Whole Loan, as used in this Agreement, Late Collections shall refer to such portion of Late Collections to
the extent allocable to the related Mortgage Loan or related Companion Loan, as applicable, pursuant to the terms of the related
Intercreditor Agreement.

 

“Liquidation
Event”: With respect to any Mortgage Loan or with respect to any REO Property (and the related REO Loan), any of the
following events: (i) such Mortgage Loan is paid in full; (ii) a Final Recovery Determination is made with respect to
such Mortgage Loan; (iii) such Mortgage Loan is repurchased by the applicable Mortgage Loan Seller pursuant to Section 5
of the related Mortgage Loan Purchase Agreement; (iv) such Mortgage Loan is purchased by the Special Servicer, or by any Companion
Holder or any mezzanine lender (as applicable) pursuant to Section 3.16 (and the related Intercreditor Agreement, as
applicable); (v) such Mortgage Loan is purchased by the Special Servicer, the Master Servicer, the Holders of the majority
of the Controlling Class or the Holders of the Class R Certificates pursuant to Section 9.01 or acquired by the
Sole Certificateholder in exchange for its Certificates pursuant to Section 9.01; or (vi) such Mortgage Loan is
sold by the Special Servicer pursuant to the terms of this Agreement.

 

“Liquidation
Expenses”: All customary, reasonable and necessary “out of pocket” costs and expenses incurred by the Special
Servicer in connection with a liquidation of any Specially Serviced Loan or REO Property (except with respect to a Non-Serviced
Mortgaged Property) pursuant to Section 3.16 (including, without limitation, legal fees and expenses, committee or
referee fees and, if applicable, brokerage commissions and conveyance taxes).

 

    	-58-

    	 

    

  

“Liquidation
Fee”: A fee payable to the Special Servicer with respect to each Specially Serviced Loan or REO Property (except with
respect to a Non-Serviced Mortgaged Property) as to which the Special Servicer receives (i) a full, partial or discounted
payoff from the related Mortgagor or (ii) any Liquidation Proceeds or Insurance and Condemnation Proceeds (including with
respect to the related Companion Loan, if applicable), or REO Property (in any case, other than amounts for which a Workout Fee
has been paid, or will be payable), equal to the product of the Liquidation Fee Rate and the proceeds of such full, partial or
discounted payoff or other partial payment or the Liquidation Proceeds or Insurance and Condemnation Proceeds (net of the related
costs and expenses associated with the related liquidation) related to such liquidated Specially Serviced Loan or REO Property,
as the case may be; provided, however, that no Liquidation Fee shall be payable with respect to (a) the purchase
of any Specially Serviced Loan by the Special Servicer or any Affiliate thereof (except if such Affiliate purchaser is the Directing
Certificateholder or any Affiliate thereof; provided, however, that prior to a Control Termination Event, if the
Directing Certificateholder or an Affiliate thereof purchases any Specially Serviced Loan within ninety (90) days after the Special
Servicer delivers to the Directing Certificateholder for its approval the initial Asset Status Report with respect to such Specially
Serviced Loan, the Special Servicer will not be entitled to a Liquidation Fee in connection with such purchase by the Directing
Certificateholder or its Affiliates), (b) any event described in clause (iv) of the definition of “Liquidation
Proceeds” (or any substitution in lieu of a repurchase) so long as such repurchase or substitution occurs prior to the termination
of the Extended Cure Period, (c) any event described in clauses (v), (vi) and (vii) of the definition
of “Liquidation Proceeds”, as long as, with respect to a purchase pursuant to clause (vi) of the definition
of “Liquidation Proceeds”, a purchase occurs within ninety (90) days of such holder’s purchase option first becoming
exercisable during that period prior to such Mortgage Loan becoming a Corrected Loan pursuant to the related Intercreditor Agreement,
(d) with respect to a Serviced Companion Loan, (x) a repurchase of such Serviced Companion Loan by the applicable Mortgage
Loan Seller for a breach of a representation or warranty or for a defective or deficient mortgage loan documentation under an Other
Pooling and Servicing Agreement within the time period (or extension thereof) provided for such repurchase of such repurchase occurs
prior to the termination of the extended resolution period provided therein or (y) a purchase of such Serviced Companion Loan
by any applicable party to the Other Pooling and Servicing Agreement pursuant to a clean-up call or similar liquidation of the
Other Securitization; or (e) if a Mortgage Loan or Serviced Whole Loan becomes a Specially Serviced Loan solely because of
a Servicing Transfer Event described in clause (i) or (ii) of the definition of “Servicing Transfer Event”,
Liquidation Proceeds are received within ninety (90) days following the related Maturity Date as a result of such Mortgage Loan
or Serviced Whole Loan being refinanced or otherwise repaid in full (but, in the event that a Liquidation Fee is not payable due
to the application of any of clauses (a) through (e) above, the Special Servicer may still collect and retain
a Liquidation Fee and similar fees from the related Mortgagor to the extent provided for in, or not prohibited by, the related
loan documents); provided that the Liquidation Fee with respect to any Specially Serviced Loan will be reduced by the amount
of any Excess Modification Fees paid by or on behalf of the related Mortgagor with respect to the related Mortgage Loan and any
related Companion Loan, as applicable, or REO Property and received by the Special Servicer as compensation within the prior twelve
(12) months, but only to the extent those fees have not previously been deducted from a Workout Fee or Liquidation Fee. No Liquidation
Fee shall be payable in connection with a Loss of Value Payment by a Mortgage Loan Seller, if the

 

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applicable Mortgage Loan Seller
makes such Loss of Value Payment within 90 days of receipt of notice of a breach (and giving effect to an extension period of 90
days).

 

“Liquidation
Fee Rate”: A rate equal to 1.00% with respect to any Specially Serviced Loan (and each related Serviced Companion Loan)
and REO Property; provided that if such rate would result in an aggregate Liquidation Fee less than $25,000, then the Liquidation
Fee Rate will be equal to the lesser of (i) 3.00% and (ii) such lower rate as would result in an aggregate Liquidation
Fee equal to $25,000.

 

“Liquidation
Proceeds”: Cash amounts received by or paid to the Master Servicer or the Special Servicer in connection with: (i) the
liquidation (including a payment in full) of a Mortgaged Property or other collateral constituting security for a Defaulted Loan
or defaulted Companion Loan, if applicable, through a trustee’s sale, foreclosure sale, REO Disposition or otherwise, exclusive
of any portion thereof required to be released to the related Mortgagor in accordance with applicable law and the terms and conditions
of the related Mortgage Note and Mortgage; (ii) the realization upon any deficiency judgment obtained against a Mortgagor;
(iii) any sale of (A) a Specially Serviced Loan pursuant to Section 3.16(a) or (B) any REO Property
pursuant to Section 3.16(b); (iv) the repurchase of a Mortgage Loan by the applicable Mortgage Loan Seller pursuant
to Section 5 of the related Mortgage Loan Purchase Agreement; (v) the purchase of a Specially Serviced Loan or REO Property
by the Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R
Certificates pursuant to Section 9.01; (vi) the purchase of a Mortgage Loan or an REO Property by (a) the
applicable Subordinate Companion Holder or (b) the related mezzanine lender pursuant to Section 3.16 and the related
Intercreditor Agreement; or (vii) the transfer of any Loss of Value Payments from the Loss of Value Reserve Fund to the Collection
Account in accordance with Section 3.05(g) of this Agreement (provided that, for the purpose of determining
the amount of the Liquidation Fee (if any) payable to the Special Servicer in connection with such Loss of Value Payment, the full
amount of such Loss of Value Payment shall be deemed to constitute “Liquidation Proceeds” from which the Liquidation
Fee (if any) is payable as of such time such Loss of Value Payment is made by the applicable Mortgage Loan Seller). With respect
to any Whole Loan, as used in this Agreement, Liquidation Proceeds shall refer to such portion of Liquidation Proceeds to the extent
allocable to the related Mortgage Loan or related Companion Loan, as applicable, pursuant to the terms of the related Intercreditor
Agreement.

 

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

 

“Loss of Value
Reserve Fund”: The “outside reserve fund” (within the meaning of Treasury Regulations Section 1.860G-2(h))
designated as such pursuant to Section 3.04(i) of this Agreement. The Loss of Value Reserve Fund will be part of the
Trust Fund but not part of the Grantor Trust or any Trust REMIC.

 

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

 

“Lower-Tier
Principal Amount”: With respect to any Class of Lower-Tier Regular Interests, (i) on or prior to the first Distribution
Date, an amount equal to the Original Lower-Tier Principal Amount of such Class as specified in the Preliminary Statement hereto,
and

 

    	-60-

    	 

    

 

(ii) as of any date of determination after the first Distribution Date, an amount equal to the Certificate Balance of
the Class of Related Certificates on the Distribution Date immediately prior to such date of determination (determined as adjusted
pursuant to Section 1.02(iii)), and as set forth in Section 4.01(c)).

 

“Lower-Tier
Regular Interests”: Any of the Class LA1, Class LA2A, Class LA2B, Class LA3, Class LA4, Class LASB,
Class LAS, Class LB, Class LC, Class LD, Class LE, Class LF and Class LG Uncertificated Interests.

 

“Lower-Tier
REMIC”: One of two separate REMICs comprising a portion of the Trust Fund, which consist of the Mortgage Loans (exclusive
of Excess Interest) and the proceeds thereof, any REO Property with respect thereto (or an allocable portion thereof, in the case
of any Serviced Mortgage Loan), or the Trust’s beneficial interest in the REO Property with respect to a Non-Serviced Whole
Loan, such amounts as shall from time to time be held in the Collection Account (other than with respect to any Companion Loan),
the related portion of the REO Account, if any, the Interest Reserve Account, the Gain-on-Sale Reserve Account, the Lower-Tier
REMIC Distribution Account, and all other properties included in the Trust Fund that are not in the other Trust REMIC or the Grantor
Trust, except for the Loss of Value Reserve Fund.

 

“Lower-Tier
REMIC Distribution Account”: The segregated account, accounts or sub-accounts created and maintained by the Certificate
Administrator (on behalf of the Trustee) pursuant to Section 3.04(b) in trust for the Certificateholders, which shall
initially be entitled “Wells Fargo Bank, National Association, as Certificate Administrator, on behalf of Wilmington Trust,
National Association, as Trustee, for the benefit of the registered holders of Wells Fargo Commercial Mortgage Trust 2015-P2, Commercial
Mortgage Pass-Through Certificates, Series 2015-P2, Lower-Tier REMIC Distribution Account”. Any such account, accounts or
sub-accounts shall be an Eligible Account.

 

“LTV Ratio”:
With respect to any Mortgage Loan, as of any date of determination, a fraction, expressed as a percentage, the numerator of which
is the scheduled principal balance of such Mortgage Loan, as of such date (assuming no defaults or prepayments on such Mortgage
Loan prior to that date), and the denominator of which is the Appraised Value of the related Mortgaged Property.

 

“MAI”:
Member of the Appraisal Institute.

 

“Major Decision”:
As defined in Section 6.08(a).

 

“Master Servicer”:
With respect to each of the Mortgage Loans, Wells Fargo Bank, National Association, and its successors in interest and assigns,
or any successor appointed as allowed herein.

 

“Material Defect”:
With respect to any Mortgage Loan, a Defect in any Mortgage File or a Breach, which Defect or Breach, as the case may be, materially
and adversely affects the value of such Mortgage Loan, the value of the related Mortgaged Property or the interests of the Trustee
or any Certificateholder therein or causes such Mortgage Loan to be other than a “qualified mortgage” within the meaning
of Section 860G(a)(3) of the Code, but without regard

 

    	-61-

    	 

    

 

to the rule of Treasury Regulations Section 1.860G-2(f)(2) that causes a
defective obligation to be treated as a “qualified mortgage”.

 

“Maturity Date”:
With respect to any Mortgage Loan, Whole Loan or Companion Loan, as of any date of determination, the date on which the last payment
of principal is due and payable under the related Mortgage Note, after taking into account all Principal Prepayments received prior
to such date of determination, but without giving effect to (i) any acceleration of the principal of such Mortgage Loan, Whole
Loan or Companion Loan by reason of default thereunder or (ii) any Grace Period permitted by the related Mortgage Note.

 

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

 

“Mediation Services
Provider”: As defined in Section 2.03(m)(i).

 

“Merger Notice”:
As defined in Section 6.03(b).

 

“Modification
Fees”: With respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan, any and
all fees with respect to a modification, extension, waiver or amendment that modifies, extends, amends or waives any term of the
Mortgage Loan documents and/or related Serviced Companion Loan documents (as evidenced by a signed writing) agreed to by the Master
Servicer or the Special Servicer, as applicable (other than all assumption fees, assumption application fees, consent fees, defeasance
fees, Special Servicing Fees, Liquidation Fees or Workout Fees).

 

“Moody’s”:
Moody’s Investors Service, Inc., and 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, the Directing Certificateholder and the Special Servicer, and specific ratings of Moody’s herein referenced
shall be deemed to refer to the equivalent ratings of the party so designated.

 

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

 

“Mortgage”:
With respect to any Mortgage Loan or Companion Loan, the mortgage(s), deed(s) of trust or other instrument(s) securing the related
Mortgage Note and creating a first mortgage lien on the fee and/or leasehold interest in the related Mortgaged Property.

 

“Mortgage File”:
With respect to each Mortgage Loan or Companion Loan, if applicable, but subject to Section 2.01, collectively the
following documents:

 

    	-62-

    	 

    

 

(i)          
the original Mortgage Note, endorsed on its face or by allonge to the Mortgage Note, without recourse, to “Pay to
the order of Wilmington Trust, National Association, as Trustee for the benefit of the registered holders of Wells Fargo Commercial
Mortgage Trust 2015-P2, Commercial Mortgage Pass-Through Certificates, Series 2015-P2, without recourse, representation or warranty”
or in blank and further showing a complete, unbroken chain of endorsement from the originator (or, if the original Mortgage Note
has been lost, an affidavit to such effect from the applicable Mortgage Loan Seller or another prior holder, together with a copy
of the Mortgage Note and an indemnity properly assigned and endorsed to the Trustee);

 

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

 

(iii)        
an original Assignment of Mortgage in blank or in favor of “Wilmington Trust, National Association, as trustee for
the benefit of the registered holders of Wells Fargo Commercial Mortgage Trust 2015-P2, Commercial Mortgage Pass-Through Certificates,
Series 2015-P2” (or in the case of any Serviced Whole Loan, in its capacity as “Lead Securitization Note Holder”
or similar capacity under the related Intercreditor Agreement on behalf of the related Serviced Companion Noteholders) and (subject
to the completion of certain missing recording information and, if applicable, the assignee’s name) in recordable form (or,
if the related Mortgage Loan Seller is responsible for the recordation of that Assignment of Mortgage, a copy thereof certified
to be the copy of such Assignment of Mortgage submitted to or to be submitted for recording); provided that with respect
to the Empire Mall Mortgage Loan, such Assignments shall be executed in blank until the earlier of (x) the Empire Mall Companion
Loan Securitization Date, and (y) 180 days after the Closing Date;

 

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

 

(v)         
an original Assignment of any related Assignment of Leases (if such item is a document separate from the Mortgage) in blank
or in favor of “Wilmington Trust, National Association, as trustee for the benefit of the registered holders of Wells Fargo
Commercial Mortgage Commercial Mortgage Trust 2015-P2, Commercial Mortgage Pass-Through Certificates, Series 2015-P2” (or
in the case of any Serviced Whole Loan, in its capacity as “Lead Securitization Note Holder” or similar capacity under
the related Intercreditor Agreement on behalf of the related Serviced Companion Noteholders) and (subject to the completion of
certain missing recording information and, if applicable, the assignee’s name) in recordable form (or, if the related Mortgage
Loan Seller is responsible for the recordation of that Assignment, a copy thereof

 

    	-63-

    	 

    

 

certified to be the copy of such Assignment
submitted or to be submitted for recording); provided that with respect to the Empire Mall Mortgage Loan, such Assignments
shall be executed in blank until the earlier of (x) the Empire Mall Companion Loan Securitization Date, and (y) 180
days after the Closing Date;

 

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

 

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

 

(viii)      
the original or a copy of the policy or certificate of lender’s title insurance (which may be in electronic form)
issued on the date of the origination of such Mortgage Loan, or, if such policy has not been issued or located, an irrevocable,
binding commitment (which may be a marked version of the policy that has been executed by an authorized representative of the
title company or an agreement to provide the same pursuant to binding escrow instructions executed by an authorized representative
of the title company) to issue such title insurance policy;

 

(ix)       
 any filed copies (bearing evidence of filing) or evidence of filing of any Uniform Commercial Code financing statements,
related amendments and continuation statements in the possession of the applicable Mortgage Loan Seller;

 

(x)         
an original Assignment in favor of the Trustee of any financing statement executed and filed in favor of the applicable
Mortgage Loan Seller in the relevant jurisdiction (or, if the related Mortgage Loan Seller is responsible for the filing of that
Assignment, a copy thereof certified to be the copy of such Assignment submitted or to be submitted for recording);

 

(xi)        
the original or a copy of any intercreditor agreement relating to existing debt of the borrower, including any Intercreditor
Agreement relating to a Serviced Whole Loan, if applicable;

 

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

 

(xiii)     
the original or a copy of any ground lease, ground lessor estoppel, environmental insurance policy, environmental indemnity
or guaranty relating to such Mortgage Loan or Serviced Whole Loan;

 

(xiv)      
the original or a copy of any property management agreement relating to such Mortgage Loan or Serviced Whole Loan;

 

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(xv)       
the original or a copy of any franchise agreements and comfort letters or similar agreements relating to such Mortgage
Loan or Serviced Whole Loan and, with respect to any franchise agreement, comfort letter or similar agreement, any assignment
of such agreements or any notice to the franchisor of the transfer of such Mortgage Loan or Serviced Whole Loan;

 

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

 

(xvii)     
the original or a copy of any related mezzanine intercreditor agreement;

 

(xviii)    
a copy of all related environmental insurance policies; and

 

(xix)      
a list related to such Mortgage Loan indicating the related Mortgage Loan documents included in the related Mortgage File
as of the Closing Date (the “Mortgage Loan Checklist”).

 

provided, however, that (a) whenever
the term “Mortgage File” is used to refer to documents held by the Custodian, such term shall not be deemed to include
such documents and instruments required to be included therein unless they are actually received by the Custodian, (b) if
there exists with respect to any Crossed Mortgage Loan Group only one original or certified copy of any document referred to in
the definition of “Mortgage File” covering all of the Mortgage Loans in such Crossed Mortgage Loan Group, then the
inclusion of such original or certified copy in the Mortgage File for any of the Mortgage Loans constituting such Crossed Mortgage
Loan Group shall be deemed the inclusion of such original or certified copy in the Mortgage File for each such Mortgage Loan, (c) to
the extent that this Agreement refers to a “Mortgage File” for a Companion Loan, such “Mortgage File” shall
be construed to mean the Mortgage File for the related Mortgage Loan (except that references to the Mortgage Note for a Companion
Loan otherwise described above shall be construed to instead refer to a photocopy of such Mortgage Note), (d) with respect
to any Mortgage Loan that has a Serviced Companion Loan, the execution and/or recordation of any Assignment in the name of the
Trustee shall not be construed to limit the beneficial interest of the related Companion Holder(s) in such instrument and the benefits
intended to be provided to them by such instrument, it being acknowledged that (I) the Trustee shall hold such record title
for the benefit of the Trust as the holder of the related Mortgage Loan and the related Companion Holder(s) collectively and (II) any
efforts undertaken by the Trustee, the Master Servicer, or the Special Servicer on its behalf to enforce or obtain the benefits
of such instrument shall be construed to be so undertaken by the Trustee, the Master Servicer or the Special Servicer for the benefit
of the Trust as the holder of the applicable Mortgage Loan and the related Companion Holder(s) collectively, (e) in connection
with any Non-Serviced Mortgage Loan, the preceding document delivery requirements will be met by the delivery by the applicable
Mortgage Loan Seller of copies of the documents specified above (other than the Mortgage Note and intervening endorsements evidencing
such Mortgage Loan, with respect to which the original shall be required or the requirements of clause (i) of the definition of
“Mortgage File” shall otherwise be satisfied) including a copy of the Mortgage securing the applicable Mortgage Loan
and any assignments or other transfer documents referred to in clauses (iii), (v), (vi), (vii), (ix)
and (x) above as being in favor of the Trustee shall instead

 

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be in favor of the applicable Non-Serviced Trustee and need
only be in such form as was delivered to the applicable Non-Serviced Trustee or a custodian on its behalf, and (f) in connection
with any Non-Serviced Mortgage Loan, any and all document delivery requirements with respect to the related Mortgage File (or any
portion thereof) set forth herein or in the related Mortgage Loan Purchase Agreement will be satisfied by the delivery, in compliance
with the terms of the related Non-Serviced PSA, by the applicable Mortgage Loan Seller of the documents specified above (other
than the Mortgage Note and intervening endorsements evidencing such Mortgage Loan or shall otherwise satisfy the requirements of
clause (i) of the definition of “Mortgage File”) to the custodian under the related Non-Serviced PSA (in such
form as was delivered to the custodian under the related Non-Serviced PSA).

 

Notwithstanding any contrary provision
set forth above, in connection with the Empire Mall Mortgage Loan (1) instruments of assignment may be in blank and need not
be recorded pursuant to this Agreement until the earliest of (i) the Empire Mall Companion Loan Securitization Date, as the
case may be, in which case such instruments shall be assigned and recorded in accordance with the related Non-Serviced PSA, (ii) the
date such Mortgage Loan becomes a Specially Serviced Loan, and (iii) the expiration of 180 days following the Closing Date,
in which case assignments and recordations shall be effected in accordance with the provisions relating to Serviced Whole Loans
until the occurrence, if any, of the Empire Mall Companion Loan Securitization Date, and (2) following the Empire Mall Companion
Loan Securitization Date, the Person selling the Empire Mall Controlling Pari Passu Companion Loan, to the related Non-Serviced
Depositor, at its own expense, will be (A) entitled to direct the Trustee or Custodian to deliver the originals of all mortgage
loan documents in its possession (other than the promissory note evidencing the Empire Mall Mortgage Loan) to the related Non-Serviced
Trustee or custodian therefor, (B) if the right under clause (A) is exercised, required to cause the retention by or
delivery to the Trustee or Custodian of photocopies of the mortgage loan documents so delivered to such Non-Serviced Trustee or
other custodian, (C) entitled to cause the completion and recordation of instruments of assignment in the name of such Non-Serviced
Trustee or other custodian, and (D) if the right under clause (C) is exercised, required to deliver to the Trustee (or
the Custodian on its behalf) photocopies of any instruments of assignment so completed and recorded.

 

“Mortgage Loan”:
Each of the mortgage loans (which, for the avoidance of doubt, includes each Crossed Mortgage Loan Group, each of which, for the
purposes of this Agreement, shall be treated as one Mortgage Loan, provided that each individual Crossed Underlying Loan within
any such Crossed Mortgage Loan Group shall not be included in this definition of Mortgage Loan) transferred and assigned to the
Trustee pursuant to Section 2.01 and to be held by the Trust. As used herein, the term “Mortgage Loan”
includes the related Mortgage Note, Mortgage and other documents contained in the related Mortgage File and any related agreements.
The term “Mortgage Loan” shall, as of any date of determination, include any Qualified Substitute Mortgage Loan that
has replaced a Mortgage Loan pursuant to Section 2.03 and exclude any such replaced Mortgage Loan.

 

“Mortgage Loan
Checklist”: As defined in the definition of Mortgage File.

 

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“Mortgage Loan
Purchase Agreement”: Each agreement between the Depositor and each Mortgage Loan Seller, relating to the transfer of
all of such Mortgage Loan Seller’s right, title and interest in and to the related Mortgage Loans.

 

“Mortgage Loan
Schedule”: The list of Mortgage Loans transferred on the Closing Date to the Trustee as part of the Trust Fund, attached
hereto as Exhibit B, as any such schedule may be amended from time to time in connection with a substitution under
Section 2.03 and in accordance with the relevant Mortgage Loan Purchase Agreement, and which list sets forth the following information
with respect to each Mortgage Loan so transferred:

 

(i)          
the loan identification number (as specified in Annex A-1 to the Prospectus);

 

(ii)         
the Mortgagor’s name;

 

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

 

(iv)        
the Mortgage Rate in effect at origination;

 

(v)         
the Net Mortgage Rate in effect at the Cut-off Date;

 

(vi)        
the original principal balance;

 

(vii)       
the Cut-off Date Balance;

 

(viii)      
the (a) original term to stated maturity, (b) remaining term to stated maturity and (c) Maturity Date;

 

(ix)        
the original and remaining amortization terms;

 

(x)         
the amount of the Periodic Payment due on the first Due Date following the Cut-off Date;

 

(xi)        
the applicable Servicing Fee Rate;

 

(xii)       
whether the Mortgage Loan is a 30/360 Mortgage Loan or an Actual/360 Mortgage Loan;

 

(xiii)      
whether such Mortgage Loan is secured by a fee simple interest in the related Mortgaged Property; by the Mortgagor’s
leasehold interest, and a fee simple interest, in the related Mortgaged Property; or solely by a leasehold interest in the related
Mortgaged Property;

 

(xiv)      
identifying any Mortgage Loans with which such Mortgage Loan is cross-defaulted or cross-collateralized;

 

(xv)       
the name of the related Mortgage Loan Seller;

 

(xvi)      
the name of the related Mortgage Loan sponsor;

 

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(xvii)      
whether the related Mortgage Loan is secured by a letter of credit (and, if so, the amount of such letter of credit);

 

(xviii)    
amount of any reserve or escrowed funds that were deposited at origination and any ongoing periodic deposit requirements;

 

(xix)       
number of grace days;

 

(xx)        
the type of cash management agreement or lock-box agreement in place;

 

(xxi)       
the general property type of the related Mortgaged Property;

 

(xxii)      
whether such Mortgage Loan provides for defeasance and if so, the period during which defeasance may occur and the periods
when any Principal Prepayments must be accompanied by any Prepayment Premium or Yield Maintenance Charge;

 

(xxiii)     
the Anticipated Repayment Date, if applicable;

 

(xxiv)      
the Revised Rate of such Mortgage Loan, if any; and

 

(xxv)     
the number of units, rooms, pads or square feet with respect to each Mortgaged Property;

 

(xxvi)    
the Administrative Cost Rate; and

 

(xxvii)   
the Due Date.

 

Such Mortgage Loan Schedule
shall also set forth the aggregate of the amounts described under clause (vii) above for all of the Mortgage Loans.
Such list may be in the form of more than one list, collectively setting forth all of the information required.

 

“Mortgage Loan
Seller”: Each of (i) Wells Fargo Bank, National Association, a national banking association, or its successor in
interest, (ii) Citigroup Global Markets Realty Corp., a New York corporation, or its successor in interest, (iii) Ladder
Capital Finance LLC, a Delaware limited liability company, or its successor in interest, (iv) Macquarie US Trading, LLC d/b/a
Principal Commercial Capital, a Delaware limited liability company, or its successor in interest and (v) Société
Générale, a société anonyme organized under the laws of France, or its successor in interest.

 

“Mortgage Note”:
The original executed promissory note(s) evidencing the indebtedness of a Mortgagor under a Mortgage Loan or Companion Loan, as
the case may be, together with any rider, addendum or amendment thereto, or any renewal, substitution or replacement thereof.

 

“Mortgage Rate”:
With respect to: (i) any Mortgage Loan (including the Non-Serviced Mortgage Loans) or related Companion Loan on or prior to
its Maturity Date, the annual rate at which interest is scheduled (in the absence of a default) to accrue on such

 

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Mortgage Loan
or related Companion Loan from time to time in accordance with the related Mortgage Note and applicable law; or (ii) any Mortgage
Loan or related Companion Loan after its Maturity Date, the annual rate described in clause (i) above determined without
regard to the passage of such Maturity Date. For the avoidance of doubt, the Mortgage Rate of any ARD Loan shall not be construed
to include the related Excess Rate.

 

“Mortgaged Property”:
The real property subject to the lien of a Mortgage.

 

“Mortgagor”:
The obligor or obligors on a Mortgage Note, including without limitation, any Person that has acquired the related Mortgaged Property
and assumed the obligations of the original obligor under the Mortgage Note and including in connection with any Mortgage Loan
that utilizes an indemnity deed of trust structure, the borrower and the Mortgaged Property owner/payment guarantor/mortgagor individually
and collectively, as the context may require.

 

“Net Investment
Earnings”: With respect to the Collection Account, the Servicing Accounts or the REO Account or Companion Distribution
Account for any period from any Distribution Date to the immediately succeeding P&I Advance Date, the amount, if any, by which
the aggregate of all interest and other income realized during such period on funds relating to the Trust held in such account,
exceeds the aggregate of all losses, if any, incurred during such period in connection with the investment of such funds in accordance
with Section 3.06.

 

“Net Investment
Loss”: With respect to the Collection Account, the Servicing Accounts or the REO Account or Companion Distribution Account
for any period from any Distribution Date to the immediately succeeding P&I Advance Date, the amount by which the aggregate
of all losses, if any, incurred during such period in connection with the investment of funds relating to the Trust held in such
account in accordance with Section 3.06, exceeds the aggregate of all interest and other income realized during such
period on such funds.

 

“Net Mortgage
Rate”: With respect to each Mortgage Loan (including a Non-Serviced Mortgage Loan) and any REO Loan (other than the portion
of an REO Loan related to any Companion Loan) as of any date of determination, a rate per annum equal to the related Mortgage
Rate then in effect (without regard to any increase in the interest rate of any ARD Loan after its respective Anticipated Repayment
Date), minus the related Administrative Cost Rate; provided, however, that for purposes of calculating Pass-Through
Rates and Withheld Amounts, the Net Mortgage Rate for any Mortgage Loan will be determined without regard to any modification,
waiver or amendment of the terms of the related Mortgage Loan, whether agreed to by the Master Servicer or the Special Servicer
or resulting from a bankruptcy, insolvency or similar proceeding involving the related Mortgagor; provided, further,
that for any Mortgage Loan that does not accrue interest on the basis of a 360-day year consisting of twelve 30-day months, then,
solely for purposes of calculating Pass-Through Rates and the Weighted Average Net Mortgage Rate, the Net Mortgage Rate of such
Mortgage Loan or for any one-month period preceding a related Due Date will 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 in respect of such Mortgage Loan during such one-month period at the related
Net Mortgage Rate;

 

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provided, further, that, with respect to each Actual/360 Mortgage Loan, the Net Mortgage Rate
for the one-month period (A) preceding the Due Dates that occur in January and February in any year which is not a leap year
or preceding the Due Date that occurs in February in any year which is a leap year (in either case, unless the related Distribution
Date is the final Distribution Date), will be determined exclusive of any Withheld Amounts, and (B) preceding the Due Date
in March (or February, if the related Distribution Date is the final Distribution Date), will be determined inclusive of the amounts
withheld in the immediately preceding January and February, if applicable. With respect to any REO Loan, the Net Mortgage Rate
shall be calculated as described above, determined as if the predecessor Mortgage Loan had remained outstanding.

 

“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 the CREFC®.

 

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

 

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

 

“Nonrecoverable
Advance”: Any Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance. For the avoidance of doubt, Workout-Delayed
Reimbursement Amounts shall constitute Nonrecoverable Advances only when the Person making such determination in accordance with
the procedures specified herein, 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, Default Interest, Insurance
and Condemnation Proceeds, Liquidation Proceeds or any other recovery on or in respect of such Mortgage Loan or the related REO
Property (without giving effect to potential recoveries on deficiency judgments or recoveries from guarantors), 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”: Any P&I Advance previously made or proposed to be made in respect of a Mortgage Loan (including
any Non-Serviced Mortgage Loan) or REO Loan (other than any portion of an REO Loan related to a Companion Loan) which, in the reasonable
judgment of the Master Servicer, the Special Servicer or the Trustee, as the case may be, will not be ultimately recoverable, together
with any accrued and unpaid interest thereon at the Reimbursement Rate, from Late Collections or any other recovery on or in respect
of such Mortgage Loan or REO Loan; provided, however, that the Special Servicer may, at its option (with respect
to any Specially Serviced Loan and, prior to the occurrence of a Consultation Termination Event (other than with respect to any
Excluded Loan), in consultation with the Directing Certificateholder), make a determination in accordance with the Servicing

 

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Standard,
that any P&I Advance previously made or proposed to be made is a Nonrecoverable P&I Advance and shall deliver to the Master
Servicer (and with respect to a Serviced Mortgage Loan, to any Other Servicer, and with respect to a Non-Serviced Mortgage Loan,
to the related Non-Serviced Master Servicer and Non-Serviced Special Servicer), the Certificate Administrator, the Trustee, the
Operating Advisor and the 17g-5 Information Provider notice of such determination. Any such determination may be conclusively relied
upon by, but shall not be binding upon, the Master Servicer and the Trustee, provided, however, that the Special
Servicer shall have no such obligation to make an affirmative determination that any P&I Advance is or would be recoverable
and in the absence of a determination by the Special Servicer that such P&I Advance is or would be a Nonrecoverable P&I
Advance, such decision shall remain with the Master Servicer or Trustee, as applicable. If the Special Servicer makes a determination
that only a portion, and not all, of any previously made or proposed P&I Advance is a Nonrecoverable P&I Advance, the Master
Servicer and the Trustee shall have the right to make its own subsequent determination that any remaining portion of any such previously
made or proposed P&I Advance is a Nonrecoverable P&I Advance. With respect to any Non-Serviced Whole Loan, if any Non-Serviced
Master Servicer or Non-Serviced Special Servicer, as applicable,
in connection with a securitization of the related Non-Serviced Companion Loan determines that a principal and interest advance
with respect to the related Non-Serviced Companion Loan, if made, would be nonrecoverable, such determination shall not be binding
on the Master Servicer and the Trustee as it relates to any proposed P&I Advance with respect to the related Non-Serviced Mortgage
Loan. Similarly, with respect to the related Non-Serviced Mortgage Loan, if the Master Servicer, the Special Servicer or the Trustee,
as applicable, determines that any P&I Advance with respect to a related Non-Serviced Mortgage Loan, if made, would be a Nonrecoverable
P&I Advance, such determination shall not be binding on the related Non-Serviced Master Servicer and related Non-Serviced Trustee
as it relates to any proposed P&I Advance with respect to the related Non-Serviced Companion Loan (unless the related Non-Serviced
PSA provides otherwise). In making such recoverability determination, the Master Servicer, Special Servicer or Trustee, as applicable,
will be entitled (a) to consider (among other things) (i) the obligations of the Mortgagor under the terms of the related
Mortgage Loan or Companion Loan, as applicable, as it may have been modified and (ii) the related Mortgaged Properties in
their “as-is” or then-current conditions and occupancies, as modified by such party’s assumptions (consistent
with the Servicing Standard in the case of the Master Servicer or the Special Servicer or in its good faith business judgment in
the case of the Trustee, solely in its capacity as Trustee) regarding the possibility and effects of future adverse changes with
respect to such Mortgaged Properties, (b) to estimate and consider (consistent with the Servicing Standard in the case of
the Master Servicer and the Special Servicer or in its good faith business judgment in the case of the Trustee, solely in its capacity
as Trustee) (among other things) future expenses, (c) to estimate and consider (consistent with the Servicing Standard in
the case of the Master Servicer and the Special Servicer or in its good faith business judgment in the case of the Trustee, solely
in its capacity as Trustee) (among other things) the timing of recoveries and (d) to give due regard to the existence of any
Nonrecoverable Advances which, at the time of such consideration, the recovery of which are being deferred or delayed by the Master
Servicer, in light of the fact that related proceeds are a source of recovery not only for the Advance under consideration but
also a potential source of recovery for such delayed or deferred Advance. In addition, any Person, in considering whether a P&I
Advance is a Nonrecoverable Advance, will be entitled to give due regard to the existence of any outstanding Nonrecoverable

 

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Advance
or Workout-Delayed Reimbursement Amount with respect to other Mortgage Loans, the reimbursement of which, at the time of such consideration,
is being deferred or delayed by the Master Servicer or the Trustee because there is insufficient principal available for such recovery,
in light of the fact that proceeds on the related Mortgage Loan are a source of recovery not only for the P&I Advance under
consideration, but also as a potential source of reimbursement of such Nonrecoverable Advance or Workout-Delayed Reimbursement
Amounts which are or may be being deferred or delayed. In addition, 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, consistent
with the Servicing Standard, in the case of the Master Servicer or in its good faith business judgment in the case of the Trustee
(solely in its capacity as Trustee), may obtain at the expense of the Trust any reasonably required analysis, Appraisals or market
value estimates or other information for making a recoverability determination. Absent bad faith, the Master Servicer’s,
Special Servicer’s or the Trustee’s determination as to the recoverability of any P&I Advance shall be conclusive
and binding on the Certificateholders. The determination by the Master Servicer, the Special Servicer or the Trustee, as the case
may be, that a Nonrecoverable P&I Advance has been made or that any proposed P&I Advance, if made, would constitute a Nonrecoverable
P&I Advance, or any updated or changed recoverability determination, shall be evidenced by an Officer’s Certificate delivered
by either the Special Servicer or the Master Servicer to the other and to the Trustee, the Certificate Administrator, the Directing
Certificateholder (but only prior to the occurrence of a Consultation Termination Event and only with respect to any Mortgage Loan
other than an Excluded Loan) (and in the case of a Serviced Mortgage Loan, any Other Servicer), the Operating Advisor (but only
in the case of the Special Servicer) and the Depositor, or by the Trustee to the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor and the Certificate Administrator (and, in the case of a Serviced Mortgage Loan, any Other Servicer). The
Officer’s Certificate shall set forth such determination of nonrecoverability and the considerations of the Master Servicer,
the Special Servicer or the Trustee, as applicable, forming the basis of such determination (which shall be accompanied by, to
the extent available, related income and expense statements, rent rolls, occupancy status, property inspections and any other information
used by the Master Servicer, the Special Servicer or the Trustee, as applicable, to make such determination and shall include any
existing Appraisal of the related Mortgage Loan or the related Mortgaged Property). The Trustee shall be entitled to conclusively
rely on the Master Servicer’s or Special Servicer’s determination that a P&I Advance is or would be nonrecoverable,
and the Master Servicer shall be entitled to conclusively rely on the Special Servicer’s determination that a P&I Advance
is or would be nonrecoverable. In the case of a cross-collateralized Mortgage Loan (if any), such recoverability determination
shall take into account the cross-collateralization of the related cross-collateralized Mortgage Loan.

 

“Nonrecoverable
Servicing Advance”: Any Servicing Advance previously made or proposed to be made in respect of a Mortgage Loan (other
than a Non-Serviced Mortgage Loan), Serviced Whole Loan or REO Property which, in the reasonable judgment of the Master Servicer,
the Special Servicer or the Trustee, as the case may be, will not be ultimately recoverable, together with any accrued and unpaid
interest thereon, at the Reimbursement Rate, from Late Collections or any other recovery on or in respect of such Mortgage Loan,
Serviced Whole Loan or REO Property. In making such recoverability determination, such Person will be entitled (a) to consider
(among other things) (i) the obligations of the Mortgagor under the terms of the related Mortgage Loan or Companion Loan,
as applicable, as it may have been modified

 

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and (ii) the related Mortgaged Properties in their “as-is” or then-current
conditions and occupancies, as modified by such party’s assumptions (consistent with the Servicing Standard in the case of
the Master Servicer or the Special Servicer or in its good faith business judgment in the case of the Trustee, solely in its capacity
as Trustee) regarding the possibility and effects of future adverse changes with respect to such Mortgaged Properties, (b) to
estimate and consider (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer or in
its good faith business judgment in the case of the Trustee, solely in its capacity as Trustee) (among other things) future expenses,
(c) to estimate and consider (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer
or in its good faith business judgment in the case of the Trustee, solely in its capacity as Trustee) (among other things) the
timing of recoveries and (d) to give due regard to the existence of any Nonrecoverable Advances which, at the time of such
consideration, the recovery of which are being deferred or delayed by the Master Servicer or the Trustee because there is insufficient
principal available for such recovery, in light of the fact that related proceeds are a source of recovery not only for the Advance
under consideration but also a potential source of recovery for such delayed or deferred Advance. In addition, any Person, in considering
whether a Servicing Advance is a Nonrecoverable Servicing Advance, will be entitled to give due regard to the existence of any
Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts with respect to other Mortgage Loans, the reimbursement of which,
at the time of such consideration, is being deferred or delayed by the Master Servicer, in light of the fact that proceeds on the
related Mortgage Loan are a source of recovery not only for the Servicing Advance under consideration, but also as a potential
source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or
delayed. In addition, 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, consistent with the Servicing Standard, in the case
of the Master Servicer or in its good faith business judgment in the case of the Trustee (solely in its capacity as Trustee), may
obtain at the expense of the Trust any reasonably required analysis, Appraisals or market value estimates or other information
for making a recoverability determination. Absent bad faith, the Master Servicer’s, Special Servicer’s or the Trustee’s
determination as to the recoverability of any Servicing Advance shall be conclusive and binding on the Certificateholders. The
determination by the Master Servicer, the Special Servicer or the Trustee, as the case may be, that a Nonrecoverable Servicing
Advance has been made or that any proposed Servicing Advance, if made, would constitute a Nonrecoverable Servicing Advance, or
any updated or changed recoverability determination, shall be evidenced by an Officer’s Certificate delivered by either of
the Special Servicer or Master Servicer to the other and to the Trustee, the Certificate Administrator, the Directing Certificateholder
(but only prior to the occurrence of a Consultation Termination Event and only with respect to any Mortgage Loan other than an
Excluded Loan) (and in the case of a Serviced Mortgage Loan, any Other Servicer), the Operating Advisor (but only in the case of
the Special Servicer) and the Depositor, or by the Trustee to the Depositor, the Master Servicer, the Special Servicer, the Operating
Advisor and the Certificate Administrator (and in the case of a Serviced Mortgage Loan, any Other Servicer); provided, however,
that the Special Servicer may, at its option (with respect to any Specially Serviced Loan and, prior to the occurrence of a Consultation
Termination Event (other than with respect to any Excluded Loan), in consultation with the Directing Certificateholder) make a
determination in accordance with the Servicing Standard, that any Servicing Advance previously made or proposed to be made is a

 

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Nonrecoverable Servicing Advance and shall deliver to the Master Servicer (and with respect to a Serviced Mortgage Loan, to any
Other Servicer), the Certificate Administrator, the Trustee, the Operating Advisor and the 17g-5 Information Provider notice of
such determination. Any such determination may be conclusively relied upon by, but shall not be binding upon, the Master Servicer
and the Trustee, provided, however, that the Special Servicer shall have no such obligation to make an affirmative
determination that any Servicing Advance is or would be recoverable and in the absence of a determination by the Special Servicer
that such Servicing Advance is or would be a Nonrecoverable Servicing Advance, such decision shall remain with the Master Servicer
or the Trustee, as applicable. If the Special Servicer makes a determination that only a portion, and not all, of any previously
made or proposed Servicing Advance is a Nonrecoverable Servicing Advance, the Master Servicer and the Trustee shall each have the
right to make its own subsequent determination that any remaining portion of any such previously made or proposed Servicing Advance
is a Nonrecoverable Servicing Advance. The Officer’s Certificate shall set forth such determination of nonrecoverability
and the considerations of the Master Servicer, the Special Servicer or the Trustee, as applicable, forming the basis of such determination
(which shall be accompanied by, to the extent available, related income and expense statements, rent rolls, occupancy status, property
inspections and any other information used by the Master Servicer, the Special Servicer or the Trustee, as applicable, to make
such determination and shall include any existing Appraisal with respect to the related Mortgage Loan, Serviced Companion Loan
or related Mortgaged Property). The Special Servicer shall promptly furnish any party required to make Servicing Advances hereunder
with any information in its possession regarding the Specially Serviced Loans and REO Properties as such party required to make
Servicing Advances may reasonably request for purposes of making recoverability determinations. The Trustee shall be entitled to
conclusively rely on the Master Servicer’s or Special Servicer’s determination that a Servicing Advance is or would
be nonrecoverable, and the Master Servicer shall be entitled to conclusively rely on the Special Servicer’s determination
that a Servicing Advance is or would be nonrecoverable. Notwithstanding anything herein to the contrary, if the Special Servicer
requests that the Master Servicer make a Servicing Advance, the Master Servicer may conclusively rely on such request as evidence
that such advance is not a Nonrecoverable Servicing Advance; provided, however, the Special Servicer shall not be
entitled to make such a request more frequently than once per calendar month with respect to Servicing Advances other than emergency
advances (although such request may relate to more than one Servicing Advance). In the case of a cross-collateralized Mortgage
Loan (if any), such recoverability determination shall take into account the cross-collateralization of the related cross-collateralized
Mortgage Loan. The determination as to the recoverability of any servicing advance or property protection advance previously made
or proposed to be made in respect of a Non-Serviced Whole Loan shall be made by the related Non-Serviced Master Servicer, Non-Serviced
Special Servicer or Non-Serviced Trustee, as the case may be, pursuant to the related Non-Serviced PSA.

 

“Non-Registered
Certificate”: Unless and until registered under the Securities Act, any Class X-D, Class D, Class E, Class F,
Class G, Class R or Class V Certificate.

 

“Non-Serviced
Companion Loan”: Each of the Empire Mall Pari Passu Companion Loans (after the Empire Mall Companion Loan Securitization
Date), the Harbor Pointe Apartments Pari Passu Companion Loan, the Anchorage Marriott Downtown Pari Passu

 

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Companion Loan, the Harvey
Building Products Portfolio Pari Passu Companion Loans, and the JW Marriott Santa Monica Le Merigot Pari Passu Companion Loan.

 

“Non-Serviced
Custodian”: The “Custodian” under a Non-Serviced PSA.

 

“Non-Serviced
Depositor”: The “Depositor” under a Non-Serviced PSA.

 

“Non-Serviced
Gain-on-Sale Proceeds”: Any “gain-on-sale proceeds” received in respect of a Non-Serviced Mortgage Loan pursuant
to the related Non-Serviced PSA.

 

“Non-Serviced
Indemnified Parties”: As defined in Section 6.04(i).

 

“Non-Serviced
Intercreditor Agreement”: Each of the Empire Mall Intercreditor Agreement (after the Empire Mall Companion Loan Securitization
Date), the Harbor Pointe Apartments Intercreditor Agreement, the Anchorage Marriott Downtown Intercreditor Agreement, the Harvey
Building Products Portfolio Intercreditor Agreement, and the JW Marriott Santa Monica Le Merigot Intercreditor Agreement.

 

“Non-Serviced
Master Servicer”: The “Master Servicer” under a Non-Serviced PSA.

 

“Non-Serviced
Mortgage Loan”: Each of the Empire Mall Mortgage Loan (after the Empire Mall Companion Loan Securitization Date), the
Harbor Pointe Apartments Mortgage Loan, the Anchorage Marriott Downtown Mortgage Loan, the Harvey Building Products Portfolio Mortgage
Loan, and the JW Marriott Santa Monica Le Merigot Mortgage Loan.

 

“Non-Serviced
Mortgaged Property”: Each of the Empire Mall Mortgaged Property (after the Empire Mall Companion Loan Securitization
Date), the Harbor Pointe Apartments Mortgaged Property, the Anchorage Marriott Downtown Mortgaged Property, the Harvey Building
Products Portfolio Mortgaged Property, and the JW Marriott Santa Monica Le Merigot Mortgaged Property.

 

“Non-Serviced
Operating Advisor”: The “Operating Advisor” under a Non-Serviced PSA.

 

“Non-Serviced
Paying Agent”: The “Paying Agent” under a Non-Serviced PSA.

 

“Non-Serviced
Primary Servicing Fee Rate”: With respect to (i) the Empire Mall Whole Loan (after the Empire Mall Companion Loan
Securitization Date), 0.0025%, (ii) the Harbor Pointe Apartments Whole Loan, 0.0025%, (iii) the Anchorage Marriott Downtown
Whole Loan, 0.0025%, (iv) the JW Marriott Santa Monica Le Merigot Whole Loan, 0.0025%, and (v) the Harvey Building Products
Portfolio Whole Loan, 0.0025%.

 

“Non-Serviced
PSA”: With respect to (i) the Empire Mall Whole Loan, the Empire Mall Pooling and Servicing Agreement (after the
Empire Mall Companion Loan Securitization Date), (ii) the Harbor Pointe Apartments Whole Loan, the Anchorage Marriott Downtown
Whole Loan and the JW Marriott Santa Monica Le Merigot Whole Loan, the

 

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CGCMT 2015-GC35 Pooling and Servicing Agreement, and (iii) the
Harvey Building Products Portfolio Whole Loan, the COMM 2015-LC23 Pooling and Servicing Agreement.

 

“Non-Serviced
Special Servicer”: The “Special Servicer” under a Non-Serviced PSA.

 

“Non-Serviced
Trust”: The “Trust” formed under a Non-Serviced PSA.

 

“Non-Serviced
Trustee”: The “Trustee” under a Non-Serviced PSA.

 

“Non-Serviced
Whole Loan”: Each of the Empire Mall Whole Loan (after the Empire Mall Companion Loan Securitization Date), the Harbor
Pointe Apartments Whole Loan, the Anchorage Marriott Downtown Whole Loan, the Harvey Building Products Portfolio Whole Loan, and
the JW Marriott Santa Monica Le Merigot Whole Loan.

 

“Non-Serviced
Whole Loan Controlling Holder”: The “directing holder” or similarly defined party under a Non-Serviced PSA.

 

“Non-Specially
Serviced Loan”: Any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Companion Loan that is not a
Specially Serviced Loan.

 

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

 

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

 

“Non-Waiving
Successor”: As defined in Section 3.23(l).

 

“Notional Amount”:
In the case of the Class X-A Certificates, the Class X-A Notional Amount, in the case of the Class X-B Certificates,
the Class X-B Notional Amount, and in the case of the Class X-D Certificates, the Class X-D Notional Amount.

 

“NRSRO”:
Any nationally recognized statistical rating organization within the meaning of Section 3(a)(62) of the Exchange Act, including
the Rating Agencies.

 

“NRSRO Certification”:
A certification (a) substantially in the form of Exhibit P-2 executed by a NRSRO or (b) provided electronically
and executed by such NRSRO by means of a “click-through” confirmation on the 17g-5 Information Provider’s Website,
in either case in favor of the 17g-5 Information Provider that states that such NRSRO is a Rating Agency under this Agreement or
that such NRSRO has provided the Depositor with the appropriate certifications pursuant to paragraph (e) of Rule 17g-5
of the Exchange Act, that such NRSRO has access to the Depositor’s 17g-5 website and that such NRSRO will keep such information
confidential, except to the extent such information has been made available to the general public. Each NRSRO shall be deemed to
recertify to the foregoing each time it accesses the Certificate Administrator’s Website.

 

“OCC”:
Office of the Comptroller of the Currency.

 

    	-76-

    	 

    

 

“Offered Certificates”:
The Class A-1, Class A-2A, Class A-2B, Class A-3, Class A-4, Class A-SB, Class A-S, Class B, Class C,
Class X-A and Class X-B Certificates.

 

“Officer’s
Certificate”: A certificate signed by a Servicing Officer of the Master Servicer or the Special Servicer or any Additional
Servicer, as the case may be, or a Responsible Officer of the Trustee or Certificate Administrator, as the case may be.

 

“Offshore Transaction”:
Any “offshore transaction” as defined in Rule 902(h) of Regulation S.

 

“Operating Advisor”:
Pentalpha Surveillance LLC, a Delaware limited liability company, and its successors in interest and assigns, or any successor
operating advisor appointed as herein provided.

 

“Operating Advisor
Annual Report”: As defined in Section 3.26(c).

 

“Operating Advisor
Consulting Fee”: A fee for each Major Decision on which the Operating Advisor has consulting obligations and performed
its duties with respect to such Major Decision equal to $10,000 (or such lesser amount as the related Mortgagor agrees to pay)
with respect to any Mortgage Loan (other than the Non-Serviced Mortgage Loans), payable pursuant to Section 3.05 of
this Agreement; provided, however, that no such fee shall be payable unless specifically paid by the related Mortgagor
as a separately identifiable fee; 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, however, that
to the extent such fee is incurred after the outstanding Certificate Balances of the Control Eligible Certificates have been reduced
to zero as a result of the allocation of Realized Losses to such Certificates, such fee shall be payable in full to the Operating
Advisor as an expense of the Trust; 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, on a non-binding basis, with the Operating Advisor prior to any such waiver or reduction).

 

“Operating Advisor
Expenses”: With respect to any Distribution Date, an amount equal to any unreimbursed indemnification amounts or additional
trust fund expenses payable to the Operating Advisor pursuant to this Agreement (other than the Operating Advisor Fee and the Operating
Advisor Consulting Fee).

 

“Operating Advisor
Fee”: With respect to each Mortgage Loan and REO Loan (but excluding each Non-Serviced Mortgage Loan, the Empire Mall
Whole Loan, and each Companion Loan), the fee payable to the Operating Advisor pursuant to Section 3.26(i).

 

“Operating Advisor
Fee Rate”: With respect to each Interest Accrual Period related to any applicable Distribution Date, a per annum
rate of 0.0020%.

 

“Operating Advisor
Standard”: The requirement that the Operating Advisor must act solely on behalf of the Trust and in the best interest
of, and for the benefit of, the Certificateholders and, with respect to any Serviced Whole Loan for the benefit of the holders
of

 

    	-77-

    	 

    

 

the related Companion Loan (as a collective whole as if such Certificateholders and Companion Holders constituted a single lender),
and not to any particular Class of Certificateholders (as determined by the Operating Advisor in the exercise of its good faith
and reasonable judgment), but without regard to any conflict of interest arising from any relationship that the Operating Advisor
or any of its Affiliates may have with any of the underlying Mortgagors, any Sponsor, any Mortgage Loan Seller, the Depositor,
the Master Servicer, the Special Servicer, the Asset Representations Reviewer, the Directing Certificateholder or any of their
Affiliates.

 

“Operating Advisor
Termination Event”: Any of the following events, whether any such event is voluntary or involuntary or is 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:

 

(a)          
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 any of its representations or warranties under this Agreement, which failure continues unremedied for a
period of thirty (30) days after the date on which written notice of such failure, requiring the same to be remedied, is given
to the Operating Advisor by any party to this Agreement or to the Operating Advisor, the Certificate Administrator and the Trustee
by the holders of Certificates having greater than 25% of the aggregate Voting Rights, provided that any such failure which
is not curable within such thirty (30) day period, the Operating Advisor will have an additional cure period of thirty (30) days
to effect such cure so long as it has commenced to cure such failure within the initial thirty (30) day period and has provided
the Trustee and the Certificate Administrator with an officer’s certificate certifying that it has diligently pursued, and
is continuing to pursue, such cure;

 

(b)          
any failure by the Operating Advisor to perform in accordance with the Operating Advisor Standard which failure continues
unremedied for a period of thirty (30) days after the date on which written notice of such failure, requiring the same to be remedied,
is given to the Operating Advisor by any party to this Agreement;

 

(c)          
any failure by the Operating Advisor to be an Eligible Operating Advisor, which failure continues unremedied for a period
of thirty (30) days after the date on which written notice of such failure, requiring the same to be remedied, is given to the
Operating Advisor by any party to this Agreement;

 

(d)          
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 sixty (60) days;

 

(e)          
the Operating Advisor consents 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

 

    	-78-

    	 

    

 

relating to the operating advisor or of or relating to all or substantially all of its property; or

 

(f)           
the Operating Advisor admits in writing its inability to pay its debts generally as they become due, files a petition to
take advantage of any applicable insolvency or reorganization statute, makes an assignment for the benefit of its creditors, or
voluntarily suspends payment of its obligations.

 

“Opinion of
Counsel”: A written opinion of counsel, who may, without limitation, be salaried counsel for the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer, acceptable in form and delivered to
the Trustee and the Certificate Administrator, except that any opinion of counsel relating to (a) the qualification of any
Trust REMIC as a REMIC, (b) compliance with the REMIC Provisions, (c) the qualification of the Grantor Trust as a grantor
trust, or (d) the resignation of the Master Servicer, the Special Servicer or the Depositor pursuant to Section 6.05,
must be an opinion of counsel who is in fact Independent of the Depositor, the Master Servicer, the Special Servicer, the Operating
Advisor and the Asset Representations Reviewer.

 

“Original Certificate
Balance”: With respect to any Class of Principal Balance Certificates, the initial aggregate principal amount thereof
as of the Closing Date, in each case as specified in the Preliminary Statement.

 

“Original Lower-Tier
Principal Amount”: With respect to any Class of Lower-Tier Regular Interest, the initial principal amount thereof as
of the Closing Date, in each case as specified in the Preliminary Statement.

 

“Original Notional
Amount”: With respect to the Class X-A Notional Amount, the Class X-B Notional Amount and the Class X-D Notional
Amount, the applicable initial Notional Amount thereof as of the Closing Date, as specified in the Preliminary Statement.

 

“Other Asset
Representations Reviewer”: Any asset representations reviewer under an Other Pooling and Servicing Agreement.

 

“Other Certificate
Administrator”: Any certificate administrator under an Other Pooling and Servicing Agreement.

 

“Other Depositor”:
Any depositor under an Other Pooling and Servicing Agreement.

 

“Other Exchange
Act Reporting Party”: With respect to any Other Securitization Trust that is subject to the reporting requirements of
the Exchange Act, the Other Servicer, Other Trustee, Other Certificate Administrator or Other 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

 

    	-79-

    	 

    

 

that is responsible
for the preparation and/or dissemination of periodic distribution date statements or similar reports, as identified in writing
to the parties to this Agreement.

 

“Other Pooling
and Servicing Agreement”: Any pooling and servicing agreement that creates a trust whose assets include any Serviced
Companion Loan. For the avoidance of doubt, the Heritage Industrial Portfolio Pooling and Servicing Agreement shall be an Other
Pooling and Servicing Agreement.

 

“Other Securitization”:
As defined in Section 11.06.

 

“Other Servicer”:
Any master servicer or special servicer, as applicable, under an Other Pooling and Servicing Agreement.

 

“Other Trustee”:
Any trustee under an Other Pooling and Servicing Agreement.

 

“Ownership Interest”:
As to any Certificate, any ownership or security interest in such Certificate as the Holder thereof and any other interest therein,
whether direct or indirect, legal or beneficial, as owner or as pledgee.

 

“P&I Advance”:
As to any Mortgage Loan or REO Loan (but not any related Companion Loan), any advance made by the Master Servicer or the
Trustee, as applicable, pursuant to Section 4.03 or Section 7.05.

 

“P&I Advance
Date”: The Business Day immediately prior to each Distribution Date.

 

“P&I Advance
Determination Date”: With respect to any Distribution Date, the close of business on the related Determination Date.

 

“Pass-Through
Rate”: Any of the Class A-1 Pass-Through Rate, the Class A-2A Pass-Through Rate, the Class A-2B Pass-Through
Rate, the Class A-3 Pass-Through Rate, the Class A-4 Pass-Through Rate, the Class A-SB Pass-Through Rate, the Class A-S
Pass-Through Rate, the Class B Pass-Through Rate, the Class C Pass-Through Rate, the Class D Pass-Through Rate,
the Class E Pass-Through Rate, the Class F Pass-Through Rate, the Class G Pass-Through Rate, the Class X-A
Pass-Through Rate, the Class X-B Pass-Through Rate or the Class X-D Pass-Through Rate, as the case may be.

 

“PCAOB”:
The Public Company Accounting Oversight Board.

 

“Penalty Charges”:
With respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Companion Loan (or any successor REO
Loan), any amounts actually collected thereon (or, in the case of a Serviced Companion Loan (or any successor REO Loan thereto)
that is part of a Serviced Whole Loan, actually collected on such Serviced Whole Loan, and allocated and paid on such Serviced
Companion Loan (or any successor REO Loan), as applicable, in accordance with the related Intercreditor Agreement) that represent
late payment charges or Default Interest, other than a Prepayment Premium, a Yield Maintenance Charge or any Excess Interest.

 

    	-80-

    	 

    

 

“Percentage
Interest”: As to any Certificate (other than the Class R and Class V Certificates), the percentage interest
evidenced thereby in distributions required to be made with respect to the related Class. With respect to any Certificate (other
than the Class R and Class V Certificates), the percentage interest is equal to the Denomination as of the Closing Date
of such Certificate divided by the Original Certificate Balance or Original Notional Amount, as applicable, of such Class of Certificates
as of the Closing Date. With respect to a Class R Certificate or a Class V Certificate, the percentage interest is set
forth on the face thereof.

 

“Performance
Certification”: As defined in Section 11.06.

 

“Performing
Party”: As defined in Section 11.12.

 

“Periodic Payment”:
With respect to any Mortgage Loan or any related Companion Loan, the scheduled monthly payment of principal and/or interest (other
than Excess Interest) on such Mortgage Loan or Companion Loan, including any Balloon Payment, which is payable (as the terms of
the applicable Mortgage Loan or Companion Loan may be changed or modified in connection with a bankruptcy or similar proceedings
involving the related Mortgagor or by reason of a modification, extension, waiver or amendment granted or agreed to pursuant to
the terms hereof) by a Mortgagor from time to time under the related Mortgage Note and applicable law, without regard to any acceleration
of principal of such Mortgage Loan or Companion Loan by reason of default thereunder and without regard to any Excess Interest.

 

“Permitted Investments”:
Any one or more of the following obligations or securities (including obligations or securities of the Certificate Administrator,
or managed by the Certificate Administrator or any Affiliate of the Certificate Administrator, if otherwise qualifying hereunder),
regardless of whether issued by the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator,
or any of their respective Affiliates and having the required ratings, if any, provided for in this definition and which shall
not be subject to liquidation prior to maturity:

 

(i)          
direct obligations of, and obligations fully guaranteed as to timely payment of principal and interest by, the United States
of America, Fannie Mae, Freddie Mac or any agency or instrumentality of the United States of America, the obligations of which
are backed by the full faith and credit of the United States of America that mature in one (1) year or less from the date of acquisition;
provided that any obligation of, or guarantee by, Fannie Mae or Freddie Mac, other than an unsecured senior debt obligation
of Fannie Mae or Freddie Mac, shall be a Permitted Investment only if such investment would not result in the downgrading, withdrawal
or qualification of the then-current rating assigned by each Rating Agency to any Certificate (or, insofar as there is then outstanding
any class of Serviced Companion Loan Securities that are then rated by such rating agency, such class of securities) as evidenced
in writing;

 

(ii)         
time deposits, unsecured certificates of deposit, or bankers’ acceptances that mature in one (1) year or less after
the date of issuance and are issued or held by any depository institution or trust company (including the Trustee) incorporated
or organized under the laws of the United States of America

 

    	-81-

    	 

    

 

or any State thereof and subject to supervision and examination by
federal or state banking authorities (A) in the case of such investments with maturities of thirty (30) days or less, the
short-term debt obligations of which are rated in the highest short-term rating category by Moody’s or the long-term debt
obligations of which are rated at least “A2” by Moody’s, (B) in the case of such investments with maturities
of three (3) months or less, but more than thirty (30) days, the short-term obligations of which are rated in the highest short-term
rating category by Moody’s and the long-term obligations of which are rated at least “A1” by Moody’s,
(C) in the case of such investments with maturities of six (6) months or less, but more than three (3) months, the short-term
obligations of which are rated in the highest short-term rating category by Moody’s and the long-term obligations of which
are rated at least “Aa3” by Moody’s, (D) in the case of such investments with maturities of more than six
(6) months, the short-term obligations of which are rated in the highest short-term rating category by Moody’s and the long-term
obligations of which are rated “Aaa” by Moody’s (or, in each case, if permitted by the related Mortgage Loan,
if not rated by Moody’s, otherwise acceptable to Moody’s, as confirmed in writing that such investment would not,
in and of itself, result in a downgrade, qualification or withdrawal of the then current ratings assigned to the Certificates),
(E) the commercial paper or other short- term debt obligations of such depository institution or trust company are rated
in the highest rating categories of each Rating Agency or such other rating as would not result in the downgrading, withdrawal
or qualification of the then-current rating assigned by each Rating Agency to any Class of Certificates (or, insofar as there
is then outstanding any class of Serviced Companion Loan Securities that is then rated by such rating agency, such class of securities)
as evidenced in writing;

 

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

 

(iv)        
debt obligations bearing interest or sold at a discount issued by any corporation incorporated under the laws of the United
States of America or any state thereof which mature in one (1) year or less from the date of acquisition, which debt obligations
are rated in the highest rating categories of each Rating Agency (in the case of KBRA, if rated by KBRA), if the obligations mature
within 60 days; provided, however, that securities issued by any particular corporation will not be Permitted Investments
to the extent that investment therein will cause the then outstanding principal amount of securities issued by such corporation
and held in the accounts established hereunder to exceed 10% of the sum of the aggregate principal balance and the aggregate principal
amount of all Permitted Investments in such accounts;

 

(v)        
commercial paper (including both non-interest bearing discount obligations and interest bearing obligations) of any corporation
or other entity

 

    	-82-

    	 

    

 

organized under the laws of the United States or any state thereof payable on demand or on a specified date maturing
in one (1) year or less from the date of acquisition thereof and which is rated in the highest rating category of each Rating
Agency (in the case of KBRA, if rated by KBRA);

 

(vi)        
money market funds (including the Federated Prime Obligation Money Market Fund, US Bank Long Term Eurodollar Sweep or the
Wells Fargo Advantage Heritage Money Market Fund), rated in the highest rating categories of each Rating Agency (if so rated by
each such Rating Agency (and if not rated by any such Rating Agency, an equivalent rating (or higher) by at least two (2)
NRSROs (which may include Fitch, KBRA, DBRS, Moody’s and/or S&P)) and the highest money market fund category by Moody’s
(or, if not rated by Moody’s, otherwise acceptable to such Rating Agency, as confirmed in a Rating Agency Confirmation relating
to the Certificates), which may include the investments referred to in clause (i) above if so qualified that (a) have
substantially all of their assets invested continuously in the types of investments referred to in clause (i) above and
(b) have net assets of not less than $5,000,000,000;

 

(vii)       
any other demand, money market or time deposit, obligation, security or investment, 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) – (vi)
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, obligation, security
or investment and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25); and

 

(viii)      
any other demand, money market or time deposit, obligation, security or investment not listed in clauses (i)
– (vi) above with respect to which a Rating Agency Confirmation has been obtained from each and every Rating Agency;

 

provided, however, that each
Permitted Investment qualifies as a “cash flow investment” pursuant to Section 860G(a)(6) of the Code, and that
(a) it shall have a predetermined fixed dollar of principal due at maturity that cannot vary or change and (b) any such
investment that provides for a variable rate of interest must have an interest rate that is tied to a single interest rate index
plus a fixed spread, if any, and move proportionately with such index; and provided, further, however, that
no such instrument shall be a Permitted Investment (a) if such instrument evidences principal and interest payments derived
from obligations underlying such instrument and the interest payments with respect to such instrument provide a yield to maturity
at the time of acquisition of greater than 120% of the yield to maturity at par of such underlying obligations or (b) if such
instrument may be redeemed at a price below the purchase price; and provided, further, however, that no amount
beneficially owned by any Trust REMIC (even if not yet

 

    	-83-

    	 

    

 

deposited in the Trust) may be invested in investments (other than money
market funds) treated as equity interests for federal income tax purposes, unless the Master Servicer receives an Opinion of Counsel,
at its own expense, to the effect that such investment will not adversely affect the status of any Trust REMIC. Permitted Investments
that are subject to prepayment or call may not be purchased at a price in excess of par.

 

“Permitted Special
Servicer/Affiliate Fees”: Any commercially reasonable treasury management fees, banking fees, title agency fees, insurance
commissions or fees and appraisal fees received or retained by the Special Servicer or any of its Affiliates in connection with
any services performed by such party with respect to any Mortgage Loan and Serviced Companion Loan (including any related REO Property)
in accordance with this Agreement.

 

“Permitted Transferee”:
Any Person or any agent thereof 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 Person that
is a Disqualified Non-U.S. Tax Person, (d) any partnership if any of its interests are (or under the partnership agreement
are permitted to be) owned, directly or indirectly (other than through a U.S. corporation), by a Disqualified Non-U.S. Tax Person
or (e) a U.S. Tax Person with respect to whom income from the Class R Certificate is attributable to a foreign permanent
establishment or fixed base, within the meaning of an applicable income tax treaty, of the transferee or any other U.S. Tax Person.

 

“Person”:
Any individual, corporation, partnership, limited liability company, 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).

 

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

 

“Prepayment
Assumption”: A “constant prepayment rate” of 0% used for determining the accrual of original issue discount
and market discount, if any, and the amortization premium, if any, on the Certificates for federal income tax purposes; provided
that it is assumed that each Mortgage Loan with an Anticipated Repayment Date prepays on such date.

 

“Prepayment
Interest Excess”: For any Distribution Date and with respect to any Mortgage Loan (other than any Non-Serviced Mortgage
Loan) or Serviced Whole Loan that was subject to a Principal Prepayment in full or in part during the related Collection Period,
which Principal Prepayment was applied to such Mortgage Loan or Serviced Whole Loan, as applicable, after the related Due Date
and prior to the following Determination Date, the amount of interest (net of the related Servicing Fees and any Excess Interest),
to the extent collected from the related Mortgagor (without regard to any Prepayment Premium or Yield Maintenance Charge actually
collected), that would have accrued at a rate per annum equal to (x) in the case

 

    	-84-

    	 

    

 

of any Mortgage Loan other than a
Serviced Mortgage Loan, the sum of (i) the related Net Mortgage Rate for such Mortgage Loan, and (ii) the Certificate Administrator
Fee Rate, the Operating Advisor Fee Rate, the Asset Representations Reviewer Fee Rate and the CREFC® Intellectual Property
Royalty License Fee Rate and (y) in the case of any Serviced Whole Loan, the Mortgage Rate (net of Servicing Fees and any Excess
Interest) on the amount of such Principal Prepayment from such Due Date to, but not including, the date of such prepayment (or
any later date through which interest accrues). Prepayment Interest Excesses (to the extent not offset by Prepayment Interest Shortfalls
or required to be paid as Compensating Interest Payments) collected on the Mortgage Loans (other than any Non-Serviced Mortgage
Loan) and any Serviced Companion Loan, will be retained by the Master Servicer as additional servicing compensation.

 

“Prepayment
Interest Shortfall”: For any Distribution Date and with respect to any Mortgage Loan (other than any Non-Serviced Mortgage
Loan) or Serviced Whole Loan that was subject to a Principal Prepayment in full or in part during the related Collection Period,
which Principal Prepayment was applied to such Mortgage Loan or Serviced Whole Loan, as applicable, after the related Determination
Date (or, with respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Companion Loan, as applicable,
with a Due Date occurring after the related Determination Date, the related Due Date) and prior to the following Due Date, the
amount of interest (net of the related Servicing Fees and any Excess Interest), to the extent not collected from the related Mortgagor
(without regard to any Prepayment Premium or Yield Maintenance Charge actually collected), that would have accrued at a rate per
annum equal to (x) in the case of any Mortgage Loan other than a Serviced Mortgage Loan, the sum of (i) the related Net Mortgage
Rate for such Mortgage Loan, and (ii) the Certificate Administrator Fee Rate, the Operating Advisor Fee Rate, the Asset Representations
Reviewer Fee Rate and the CREFC® Intellectual Property Royalty License Fee Rate and (y) in the case of any Serviced Whole Loan,
the Mortgage Rate (net of Servicing Fees and any Excess Interest) on the amount of such Principal Prepayment during the period
commencing on the date as of which such Principal Prepayment was applied to such Mortgage Loan or Serviced Whole Loan, as applicable,
and ending on such following Due Date. With respect to any AB Whole Loan, any Prepayment Interest Shortfall for any Distribution
Date shall be allocated first to the related AB Subordinate Companion Loan.

 

“Prepayment
Premium”: With respect to any Mortgage Loan, any premium, fee or other additional amount (other than a Yield Maintenance
Charge) paid or payable, as the context requires, by a borrower in connection with a principal prepayment on, or other early collection
of principal of, that Mortgage Loan or any successor REO Loan with respect thereto (including any payoff of a Mortgage Loan by
a mezzanine lender on behalf of the subject borrower if and as set forth in the related Intercreditor Agreement).

 

“Primary Collateral”:
With respect to any Crossed Underlying Loan, that portion of the Mortgaged Property designated as directly securing such Crossed
Underlying Loan and excluding any Mortgaged Property as to which the related lien may only be foreclosed upon by exercise of the
cross-collateralization provisions of such Crossed Underlying Loan.

 

    	-85-

    	 

    

 

“Primary Servicing
Fee”: The monthly fee payable by the Master Servicer solely from the Servicing Fee to each Initial Sub-Servicer, which
monthly fee accrues at the rate per annum specified as such in the Sub-Servicing Agreement with such Initial Sub-Servicer.

 

“Prime Rate”:
The “Prime Rate” as published in the “Money Rates” section of the New York City edition of The Wall
Street Journal (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.

 

“Principal Balance
Certificates”: Each of the Class A-1, Class A-2A, Class A-2B, Class A-3, Class A-4, Class A-SB, Class A-S,
Class B, Class C, Class D, Class E, Class F and Class G Certificates.

 

“Principal Distribution
Amount”: With respect to any Distribution Date and the Principal Balance Certificates, an amount equal to the sum of
the following amounts: (a) the Principal Shortfall for such Distribution Date, (b) the Scheduled Principal Distribution
Amount for such Distribution Date and (c) the Unscheduled Principal Distribution Amount for such Distribution Date; provided
that the Principal Distribution Amount for any Distribution Date shall be reduced, to not less than zero, by the amount of any
reimbursements of (A) Nonrecoverable Advances (including any servicing advance with respect to the Non-Serviced Mortgage Loan
under the related Non-Serviced PSA reimbursed out of general collections on the Mortgage Loans), with interest on such Nonrecoverable
Advances at the Reimbursement Rate that are paid or reimbursed from principal collections on the Mortgage Loans in a period during
which such principal collections would have otherwise been included in the Principal Distribution Amount for such Distribution
Date and (B) Workout-Delayed Reimbursement Amounts paid or reimbursed from principal collections on the Mortgage Loans in
a period during which such principal collections would have otherwise been included in the Principal Distribution Amount for such
Distribution Date (provided that, in the case of clauses (A) and (B) above, if any of the amounts that
were reimbursed from principal collections on the Mortgage Loans (including REO Loans) are subsequently recovered on the related
Mortgage Loan (or REO Loan), such recovery will increase the Principal Distribution Amount for the Distribution Date related to
the period in which such recovery occurs).

 

“Principal Prepayment”:
Any payment of principal made by the Mortgagor on a Mortgage Loan or Serviced Whole Loan that is received in advance of its scheduled
Due Date as a result of such prepayment.

 

“Principal Shortfall”:
For any Distribution Date after the initial Distribution Date with respect to the Mortgage Loans, the amount, if any, by which
(a) the related Principal Distribution Amount for the preceding Distribution Date, exceeds (b) the aggregate amount actually
distributed on the preceding Distribution Date in respect of such Principal Distribution Amount. The Principal Shortfall for the
initial Distribution Date will be zero.

 

    	-86-

    	 

    

 

“Privileged
Communications”: Any correspondence between the Directing Certificateholder and the Special Servicer referred to in clause (i)
of the definition of “Privileged Information”.

 

“Privileged
Information”: Any (i) correspondence between the Directing Certificateholder and the Special Servicer related to
any Specially Serviced Loan (other than with respect to any Excluded Loan) or the exercise of the Directing Certificateholder’s
consent or consultation rights under this Agreement, (ii) strategically sensitive information that the Special Servicer has
reasonably determined could compromise the Trust’s position in any ongoing or future negotiations with the related Mortgagor
or other interested party and (iii) information subject to attorney-client privilege. The Master Servicer, the Special Servicer,
the Operating Advisor and the Asset Representations Reviewer shall be entitled to rely on any identification of materials as “attorney-client
privileged” without liability for any such reliance hereunder.

 

“Privileged
Information Exception”: With respect to any Privileged Information, at any time (a) such Privileged Information
becomes generally available 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 required by law, rule, regulation, order, judgment
or decree to disclose such information.

 

“Privileged
Person”: The Depositor and its designees, the Initial Purchasers, the Underwriters, the Mortgage Loan Sellers, the Master
Servicer, the Special Servicer (including, for the avoidance of doubt, any Excluded Special Servicer), the Trustee, the Certificate
Administrator, any Additional Servicer designated by the Master Servicer or the Special Servicer, the Operating Advisor, any Affiliate
of the Operating Advisor designated by the Operating Advisor, the Asset Representations Reviewer, any Companion Holder who provides
an Investor Certification, any Non-Serviced Master Servicer, any Other Servicer, any Person (including the Directing Certificateholder)
who provides the Certificate Administrator with an Investor Certification and any NRSRO (including any Rating Agency) that provides
the Certificate Administrator with an NRSRO Certification, which Investor Certification and NRSRO Certification may be submitted
electronically via the Certificate Administrator’s Website; provided,
however, that in no event may a Borrower Party (other than a Borrower Party that is the Special Servicer) be entitled to
receive (i) if such party is the Directing Certificateholder or any Controlling Class Certificateholder, any Excluded Information
via the Certificate Administrator’s Website (unless a loan-by-loan segregation is later performed by the Certificate Administrator
in which case such access shall only be prohibited with respect to the related Excluded Controlling Class Loan(s)), and (ii) if
such party is not the Directing Certificateholder or any Controlling Class Certificateholder, any information other than the Distribution
Date Statement. In determining whether any Person is an Additional Servicer or an Affiliate of the Operating Advisor, the Certificate
Administrator may rely on direction by the Master Servicer, the Special Servicer, any Mortgage Loan Seller or the Operating Advisor,
as the case may be.

 

    	-87-

    	 

    

 

Notwithstanding anything
to the contrary in this Agreement, if the Special Servicer is a Borrower Party, the Special Servicer shall nevertheless be a Privileged
Person; provided that the Special Servicer (i) shall not view or otherwise retrieve any Excluded Special Servicer Information
specific to the related Excluded Special Servicer Loan, (ii) shall not directly or indirectly provide any information related
to the related Excluded Special Servicer Loan to (A) the related Borrower Party, (B) any of the Special Servicer’s
employees or personnel or any of its Affiliate involved in the management of any investment in the related Borrower Party or the
related Mortgaged Property or (C) to its actual knowledge, any non-Affiliate that holds a direct or indirect ownership interest
in the related Borrower Party, and (iii) shall maintain sufficient internal controls and appropriate policies and procedures
in place in order to comply with the obligations described in clause (i) and clause (ii) above; provided,
further, that nothing in this Agreement shall be construed as an obligation of the Master Servicer or the Certificate Administrator
to restrict access by the Special Servicer or any Excluded Special Servicer to any information related to any Excluded Special
Servicer Loan and in no case shall the Master Servicer or the Certificate Administrator be held liable if the Special Servicer
accesses any Excluded Special Servicer Information relating to the Excluded Special Servicer Loan; provided, further,
however, that any Excluded Controlling Class Holder shall be permitted to obtain in accordance with Section 4.02(f)
of this Agreement any Excluded Information relating to any Excluded Controlling Class Loan with respect to which such Excluded
Controlling Class Holder is not a Borrower Party (if such Excluded Information is not otherwise available to such Excluded Controlling
Class Holder via the Certificate Administrator’s Website).

 

“Prohibited
Party”: Any proposed Servicing Function Participant that is listed on the Depositor’s Do Not Hire List.

 

“Prohibited
Prepayment”: As defined in the definition of Compensating Interest Payments.

 

“Proposed Course
of Action Notice”: As defined in Section 2.03(l)(i).

 

“Prospectus”:
The Prospectus, dated December 8, 2015.

 

“PSA Party Repurchase
Request”: As defined in Section 2.03(k)(ii).

 

“PTCE”:
Prohibited Transaction Class Exemption.

 

“Purchase Price”:
With respect to any Mortgage Loan (or any related REO Loan) (including, to the extent required pursuant to the final paragraph
hereof, any related Companion Loan) to be purchased pursuant to (A) Section 5 of the related Mortgage Loan Purchase Agreement
by the related Mortgage Loan Seller, (B) Section 3.16, or (C) Section 9.01, a price, without
duplication, equal to:

 

(i)          
the outstanding principal balance of such Mortgage Loan (or any related REO Loan (including for such purpose, to the extent
required pursuant to the final paragraph hereof, the related Companion Loan)) as of the date of purchase; plus

 

    	-88-

    	 

    

 

(ii)         
all accrued and unpaid interest on the Mortgage Loan (or any related REO Loan (including for such purpose, to the extent
required pursuant to the final paragraph hereof, the related Companion Loan)), at the related Mortgage Rate in effect from time
to time (excluding any portion of such interest that represents Default Interest or Excess Interest on any ARD Loan), to, but
not including, the Due Date therefor immediately preceding or coinciding with the Determination Date for the Collection Period
of purchase; plus

 

(iii)       
all related unreimbursed Servicing Advances plus accrued and unpaid interest on all related Advances at the Reimbursement
Rate, Special Servicing Fees (whether paid or unpaid) and any other additional trust fund expenses (except for Liquidation Fees)
in respect of such Mortgage Loan (or related REO Loan (including for such purpose, to the extent required pursuant to the final
paragraph hereof, the related Companion Loan)), if any; plus

 

(iv)        
if such Mortgage Loan (or related REO Loan) is being repurchased or substituted by the related Mortgage Loan Seller, pursuant
to Section 5 of the applicable Mortgage Loan Purchase Agreement, the Asset Representations Reviewer Asset Review Fee
(to the extent not previously paid by the related Mortgage Loan Seller), all reasonable out-of-pocket expenses reasonably incurred
or to be incurred by the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator or the Trustee in
respect of the omission, breach or defect giving rise to the repurchase or substitution obligation, including any expenses arising
out of the enforcement of the repurchase or substitution obligation, including, without limitation, legal fees and expenses and
any additional trust fund expenses relating to such Mortgage Loan (or related REO Loan); provided, however, that
such out-of-pocket expenses shall not include expenses incurred by Certificateholders or Certificate Owners in instituting an
Asset Review Vote Election, in taking part in an Asset Review vote or in exercising such Certificateholder’s or Certificate
Owner’s, as applicable, rights under the dispute resolution mechanics pursuant to Section 2.03(l) hereof; plus

 

(v)         
Liquidation Fees, if any, payable with respect to such Mortgage Loan (or related REO Loan (including for such purpose,
to the extent required pursuant to the final paragraph hereof, the related Companion Loan)) (which will not include any Liquidation
Fees if such repurchase occurs prior to the expiration of the Extended Cure Period).

 

Solely with respect to
any Serviced Whole Loan to be sold pursuant to Section 3.16(a)(iii), “Purchase Price” shall mean the amount
calculated in accordance with the preceding sentence in respect of the related Whole Loan, including, for such purposes, the Mortgage
Loan and the related Companion Loan, as applicable. With respect to any REO Property to be sold pursuant to Section 3.16(b),
“Purchase Price” shall mean the amount calculated in accordance with the second preceding sentence in respect
of the related REO Loan (including any related Companion Loan). With respect to any sale pursuant to Section 3.16(a)(ii)
or Section 3.16(e) or for purposes of calculating any Gain-on-Sale Proceeds, the “Purchase Price” shall
be allocated between the related Mortgage Loan and Companion Loan, as

 

    	-89-

    	 

    

 

applicable, in accordance with, and shall be equal to the
amount provided pursuant to, the provisions of the related Intercreditor Agreement. Notwithstanding the foregoing, with respect
to any repurchase pursuant to subclause (A) and subclause (C) hereof, the “Purchase Price”
shall not include any amounts payable in respect of any related Companion Loan.

 

“Qualified Institutional
Buyer”: A “qualified institutional buyer” as defined in Rule 144A under the Act.

 

“Qualified Insurer”:
(i) With respect to any Mortgage Loan, REO Loan or REO Property, an insurance company or security or bonding company qualified
to write the related Insurance Policy in the relevant jurisdiction with an insurance financial strength rating of at least: (a) “A3”
by Moody’s (or, if not rated by Moody’s, an equivalent rating by (A) two other NRSROs (which may include KBRA
and/or Fitch) or (B) one NRSRO (which may include KBRA or Fitch) and A.M. Best Company, Inc.) and (b) “A-”
by Fitch (or, if not rated by Fitch, at least “A-” by one other nationally recognized insurance rating organization
(which may include Moody’s or KBRA) and (ii) with respect to the fidelity bond and errors and omissions insurance policy
required to be maintained pursuant to Section 3.07(c), except as otherwise permitted by Section 3.07(c),
an insurance company that has a claims paying ability (or the obligations which are guaranteed or backed by a company having such
claims paying ability) rated by at least one of the following rating agencies of at least (a) “A3” by Moody’s,
(b) “A-” by S&P, (c) “A-” by Fitch, (d) “A-:X” by A.M. Best Company, Inc.
or (e) “A(low)” by DBRS, or, in the case of clauses (i) or (ii), any other insurer acceptable
to the Rating Agencies, as evidenced by a Rating Agency Confirmation.

 

“Qualified Replacement
Special Servicer”: A replacement special servicer that (i) satisfies all of the eligibility requirements applicable
to special servicers contained in this Agreement, (ii) is not the Operating Advisor, the Asset Representations Reviewer or
an Affiliate of the Operating Advisor or the Asset Representations Reviewer, (iii) is not obligated to pay the Operating Advisor
(x) any fees or otherwise compensate the Operating Advisor in respect of its obligations under this Agreement, and (y) for
the appointment of the successor special servicer or the recommendation by the Operating Advisor for the replacement Special Servicer
to become the Special Servicer, (iv) is not entitled to receive any compensation from the Operating Advisor other than compensation
that is not material and is unrelated to the Operating Advisor’s recommendation that such party be appointed as the replacement
special servicer, (v) is not entitled to receive any fee from the Operating Advisor for its appointment as successor special
servicer, in each case, unless such fee is expressly approved by 100% of the Certificateholders, (vi) is not a special servicer
that has been cited by Moody’s or KBRA as having servicing concerns as the sole or material factor in any qualification,
downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal)
of securities in a transaction serviced by the applicable servicer prior to the time of determination, and (vii) currently
has a special servicer rating of at least “CSS3” from Fitch.

 

“Qualified Substitute
Mortgage Loan”: A substitute mortgage loan (other than with respect to the Whole Loans, for which no substitution will
be permitted) replacing a removed 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

 

    	-90-

    

 

Balance
of the removed Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs; (ii) have a fixed
Mortgage Rate not less than the Mortgage Rate of the removed Mortgage Loan, determined without regard to any prior modification,
waiver or amendment of the terms of the removed Mortgage Loan; (iii) have the same Due Date as and Grace Period no longer than
that of the removed Mortgage Loan; (iv) accrue interest on the same basis as the removed Mortgage Loan (for example, on the basis
of a 360-day year consisting of twelve 30-day months); (v) have a remaining term to stated maturity not greater than, and not
more than five (5) years less than, the remaining term to stated maturity of the removed Mortgage Loan; (vi) have a then-current
loan-to-value ratio equal to or less than the lesser of the loan-to-value ratio for the removed Mortgage Loan as of the Closing
Date and 75%, in each case using the “value” for the Mortgaged Property as determined using an Appraisal; (vii) comply
as of the date of substitution in all material respects with all of the representations and warranties set forth in the applicable
Mortgage Loan Purchase Agreement; (viii) have an environmental report that indicates no material adverse environmental conditions
with respect to the related Mortgaged Property and which will be delivered as a part of the related Mortgage File; (ix) have a
then-current debt service coverage ratio at least equal to the greater of the original debt service coverage ratio of the removed
Mortgage Loan as of the Closing Date and 1.25x; (x) constitute a “qualified replacement mortgage” within the meaning
of Section 860G(a)(4) of the Code 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 period that extends to a date that is after the date five (5) years
prior to the Rated Final Distribution Date; (xii) have comparable prepayment restrictions to those of the removed Mortgage Loan;
(xiii) not be substituted for a removed Mortgage Loan unless the Trustee and the Certificate Administrator have received Rating
Agency Confirmation from each Rating Agency (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 Control Termination Event has not occurred and is not
continuing and the affected Mortgage Loan is not an Excluded Loan, by the Directing Certificateholder; (xv) prohibit defeasance
within two (2) years of the Closing Date; (xvi) not be substituted for a removed Mortgage Loan if it would result in the termination
of the REMIC status of any Trust REMIC or the imposition of tax on any Trust REMIC other than a tax on income expressly permitted
or contemplated to be imposed by the terms of this Agreement, as determined by an Opinion of Counsel at the cost of the related
Mortgage Loan Seller; (xvii) have an engineering report that indicates no material adverse property condition or deferred maintenance
with respect to the related Mortgaged Property that will be delivered as a part of the related Servicing File; and (xviii) be
current in the payment of all scheduled payments of principal and interest then due. In the event that more than one mortgage
loan is substituted for a removed Mortgage Loan, then the amounts described in clause (i) shall be determined on the basis
of aggregate Stated Principal Balances and each such proposed Qualified Substitute Mortgage Loan shall individually satisfy each
of the requirements specified in clauses (ii) through (xviii); 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 Servicing Fee Rate, the Certificate
Administrator Fee Rate, and the Operating Advisor Fee Rate) shall be lower than the highest fixed Pass-Through Rate (and not based
on, or subject to a cap equal to, the Weighted Average Net Mortgage Rate) of any class of Principal Balance Certificates having
a Certificate Balance then outstanding. When a Qualified Substitute Mortgage Loan is substituted for a removed Mortgage Loan,
the applicable

 

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Mortgage Loan Seller shall certify that the Qualified Substitute Mortgage Loan meets all of the requirements of
the above definition and shall send such certification to the Trustee, the Certificate Administrator and, prior to the occurrence
of a Consultation Termination Event, the Directing Certificateholder.

 

“RAC No-Response
Scenario”: As defined in Section 3.25(a).

 

“RAC Requesting
Party”: As defined in Section 3.25(a).

 

“Rated Final
Distribution Date”: As to each Class of Certificates, the Distribution Date in December 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 agency or other
comparable Person reasonably designated by the Depositor, notice of which designation shall be given to the Trustee, the Certificate
Administrator, the Special Servicer and the Master Servicer, and specific ratings of Moody’s, Fitch and KBRA herein referenced
shall be deemed to refer to the equivalent ratings of the party so designated.

 

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

 

“Rating Agency
Inquiry”: As defined in Section 4.07(c).

 

“Rating Agency
Q&A Forum and Document Request Tool”: As defined in Section 4.07(c).

 

“Realized Loss”:
As defined in Section 4.04(a).

 

“Record Date”:
With respect to any Distribution Date, the last Business Day of the month immediately preceding the month in which that Distribution
Date occurs.

 

“Regular Certificates”:
Any of the Class A-1, Class A-2A, Class A-2B, Class A-3, Class A-4, Class A-SB, Class A-S, Class B, Class C, Class D, Class E,
Class F, Class G, Class X-A, Class X-B and Class X-D Certificates.

 

“Regulation
AB”: Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§ 229.1100-229.1125, as such
may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Commission
or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time.

 

    	-92-

    	 

    

 

“Regulation
AB Companion Loan Securitization”: As defined in Section 11.15(a).

 

“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 or 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 and/or the Certificate Administrator by the Master Servicer or the Special Servicer, as applicable, as such list may from
time to time be amended.

 

“Regulation
D”: Regulation D under the Act.

 

“Regulation
S”: Regulation S under the Act.

 

“Regulation
S Book-Entry Certificates”: The Non-Registered Certificates sold to institutions that are non-United States Securities
Persons in Offshore Transactions in reliance on Regulation S and represented by one or more Book-Entry Non-Registered Certificates
deposited with the Certificate Administrator as custodian for the Depository.

 

“Reimbursement
Rate”: The rate per annum applicable to the accrual of interest on Servicing Advances in accordance with Section
3.03(d) and P&I Advances in accordance with Section 4.03(d), which rate per annum shall equal the Prime Rate.

 

“Related Certificates”
and “Related Lower-Tier Regular Interests”: For each of the following Classes of Certificates, the related Class
of Lower-Tier Regular Interests; and for each of the following Classes of Lower-Tier Regular Interests, the related Class of Certificates
set forth below:

 

	
        Related Certificates
	 	
        Related Lower-Tier Regular
Interest

	Class A-1 Certificates	 	Class LA1 Uncertificated Interest
	Class A-2A Certificates	 	Class LA2A Uncertificated Interest
	Class A-2B Certificates	 	Class LA2B Uncertificated Interest
	Class A-3 Certificates	 	Class LA3 Uncertificated Interest
	Class A-4 Certificates	 	Class LA4 Uncertificated Interest
	Class A-SB Certificates	 	Class LASB Uncertificated Interest
	Class A-S Certificates	 	Class LAS Uncertificated Interest
	Class B Certificates	 	Class LB Uncertificated Interest
	Class C Certificates	 	Class LC Uncertificated Interest
	Class D Certificates	 	Class LD Uncertificated Interest
	Class E Certificates	 	Class LE Uncertificated Interest
	Class F Certificates	 	Class LF Uncertificated Interest
	Class G Certificates	 	Class LG Uncertificated Interest

 

    	-93-

    	 

    

 

“Relevant Servicing
Criteria”: The Servicing Criteria applicable to a specific party, as set forth on Exhibit AA attached hereto.
For clarification purposes, multiple parties can have responsibility for the same Relevant Servicing Criteria. With respect to
a Servicing Function Participant engaged by the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer,
the term “Relevant Servicing Criteria” may refer to a portion of the Relevant Servicing Criteria applicable to the
Master Servicer, the Special Servicer, the Trustee and/or the Certificate Administrator.

 

“REMIC”:
A “real estate mortgage investment conduit” as defined in Section 860D of the Code (or any successor thereto).

 

“REMIC Administrator”:
The Certificate Administrator or any REMIC administrator appointed pursuant to Section 10.04.

 

“REMIC Provisions”:
Provisions of the federal income tax law relating to real estate mortgage investment conduits, which appear at Sections 860A through
860G of subchapter M of chapter 1 of the Code, and related provisions, and temporary and final Treasury Regulations (or proposed
regulations that would apply by reason of their proposed effective date to the extent not inconsistent with temporary or final
regulations) and any rulings or announcements promulgated thereunder, as the foregoing may be in effect from time to time.

 

“Remittance
Date”: The Business Day immediately preceding each Distribution Date.

 

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

 

“REO Account”:
A segregated custodial account or accounts created and maintained by the Special Servicer pursuant to Section 3.14(b) on
behalf of the Trustee for the benefit of the Certificateholders and with respect to any Serviced Whole Loan, for the benefit of
the related Serviced Companion Noteholder, which shall initially be entitled “C-III Asset Management LLC, as Special Servicer,
on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered holders of Wells Fargo Commercial
Mortgage Trust 2015-P2, Commercial Mortgage Pass-Through Certificates, Series 2015-P2, REO Account”. Any such account or
accounts shall be an Eligible Account.

 

“REO Acquisition”:
The acquisition for federal income tax purposes of any REO Property pursuant to Section 3.09.

 

“REO Disposition”:
The sale or other disposition of the REO Property pursuant to Section 3.16.

 

“REO Extension”:
As defined in Section 3.14(a).

 

“REO Loan”:
Each of the Mortgage Loans (and, with respect to any Serviced Whole Loan, the related Companion Loan, as applicable), deemed for
purposes hereof to be outstanding with respect to each REO Property. Each REO Loan shall be deemed to be outstanding for so long
as the applicable portion of the related REO Property (or beneficial

 

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interest
therein, in the case of a Non-Serviced Mortgage Loan) remains part of the Trust Fund and provides for Assumed Scheduled Payments
on each Due Date therefor, and otherwise has the same terms and conditions as its predecessor Mortgage Loan or Companion Loan,
if applicable, including, without limitation, with respect to the calculation of the Mortgage Rate in effect from time to time
(such terms and conditions to be applied without regard to the default on such predecessor Mortgage Loan or Companion Loan, if
applicable). Each REO Loan shall be deemed to have an initial outstanding principal balance and Stated Principal Balance equal
to the outstanding principal balance and Stated Principal Balance, respectively, of its predecessor Mortgage Loan or Companion
Loan, if applicable, as of the date of the related REO Acquisition. All amounts due and owing in respect of the predecessor Mortgage
Loan or Companion Loan, if applicable, as of the date of the related REO Acquisition, including, without limitation, accrued and
unpaid interest, shall continue to be due and owing in respect of a REO Loan. All amounts payable or reimbursable to the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator or the
Trustee, as applicable, in respect of the predecessor Mortgage Loan or Companion Loan, if applicable, as of the date of the related
REO Acquisition, including, without limitation, any unpaid Special Servicing Fees and Servicing Fees, additional trust fund expenses
and any unreimbursed Advances, together with any interest accrued and payable to the Master Servicer or the Trustee, as applicable,
in respect of such Advances in accordance with Section 3.03(d) or Section 4.03(d), shall continue to be payable
or reimbursable to the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate
Administrator or the Trustee, as applicable, in respect of an REO Loan. In addition, Unliquidated Advances and Nonrecoverable
Advances with respect to such REO Loan, in each case, that were paid from collections on the related Mortgage Loans and resulted
in principal distributed to the Certificateholders being reduced as a result of the first proviso in the definition of “Principal
Distribution Amount” shall be deemed outstanding until recovered. Notwithstanding anything to the contrary, with respect
to each Serviced Whole Loan, no amounts relating to the related REO Property or REO Loan allocable to the related Serviced Pari
Passu Companion Loan, as applicable, will be available for amounts due to the Certificateholders or to reimburse the Trust, other
than in the limited circumstances related to Servicing Advances, indemnification payments, Special Servicing Fees and other reimbursable
expenses related to such Serviced Whole Loan incurred with respect to such Serviced Whole Loan, in accordance with Section
3.05(a), or with respect to an AB Subordinate Companion Loan, as set forth in the related Intercreditor Agreement.

 

“REO Property”:
A Mortgaged Property acquired by the Special Servicer on behalf of, and in the name of, the Trustee or a nominee thereof for the
benefit of the Certificateholders (and the related Companion Holder, subject to the related Intercreditor Agreement, with respect
to a Mortgaged Property securing a Serviced Whole Loan) to the extent set forth herein and the Trustee (as holder of the Lower-Tier
Regular Interests) (and also including, if applicable, the Trust’s beneficial interest in a Non-Serviced Mortgaged Property
acquired by the applicable Non-Serviced Special Servicer on behalf of, and in the name of, the applicable Non-Serviced Trustee
or a nominee thereof for the benefit of the certificateholders under the applicable Non-Serviced Trust) through foreclosure, acceptance
of a deed in lieu of foreclosure or otherwise in accordance with applicable law in connection with the default or imminent default
of a Mortgage Loan. References herein to the Special Servicer acquiring, maintaining, managing, inspecting, insuring, selling or
reporting or to Appraisal Reduction Amounts and Final Recovery Determinations with respect to an “REO Property”, shall
not

 

    	-95-

    	 

    

 

include
the Trust’s beneficial interest in a Non-Serviced Mortgaged Property. For the avoidance of doubt, REO Property, to the extent
allocable to a Companion Loan, shall not be an asset of the Trust Fund, any Trust REMIC or the Grantor Trust.

 

“REO Revenues”:
All income, rents and profits derived from the ownership, operation or leasing of any REO Property.

 

“Reportable
Event”: As defined in Section 11.07.

 

“Reporting Requirements”:
As defined in Section 11.12.

 

“Reporting Servicer”:
The Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer (solely with respect to Section 11.06), the Custodian or any Servicing Function Participant engaged by such parties,
as the case may be.

 

“Repurchase
Request”: A Certificateholder Repurchase Request or a PSA Party Repurchase Request.

 

“Repurchase
Request Recipient”: As defined in Section 2.02(g).

 

“Request for
Release”: A release signed by a Servicing Officer of the Master Servicer or the Special Servicer, as applicable, in the
form of Exhibit E attached hereto.

 

“Requesting
Certificateholder”: As defined in Section 2.03(l)(iii).

 

“Requesting
Holders”: As defined in Section 4.05(b).

 

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

 

“Resolution
Failure”: As defined in Section 2.03(k)(iii).

 

“Resolved”:
With respect to a Repurchase Request, (i) that the related Material Defect has been cured, (ii) the related Mortgage Loan has been
repurchased in accordance with the related Mortgage Loan Purchase Agreement, (iii) a mortgage loan has been substituted for the
related Mortgage Loan in accordance with the related Mortgage Loan Purchase Agreement, (iv) the applicable Mortgage Loan Seller
has made a Loss of Value Payment, (v) a contractually binding agreement has been entered into between the Enforcing Servicer, on
behalf of the Trust, and the related Mortgage Loan Seller that settles the related Mortgage Loan Seller’s obligations under
the related Mortgage Loan Purchase Agreement, or (vi) the related Mortgage Loan is no longer property of the Trust as a result
of a sale or other disposition in accordance with this Agreement.

 

“Responsible
Officer”: When used with respect to (i) the Trustee, any officer of the Corporate Trust Office of the Trustee with direct
responsibility for the administration of this Agreement and, 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

 

    	-96-

    	 

    

 

(ii)
the Certificate Administrator, any officer assigned to the Corporate Trust Services group with direct responsibility for the administration
of this Agreement and, 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.

 

“Restricted
Period”: The 40-day period prescribed by Regulation S commencing on the later of (a) the date upon which Certificates
are first offered to Persons other than the Initial Purchasers or Underwriters and any other distributor (as such term is defined
in Regulation S) of the Certificates and (b) the Closing Date.

 

“Retained Fee
Rate”: An amount equal to 0.0000% per annum with respect to each Mortgage Loan.

 

“Retained Defeasance
Rights and Obligations”: As defined in Section 3.18(i).

 

“Review Materials”:
As defined in Section 12.01(b)(i).

 

“Review Package”:
A Rating Agency Confirmation request and any supporting documentation delivered therewith.

 

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

 

“Rule 144A”:
Rule 144A under the Act.

 

“Rule 144A Book-Entry
Certificate”: With respect to the Non-Registered Certificates offered and sold in reliance on Rule 144A, a single, permanent
Book-Entry Certificate, in definitive, fully registered form without interest coupons.

 

“Rules”:
As defined in Section 2.03(n)(iv).

 

“S&P”:
Standard & Poor’s Ratings Services, and its successors in interest. If neither S&P nor any successor remains in existence,
“S&P” shall be deemed to refer to such other nationally recognized statistical rating agency or other comparable
Person reasonably designated by the Depositor, notice of which designation shall be given to the Trustee, the Certificate Administrator,
the Master Servicer, the Directing Certificateholder and the Special Servicer and specific ratings of S&P herein referenced
shall be deemed to refer to the equivalent ratings of the party so designated.

 

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

 

“Sarbanes-Oxley
Certification”: As defined in Section 11.05(a)(iv).

 

“Scheduled Principal
Distribution Amount”: With respect to any Distribution Date and the Mortgage Loans, the aggregate of the principal portions
of the following: (a) all

 

    	-97-

    	 

    

 

Periodic
Payments (excluding Balloon Payments) due in respect of such Mortgage Loans during or, if and to the extent not previously received
or advanced pursuant to Section 4.03 in respect of a preceding Distribution Date (and not previously distributed to Certificateholders),
prior to, the related Collection Period, and all Assumed Scheduled Payments with respect to the Mortgage Loans for the related
Collection Period, in each case to the extent either (i) paid by the Mortgagor as of the Determination Date (or, with respect
to each Mortgage Loan with a Due Date occurring or a Grace Period ending after the related Determination Date, the related Due
Date or last day of such Grace Period, as applicable, to the extent received by the Master Servicer as of the Business Day preceding
the related P&I Advance Date) or (ii) advanced by the Master Servicer or the Trustee, as applicable, pursuant to Section
4.03 in respect of such Distribution Date, and (b) all Balloon Payments with respect to the Mortgage Loans to the extent received
on or prior to the related Determination Date (or, with respect to each Mortgage Loan with a Due Date occurring or a Grace Period
ending after the related Determination Date, the related Due Date or last day of such Grace Period, as applicable, to the extent
received by the Master Servicer as of the Business Day preceding the related P&I Advance Date), and to the extent not included
in clause (a) above.

 

“Secure Data
Room”: The website, which shall initially be located within the Certificate Administrator’s Website (initially
“www.ctslink.com”), under the “Diligence Files” tab on the page relating to this transaction.

 

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

 

“Security Agreement”:
With respect to any Mortgage Loan, any security agreement or equivalent instrument, whether contained in the related Mortgage or
executed separately, creating in favor of the holder of such Mortgage a security interest in the personal property constituting
security for repayment of such Mortgage Loan.

 

“Senior Certificate”:
Any Class A (other than the Class A-S Certificates) or Class X Certificate.

 

“Serviced AB
Whole Loan”: For the avoidance of doubt, there are no Serviced AB Whole Loans related to the Trust.

 

“Serviced Companion
Loan”: Each of (a) the Empire Mall Pari Passu Companion Loans (prior to the Empire Mall Companion Loan Securitization
Date), (b) the Heritage Industrial Portfolio Pari Passu Companion Loan and (c) any AB Subordinate Companion Loan related to a Serviced
AB Whole Loan, as applicable.

 

“Serviced Companion
Loan Securities”: Any class of securities backed, wholly or partially, by any Serviced Pari Passu Companion Loan.

 

“Serviced Companion
Noteholder”: Each of the holders of (a) the Empire Mall Pari Passu Companion Loans (prior to the Empire Mall Companion
Loan Securitization Date), (b) the Heritage Industrial Portfolio Pari Passu Companion Loan and (c) any AB Subordinate Companion
Loan related to a Serviced AB Whole Loan, as applicable.

 

    	-98-

    	 

    

 

“Serviced Mortgage
Loan”: Each of (a) the Empire Mall Mortgage Loan (prior to the Empire Mall Companion Loan Securitization Date), (b) the
Heritage Industrial Portfolio Mortgage Loan and (c) any AB Subordinate Companion Loan related to a Serviced AB Whole Loan, as applicable.

 

“Serviced Pari
Passu Companion Loan”: Each of (a) the Empire Mall Pari Passu Companion Loans (prior to the Empire Mall Companion Loan
Securitization Date) and (b) the Heritage Industrial Portfolio Pari Passu Companion Loan.

 

“Serviced Pari
Passu Companion Loan Securities”: For so long as the related Mortgage Loan or any successor REO Loan is in the Trust
Fund, any class of securities issued by another securitization and backed by a Serviced Pari Passu Companion Loan.

 

“Serviced Pari
Passu Mortgage Loan”: Each of (a) the Empire Mall Mortgage Loan (prior to the Empire Mall Companion Loan Securitization
Date) and (b) the Heritage Industrial Portfolio Mortgage Loan.

 

“Serviced Pari
Passu Whole Loan”: Each of (a) the Empire Mall Whole Loan (prior to the Empire Mall Companion Loan Securitization Date)
and (b) the Heritage Industrial Portfolio Whole Loan.

 

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

 

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

 

“Serviced Securitized
Companion Loan”: Any Companion Loan that is a component of a Serviced Whole Loan, if and for so long as each such Companion
Loan is included in a Regulation AB Companion Loan Securitization.

 

“Serviced Whole
Loan”: Each of (a) the Empire Mall Whole Loan (prior to the Empire Mall Companion Loan Securitization Date) and (b) the
Heritage Industrial Portfolio Whole Loan.

 

“Serviced Whole
Loan Controlling Holder”: The “Controlling Noteholder” or similar term identified in the Intercreditor Agreement
related to a Serviced Whole Loan.

 

“Serviced Whole
Loan Remittance Date”: With respect to any Serviced Companion Loan, the earlier of (A) one (1) Business Day after the
Determination Date or (B) the fifteenth (15th) day of each calendar month (or, if the fifteenth (15th) calendar day of that month
is not a Business Day, then the Business Day immediately succeeding such fifteenth (15th) calendar day), or such earlier date as
required by the related Intercreditor Agreement; provided, however, such Serviced Whole Loan Remittance Date shall
not be earlier than two (2) Business Days following the date the Master Servicer receives the related Periodic Payment with respect
to such Serviced Whole Loan.

 

    	-99-

    	 

    

 

“Servicer Termination
Event”: One or more of the events described in Section 7.01(a).

 

“Servicing Account”:
The account or accounts created and maintained pursuant to Section 3.03(a).

 

“Servicing Advances”:
All customary, reasonable and necessary “out of pocket” costs and expenses (including attorneys’ fees and expenses
and fees of real estate brokers) incurred by the Master Servicer, the Special Servicer, Certificate Administrator, or the Trustee,
as applicable, in connection with the servicing and administering of (a) a Mortgage Loan (and in the case of a Serviced Mortgage
Loan, the related Serviced Companion Loan, as applicable), other than a Non-Serviced Mortgage Loan, in respect of which a default,
delinquency or other unanticipated event has occurred or as to which a default is reasonably foreseeable or (b) a Mortgaged Property
securing a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or an REO Property (other than an REO Property related to a
Non-Serviced Mortgage Loan), including, in the case of each of such clause (a) and clause (b), but not limited to,
(x) the cost of (i) compliance with the Master Servicer’s obligations set forth in Section 3.03(c), (ii) the preservation,
restoration and protection of a Mortgaged Property and the priority of a Mortgage, (iii) obtaining any Insurance and Condemnation
Proceeds or any Liquidation Proceeds of the nature described in clauses (i) – (vi) of the definition of “Liquidation
Proceeds,” (iv) any enforcement or judicial proceedings with respect to a Mortgaged Property, including foreclosures and
(v) the operation, leasing, management, maintenance and liquidation of any REO Property and (y) any amount specifically designated
herein to be paid as a “Servicing Advance”. Notwithstanding anything to the contrary, “Servicing Advances”
shall not include allocable overhead of the Master Servicer or the Special Servicer, such as costs for office space, office equipment,
supplies and related expenses, employee salaries and related expenses and similar internal costs and expenses or costs and expenses
incurred by any such party in connection with its purchase of a Mortgage Loan or REO Property. None of the Master Servicer, the
Special Servicer or the Trustee shall make any Servicing Advance in connection with the exercise of any cure rights or purchase
rights granted to the holder of a Companion Loan under the related Intercreditor Agreement or this Agreement.

 

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

 

“Servicing Fee”:
With respect to each Mortgage Loan (including each Non-Serviced Mortgage Loan), Serviced Companion Loan, and any REO Loan, the
fee payable to the Master Servicer pursuant to the first paragraph of Section 3.11(a).

 

“Servicing Fee
Rate”: With respect to each Mortgage Loan (including any Non-Serviced Mortgage Loan) and REO Loan, a per annum
rate equal to the rate set forth on the Mortgage Loan Schedule under the heading “Servicing Fee Rate”, which rate includes,
in each such case, the rate at which applicable master, primary (other than any Non-Serviced Primary Servicing Fee Rate, which
is not included under such heading) and sub-servicing fees and the Baymont Inn & Suites Las Vegas Retained Fee Amount and the
Keeper’s Self Storage Manhattan Retained Fee Amount accrue, in each case computed on the basis of the Stated

 

    	-100-

    	 

    

 

Principal
Balance of the related Mortgage Loan or REO Loan in the same manner in which interest is calculated in respect of such loans.
With respect to the Empire Mall Whole Loan, (a) prior to the Empire Mall Companion Loan Securitization Date, a per annum
rate equal to 0.0050% and (b) following the Empire Mall Companion Loan Securitization Date, a per annum rate equal to 0.0025%.
With respect to the Heritage Industrial Portfolio Pari Passu Companion Loan, a per annum rate equal to 0.0200%.

 

“Servicing File”:
A photocopy of all items required to be included in the Mortgage File, together with each of the following, to the extent such
items were actually delivered to the related Mortgage Loan Seller, with respect to a Mortgage Loan and (to the extent that the
identified documents existed on or before the Closing Date and the applicable reference to Servicing File relates to any period
after the Closing Date) delivered by the related Mortgage Loan Seller, to the Master Servicer: (i) a copy of any engineering reports
or property condition reports; (ii) other than with respect to a hotel property (except with respect to tenanted commercial space
within a hotel property), copies of a rent roll and, for any office, retail, industrial or warehouse property, a copy of all leases
and estoppels and subordination and non-disturbance agreements delivered to the related Mortgage Loan Seller; (iii) copies of related
financial statements or operating statements; (iv) all legal opinions (excluding attorney-client communications between the related
Mortgage Loan Seller, and its counsel that are privileged communications or constitute legal or other due diligence analyses),
Mortgagor’s certificates and certificates of hazard insurance and/or hazard insurance policies or other applicable insurance
policies, if any, delivered in connection with the closing of the related Mortgage Loan; (v) a copy of the Appraisal for the related
Mortgaged Property(ies); (vi) the documents that were delivered by or on behalf of the Mortgagor, which documents were required
to be delivered in connection with the closing of the related Mortgage Loan; (vii) for any Mortgage Loan that the related Mortgaged
Property is leased to a single tenant, a copy of the lease; and (viii) a copy of all environmental reports that were received by
the applicable Mortgage Loan Seller relating to the relevant Mortgaged Property.

 

“Servicing Function
Participant”: Any Additional Servicer, Sub-Servicer, Subcontractor or any other Person, other than the Master Servicer,
the Special Servicer, the Trustee, the Operating Advisor and the Certificate Administrator, that is performing activities that
address the Servicing Criteria, unless (i) such Person’s activities relate only to 5% or less of the Mortgage Loans by unpaid
principal balance as of any date of determination in accordance with Article XI or (ii) the Depositor reasonably determines
that a Master Servicer or the Special Servicer may, for the purposes of the Exchange Act reporting requirements pursuant to applicable
Commission guidance, take responsibility for the assessment of compliance with the Servicing Criteria of such Person. The Servicing
Function Participants as of the Closing Date are listed on Exhibit GG hereto. Exhibit GG shall be updated and provided
to the Depositor and the Certificate Administrator in accordance with Section 11.10(c).

 

“Servicing Officer”:
Any officer and/or employee of the Master Servicer, the Special Servicer or any Additional Servicer involved in, or responsible
for, the administration and servicing of the Mortgage Loans or Serviced Companion Loans, whose name and specimen signature appear
on a list of servicing officers furnished by the Master Servicer, the Special Servicer or any Additional Servicer to the Certificate
Administrator, the Trustee, the Operating

 

    	-101-

    	 

    

 

Advisor
and the Depositor on the Closing Date as such list may be amended from time to time thereafter.

 

“Servicing Standard”:
As defined in Section 3.01(a).

 

“Servicing Transfer
Event”: With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan), or related Serviced Companion Loan,
the occurrence of any of the following events:

 

(i)           with
respect to a Mortgage Loan or Serviced Companion Loan that is not a Balloon Mortgage Loan, (a) a payment default shall have occurred
at its original Maturity Date, or (b) if the original Maturity Date of such Mortgage Loan or Serviced Companion Loan has been extended
as provided herein, a payment default shall have occurred at such extended Maturity Date; or

 

(ii)          with
respect to each Mortgage Loan or Serviced Companion Loan that is a Balloon Mortgage Loan, the Balloon Payment is delinquent and
the related Mortgagor has not provided the Master Servicer or the Special Servicer, as of the related Maturity Date, with a written
and fully executed (subject only to customary final closing conditions) written commitment for refinancing, from an acceptable
lender, reasonably satisfactory in form and substance to the Special Servicer (and the party receiving such commitment shall promptly
forward a copy of such commitment to the Master Servicer or Special Servicer, as applicable, if it is not evident that a copy has
been delivered to such other party), which provides that such refinancing will occur within one hundred-twenty (120) days of such
related Maturity Date, provided that the Mortgage Loan and any related Serviced Companion Loan, as applicable, will become
a Specially Serviced Loan immediately (a) if, in the judgment of the Special Servicer in accordance with the Servicing Standard,
the related Mortgagor fails to diligently pursue such refinancing, or fails to satisfy any condition of such refinancing or the
related Mortgagor fails to pay any Assumed Scheduled Payment on the related Due Date (subject to any applicable Grace Period) at
any time before the refinancing, (b) if such refinancing does not occur within one hundred twenty (120) days of the related Maturity
Date (or within such shorter period as the refinancing is scheduled to occur pursuant to the related refinancing commitment), or
(iii) the related refinancing commitment is terminated before the refinancing is scheduled to occur; or

 

(iii)         any
Periodic Payment (other than a Balloon Payment) is more than sixty (60) days delinquent (unless, in the case of a Mortgage Loan
with mezzanine debt, prior to such Periodic Payment becoming more than sixty (60) days delinquent the holders of the related Companion
Loan or the holders of related mezzanine debt, as applicable, cures such delinquency, subject to the terms and provisions of the
related Intercreditor Agreement); or

 

(iv)         the
Master Servicer or the Special Servicer (and, in the case of the Special Servicer, with respect to any Mortgage Loan other than
an Excluded Loan

 

    	-102-

    	 

    

 

and unless a Control Termination Event has occurred and is continuing, with the consent of the Directing Certificateholder)
makes a judgment that a payment default is imminent or reasonably foreseeable and is not likely to be cured by the related Mortgagor
within sixty (60) days; 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, or the appointment of a conservator, receiver or
liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the winding-up
or liquidation of its affairs, is entered against the related Mortgagor; provided that if such decree or order was involuntary
and is discharged or stayed within sixty (60) days of being entered, or if, as to a bankruptcy, the automatic stay is lifted within
sixty (60) days of a filing for relief or the case is dismissed, upon such discharge, stay, lifting or dismissal such Mortgage
Loan (and any related Serviced Companion Loan, as applicable), shall no longer be a Specially Serviced Loan (and no Special Servicing
Fees, Workout Fees or Liquidation Fees will be payable with respect thereto and any such fees actually paid shall be reimbursed
to the Trust Fund by the Special Servicer); or

 

(vi)         the
related Mortgagor shall consent to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of
debt, marshaling of assets and liabilities or similar proceedings of or relating to such Mortgagor or of or relating to all or
substantially all of its property; or

 

(vii)        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

 

(viii)       a
default of which the Master Servicer or the Special Servicer, as applicable, has notice (other than a failure by such Mortgagor
to pay principal or interest) and which the Master Servicer or Special Servicer (in the case of the Special Servicer, with respect
to any Mortgage Loan other than an Excluded Loan, prior to the occurrence and continuance of any Control Termination Event, with
the consent of the Directing Certificateholder) determines in its good faith reasonable judgment may materially and adversely affect
the interests of the Certificateholders (and, with respect to any Serviced Whole Loan, the interests of the related Serviced Companion
Noteholder), as a collective whole (taking into account the subordinate or pari passu nature of any Serviced Companion
Loans, as the case may be), if applicable, has occurred and remained unremedied for the applicable Grace Period specified in the
related Mortgage Loan or related Companion Loan documents, other than the failure to maintain terrorism insurance if such failure
constitutes an Acceptable Insurance Default (or if no Grace Period is specified for those defaults which are capable of cure, sixty
(60) days); or

 

    	-103-

    	 

    

 

(ix)          the
Master Servicer or Special Servicer has received notice of the foreclosure or proposed foreclosure of any lien other than the Mortgage
on the related Mortgaged Property; or

 

(x)           the
Master Servicer or Special Servicer (in the case of the Special Servicer, with respect to any Mortgage Loan other than an Excluded
Loan, prior to the occurrence and continuance of any Control Termination Event, with the consent of the Directing Certificateholder)
determines that (i) a default (other than as described in clause (iv) above) under a Mortgage Loan or related Serviced Companion
Loan is imminent or reasonably foreseeable, (ii) such default will materially impair the value of the corresponding Mortgaged Property
as security for the Mortgage Loan and related Serviced Companion Loan (if any) or otherwise materially adversely affect the interests
of Certificateholders (and, with respect to any Serviced Whole Loan, the interests of the related Serviced Companion Noteholder),
as a collective whole (taking into account the subordinate or pari passu nature of any Serviced Companion Loans,
as the case may be), and (iii) the default will continue unremedied for the applicable cure period under the terms of the Mortgage
Loan or related Serviced Companion Loan, as applicable, or, if no cure period is specified and the default is capable of being
cured, for sixty (60) days (provided that such 60-day grace period does not apply to a default that gives rise to immediate
acceleration without application of a grace period under the terms of the Mortgage Loan or related Serviced Companion Loan, as
applicable; provided that any determination that a Servicing Transfer Event has occurred under this clause (x) with
respect to any Mortgage Loan or related Serviced Companion Loan, as applicable, solely by reason of the failure (or imminent failure)
of the related Mortgagor to maintain or cause to be maintained insurance coverage against damages or losses arising from acts of
terrorism may only be made by the Special Servicer (and with respect to any Mortgage Loan other than an Excluded Loan, prior to
the occurrence and continuance of any Control Termination Event, with the consent of the Directing Certificateholder);

 

provided
that any Mortgage Loan (excluding any Non-Serviced Mortgage Loan) that is cross-collateralized with a Specially Serviced Loan shall
be a Specially Serviced Loan so long as such Mortgage Loan is cross-collateralized with a Specially Serviced Loan. If any Serviced
Companion Loan becomes a Specially Serviced Loan, the related Serviced Mortgage Loan shall also become a Specially Serviced Loan.
If any Serviced Mortgage Loan becomes a Specially Serviced Loan, any related Serviced Companion Loan shall also become a Specially
Serviced Loan. With respect to a Non-Serviced Mortgage Loan, the occurrence of a “Servicing Transfer Event” shall be
as defined in the Non-Serviced PSA.

 

“Significant
Obligor NOI Quarterly Filing Deadline”: With respect to each calendar quarter (other than the fourth calendar quarter
of any calendar year), the date that is fifteen (15) days after the Distribution Date occurring on or immediately following the
date on which financial statements for such calendar quarter are required to be delivered to the related lender under the related
Mortgage Loan documents. The Depositor, the Master Servicer and the Certificate Administrator acknowledge that in the event the
Mortgaged Property securing the

 

    	-104-

    	 

    

 

related
Serviced Companion Loan is a “significant obligor” (within the meaning of Item 1101(k) of Regulation AB) with respect
to an Other Securitization that includes such Serviced Companion Loan, the date on which quarterly financial statements are required
to be delivered to the related lender under the related Mortgage Loan documents is, with respect to net operating income information,
for the Heritage Industrial Portfolio Pari Passu Companion Loan, thirty (30) days following the end of each fiscal quarter, subject
to the terms of the related loan agreement.

 

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

 

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

 

“Sole Certificateholder”:
Any Certificate Owner, or Certificate Owners acting in unanimity, of a Book-Entry Certificate or a Holder of a Definitive Certificate
holding 100% of the then-outstanding Class E, Class F and Class G Certificates; provided, however, that the Certificate
Balances of the Class A-1, Class A-2A, Class A-2B, Class A-3, Class A-4, Class A-SB, Class A-S, Class B, Class C, and Class D Certificates
have been retired.

 

“Special Notice”:
As defined in Section 5.06.

 

“Special Servicer”:
With respect to (i) each of the Mortgage Loans (other than any Non-Serviced Mortgage Loan and any Excluded Special Servicer Loan)
and the Serviced Companion Loans, C-III Asset Management LLC, and its successors in interest and assigns, or any successor special
servicer appointed as herein provided and (ii) any Excluded Special Servicer Loan, if any, the related Excluded Special Servicer
appointed pursuant to Section 7.01(g) of this Agreement, as applicable and as the context may require.

 

“Special Servicing
Fee”: With respect to each Specially Serviced Loan and REO Loan (other than a Non-Serviced Mortgage Loan), the fee payable
to the Special Servicer pursuant to Section 3.11(b).

 

“Special Servicing
Fee Rate”: With respect to each Specially Serviced Loan and each REO Loan (other than a Non-Serviced Mortgage Loan) on
a loan by loan basis, (a) 0.2500% per annum computed on the basis of the Stated Principal Balance of the related Mortgage Loan
(including any REO Loan) and Companion Loan, as applicable, in the same manner as interest is calculated on such Specially Serviced
Loan; and (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 Loan shall be a rate equal to such higher
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 Loan.

 

“Specially Serviced
Loan”: As defined in Section 3.01(a).

 

“Sponsors”:
The Mortgage Loan Sellers.

 

“Startup Day”:
The day designated as such in Section 10.01(b).

 

    	-105-

    	 

    

 

“Stated Principal
Balance”: With respect to any Mortgage Loan, as of any date of determination, an amount equal to (x) the Cut-off Date
Balance of such Mortgage Loan (or in the case of a Qualified Substitute Mortgage Loan, the unpaid principal balance of such Mortgage
Loan after application of all scheduled payments of principal and interest due during or prior to the month of substitution, whether
or not received) minus (y) the sum of:

 

(i)           the
principal portion of each Periodic Payment due on such Mortgage Loan after the Cut-off Date (or in the case of a Qualified Substitute
Mortgage Loan, due after the Due Date in the related month of substitution), to the extent received from the Mortgagor or advanced
by the Master Servicer;

 

(ii)          all
Principal Prepayments received with respect to such Mortgage Loan after the Cut-off Date (or in the case of a Qualified Substitute
Mortgage Loan, after the Due Date in the related month of substitution);

 

(iii)         the
principal portion of all Insurance and Condemnation Proceeds (to the extent allocable to principal on such Mortgage Loan) and Liquidation
Proceeds received with respect to such Mortgage Loan after the Cut-off Date (or in the case of a Qualified Substitute Mortgage
Loan, after the Due Date in the related month of substitution); and

 

(iv)         any
reduction in the outstanding principal balance of such Mortgage Loan resulting from a Deficient Valuation or a modification of
such Mortgage Loan pursuant to the terms and provisions of this Agreement that occurred prior to the end of the Collection Period
for the most recent Distribution Date.

 

With respect to any REO
Loan that is a successor to a Mortgage Loan, as of any date of determination, an amount equal to (x) the Stated Principal Balance
of the predecessor Mortgage Loan as of the date of the related REO Acquisition, minus (y) the sum of:

 

(i)           the
principal portion of any P&I Advance made with respect to such REO Loan; and

 

(ii)          the
principal portion of all Insurance and Condemnation Proceeds (to the extent allocable to principal on the related Mortgage Loan),
Liquidation Proceeds and REO Revenues received with respect to such REO Loan.

 

A Mortgage Loan or an
REO Loan that is a successor to a Mortgage Loan shall be deemed to be part of the Trust Fund and to have an outstanding Stated
Principal Balance until the Distribution Date on which the payments or other proceeds, if any, received in connection with a Liquidation
Event in respect thereof are to be (or, if no such payments or other proceeds are received in connection with such Liquidation
Event, would have been) distributed to Certificateholders.

 

With respect to each
Companion Loan on any date of determination, the Stated Principal Balance shall equal the unpaid principal balance of such Companion
Loan as of such date. On any date of determination, the Stated Principal Balance of each Whole Loan shall equal

 

    	-106-

    	 

    

 

the
sum of the Stated Principal Balances of the related Mortgage Loan and the related Companion Loan, as applicable, on such date.

 

With respect to any REO
Loan that is a successor to a Companion Loan as of any date of determination, the Stated Principal Balance shall equal (x) the
Stated Principal Balance of the predecessor Companion Loan as of the date of the related REO Acquisition, minus (y) the
principal portion of any amounts allocable to the related Companion Loan in accordance with the related Intercreditor Agreement.

 

“Subcontractor”:
Any vendor, subcontractor or other Person that is not responsible for the overall servicing (as “servicing” is commonly
understood by participants in the mortgage-backed securities market) of Mortgage Loans but performs one or more discrete functions
identified in Item 1122(d) of Regulation AB with respect to Mortgage Loans under the direction or authority of the Master Servicer,
the Special Servicer, the Operating Advisor, an Additional Servicer or a Sub-Servicer.

 

“Subordinate
Certificate”: Any Class A-S, Class B, Class C, Class D, Class E, Class F and Class G Certificate.

 

“Subordinate
Companion Holder”: The holder of any AB Subordinate Companion Loan.

 

“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 a substantial portion of the material
servicing functions required to be performed by the Master Servicer, the Special Servicer or an Additional Servicer under this
Agreement, with respect to some or all of the Mortgage Loans that are identified in Item 1122(d) of Regulation AB.

 

“Sub-Servicing
Agreement”: The written contract between the Master 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 3.20.

 

“Substitution
Shortfall Amount”: With respect to a substitution pursuant to Section 2.03(b) hereof, 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 removed Mortgage Loans, the Substitution Shortfall Amount shall
be determined as provided in the preceding sentence on the basis of the aggregate Purchase Prices of the Mortgage Loan(s) being
replaced and the aggregate Stated Principal Balances of the related Qualified Substitute Mortgage Loan(s).

 

“Surviving Entity”:
As defined in Section 6.03(b).

 

“Tax Returns”:
The federal income tax returns on (i) Internal Revenue Service Form 1066, U.S. Real Estate Mortgage Investment Conduit (REMIC)
Income Tax Return,

 

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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 due to its respective classification as a REMIC under the REMIC Provisions and
(ii) Internal Revenue Service Form 1041 or Internal Revenue Service Form 1099, as applicable, or any successor forms to be filed
on behalf of the Grantor Trust, together with any and all other information, reports or returns that may be required to be furnished
to the Certificateholders or filed with the Internal Revenue Service or any other governmental taxing authority under any applicable
provisions of federal tax law or Applicable State and Local Tax Law.

 

“Temporary Regulation
S Book-Entry Certificate”: As defined in Section 5.02(a).

 

“Test”:
As defined in Section 12.01(b)(iv).

 

“Transfer”:
Any direct or indirect transfer, sale, pledge, hypothecation, or other form of assignment of any Ownership Interest in a Certificate.

 

“Transferable
Servicing Interest”: The amount by which the Servicing Fee otherwise payable to the Master Servicer hereunder exceeds
the sum of (i) the Primary Servicing Fee and (ii) the amount of the Servicing Fee calculated using the Retained Fee Rate, which
is subject to reduction by the Trustee pursuant to Section 3.11(a) of this Agreement.

 

“Transferee”:
Any Person who is acquiring by Transfer any Ownership Interest in a Certificate.

 

“Transferee
Affidavit”: As defined in Section 5.03(n)(ii).

 

“Transferor”:
Any Person who is disposing by Transfer any Ownership Interest in a Certificate.

 

“Transferor
Letter”: As defined in Section 5.03(n)(ii).

 

“Trust”:
The trust created hereby and to be administered hereunder. The Trust shall be named: “Wells Fargo Commercial Mortgage Trust
2015-P2”.

 

“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 (including any Qualified Substitute Mortgage Loan replacing a removed Mortgage Loan), together
with the Mortgage Files relating thereto (subject to, in the case of a Serviced Whole Loan, the interests of the related Serviced
Companion Noteholder in the related Mortgage File); (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 (to the extent of the Trust’s interest therein) or the Trust’s beneficial
interest in the Mortgaged Property securing a Non-Serviced Whole Loan acquired under the related Non-Serviced PSA; (iv) all revenues
received in respect of any REO Property (to the extent of the Trust’s interest therein); (v) the Master Servicer’s,
the Special Servicer’s, the Certificate Administrator’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 (to the extent
of the Trust’s interest

 

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therein);
(vi) any Assignment of Leases and any security agreements (to the extent of the Trust’s interest therein); (vii) any letters
of credit, indemnities, guaranties or lease enhancement policies given as additional security for any related Mortgage Loans (to
the extent of the Trust’s interest therein); (viii) all assets deposited in the Loss of Value Reserve Fund and the Servicing
Accounts (to the extent of the Trust’s interest therein), amounts on deposit in the Collection Account (to the extent of
the Trust’s interest therein), the Lower-Tier REMIC Distribution Account, the Upper-Tier REMIC Distribution Account, the
Excess Interest Distribution Account, the Interest Reserve Account, the Gain-on-Sale Reserve Account (to the extent of the Trust’s
interest in such Gain-on-Sale Reserve Account) and any REO Account (to the extent of the Trust’s interest in such REO Account),
including any reinvestment income, as applicable; (ix) any Environmental Indemnity Agreements (to the extent of the Trust’s
interest therein); (x) the rights and remedies of the Depositor under each Mortgage Loan Purchase Agreement (to the extent transferred
to the Trustee); (xi) the Lower-Tier Regular Interests; and (xii) the proceeds of the foregoing (other than any interest earned
on deposits in the lock-box accounts, cash collateral accounts, escrow accounts and any reserve accounts, to the extent such interest
belongs to the related Mortgagor).

 

“Trust-Related
Litigation”: As defined in Section 3.32.

 

“Trust REMIC”:
As defined in the Preliminary Statement.

 

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

 

“Trustee Fee”:
The fee to be paid to the Trustee as compensation for the Trustee’s activities under this Agreement, which fee is included
as part of the Certificate Administrator Fee. No portion of the Trustee Fee shall be calculated by reference to any Companion Loan
or the Stated Principal Balance of any Companion Loan. The Trustee Fee shall be equal to $210 per month and shall be paid as a
portion of the Certificate Administrator Fee.

 

“UCC”:
The Uniform Commercial Code, as enacted in each applicable state.

 

“UCC Financing
Statement”: A financing statement prepared and filed pursuant to the UCC, as in effect in the relevant jurisdiction.

 

“Underwriters”:
Wells Fargo Securities, LLC, Citigroup Global Markets Inc., SG Americas Securities LLC and DBSI.

 

“Uninsured Cause”:
Any cause of damage to property subject to a Mortgage such that the complete restoration of such property is not fully reimbursable
by the hazard insurance policies or flood insurance policies required to be maintained pursuant to Section 3.07.

 

“United States
Securities Person”: Any “U.S. person” as defined in Rule 902(k) of Regulation S.

 

“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, on the other, as part of a Workout-Delayed Reimbursement Amount

 

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pursuant
to subsections (iii) and (iv) of Section 3.05(a) but that has not been recovered from the Mortgagor or otherwise
from collections on or the proceeds of the related Mortgage Loan or REO Property in respect of which the Advance was made.

 

“Unscheduled
Principal Distribution Amount”: With respect to any Distribution Date and the Mortgage Loans, the aggregate of the following:
(a) all Principal Prepayments received on such Mortgage Loan on or prior to the Determination Date and (b) the principal portions
of all Liquidation Proceeds, Insurance and Condemnation Proceeds (net of Special Servicing Fees, Liquidation Fees, accrued interest
on Advances and other additional expenses of the Trust incurred in connection with the related Mortgage Loan) and, if applicable,
REO Revenues received with respect to such Mortgage Loan and any REO Loans on or prior to the related Determination 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 pursuant to Section 4.03 in respect of a preceding Distribution Date.

 

“Unsolicited
Information”: As defined in Section 12.01(b)(iii).

 

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

 

“Upper-Tier
REMIC Distribution Account”: The segregated account or accounts (or a subaccount of the Distribution Account) created
and maintained by the Certificate Administrator (on behalf of the Trustee) pursuant to Section 3.04(b) in trust for the
Certificateholders, which shall initially be entitled “Wells Fargo Bank, National Association, as Certificate Administrator,
on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered holders of Wells Fargo Commercial
Mortgage Trust 2015-P2, Commercial Mortgage Pass-Through Certificates, Series 2015-P2, Upper-Tier REMIC Distribution Account”.
Any such account or accounts shall be an Eligible Account.

 

“U.S. Dollars”
or “$”: Lawful money of the United States of America.

 

“U.S. Tax Person”:
A citizen or resident of the United States, a corporation or 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).

 

“Voting Rights”:
The portion of the voting rights of all of the Certificates which is allocated to any Certificate. At all times during the term
of this Agreement, the Voting Rights shall be allocated among the various Classes of Certificateholders as follows: (i) 2% in the
case of the Class X Certificates (allocated pro rata, based upon their respective Notional Amounts as

 

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of
the date of determination) and (ii) in the case of the Principal Balance Certificates, a percentage equal to the product of 98%
and a fraction, the numerator of which is equal to the Certificate Balance (and solely in connection with any vote for purposes
of determining whether to remove the Special Servicer pursuant to Section 7.01(d) and the Operating Advisor pursuant to
Section 3.26(j) or the Asset Representations Reviewer pursuant to Section 12.05, taking into account any notional
reduction in the Certificate Balance for Appraisal Reduction Amounts allocated to the Certificates pursuant to Section 4.05(a)
hereof) of such Class, in each case, determined as of the Distribution Date immediately preceding such time, and the denominator
of which is equal to the aggregate Certificate Balance (and solely in connection with any vote for purposes of determining whether
to remove the Special Servicer pursuant to Section 7.01(d), the Operating Advisor pursuant to Section 3.26(j) or
the Asset Representations Reviewer pursuant to Section 12.05, taking into account any notional reduction in the Certificate
Balance for Appraisal Reduction Amounts allocated to the Certificates pursuant to Section 4.05(a) hereof) of the Principal
Balance Certificates, determined as of the Distribution Date immediately preceding such time. Neither the Class R nor Class V
Certificates will be entitled to any Voting Rights.

 

“Weighted Average
Net Mortgage Rate”: With respect to any Distribution Date, the weighted average of the applicable Net Mortgage Rates
of the Mortgage Loans (including any Non-Serviced Mortgage Loans) as of the first day of the related Collection Period, weighted
on the basis of their respective Stated Principal Balances as of the first day of such Collection Period (after giving effect to
any payments received during any applicable Grace Period).

 

“WHFIT”:
A “Widely Held Fixed Investment Trust” as that term is defined in Treasury Regulations Section 1.671-5(b)(22) or successor
provisions.

 

“WHFIT Regulations”:
Treasury Regulations Section 1.671-5, as amended or successor provisions.

 

“WHMT”:
A “Widely Held Mortgage Trust” as that term is defined in Treasury Regulations Section 1.671-5(b)(23) or successor
provisions.

 

“Whole Loan”:
Any of (i) the Empire Mall Whole Loan, (ii) the Heritage Industrial Portfolio Whole Loan, (iii) the Harbor Pointe Apartments Whole
Loan, (iv) the Anchorage Marriott Downtown Whole Loan, (v) the Harvey Building Products Portfolio Whole Loan, and (vi) the JW Marriott
Santa Monica Le Merigot Whole Loan.

 

“Withheld Amounts”:
As defined in Section 3.21(a).

 

“Workout-Delayed
Reimbursement Amounts”: With respect to any Mortgage Loan, the amount of any Advances made with respect to such Mortgage
Loan on or before the date such Mortgage Loan becomes (or, but for the making of three Periodic 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 (and accrued and unpaid interest thereon) is not reimbursed to the Person who made such Advance on or before
the date, if any, on which Mortgage Loan becomes a Corrected Loan and (ii) the amount of such Advance (and accrued and unpaid interest
thereon) becomes an obligation of the related Mortgagor to pay such amount under the terms of the modified loan documents. That
any

 

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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 in accordance with Section 3.11(c).

 

“Workout Fee
Rate”: With respect to each Corrected Loan and in accordance with Section 3.11(c), a fee of 1.00% of each collection
(other than Penalty Charges and Excess Interest) of interest and principal (other than any amount for which a Liquidation Fee would
be paid), including (i) Periodic Payments, (ii) Balloon Payments, (iii) Principal Prepayments and (iv) payments (other than those
included in clause (i) or (ii) of this definition) at maturity or on the Anticipated Repayment Date, received on
each Corrected Loan for so long as it remains a Corrected Loan.

 

“Yield Maintenance
Charge”: With respect to any Mortgage Loan, any premium, fee or other additional amount paid or payable, as the context
requires, by a borrower in connection with a principal prepayment on, or other early collection of principal of, a Mortgage Loan,
calculated, in whole or in part, pursuant to a yield maintenance formula or otherwise pursuant to a formula that reflects the lost
interest, including any specified amount or specified percentage of the amount prepaid which constitutes the minimum amount that
such Yield Maintenance Charge may be.

 

Section
1.02     Certain Calculations. Unless otherwise specified
herein, for purposes of determining amounts with respect to the Certificates and the rights and obligations of the parties hereto,
the following provisions shall apply:

 

(i)            All
calculations of interest (other than as provided in the related Mortgage Loan documents) provided for herein shall be made on the
basis of a 360-day year consisting of twelve 30-day months.

 

(ii)           Any
Mortgage Loan or Companion Loan payment is deemed to be received on the date such payment is actually received by the Master Servicer
or the Special Servicer; 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 the Servicing
Standard consistent with the terms of the related Mortgage Note and Mortgage to reduce the outstanding principal balance of such
Mortgage Loan, on which interest accrues.

 

(iii)          Any
reference to the Certificate Balance of any Class of Principal Balance Certificates on or as of a Distribution Date shall refer
to the Certificate Balance of such Class of Principal Balance Certificates on such Distribution Date after giving effect to (a)
any distributions made on such Distribution Date pursuant to Section 4.01(a) and (c), (b) any Realized Losses allocated
to such Class of Principal Balance Certificates on that Distribution Date pursuant to Section 4.04, and (c) any recoveries
on the related Mortgage Loans of Nonrecoverable Advances (plus interest thereon) that were previously reimbursed from principal
collections on the related Mortgage Loans, that resulted in a

 

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reduction of the Principal Distribution Amount, which recoveries
are allocated to such Class of Principal Balance Certificates, and added to the Certificate Balance pursuant to Section 4.04(a).

 

(iv)          Unless
otherwise specifically provided for herein, all net present value calculations and determinations made with respect to a Mortgage
Loan, Serviced Companion Loan, Mortgaged Property or REO Property (including for purposes of the definition of “Servicing
Standard”) shall be made, in the event the Mortgage Loan documents are silent, using a discount rate (a) for principal
and interest payments on a Mortgage Loan, Serviced Companion Loan, as applicable, or sale by the Special Servicer of a Defaulted
Loan, the highest of (x) the rate determined by the Master Servicer or Special Servicer, as applicable, that approximates the market
rate that would be obtainable by the related Mortgagor on similar non-defaulted debt of such Mortgagor as of such date of determination,
(y) the Mortgage Rate on the applicable Mortgage Loan or Serviced Companion Loan based on its outstanding principal balance and
(z) the yield on 10-year U.S. treasuries as of such date of determination, and (b) for all other cash flows, including property
cash flow, the “discount rate” set forth in the most recent Appraisal (or update of such Appraisal) of the related
Mortgaged Property.

 

(v)           Any
reference to “expense of the trust” or “additional trust fund expense” or words of similar import shall
be construed to mean, for any Serviced Mortgage Loan, an expense that shall be applied in accordance with the related Intercreditor
Agreement or, if no application is specified in the related Intercreditor Agreement, then, to the extent such Intercreditor Agreement
refers to this Agreement for the application of trust fund expenses or such Intercreditor Agreement does not prohibit the following
application of trust fund expenses (i) with respect to any Serviced Pari Passu Whole Loan, pro rata and pari passu,
to the Trust and Serviced Pari Passu Companion Loan in accordance with the respective Stated Principal Balances of the related
Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion Loan or (ii) with respect to any AB Whole Loan, first,
to the related AB Subordinate Companion Loan and then, to the Trust.

 

[End of Article I]

 

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, appoint the Trustee as trustee of the trust, assign, sell,
transfer and convey to the Trustee, in trust, without recourse, for the benefit of the Certificateholders and the Trustee (as holder
of the Lower-Tier Regular Interests) 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 (other than Section 4(c), (d) and (f)) and 5 (other than Section 5(f), (g), (h) and (i)) and, to the extent related to
the foregoing, Sections 9, 10, 11, 12, 13, 14, 15, 17 and 18 of each of the Mortgage Loan Purchase Agreements and Section 19 of

 

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the
Mortgage Loan Purchase Agreement among the Depositor, Ladder Capital Finance LLC and Ladder Capital Finance Holdings LLLP; (iii)
the Intercreditor Agreements, and (iv) all other assets included or to be included in the Trust Fund. Such assignment includes
all interest and principal received or receivable on or with respect to the Mortgage Loans (in each case, other than (i) payments
of principal and interest due and payable on the Mortgage Loans on or before the Cut-off Date; (ii) prepayments of principal collected
on or before the Cut-off Date; (iii) with respect to those Mortgage Loans that were closed in December 2015 but have their first
Due Date in January 2016, any interest amounts relating to the period prior to the Cut-off Date; and (iv) any Retained Defeasance
Rights and Obligations with respect to the Mortgage Loans). The transfer of the Mortgage Loans and the related rights and property
accomplished hereby is absolute and, notwithstanding Section 13.07, is intended by the parties to constitute a sale. In
connection with the assignment to the Trustee of Sections 2, 3, 4 (other than Section 4(c), (d) and (f)) and 5 (other than Section
5(f), (g), (h) and (i)) and, to the extent related to the foregoing, Sections 9, 10, 11, 12, 13, 14, 15, 17 and 18 of each of
the Mortgage Loan Purchase Agreements and Section 19 of the Mortgage Loan Purchase Agreement among the Depositor, Ladder Capital
Finance LLC and Ladder Capital Finance Holdings LLLP, it is intended that the Trustee get the benefit of Sections 10, 13 and 15
thereof in connection with any exercise of rights under the assigned Sections, and the Depositor shall use its best efforts to
make available to the Trustee the benefits of Sections 10, 13 and 15 in connection therewith.

 

(b)           In
connection with the Depositor’s assignment pursuant to subsection (a) above, the Depositor shall direct, and hereby
represents and warrants that it has directed, the Mortgage Loan Sellers pursuant to the applicable Mortgage Loan Purchase Agreement
to deliver and deposit with, or cause to be delivered to and deposited with, the Custodian, (A) on or before the Closing Date,
the Mortgage Note relating to each Mortgage Loan so assigned, endorsed to the Trustee or in blank as specified in clause (i)
of the definition of “Mortgage File” (or, alternatively, if the original executed Mortgage Note has been lost, a lost
note affidavit and indemnity with a copy of such Mortgage Note as specified in clause (i) of the definition of “Mortgage
File”) and (B) on or before the date that is 45 days following the Closing Date, the remainder of the Mortgage File for each
Mortgage Loan and, except in the case of a Mortgage Loan that is a Non-Serviced Whole Loan as of the Closing Date, any other items
required to be delivered or deposited by the Mortgage Loan Seller pursuant to this Agreement (other than amounts from reserve accounts
and originals of letters of credit, which shall be transferred to the Master Servicer) for each Mortgage Loan. If the applicable
Mortgage Loan Seller cannot deliver, or cause to be delivered, as to any Mortgage Loan, the original Mortgage Note, the delivery
requirements of the applicable Mortgage Loan Purchase Agreement and this Section 2.01(b) shall be deemed to have been satisfied
upon such Mortgage Loan Seller’s delivery of a copy or duplicate original of such Mortgage Note, together with an affidavit
certifying that the original thereof has been lost or destroyed and indemnifying the Trustee and the Trust. If the applicable Mortgage
Loan Seller cannot deliver, or cause to be delivered, as to any Mortgage Loan, any of the documents and/or instruments referred
to in clauses (ii), (iv), (vii) and (ix) of the definition of “Mortgage File” (or, if applicable,
a copy thereof) with evidence of filing or recording thereon (if intended to be recorded or filed), solely because of a delay caused
by the public filing or recording office where such document or instrument has been delivered, or will be delivered within 10 Business
Days of the Closing Date, for filing or recordation, the delivery requirements of the applicable Mortgage Loan Purchase Agreement
and this Section 2.01(b) shall be deemed to have been satisfied on a provisional basis as of the Closing

 

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Date
as to such non-delivered document or instrument, and such non-delivered document or instrument shall be deemed to have been included
in the Mortgage File, if a duplicate original or a photocopy of such non-delivered document or instrument (certified by the applicable
public filing or recording office, the applicable title insurance company or the applicable Mortgage Loan Seller to be a true
and complete copy of the original thereof submitted or to be submitted for filing or recording) is delivered to the Custodian
on or before the date set forth herein, and either the original of such non-delivered document or instrument, or a photocopy thereof
(certified by the appropriate county recorder’s office or the applicable title insurance company, in the case of the documents
and/or instruments referred to in clause (ii) of the definition of “Mortgage File”, to be a true and complete
copy of the original thereof submitted for recording), with evidence of filing or recording thereon, is delivered to the Custodian
within one hundred-eighty (180) days of the Closing Date (or within such longer period, not to exceed eighteen (18) months, after
the Closing Date as the Custodian shall consent to as long as the applicable Mortgage Loan Seller is, as certified in writing
to the Trustee and the Custodian no less often than every ninety (90) days following such 180–day period after the Closing
Date, attempting in good faith to obtain from the appropriate public filing office or county recorder’s office such original
or photocopy). If the applicable Mortgage Loan Seller is required to, but cannot, deliver, or cause to be delivered, as to any
Mortgage Loan, any of the documents and/or instruments referred to in clauses (ii), (iv), (vii), and (ix)
(or, if applicable, a copy thereof) of the definition of “Mortgage File,” with evidence of filing or recording
thereon (if intended to be recorded or filed), for any other reason, including, without limitation, that such non-delivered document
or instrument has been lost or destroyed, the delivery requirements of the applicable Mortgage Loan Purchase Agreement and this
Section 2.01(b) shall be deemed to have been satisfied as to such non-delivered document or instrument, and such non-delivered
document or instrument shall be deemed to have been included in the Mortgage File, if a photocopy of such non-delivered document
or instrument (with evidence of filing or recording thereon and certified in the case of the documents and/or instruments referred
to in clause (ii) of the definition of “Mortgage File” by the appropriate county recorder’s office or
the applicable title insurance company to be a true and complete copy of the original thereof submitted for recording) is delivered
to the Custodian on or before the date set forth herein. Neither the Trustee nor any Custodian shall in any way be liable for
any failure by any Mortgage Loan Seller or the Depositor to comply with the delivery requirements of the related Mortgage Loan
Purchase Agreement and this Section 2.01(b). If, on the Closing Date as to any Mortgage Loan, subject to the next sentence,
the applicable Mortgage Loan Seller is required to, but cannot, deliver (in complete and recordable form or form suitable for
filing or recording, if applicable) any one of the assignments in favor of the Trustee referred to in clause (iii), clause
(v), or clause (x) of the definition of “Mortgage File” solely because of the unavailability of filing
or recording information as to any existing document or instrument, such Mortgage Loan Seller may provisionally satisfy the delivery
requirements of the related Mortgage Loan Purchase Agreement and this Section 2.01(b) with respect to such assignment by
delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in
the form of Exhibit H; provided that all required original assignments with respect to such Mortgage Loan (in fully
complete and recordable form or form suitable for filing or recording, if applicable) are delivered to the Custodian within one
hundred-eighty (180) days after the Closing Date (or within such longer period, not to exceed eighteen (18) months, which the
Custodian shall consent to so long as the applicable Mortgage Loan Seller is, as certified in

 

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writing to the Trustee and the Custodian
no less often than every ninety (90) days following such 180–day period after the Closing Date, attempting in good faith
to obtain from the appropriate public filing office or county recorder’s office the applicable filing or recording information
as to the related document or instrument); and provided, further, that in the case of a Non-Serviced Mortgage Loan,
the delivery of any such assignments shall be subject to clause (e) of the final proviso to the definition of “Mortgage
File” herein. As to any Mortgage Loan, the related Mortgage Loan Seller or its agent is responsible for recording or filing,
as applicable, any one of the assignments in favor of the Trustee referred to in clause (iii), clause (v), or clause
(x) of the definition of “Mortgage File”, and such Mortgage Loan Seller may provisionally satisfy the delivery
requirements of the related Mortgage Loan Purchase Agreement and this Section 2.01(b) with respect to such assignment by
delivering to the Custodian with respect to such Mortgage Loan on the Closing Date a copy of such assignment in the form sent
for recording or filing or (except for recording or filing information not yet available) to be sent for recording or filing;
provided that an original or copy of such assignment (with evidence of recording or filing, as applicable, indicated thereon)
shall be delivered to the Custodian as contemplated by Section 2.01(c) of this Agreement. Notwithstanding anything
herein to the contrary, with respect to letters of credit referred to in clause (xii) of the definition of “Mortgage
File”, the applicable Mortgage Loan Seller shall deliver the original to the Master Servicer (which letter of credit shall
be titled in the name of, or assigned to, “Wells Fargo Bank, National Association”, as Master Servicer, on behalf
of Wilmington Trust, National Association, as Trustee, for the benefit of registered holders of Wells Fargo Commercial Mortgage
Securities Trust 2015-P2, Commercial Mortgage Pass Through Certificates, Series 2015-P2”), and a copy to the Custodian or,
if such original has been submitted by the applicable Mortgage Loan Seller to the issuing bank to effect a reissuance, assignment
or amendment of such letter of credit (changing the beneficiary thereof to the Master Servicer (in care of the Trustee, as titled
above) that may be required in order for the Master Servicer to draw on such letter of credit on behalf of the Trust in accordance
with the applicable terms thereof and/or of the related Mortgage Loan documents), the applicable Mortgage Loan Seller shall be
deemed to have satisfied the delivery requirements of the related Mortgage Loan Purchase Agreement and this Section 2.01(b)
by delivering with respect to any letter(s) of credit a copy thereof to the Custodian indicating that such document has been
delivered to the issuing bank for reissuance 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), one of which shall be delivered to the Custodian within forty-five
(45) days after the Closing Date. 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 Trust in accordance with the applicable terms thereof and/or
of the related Mortgage 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 Custodian within forty-five (45) days of the Closing Date;
provided that with respect to the Empire Mall Mortgage Loan, no such assignments shall be made until the earliest of (i)
the Empire Mall Companion Loan Securitization Date, in which case such assignments shall be made in accordance with the related
Non-Serviced PSA, (ii) the earlier of (A) 180 days after the Closing Date and (B) such time as any such letter of credit is required
to be drawn upon by the Master Servicer and (iii) in the event the Empire Mall Mortgage Loan becomes a Specially Serviced Loan
prior to the securitization of the Empire Mall Controlling Pari Passu Companion

 

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Loan, in which case such assignments shall be
made in favor of the Trustee for the benefit of the Certificateholders and for the benefit of the holders of the Empire Mall Pari
Passu Companion Loans, until the occurrence of the Empire Mall Companion Loan Securitization Date. Contemporaneous with the securitization
of the Empire Mall Controlling Pari Passu Companion Loan, any such related letter of credit shall be assigned to the related Non-Serviced
Master Servicer or related Non-Serviced Trustee, as applicable, as provided in the related Non-Serviced PSA. If not otherwise
paid by the related Mortgagor, 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 Trust and shall cooperate
with the reasonable requests of the Master Servicer 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
Trust.

 

(c)           Except in the
case of a Non-Serviced Mortgage Loan, the related Mortgage Loan Seller is required at its sole cost and expense, to itself, or
to engage a third party to, put each Assignment of Mortgage, each assignment of Assignment of Leases and each assignment of each
UCC Financing Statement (collectively, the “Assignments” and, individually, “Assignment”)
relating to the Mortgage Loans conveyed by it under the applicable Mortgage Loan Purchase Agreement in proper form for filing or
recording, as applicable, and to submit such Assignments for filing or recording, as the case may be, in the applicable public
filing or recording office. On the Closing Date, the Mortgage Loan Sellers may deliver one (1) omnibus assignment for all such
Mortgage Loans substantially in the form of Exhibit H hereto to the Custodian as provided in Section 2.01(b). Except
under the circumstances provided for in the last sentence of this subsection (c) and except in the case of a Non-Serviced
Mortgage Loan, the related Mortgage Loan Seller will itself, or a third party at such Mortgage Loan Seller’s expense will,
promptly (and in any event within one hundred-twenty (120) days after the later of the Closing Date and the related Mortgage Loan
Seller’s actual receipt of the related documents and the necessary recording and filing information) cause to be submitted
for recording or filing, as the case may be, in the appropriate public office for real property records or UCC Financing Statements,
as appropriate, each Assignment. Each such Assignment submitted for recording shall reflect that it (or a file copy thereof in
the case of a UCC Assignment) should be returned by the public recording office to the Custodian or its designee following recording
or filing (or to the related Mortgage Loan Seller or its agent who will then be responsible for delivery of the same to the Custodian
or its designee). Any such Assignment received by the Custodian shall be promptly included in the related Mortgage File and be
deemed a part thereof, and any such Assignment received by the related Mortgage Loan Seller or its agent shall be required to be
delivered to the Custodian to be included as part of the related Mortgage File within thirty (30) days after receipt. If any such
document or instrument is determined to be incomplete or not to meet the recording or filing requirements of the jurisdiction in
which it is to be recorded or filed, or is lost by the public office or returned unrecorded or unfiled, as the case may be, because
of a defect therein, on or about one hundred-eighty (180) days after the Closing Date, the related Mortgage Loan Seller or its
designee shall prepare, at its own expense, a substitute therefor or cure such defect, as the case may be, and thereafter the related
Mortgage Loan Seller or its designee shall, at the expense of such Mortgage Loan Seller, upon receipt thereof cause the same to
be duly recorded or filed, as appropriate. If, by the first anniversary of the Closing Date, the Custodian has not received confirmation
of the recording or filing as the case may be, of any such Assignment, it shall so advise the related Mortgage Loan Seller who
may then pursue such

 

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confirmation
itself or request that the Custodian pursue such confirmation at the related Mortgage Loan Seller’s expense, and upon such
a request and provision for payment of such expenses satisfactory to the Custodian, the Custodian, at the expense of the applicable
Mortgage Loan Seller, shall cause a search of the land records of each applicable jurisdiction and of the records of the offices
of the applicable Secretary of State for confirmation that the Assignment appears in such records and retain a copy of such confirmation
in the related Mortgage File. In the event that confirmation of the recording or filing of an Assignment cannot be obtained, the
Custodian or the related Mortgage Loan Seller, as applicable, shall promptly inform the other and the Custodian shall provide
such Mortgage Loan Seller with a copy of the Assignment and request the preparation of a new Assignment. The related Mortgage
Loan Seller shall pay the expenses for the preparation of replacement Assignments for any Assignments which, having been properly
submitted for filing or recording to the appropriate governmental office by the Custodian, fail to appear of record and must be
resubmitted. Notwithstanding the foregoing, there shall be no requirement to record any assignment to the Trustee referred to
in clause (iii) or (v) of the definition of “Mortgage File,” or to file any UCC-3 to the Trustee referred
to in clause (ix) of the definition of “Mortgage File,” in those jurisdictions where, in the written opinion
of local counsel (which opinion shall be an expense of the related Mortgage Loan Seller) acceptable to the Depositor and the Trustee,
such recordation and/or filing is not required to protect the Trustee’s interest in the related Mortgage Loan against sale,
further assignment, satisfaction or discharge by the related Mortgage Loan Seller, the Master Servicer, the Special Servicer,
any Sub-Servicer or the Depositor.

 

(d)           All documents
and records in the Depositor’s or the applicable Mortgage Loan Seller’s possession relating to the Mortgage Loans (including,
in each case, financial statements, operating statements and any other information provided by the respective Mortgagor from time
to time, but excluding the applicable Mortgage Loan Seller’s internal communications (including such communications between
such Mortgage Loan Seller and its Affiliates) and underwriting analysis (including documents prepared by the applicable Mortgage
Loan Seller or any of its Affiliates for such purposes), draft documents, attorney-client communications that are privileged communications
or constitute legal or other due diligence analyses and credit underwriting or due diligence analyses or data) that (i) are not
required to be a part of a Mortgage File in accordance with the definition thereof and (ii) are reasonably necessary for the servicing
of each such Mortgage Loan, together with copies of all documents in each Mortgage File, shall be delivered by the Depositor or
the applicable Mortgage Loan Seller to the Master Servicer within five (5) Business Days after the Closing Date and shall be held
by the Master Servicer on behalf of the Trustee in trust for the benefit of the Certificateholders (and as holder of the Lower-Tier
Regular Interests) and, if applicable, on behalf of the related Companion Holder. Such documents and records shall be any documents
and records (with the exception of any items excluded under the immediately preceding sentence) that would otherwise be a part
of the Servicing File.

 

(e)           In connection
with the Depositor’s assignment pursuant to subsection (a) above, the Depositor shall deliver to the Trustee and the
Master Servicer, on or before two (2) Business Days after the Closing Date, a fully executed original counterpart of each of the
Mortgage Loan Purchase Agreements, as in full force and effect, without amendment or modification, on the Closing Date.

 

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(f)            The Depositor
shall use its reasonable best efforts to require that, promptly after the Closing Date, but in all events within three (3) Business
Days after the Closing Date, each of the Mortgage Loan Sellers shall cause all funds on deposit in escrow accounts maintained with
respect to the Mortgage Loans transferred by such Mortgage Loan Seller, whether such accounts are held in the name of the applicable
Mortgage Loan Seller or any other name to be transferred to the Master Servicer (or a Sub-Servicer) for deposit into Servicing
Accounts.

 

(g)           With
respect to the Mortgage Loans secured by the Mortgaged Properties identified as “Anchorage Marriott Downtown, JW Marriott
Santa Monica Le Merigot, Aloft Nashville West End, Fairfield Inn & Suites Lumberton, Hawthorn Suites Philadelphia and Baymont
Inn & Suites Las Vegas” on the Mortgage Loan Schedule, which are each subject to a franchise agreement with a related
comfort letter in favor of the respective Mortgage Loan Seller that requires notice to or request of the related franchisor to
transfer or assign any related comfort letter to the Trustee for the benefit of the Certificateholders or otherwise 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 provide
any such required notice or make any such required request to the related franchisor (with a copy of such notice or request to
the Master Servicer) within forty-five (45) days of the Closing Date (or any shorter period if required by the applicable comfort
letter), and the Master Servicer shall use reasonable efforts in accordance with the Servicing Standard to acquire such replacement
comfort letter, if necessary (or to acquire any such new document or acknowledgement as may be contemplated under the existing
comfort letter). If the Master Servicer is unable to acquire any such replacement comfort letter (or new document or acknowledgement,
as applicable) within 120 days of the Closing Date, the Master Servicer shall notify the related Mortgage Loan Seller that no such
replacement comfort letter has been received.

 

(h)           Each
Mortgage Loan Purchase Agreement shall provide that within sixty (60) days after the Closing Date, each Mortgage Loan Seller shall
deliver or cause to be delivered the Diligence Files for each of its Mortgage Loans to the Depositor by uploading such Diligence
Files to the Designated Site. Promptly upon completion of such delivery of the Diligence Files (but in no event later than sixty
(60) days after the Closing Date), the applicable Mortgage Loan Seller shall provide to each of the Depositor, the Master Servicer,
the Special Servicer, the Trustee, the Certificate Administrator, the Custodian, the Directing Certificateholder, the Asset Representations
Reviewer and the Operating Advisor an officer’s certificate signed by the applicable Mortgage Loan Seller certifying that
the electronic copies of the documents and information uploaded to the Designated Site constitute all documents and information
required under the definition of “Diligence File” and such Diligence Files are organized and categorized in accordance
with the electronic file structure reasonably requested by the Depositor (the “Diligence File Certification”).

 

Section
2.02     Acceptance by Trustee. (a) The Trustee, by the
execution and delivery of this Agreement (1) acknowledges receipt by it or the Custodian on its behalf, subject to the provisions
of Section 2.01, in good faith and without notice of any adverse claim, of the applicable documents specified in clause
(i) of the definition of “Mortgage File” with respect to each Mortgage Loan and of all other assets included in
the Trust Fund and (2) declares (a) that it

 

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or
the Custodian on its behalf holds and will hold such documents and the other documents delivered or caused to be delivered by
the Mortgage Loan Sellers that constitute the Mortgage Files in the name of the Trust for the benefit of all present and future
Certificateholders and Serviced Companion Noteholders, as applicable, and (b) that it holds and will hold such other assets included
in the Trust Fund, in trust for the exclusive use and benefit of all present and future Certificateholders (and for the benefit
of the Trustee as holder of the Lower-Tier Regular Interests), as applicable. If any Mortgage Loan Seller is unable to deliver
or cause the delivery of any original Mortgage Note, such Mortgage Loan Seller may deliver a copy of such Mortgage Note, together
with a signed lost note affidavit and appropriate indemnity and shall thereby be deemed to have satisfied the document delivery
requirements of Section 2.01 and of this Section 2.02.

 

(b)           Within sixty (60)
days after the Closing Date (or with respect to a Qualified Substitute Mortgage Loan within sixty (60) days after the Due Date
in the month of substitution), the Custodian, shall review the Mortgage Loan documents delivered or caused to be delivered by the
Mortgage Loan Sellers constituting the Mortgage Files; and, promptly following such review (but in no event later than sixty (60)
days after the Closing Date), the Custodian shall, in the form attached as Exhibit Q, certify in writing to the Depositor,
the Master Servicer, the Special Servicer, the Directing Certificateholder (so long as no Consultation Termination Event shall
have occurred and be continuing and only with respect to Mortgage Loans other than any Excluded Loan), the Trustee, the Certificate
Administrator, the Asset Representations Reviewer, the Operating Advisor and the applicable Mortgage Loan Seller (as to each Mortgage
Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid in full)) that, except as specifically identified
in any exception report annexed to such writing (the “Custodial Exception Report”), (i) subject to the final
proviso of the definition of “Mortgage File” herein and Section 2.01 hereof, all documents specified in clauses
(i) through (v), (viii), (ix), (xi), (xii) and (xiii), if any, of the definition
of “Mortgage File”, as applicable, are in its possession, (ii) the foregoing documents delivered or caused to be delivered
by the Mortgage Loan Sellers have been reviewed by the Custodian and appear regular on their face and appear to be executed and
to relate to such Mortgage Loan, and (iii) based on such examination and only as to the foregoing documents, the information set
forth in the Mortgage Loan Schedule with respect to the items specified in clauses (iv), (vi) and (viii)(c)
in the definition of “Mortgage Loan Schedule” is correct. With respect to each Mortgage Loan listed on the Custodial
Exception Report, the Custodian shall specifically identify such Mortgage Loan together with the nature of such exception (in the
form reasonably acceptable to the Custodian and the related Mortgage Loan Seller and separating items required to be in the Mortgage
File but never delivered from items which were delivered by the related Mortgage Loan Seller but are out for filing or recording
and have not been returned by the filing office or the recorder’s office).

 

(c)           The Custodian
shall review the Mortgage Loan documents received subsequent to the Closing Date; and, on or about the first anniversary of the
Closing Date, the Custodian shall, in the form attached as Exhibit Q, certify in writing to each of the Depositor, the Master
Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Directing Certificateholder and the applicable
Mortgage Loan Seller (as to each Mortgage Loan listed on the Mortgage Loan Schedule (other than any related Mortgage Loan as to
which a Liquidation Event has occurred) or any related Mortgage Loan specifically identified in any exception report annexed to
such writing) that, (i) subject to the final proviso of the definition of “Mortgage File”

 

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herein
and Section 2.01 hereof, all documents specified in clauses (i) through (v), (viii), (ix),
(xi), (xii) and (xiii), if any, of the definition of “Mortgage File”, as applicable, are in its
possession, (ii) the foregoing documents delivered or caused to be delivered by the Mortgage Loan Sellers have been reviewed by
the Custodian and appear regular on their face and appear to be executed and relate to such Mortgage Loan, if applicable, and
(iii) based on such examination and only as to the foregoing documents, the information set forth in the Mortgage Loan Schedule
with respect to the items specified in clauses (iv), (vi) and (viii)(c) in the definition of “Mortgage
Loan Schedule” is correct.

 

(d)           Notwithstanding
anything contained in this Section 2.02 and Section 2.03(b) to the contrary, in the case of a Material Defect in
any of the documents specified in clauses (ii) through (v), (vii), (viii) and (ix) in the definition
of “Mortgage File”, which Material Defect results solely from a delay in the return of the related documents from the
applicable filing or recording office and gives rise to a repurchase or substitution obligation on the part of the related Mortgage
Loan Seller with respect to the subject Mortgage Loan pursuant to the related Mortgage Loan Purchase Agreement, the Directing Certificateholder,
in its sole judgment, may (other than with respect to any Excluded Loan and, with respect to any other Mortgage Loan, only prior
to the occurrence and continuance of a Control Termination Event), and the Special Servicer may, in accordance with the Servicing
Standard, after the occurrence and during the continuance of a Control Termination Event, permit the related Mortgage Loan Seller
in lieu of repurchasing or substituting for the related Mortgage Loan, to deposit with the Master Servicer an amount, to be held
in trust in a segregated Eligible Account (which may be a sub-account of the Collection Account), equal to 25% of the Stated Principal
Balance of the related Mortgage Loan (in the alternative, the related Mortgage Loan Seller may deliver to the Master Servicer a
letter of credit in such amount, with a copy to the Custodian). Such funds or letter of credit, as applicable, shall be held by
the Master Servicer (i) until the date on which the Custodian determines and notifies the Master Servicer that such Material Defect
has been cured or the related Mortgage Loan is no longer part of the Trust Fund, at which time the Master Servicer shall return
such funds (or letter of credit) to the related Mortgage Loan Seller, or (ii) until same are applied to the Purchase Price (or
the Substitution Shortfall Amount, if applicable) as set forth below in this Section 2.02(d) in the event of a repurchase
or substitution by the related Mortgage Loan Seller. Notwithstanding the two immediately preceding sentences, if the Master Servicer
or the Special Servicer certifies to the Trustee, the Certificate Administrator and the Custodian that it has determined in the
exercise of its reasonable judgment that the document with respect to which such Material Defect exists is required in connection
with an imminent enforcement of the mortgagee’s rights or remedies under the related Mortgage Loan, defending any claim asserted
by any Mortgagor or third party with respect to the related Mortgage Loan, establishing the validity or priority of any lien on
collateral securing the related Mortgage Loan or for any immediate significant servicing obligation, the related Mortgage Loan
Seller shall be required to repurchase or substitute for the related Mortgage Loan in accordance with, and to the extent required
by, the terms and conditions of Section 2.03(b) and Section 5 of the related Mortgage Loan Purchase Agreement; provided,
however, that such Mortgage Loan Seller shall not be required to repurchase the Mortgage Loan for a period of ninety (90)
days after receipt of a notice to repurchase (together with any applicable extension period) if it is attempting to recover the
document from the applicable filing or recording office and provides an officer’s certificate setting forth what actions
such Mortgage Loan Seller is pursuing in connection with such recovery. In the event of a repurchase or substitution, upon the
date of

 

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such
repurchase or substitution, and in the event that the related Mortgage Loan Seller has delivered a letter of credit to the Master
Servicer in accordance with this Section 2.02(d), the Master Servicer shall, to the extent necessary, draw on the letter
of credit and deposit the proceeds of such draw, into the Collection Account to be applied to the Purchase Price (or the Substitution
Shortfall Amount, if applicable, in which event, the amount of such funds or proceeds that exceed the Substitution Shortfall Amount
shall be returned to the related Mortgage Loan Seller) in accordance with Section 2.03(b). All such funds deposited in
the Collection Account shall be invested in Permitted Investments, at the direction and for the benefit of the related Mortgage
Loan Seller. Such funds shall be treated as an “outside reserve fund” under the REMIC Provisions, which, together
with any reimbursement from the Lower-Tier REMIC, is beneficially owned by the related Mortgage Loan Seller for federal income
tax purposes, which Mortgage Loan Seller shall remain liable for any taxes payable on income or gain with respect thereto.

 

(e)           It is herein acknowledged
that neither the Trustee nor any Custodian is under any duty or obligation (i) to determine whether any of the documents specified
in clauses (vi), (vii) and (xii) through (xviii) of the definition of “Mortgage File” exist
or are required to be delivered by the Depositor, the Mortgage Loan Sellers or any other Person (unless identified on the Mortgage
Loan Checklist) or (ii) to inspect, review or examine any of the documents, instruments, certificates or other papers relating
to the Mortgage Loans delivered to it to determine that the same are genuine, enforceable, duly authorized, sufficient to perfect
and maintain the perfection of a security interest or appropriate for the represented purpose or that they are other than what
they purport to be on their face and, with respect to the documents specified in clause (viii) of the definition of the
“Mortgage File”, whether the insurance is effective as of the date of the recordation, whether all endorsements or
riders issued are included in the file or if the policy has not been issued whether any acceptable replacement document has been
dated the date of the related Mortgage Loan funding. Further, with respect to the UCC Financing Statements referenced in the Mortgage
File, absent actual knowledge to the contrary or copies of UCC Financing Statements delivered to the Custodian as part of the Mortgage
File indicating otherwise, the Custodian may assume, for the purposes of the filings and the certification to be delivered in accordance
with this Section 2.02 that the related Mortgage File should include one state level UCC Financing Statement filing for
each Mortgaged Property (or with respect to any Mortgage Loan that has two or more Mortgagors, for each Mortgagor, except to the
extent multiple Mortgagors are named as debtors in the same UCC Financing Statement filing), or if the Custodian has received notice
that a particular UCC Financing Statement was filed as a fixture filing, that the related Mortgage File should include only a local
UCC Financing Statement filing for each Mortgaged Property (or with respect to any Mortgage Loan that has two or more Mortgagors,
for each Mortgagor, except to the extent multiple Mortgagors are named as debtors in the same UCC Financing Statement filing).
The assignments of the UCC Financing Statements to be assigned to the Trust will be delivered on the national forms (or on such
other form as may be acceptable for filing or recording in the applicable jurisdiction) and in a format suitable for filing or
recording, as applicable, and will be filed or recorded in the jurisdiction(s) where such UCC Financing Statements were originally
filed or recorded, as indicated in the documents provided, and in accordance with then-current laws.

 

(f)            If, in the process
of reviewing the Mortgage Files or at any time thereafter, the Custodian finds any document or documents constituting a part of
a Mortgage File (1) not to

 

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have
been properly executed, (2) subject to the timing requirements of Sections 2.01(b) and 2.01(c), not to have been
delivered, (3) to contain information that does not conform in any material respect with the corresponding information set forth
in the Mortgage Loan Schedule or (4) to be defective on its face (each, a “Defect” in the related Mortgage
File), the Custodian shall promptly so notify the Depositor, the Trustee, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Directing Certificateholder, the applicable Mortgage Loan Seller (and in no event later than ninety (90) days
after the Closing Date and every calendar quarter thereafter until all Defects are corrected) by providing a Custodial Exception
Report setting forth for each affected Mortgage Loan, with particularity, the nature of such Defect (in a form reasonably acceptable
to the Custodian and such Mortgage Loan Seller and separating items required to be in the Mortgage File but never delivered from
items which were delivered by such Mortgage Loan Seller but are out for recording or filing and have not been returned by the
recorder’s office or filing office).

 

(g)           If the Master
Servicer or the Special Servicer (i) receives a Repurchase Request or any other request or demand from any Person for a Mortgage
Loan Seller to repurchase or replace a Mortgage Loan because of an alleged Defect or Breach (together with a Repurchase Request,
a “15Ga-1 Repurchase Request”) (the Master Servicer or the Special Servicer, as applicable, to the extent it
receives such 15Ga-1 Repurchase Request, the “Repurchase Request Recipient” with respect to such 15Ga-1 Repurchase
Request); or (ii) receives any withdrawal of a 15Ga-1 Repurchase Request by the Person making such 15Ga-1 Repurchase Request or
any rejection of a 15Ga-1 Repurchase Request (or such 15Ga-1 Repurchase Request is forwarded to the Master Servicer or Special
Servicer by another party hereto), then the Repurchase Request Recipient shall deliver notice (which may be by electronic format
so long as a “backup” hard copy of such notice is also delivered on or prior to the next Business Day) of such 15Ga-1
Repurchase Request or withdrawal or rejection of a 15Ga-1 Repurchase Request (each, a “15Ga-1 Notice”) to the
applicable Mortgage Loan Seller (other than in the case of a rejection by such Mortgage Loan Seller) and the Depositor, in each
case within ten (10) Business Days from such Repurchase Request Recipient’s receipt thereof.

 

Each 15Ga-1 Notice shall
include (i) the identity of the related Mortgage Loan, (ii) the date the 15Ga-1 Repurchase Request is received by the Repurchase
Request Recipient or the date any withdrawal of the 15Ga-1 Repurchase Request is received by the Repurchase Request Recipient,
as applicable, (iii) if known, the basis for the 15Ga-1 Repurchase Request (as asserted in the 15Ga-1 Repurchase Request), (iv)
the identity of the Person making such 15Ga-1 Repurchase Request, and (v) a statement from the Repurchase Request Recipient as
to whether it currently plans to pursue such 15Ga-1 Repurchase Request.

 

A Repurchase Request
Recipient shall not be required to provide any information in a 15Ga-1 Notice protected by the attorney-client privilege or attorney
work product doctrines. The Mortgage Loan Purchase Agreements will provide that (i) any 15Ga-1 Notice provided pursuant to this
Section 2.02(g) is so provided only to assist the Mortgage Loan Sellers and Depositor or their respective Affiliates to
comply with Rule 15Ga-1 under the Exchange Act, Items 1104 and 1121 of Regulation AB and any other requirement of law or regulation
and (ii) (A) no action taken by, or inaction of, a Repurchase Request Recipient and (B) no information provided pursuant to this
Section 2.02(g) by a Repurchase Request Recipient, shall be deemed to constitute a waiver or defense to the exercise of
any legal right the Repurchase

 

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Request
Recipient may have with respect to the related Mortgage Loan Purchase Agreement, including with respect to any 15Ga-1 Repurchase
Request that is the subject of a 15Ga-1 Notice.

 

In the event that the
Depositor, the Trustee, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
or the Custodian receives a 15Ga-1 Repurchase Request, such party shall promptly forward or otherwise provide written notice of
such 15Ga-1 Repurchase Request to the Master Servicer, if relating to a Non-Specially Serviced Loan, or to the Special Servicer,
if relating to a Specially Serviced Loan or REO Property, and include the following statement in the related correspondence: “This
is a ‘15Ga-1 Repurchase Request’ under Section 2.02 of the Pooling and Servicing Agreement relating to the Wells
Fargo Commercial Mortgage Trust 2015-P2, Commercial Mortgage Pass-Through Certificates, Series 2015-P2 requiring action by you
as the ‘Repurchase Request Recipient’ thereunder.” Upon receipt of such 15Ga-1 Repurchase Request by the Master
Servicer or the Special Servicer, as applicable, such party shall be deemed to be the Repurchase Request Recipient in respect of
such 15Ga-1 Repurchase Request, and such party shall comply with the procedures set forth in this Section 2.02(g) with respect
to such 15Ga-1 Repurchase Request. In no event shall the Custodian, by virtue of this provision, be required to provide any notice
other than as set forth in Section 2.02 of this Agreement in connection with its review of the Mortgage File.

 

If the Depositor, the
Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Custodian receives notice
or has knowledge of a withdrawal or a rejection of a 15Ga-1 Repurchase Request of which notice has been previously received or
given, and such notice was not received from or copied to the Master Servicer or the Special Servicer, then such party shall give
notice of such withdrawal or rejection to the Master Servicer or the Special Servicer, as applicable. Any such notice received
by the Trustee, the Certificate Administrator, the Certificate Registrar, Operating Advisor, Asset Representations Reviewer or
the Custodian shall also be provided to the Depositor and, in the case of a withdrawal notice, to the applicable Mortgage Loan
Seller.

 

In the event that a Mortgage
Loan is repurchased or replaced pursuant to Section 2.03 of this Agreement, the Master Servicer (with respect to Non-Specially
Serviced Loans) or Special Servicer (with respect to Specially Serviced Loans) shall promptly notify the Depositor of such repurchase
or replacement.

 

Section
2.03     Representations, Warranties and Covenants of the Depositor; Mortgage Loan Sellers’ Repurchase or Substitution
of Mortgage Loans for Defects in Mortgage Files and Breaches of Representations and Warranties. (a) The Depositor hereby
represents and warrants that:

 

(i)            The
Depositor is a corporation duly organized, validly existing and in good standing under the laws of the State of North
Carolina, and 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;

 

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(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 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);

 

(iii)          The
execution and delivery of this Agreement and the performance of its obligations hereunder by the Depositor will not conflict with
any provisions of any law or regulations to which the Depositor is subject, or conflict with, result in a breach of or constitute
a default under any of the terms, conditions or provisions of the certificate of incorporation or the by-laws of the Depositor
or any indenture, agreement or instrument to which the Depositor is a party or by which it is bound, or any order or decree applicable
to the Depositor, or result in the creation or imposition of any lien on any of the Depositor’s assets or property, which
would materially and adversely affect the ability of the Depositor to carry out the transactions contemplated by this Agreement;
the Depositor has obtained any consent, approval, authorization or order of any court or governmental agency or body required for
the execution, delivery and performance by the Depositor of this Agreement;

 

(iv)          There
is no 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 which would 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; and

 

(v)           The
Depositor is the lawful owner of the Mortgage Loans with the full right to transfer the Mortgage Loans to the Trust, and the Mortgage
Loans have been validly transferred to the Trust.

 

(b)           After
receipt of a Repurchase Request, the Special Servicer shall request in writing that the applicable Mortgage Loan Seller, not later
than ninety (90) days after (i) except in the case of the succeeding clause (ii), the applicable Mortgage Loan Seller’s
receipt of such notice of such Repurchase Request or, if earlier, such Mortgage Loan Seller’s discovery of such Material
Defect or (ii) in the case of a Material Defect relating to a Mortgage Loan not being a “qualified mortgage” within
the meaning of Section 860G(a)(3) of the Code, but without regard to the rule of Treasury Regulations Section 1.860G-2(f)(2) that
causes a defective Mortgage Loan to be treated as a qualified mortgage, the earlier of (x) the discovery by the related Mortgage
Loan Seller or any party to this Agreement of such Material Defect and (y) receipt of notice of the Material Defect from any party
to this Agreement (such ninety (90) day period, the “Initial Cure Period”), (A) cure such Material Defect in
all material respects, at such Mortgage Loan Seller’s own expense, including reimbursement of any related reasonable additional
expenses of the Trust reasonably incurred by any party to this Agreement, (B) repurchase the affected Mortgage Loan or REO Loan
(excluding any related Serviced Companion Loan, if applicable), at the applicable Purchase Price and in conformity with the

 

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applicable
Mortgage Loan Purchase Agreement and this Agreement or (C) substitute a Qualified Substitute Mortgage Loan (other than with respect
to the Whole Loans, for which no substitution will be permitted) for such affected Mortgage Loan or REO 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 and in conformity
with the applicable Mortgage Loan Purchase Agreement and this Agreement; provided, however, that except with respect
to a Material Defect resulting solely from the failure by the Mortgage Loan Seller to deliver to the Trustee or Custodian the
actual policy of lender’s title insurance required pursuant to clause (viii) of the definition of Mortgage File by
a date not later than eighteen (18) months following the Closing Date, if such Material Defect is capable of being cured but is
not cured within the Initial Cure Period, and the applicable Mortgage Loan Seller has commenced and is diligently proceeding with
the cure of such Material Defect within the Initial Cure Period, the applicable Mortgage Loan Seller shall have an additional
ninety (90) days commencing immediately upon the expiration of the Initial Cure Period (such additional ninety (90) day period,
the “Extended Cure Period”) to complete such cure (or, failing such cure, to repurchase the related Mortgage
Loan or REO Loan (excluding any related Serviced Companion Loan, if applicable) or substitute a Qualified Substitute Mortgage
Loan (other than with respect to the Whole Loans, for which no substitution will be permitted)) and provided, further,
that with respect to such Extended Cure Period the applicable Mortgage Loan Seller shall have delivered an officer’s certificate
to the Trustee, the Certificate Administrator (who shall promptly deliver a copy of such officer’s certificate to the 17g-5
Information Provider), the Master Servicer, the Special Servicer, the Operating Advisor and (with respect to any Mortgage Loan
other than an Excluded Loan, prior to the occurrence of a Consultation Termination Event) the Directing Certificateholder, setting
forth the reason such Material Defect is not capable of being cured within the Initial Cure Period and what actions the applicable
Mortgage Loan Seller is pursuing in connection with the cure thereof and stating that the applicable Mortgage Loan Seller anticipates
that such Material Defect will be cured within the Extended Cure Period. Notwithstanding the foregoing, any Defect or Breach which
causes any Mortgage Loan not to be a “qualified mortgage” (within the meaning of Section 860G(a)(3) of the Code, but
without regard to the rule of Treasury Regulations Section 1.860G-2(f)(2) that causes a defective Mortgage Loan to be treated
as a qualified mortgage) shall be deemed to materially and adversely affect the interests of Certificateholders therein, and (subject
to the applicable Mortgage Loan Seller’s right to cure such Defect or Breach during the Initial Cure Period) such Mortgage
Loan shall be repurchased or substituted for without regard to the Extended Cure Period described in the preceding sentence. If
the affected Mortgage Loan is to be repurchased, the funds in the amount of the Purchase Price remitted by the applicable Mortgage
Loan Seller are to be remitted by wire transfer to the Master Servicer for deposit into the Collection Account. In the
event the Special Servicer is required to enforce the Repurchase Request related to a Non-Specially Serviced Loan under this Section
2.03(b), within five (5) days of request by the Special Servicer, the Master Servicer shall deliver a copy of the Servicing File
with respect to any such Non-Specially Serviced Loan.

 

If a Mortgage Loan Seller,
in connection with a Material Defect (or an allegation of a Material Defect) pertaining to a Mortgage Loan, makes a cash payment
pursuant to an agreement or a settlement between the applicable Mortgage Loan Seller and the Special Servicer on behalf of the
Trust (and, with respect to any Mortgage Loan other than an Excluded Loan, with the consent of the Directing Certificateholder
if no Control Termination Event has occurred

 

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and
is continuing) (each such payment, a “Loss of Value Payment”) with respect to such Mortgage Loan, the amount
of such Loss of Value Payment shall be deposited into the Loss of Value Reserve Fund to be applied in accordance with Section
3.05(g) of this Agreement. The Loss of Value Payment shall include the portion of any Liquidation Fees payable to the Special
Servicer in respect of such Loss of Value Payment and the portion of fees of the Asset Representations Reviewer attributable to
the Asset Review of such Mortgage Loan. If such Loss of Value Payment is made, the Loss of Value Payment shall serve as the sole
remedy available to the Certificateholders and the Trustee on their behalf regarding any such Material Defect in lieu of any obligation
of the Mortgage Loan Seller to otherwise cure such Material Defect or repurchase or substitute for the affected Mortgage Loan
based on such Material Defect under any circumstances. This paragraph is intended to apply only to a mutual agreement or settlement
between the applicable Mortgage Loan Seller and the Special Servicer on behalf of the Trust, provided that (i) prior to
any such agreement or settlement nothing in this paragraph shall preclude the Mortgage Loan Seller or the Master Servicer or the
Special Servicer, as applicable, from exercising any of its rights related to a Material Defect in the manner and timing set forth
in the related Mortgage Loan Purchase Agreement or this Section 2.03 (excluding this paragraph) (including any right to
cure, repurchase or substitute for such Mortgage Loan), (ii) such Loss of Value Payment shall not be greater than the Purchase
Price of the affected Mortgage Loan; and (iii) a Material Defect as a result of a Mortgage Loan not constituting a “qualified
mortgage” within the meaning of Section 860G(a)(3) of the Code (but without regard to the rule of Treasury Regulations Section
1.860G-2(f)(2) that causes a defective Mortgage Loan to be treated as a “qualified mortgage”) may not be cured by
a Loss of Value Payment.

 

With respect to any Non-Serviced
Whole Loan, any “Defect” (or analogous term) under the related Non-Serviced PSA shall constitute a Material Defect
under each Mortgage Loan Purchase Agreement to the extent the applicable Mortgage Loan Seller repurchases the Non-Serviced Companion
Loan from the trust created pursuant to such Non-Serviced PSA; provided, however, that the foregoing shall not apply
to any Defect related solely to the promissory note for any related Non-Serviced Companion Loan.

 

If
any Breach that constitutes a Material Defect pertains to a representation or warranty that the related Mortgage Loan documents
or any particular Mortgage Loan document requires the related Mortgagor to bear the costs and expenses associated with any particular
action or matter under such Mortgage Loan document(s), then the related Mortgage Loan Seller may cure such Breach within the applicable
cure period (as the same may be extended) by reimbursing the Trust (by wire transfer of immediately available funds) for (i) the
reasonable amount of any such costs and expenses incurred by the Master Servicer, the Special Servicer, the Certificate Administrator,
the Trustee or the Trust that are incurred as a result of such Breach and have not been reimbursed by the related Mortgagor and
(ii) the amount of any fees payable pursuant to Section 12.02(b) to the extent not previously paid by the Mortgage Loan
Seller to the Asset Representations Reviewer attributable to the Asset Review of such Mortgage Loan; provided, however,
that in the event any such costs and expenses exceed $10,000, the related Mortgage Loan Seller shall have the option to either
repurchase or substitute for the related Mortgage Loan as provided above or pay such costs and expenses. Except as provided in
the proviso to the immediately preceding sentence, the related Mortgage Loan Seller shall remit the amount of such costs and expenses
and upon its making such remittance, the related Mortgage Loan Seller shall be deemed to have cured such Breach in all respects.
To the extent any fees or

 

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expenses
that are the subject of a cure by the related Mortgage Loan Seller are subsequently obtained from the related Mortgagor, the portion
of the cure payment made by the related Mortgage Loan Seller equal to such fees or expenses obtained from the related Mortgagor
shall promptly be returned to the related Mortgage Loan Seller. Periodic Payments due with respect to each Qualified Substitute
Mortgage Loan (if any) after the related Due Date in the month of substitution, and Periodic 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.
Periodic 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 Periodic 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 or the Special Servicer to the applicable Mortgage
Loan Seller effecting the related repurchase or substitution promptly following receipt. Notwithstanding anything contained in
this Agreement or the related Mortgage Loan Purchase Agreement, no delay in the discovery of a Material Defect shall relieve the
applicable Mortgage Loan Seller of its obligation to repurchase if it is otherwise required to do so under the related Mortgage
Loan Purchase Agreement and/or this Article II unless (i) the related Mortgage Loan Seller did not otherwise discover or
have knowledge of such Material Defect and (ii) such delay is a result of the failure by a party to the applicable Mortgage Loan
Purchase Agreement, or this Agreement, to provide prompt notice as required by the terms of the applicable Mortgage Loan Purchase
Agreement, or this Agreement, after such party has actual knowledge of such Material Defect (knowledge shall not be deemed to
exist by reason of the Custodial Exception Report) and such delay precludes such Mortgage Loan Seller from curing such Material
Defect. Notwithstanding the foregoing, if a Mortgage Loan is not secured by a Mortgaged Property that is, in whole or in
part, a hotel, restaurant (operated by a borrower), healthcare facility, nursing home, assisted living facility, self storage
facility, theater or fitness center (operated by a borrower), then the failure to deliver copies of the UCC Financing Statements
with respect to such Mortgage Loan shall not be a Material Defect.

 

Pursuant to each Mortgage
Loan Purchase Agreement, if there is a Material Defect with respect to one or more Mortgaged Properties with respect to a Mortgage
Loan, the related Mortgage Loan Seller shall not be obligated to repurchase the Mortgage Loan if (i) the affected Mortgaged Property
may be released pursuant to the terms of any partial release provisions in the related Mortgage Loan documents (and such Mortgaged
Property is, in fact, released), (ii) the remaining Mortgaged Property(ies) satisfy the requirements, if any, set forth in the
Mortgage Loan documents and the related Mortgage Loan Seller provides an opinion of counsel to the effect that such release would
not (A) endanger the status of any Trust REMIC as a REMIC or (B) result in the imposition of a tax upon any Trust REMIC or the
issuing entity and (iii) each applicable Rating Agency has provided a Rating Agency Confirmation.

 

(c)           Subject to the
applicable Mortgage Loan Seller’s right to cure as contemplated above in this Section 2.03, and further subject to
Section 2.01(b) and Section 2.01(c), any of the following shall cause a document in the Mortgage File to be deemed
to have a Material Defect: (a) the absence from the Mortgage File of the original signed Mortgage Note, unless the Mortgage File
contains a signed lost note affidavit and indemnity with

 

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a
copy of the Mortgage Note that appears to be regular on its face; (b) the absence from the Mortgage File of the original signed
Mortgage that appears to be regular on its face, unless there is included in the Mortgage File either a copy of the Mortgage with
evidence of recording thereon or a copy of the Mortgage and a certificate from the related Mortgage Loan Seller stating that the
original signed Mortgage was sent for recordation; (c) the absence from the Mortgage File of the item called for by clause
(viii) of the definition of Mortgage File; (d) the absence from the Mortgage File of any intervening assignments required
to create a complete chain of assignments to the Trustee on behalf of the Trust, unless there is included in the Mortgage File
either a copy of the assignment with evidence of recording thereon or a copy of the intervening assignment and a certificate from
the related Mortgage Loan Seller stating that the original intervening assignments were sent for filing or recordation, as applicable;
(e) the absence from the Mortgage File of any required letter of credit; or (f) with respect to any related leasehold Mortgage
Loan, the absence from the related Mortgage File of a copy (or an original, if available) of the related Ground Lease; provided,
however, that no Defect (except the Defects previously described in subclauses (a) through (f) of this Section
2.03(c)) shall be considered to materially and adversely affect the value of the related Mortgage Loan, the value of the related
Mortgaged Property or the interests of the Trustee or Certificateholders unless the document with respect to which the Defect
exists is required in connection with an imminent enforcement of the mortgagee’s rights or remedies under the related Mortgage
Loan, defending any claim asserted by any Mortgagor or third party with respect to the related Mortgage Loan, establishing the
validity or priority of any lien on any collateral securing the related Mortgage Loan or for any immediate significant servicing
obligation; provided, further, that no Defect relating to any Non-Serviced Mortgage Loan previously described in
subclauses (b) through (f) of this Section 2.03(c) shall be considered to materially and adversely affect
the value of such Mortgage Loan, the value of the related Mortgaged Property or the interests of the Trustee or Certificateholders
unless the related Mortgage Loan Seller, after receipt of notice of such Defect, is unable to produce a copy of the document with
respect to which the Defect exists within a reasonable period after receiving such notice or otherwise establish that the original
or copy, as applicable, of such document has been delivered, in compliance with the terms of the related Non-Serviced PSA, to
the custodian under the related Non-Serviced PSA. Notwithstanding the foregoing, the delivery of executed escrow instructions
or a binding commitment to issue a lender’s title insurance policy, as provided in clause (viii) of the definition
of Mortgage File herein, in lieu of the delivery of the actual policy of lender’s title insurance, shall not be considered
a Material Defect with respect to any Mortgage File if such actual policy is delivered to the Custodian not later than eighteen
(18) months following the Closing Date. Notwithstanding the foregoing, to the extent a Mortgage Loan Seller has otherwise complied
with its document delivery requirements under this Agreement and the related Mortgage Loan Purchase Agreement, in the event that
the Custodian has acknowledged receipt pursuant to Section 2.02 above of a document that is part of the Mortgage File or
a Mortgage Loan Seller can otherwise prove delivery of the document, and the Custodian subsequently loses a document, the fact
that such document is lost may not be utilized as the basis for a claim of a Material Defect against a Mortgage Loan Seller pursuant
to Section 5(a) of the related Mortgage Loan Purchase Agreement and/or this Section 2.03 and the Custodian shall be liable
for any such loss to the extent provided for in Section 8.01 hereof.

 

(d)           In connection
with any repurchase of, or substitution of a Qualified Substitute Mortgage Loan for a Mortgage Loan contemplated by this Section
2.03, the Trustee,

 

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the
Certificate Administrator, the Custodian, the Master Servicer and the Special Servicer shall each tender to the applicable Mortgage
Loan Seller, upon delivery to each of the Trustee, the Certificate Administrator, the Custodian, the Master Servicer and the Special
Servicer of a trust receipt executed by the applicable Mortgage Loan Seller evidencing such repurchase or substitution, all portions
of the Mortgage File and other documents pertaining to such Mortgage Loan possessed by each of the Trustee, the Certificate Administrator,
the Custodian, the Master Servicer and the Special Servicer (other than attorney-client communications that are privileged communications),
and each document that constitutes a part of the Mortgage File that was endorsed or assigned to the Trustee shall be endorsed
or assigned, as the case may be to the applicable Mortgage Loan Seller in the same manner as provided in Section 5 of the related
Mortgage Loan Purchase Agreement and, if applicable, the definition of “Mortgage File” herein, so as to vest in such
Mortgage Loan Seller the legal and beneficial ownership of such repurchased or substituted Mortgage Loan (including property acquired
in respect thereof and proceeds of any insurance policy with respect thereto) and the related Mortgage Loan documents.

 

(e)           Section 5 of each
of the Mortgage Loan Purchase Agreements provides the sole remedy available to the Certificateholders (subject to the limitations
on the rights of the Certificateholders under this Agreement), or the Trustee on behalf of the Certificateholders, the Master Servicer
or the Special Servicer, with respect to any Material Defect; provided, however, that the foregoing shall in no way
limit the ability of the Master Servicer, Special Servicer or Trustee to take any action against Ladder Capital Finance Holdings
LLLP, to the extent provided for pursuant to the related Mortgage Loan Purchase Agreement, including, without limitation, pursuant
to Section 19 thereof.

 

(f)            The
Special Servicer shall, for the benefit of the Certificateholders and the Trustee (as holder of the Lower-Tier Regular Interests),
enforce the obligations of the applicable Mortgage Loan Seller under the applicable Mortgage Loan Purchase Agreement. Such enforcement,
including, without limitation, the legal prosecution of claims, if any, shall be carried out in such form, to such extent and at
such time as the Special Servicer would require were it, in its individual capacity, the owner of the affected Mortgage Loan(s).
Any costs incurred by the Special Servicer with respect to the enforcement of the obligations of the applicable Mortgage Loan Seller
under the applicable Mortgage Loan Purchase Agreement shall, to the extent not recovered from the applicable Mortgage Loan Seller,
be deemed to be Servicing Advances to the extent not otherwise provided for herein. The Special Servicer shall be reimbursed for
the reasonable costs of such enforcement: first, from a specific recovery, if any, of costs, expenses or attorneys’
fees against the applicable Mortgage Loan Seller; second, pursuant to Section 3.05(a)(vii) herein out of the related
Purchase Price, to the extent that such expenses are a specific component thereof; and third, if at the conclusion of such
enforcement action it is determined that the amounts described in clauses first and second are insufficient,
then pursuant to Section 3.05(a)(viii) herein out of general collections on the Mortgage Loans on deposit in the Collection
Account. Any costs, expenses or attorneys’ fees related to a repurchase of a Companion Loan shall be paid pursuant
to the related Intercreditor Agreement or pursuant to the documents related to an Other Securitization, if applicable.

 

(g)           If a Mortgage
Loan Seller incurs any expense in connection with the curing of a Breach that constitutes a Material Defect, which also constitutes
a default under the

 

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related
Mortgage Loan and is reimbursable thereunder, such Mortgage Loan Seller shall have a right, and shall be subrogated to the rights
of the Trustee and the Trust under the Mortgage Loan to recover the amount of such expenses from the related Mortgagor; provided,
however, that such Mortgage Loan Seller’s rights pursuant to this Section 2.03(g) shall be junior, subject
and subordinate to the rights of the Trustee, the Certificate Administrator, the Trust, the Master Servicer and the Special Servicer
to recover amounts owed by the related Mortgagor under the terms of such Mortgage Loan including, without limitation, the rights
to recover unreimbursed Advances, accrued and unpaid interest on Advances at the Reimbursement Rate, fees owed to the Special
Servicer, and unpaid or unreimbursed expenses of the Trustee, the Certificate Administrator, the Trust, the Master Servicer or
the Special Servicer allocable to such Mortgage Loan. The Special Servicer shall use reasonable efforts to recover such expenses
for such Mortgage Loan Seller to the extent consistent with the Servicing Standard, but taking into account the subordinate nature
of the reimbursement to the related Mortgage Loan Seller; provided, however, that the Special Servicer determines
in the exercise of its sole discretion consistent with the Servicing Standard that such actions by it will not impair the Special
Servicer’s collection or recovery of principal, interest and other sums due with respect to the related Mortgage Loan that
would otherwise be payable to the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator and the Certificateholders
pursuant to the terms of this Agreement; provided, further, that the Special Servicer may waive the collection of
amounts due on behalf of such Mortgage Loan Seller in its sole discretion in accordance with the Servicing Standard.

 

(h)           If (i) any Crossed
Underlying Loan is required to be repurchased or substituted for in the manner described in this Section 2.03 and (ii) the
applicable Material Defect does not constitute a Material Defect as to any other Crossed Underlying Loan in the related Crossed
Mortgage Loan Group (without regard to this paragraph), then the applicable Material Defect shall be deemed to constitute a Material
Defect as to any other Crossed Underlying Loan in the related Crossed Mortgage Loan Group for purposes of this paragraph, and the
related Mortgage Loan Seller shall repurchase or substitute for such other Crossed Underlying Loan(s) in the related Crossed Mortgage
Loan Group as provided in Section 2.03(b) unless such other Crossed Underlying Loans satisfy the Crossed Underlying Loan
Repurchase Criteria. In the event that the remaining Crossed Underlying Loans in such Crossed Mortgage Loan Group satisfy the Crossed
Underlying Loan Repurchase Criteria, the applicable Mortgage Loan Seller may elect either to repurchase or substitute for only
the affected Crossed Underlying Loan(s) as to which the related Material Defect exists or to repurchase or substitute for all of
the Crossed Underlying Loans in the related Crossed Mortgage Loan Group. Any reserve or other cash collateral or letters of credit
securing the Crossed Underlying Loans shall be allocated among the related Crossed Underlying Loans in accordance with the related
Mortgage Loan documents or otherwise on a pro rata basis based upon their outstanding Stated Principal Balances. Except
as provided in this Section 2.03(h) and Section 2.03(i), all other terms of the related Mortgage Loans shall remain
in full force and effect without any modification thereof.

 

(i)            Notwithstanding
the foregoing, if the related Mortgage provides for the partial release of one or more of the Crossed Underlying Loans, the Depositor
may cause the related Mortgage Loan Seller to repurchase only that Crossed Underlying Loan required to be repurchased pursuant
to this Section 2.03, pursuant to the partial release provisions of the related Mortgage; provided, however,
that (i) the remaining related Crossed Underlying Loan(s) fully

 

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comply
with the terms and conditions of the related Mortgage, this Agreement and the related Mortgage Loan Purchase Agreement, including
the Crossed Underlying Loan Repurchase Criteria, (ii) in connection with such partial release, the related Mortgage Loan Seller
obtains an Opinion of Counsel (at such Mortgage Loan Seller’s expense) to the effect that the contemplated action will not
cause an Adverse REMIC Event and (iii) in connection with such partial release, the related Mortgage Loan Seller delivers or causes
to be delivered to the Custodian original modifications to the Mortgage prepared and executed in connection with such partial
release.

 

(j)            With respect to
any Crossed Underlying Loan, to the extent that the applicable Mortgage Loan Seller is required to repurchase or substitute for
such Crossed Underlying Loan in the manner prescribed in Section 2.03(h) or (i) while the Trustee continues to hold
any other Crossed Underlying Loans in the related Crossed Mortgage Loan Group, the applicable Mortgage Loan Seller and the Master
Servicer or, with respect to a Specially Serviced Loan, the Special Servicer, on behalf of the Trustee, as assignee of the Depositor,
will, as set forth in the related Mortgage Loan Purchase Agreement, forbear from enforcing any remedies against the other’s
Primary Collateral but each will be permitted to exercise remedies against the Primary Collateral securing its respective related
Mortgage Loans, including with respect to the Trustee, the Primary Collateral securing the Mortgage Loans still held by the Trustee,
so long as such exercise does not materially impair the ability of the other party to exercise its remedies against its Primary
Collateral. If the exercise of the remedies by one party would materially impair the ability of the other party to exercise its
remedies with respect to the Primary Collateral securing the Crossed Underlying Loans held by such party, then both parties have
agreed in the related Mortgage Loan Purchase Agreement to forbear from exercising such remedies until the Mortgage Loan documents
evidencing and securing the relevant Mortgage Loan can be modified in a manner that complies with the related Mortgage Loan Purchase
Agreement to remove the threat of material impairment as a result of the exercise of remedies.

 

(k)           (i) In the event
an Initial Requesting Certificateholder delivers a written request to a party to this Agreement that a Mortgage Loan be repurchased
by the applicable Mortgage Loan Seller alleging the existence of a Material Defect with respect to such Mortgage Loan and setting
forth the basis for such allegation (a “Certificateholder Repurchase Request”), such party shall promptly forward
that Certificateholder Repurchase Request to the Special Servicer, and the Special Servicer shall promptly forward the Certificateholder
Repurchase Request to the related Mortgage Loan Seller and each other party to this Agreement. Subject to Section 2.03(l),
the Special Servicer (the “Enforcing Servicer”) shall be the Enforcing Party with respect to a Certificateholder
Repurchase Request.

 

(ii)           In
the event that the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating
Advisor (solely in its capacity as operating advisor) or the Directing Certificateholder identifies a Material Defect with respect
to a Mortgage Loan (without implying any duty of such person to make, or to attempt to make, such a discovery), that party shall
deliver prompt written notice of such Material Defect to each other party to this Agreement and the related Mortgage Loan Seller
identifying the applicable Mortgage Loan and setting forth the basis for such allegation (a “PSA Party Repurchase Request”
and each of a Certificateholder Repurchase Request or a PSA Party Repurchase Request, the “Repurchase Request”).
The Enforcing Servicer shall act as the Enforcing Party and enforce the rights of the Trust

 

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against the related Mortgage Loan Seller
with respect to a PSA Party Repurchase Request.

 

(iii)          In
the event the Repurchase Request is not Resolved within 180 days after the Mortgage Loan Seller receives the Repurchase Request
(a “Resolution Failure”), then the provisions described in Section 2.03(l) below shall apply. Receipt
of the Repurchase Request shall be deemed to occur two (2) Business Days after the Repurchase Request is sent to the related Mortgage
Loan Seller. A Resolved Repurchase Request shall not preclude the Master Servicer (in the case of Non-Specially Serviced
Loans) or the Special Servicer (in the case of Specially Serviced Loans) from exercising any of their respective rights related
to a Material Defect in the manner and timing otherwise set forth in this Agreement, in the related Mortgage Loan Purchase Agreement
or as provided by law.

 

(l)            (i)
After a Resolution Failure occurs with respect to a Repurchase Request regarding a Mortgage Loan (whether the Repurchase Request
was initiated by an Initial Requesting Certificateholder or by a party to this Agreement), the Enforcing Servicer shall send a
notice (a “Proposed Course of Action Notice”) to the Initial Requesting Certificateholder, if any, to the address
specified in the Initial Requesting Certificateholder’s Repurchase Request, and to the Certificate Administrator (which shall
be delivered via electronic mail to trustadministrationgroup@wellsfargo.com) who shall make such notice available to all other
Certificateholders and Certificate Owners by posting such notice on the Certificate Administrator’s Website indicating the
Enforcing Servicer’s intended course of action with respect to the Repurchase Request. Such notice shall include a request
to Certificateholders to indicate to the Enforcing Servicer their agreement with or dissent from such Proposed Course of Action
Notice, as well as notice that in the event any Certificateholder disagrees with the Proposed Course of Action Notice, the Enforcing
Servicer will be compelled to follow the course of action agreed to and/or proposed by the majority of the responding Certificateholders
that involves referring the matter to mediation or arbitration, as the case may be. If (a) the Enforcing Servicer’s intended
course of action with respect to the Repurchase Request does not involve pursuing further action to exercise rights against the
related Mortgage Loan Seller with respect to the Repurchase Request and the Initial Requesting Certificateholder, if any, or any
other Certificateholder or Certificate Owner wishes to exercise its right to refer the matter to mediation (including nonbinding
arbitration) or arbitration, or (b) the Enforcing Servicer’s intended course of action is to pursue further action to exercise
rights against the applicable Mortgage Loan Seller with respect to the Repurchase Request but the Initial Requesting Certificateholder,
if any, or any other Certificateholder or Certificate Owner does not agree with the dispute resolution method selected by the Enforcing
Servicer, then the Initial Requesting Certificateholder, if any, or such other Certificateholder or Certificate Owner may deliver
to the Enforcing Servicer a written notice (a “Preliminary Dispute Resolution Election Notice”) within 30 days
from the date the Proposed Course of Action Notice is posted on the Certificate Administrator’s Website (the “Dispute
Resolution Cut-off Date”) indicating its intent to exercise its right to refer the matter to either mediation or arbitration.
In the event any Certificateholder or Certificate Owner delivers a Preliminary Dispute Resolution Election Notice, and the Enforcing
Servicer has also received responses from other Certificateholders or Certificate Owners supporting the Enforcing Servicer’s
initial Proposed Course of Action, such responses will be considered Preliminary Dispute Resolution Election Notices supporting
the Proposed Course of Action Notice.

 

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(ii)           If
neither the Initial Requesting Certificateholder, if any, nor any other Certificateholder or Certificate Owner delivers a Preliminary
Dispute Resolution Election Notice prior to the Dispute Resolution Cut-off Date, no Certificateholder or Certificate Owner shall
have the right to refer the Repurchase Request to mediation or arbitration, and the Enforcing Servicer shall be the sole party
entitled to determine a course of action, including, but not limited to, enforcing the Trust’s rights against the related
Mortgage Loan Seller, subject to any consent or consultation rights of the Directing Certificateholder pursuant to Section 6.08.

 

(iii)          Promptly
and in any event within ten (10) Business Days following receipt of a Preliminary Dispute Resolution Election Notice from (a) the
Initial Requesting Certificateholder, if any, or (b) any other Certificateholder or Certificate Owner (each of clauses (a)
and (b), a “Requesting Certificateholder”), the Enforcing Servicer shall consult with each Requesting
Certificateholder regarding such Requesting Certificateholder’s intention to elect either mediation (including nonbinding
arbitration) or arbitration as the dispute resolution method with respect to the Repurchase Request (the “Dispute Resolution
Consultation”) so that such Requesting Certificateholder may consider the views of the Enforcing Servicer as to the claims
underlying the Repurchase Request and possible dispute resolution methods, such discussions to occur and be completed no later
than ten (10) Business Days following the Dispute Resolution Cut-off Date. The Enforcing Servicer shall be entitled to establish
procedures the Enforcing Servicer deems in good faith to be appropriate relating to the timing and extent of such consultations.
No later than five (5) Business Days after completion of the Dispute Resolution Consultation, a Requesting Certificateholder may
provide a final notice to the Enforcing Servicer indicating its decision to exercise its right to refer the matter to either mediation
or arbitration (“Final Dispute Resolution Election Notice”).

 

(iv)          If,
following the Dispute Resolution Consultation, no Requesting Certificateholder timely delivers a Final Dispute Resolution Election
Notice to the Enforcing Servicer, then the Enforcing Servicer will continue to act as the Enforcing Party and will remain obligated
under this Agreement to determine a course of action including, but not limited to, enforcing the rights of the Trust with respect
to the Repurchase Request and no Certificateholder or Certificate Owner shall have any further right to elect to refer the matter
to mediation or arbitration.

 

(v)           If
a Requesting Certificateholder timely delivers a Final Dispute Resolution Election Notice to the Enforcing Servicer, then such
Requesting Certificateholder shall become the Enforcing Party and must promptly submit the matter to mediation (including nonbinding
arbitration) or arbitration. If there are more than one Requesting Certificateholder that timely deliver a Final Dispute Resolution
Election Notice, then such Requesting Certificateholders shall collectively become the Enforcing Party, and the holder or holders
of a majority of the Voting Rights among such Requesting Certificateholders shall be entitled to make all decisions relating to
such mediation or arbitration. If, however, no Requesting Certificateholder commences arbitration or mediation pursuant to the
terms of this Agreement within thirty (30) days after delivery of its Final Dispute Resolution Election Notice to the Enforcing
Servicer, then (i) the rights of a Requesting Certificateholder to act as the Enforcing Party shall

 

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terminate and no Certificateholder
or Certificate Owner shall have any further right to elect to refer the matter to mediation or arbitration, (ii) if the Proposed
Course of Action Notice indicated that the Enforcing Servicer shall take no further action with respect to the Repurchase Request,
then the related Material Defect shall be deemed waived for all purposes under this Agreement and the related Mortgage Loan Purchase
Agreement; provided, however, that such Material Defect shall not be deemed waived with respect to a Requesting Certificateholder,
any other Certificateholder or Certificate Owner or the Enforcing Servicer to the extent there is a material change in the facts
and circumstances known to such party at the time when the Proposed Course of Action Notice is delivered to the Enforcing Servicer,
and (iii) if the Proposed Course of Action Notice had indicated a course of action other than the course of action under clause
(ii), then the Special Servicer shall again become the Enforcing Party and, as such, shall be the sole party entitled to enforce
the Trust’s rights against the related Mortgage Loan Seller.

 

(vi)          Notwithstanding
the foregoing, the dispute resolution provisions described above under this Section 2.03(l) shall not apply, and the Enforcing
Servicer shall remain the Enforcing Party, if the Enforcing Servicer has commenced litigation with respect to the Repurchase Request,
or determines in accordance with the Servicing Standard that it is in the best interest of Certificateholders to commence litigation
with respect to the Repurchase Request to avoid the running of any applicable statute of limitations.

 

(vii)         In
the event a Requesting Certificateholder becomes the Enforcing Party, the Enforcing Servicer, on behalf of the Trust, shall remain
a party to any proceedings against the related Mortgage Loan Seller as further described herein.

 

(viii)        For
the avoidance of doubt, none of the Depositor, any Mortgage Loan Seller nor any of their respective affiliates shall be entitled
to be an Initial Requesting Certificateholder or a Requesting Certificateholder.

 

(ix)          The
Requesting Certificateholder is entitled to elect either mediation or arbitration in its sole discretion; however, the Requesting
Certificateholder shall not be entitled to then utilize the alternative method in the event that the initial method is unsuccessful.

 

(m)          If the Enforcing
Party selects mediation (including nonbinding arbitration), the following provisions shall apply:

 

(i)            The
mediation shall be administered by a nationally recognized mediation services provider selected by the related Mortgage Loan Seller
(such provider, the “Mediation Services Provider”) in accordance with published mediation procedures (the “Mediation
Rules”) promulgated by the Mediation Services Provider.

 

(ii)           The
mediator shall be impartial, an attorney admitted to practice in the state of New York and have at least fifteen (15) years of
experience in commercial litigation, and if possible, commercial real estate finance or commercial mortgage-backed securitization
matters and who will be appointed from a list of neutrals maintained by the Mediation Services Provider. Upon being supplied a
list of at least ten potential qualified

 

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mediators by the Mediation Services Provider each party will have the right to exercise
two peremptory challenges within fourteen (14) days and to rank the remaining potential mediators in order of preference. The Mediation
Services Provider shall select the mediator from the remaining attorneys on the list respecting the preference choices of the parties
to the extent possible.

 

(iii)          Prior
to accepting an appointment, the mediator must promptly disclose any circumstances likely to create a reasonable inference of bias
or conflict of interest or likely to preclude completion of the hearings within the prescribed time schedule.

 

(iv)          The
parties shall use commercially reasonable efforts to conduct an organizational conference to begin the mediation within 10 Business
Days of the selection of the mediator and to conclude the mediation within 60 days thereafter.

 

(v)           The
expenses of any mediation shall be allocated among the parties to the mediation including, if applicable, between the Enforcing
Party and the Enforcing Servicer, as mutually agreed by the parties as part of the mediation.

 

(vi)          Out
of pocket costs and expenses of the Special Servicer for mediation or arbitration, to the extent not agreed to be paid by the Enforcing
Party or another party (in the case of mediation) or allocated to the Enforcing Party or another party (in the case of arbitration)
shall be reimbursable as a Servicing Advance.

 

(n)           If the Enforcing
Party selects third-party arbitration, the following provisions will apply:

 

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

 

(ii)           The
arbitrator shall be impartial, an attorney admitted to practice in the State of New York and have at least 15 years of experience
in commercial litigation, and if possible, commercial real estate finance or commercial mortgage-backed securitization matters
and who will be appointed from a list of neutrals maintained by the Arbitration Services Provider. Upon being supplied a list of
at least ten potential arbitrators by the Arbitration Services Provider each party will have the right to exercise two peremptory
challenges within 14 days and to rank the remaining potential arbitrators in order of preference. The Arbitration Services Provider
will select the arbitrator from the remaining attorneys on the list respecting the preference choices of the parties to the extent
possible.

 

(iii)          Prior
to accepting an appointment, the arbitrator must promptly disclose any circumstances likely to create a reasonable inference of
bias or conflict of interest or likely to preclude completion of the hearings within the prescribed time schedule.

 

(iv)          After
consulting with the parties at an organizational conference held not later than 10 Business Days after its appointment, the arbitrator
shall devise procedures

 

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and deadlines for the arbitration, to the extent not already agreed to by the parties, with the goal of
expediting the proceeding and completing the arbitration within 120 days. The arbitrator shall have the authority to schedule,
hear, and determine any and all motions, including dispositive and discovery motions, in accordance with the Federal Rules of Civil
Procedure for non-jury matters (the “Rules”) (including summary judgment and other prehearing and post hearing
motions), and will do so by reasoned decision on the motion of any party to the arbitration.

 

(v)           Notwithstanding
whatever other discovery may be available under the Rules, unless otherwise agreed by the parties, each party to the arbitration
will be presumptively limited to the following discovery in the arbitration: (A) the parties shall reasonably and in good faith
voluntarily produce to all other parties all documents upon which they intend to rely and all documents they reasonably and in
good faith believe to be relevant to the claims or defenses asserted by any of the parties, (B) party witness depositions (excluding
Rule 30b-6 witnesses), and (C) expert witness depositions, provided that the arbitrator shall have the ability to grant
the parties, or either of them, additional discovery to the extent that the arbitrator determines good cause is shown that such
additional discovery is reasonable and necessary.

 

(vi)          The
arbitrator shall make its final determination no later than 30 days after the conclusion of the hearings and submission of any
post-hearing submissions. The arbitrator shall resolve the dispute in accordance with the terms of the related Mortgage Loan Purchase
Agreement and this Agreement, and may not modify or change those agreements in any way or award remedies not consistent with those
agreements. The arbitrator will not have the power to award punitive damages or consequential damages in any arbitration conducted
by them. Interest on any monetary award shall bear interest from the date of the Final Dispute Resolution Election Notice at the
Prime Rate. In its final determination, the arbitrator shall determine and award the costs of the arbitration (including the fees
of the arbitrator, cost of any record or transcript of the arbitration, and administrative fees) and shall award reasonable attorneys’
fees to the parties to the arbitration as determined by the arbitrator in its reasonable discretion. The determination of the arbitrator
shall be by a reasoned decision in writing and counterpart copies will be promptly delivered to the parties. The final determination
of the arbitrator shall be final and non-appealable, except for actions to confirm or vacate the determination permitted under
federal or state law, and may be enforced in any court of competent jurisdiction.

 

(vii)         By
selecting arbitration, the selecting party is giving up the right to sue in court, including the right to a trial by jury.

 

(viii)        No
person may bring a putative or certificated class action to arbitration.

 

(o)           The following
provisions will apply to both mediation and third-party arbitration:

 

(i)            Any
mediation or arbitration will be held in New York, New York unless another location is agreed by all parties;

 

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(ii)           If
the dispute involves a matter that cannot effectively be remedied by the payment of damages, or if there be any dispute relating
to arbitration or the arbitrators that cannot be resolved promptly by the arbitrators or the Arbitration Services Provider, then
any party in such instance may during the pendency of the arbitration proceedings seek temporary equitable remedies, pending the
final decision of the arbitration panel, solely by application in the Southern District of New York if such court shall have subject
matter jurisdiction, or if the Southern District of New York has no jurisdiction, then the Supreme Court of the State of New York
for the County of New York. The arbitration proceedings shall not be stayed unless so ordered by the court.

 

(iii)          The
details and/or existence of any Repurchase Request, any informal meetings, mediations or arbitration proceedings conducted under
this Section 2.03, including all offers, promises, conduct and statements, whether oral or written, made in the course of
the parties’ attempt to informally resolve any Repurchase Request, will be confidential, privileged and inadmissible for
any purpose, including impeachment, in any mediation, arbitration or litigation, or other proceeding (including any proceeding
under this Section 2.03). Such information will be kept strictly confidential and shall not be disclosed or shared with
any third party (other than a party’s attorneys, experts, accountants and other agents and representatives, as reasonably
required in connection with any resolution procedure under this Section 2.03), except as otherwise required by law, regulatory
requirement or court order. If any party to a resolution procedure receives a subpoena or other request for information from a
third party (other than a governmental regulatory body) for such confidential information, the recipient shall promptly notify
the other party to the resolution procedure and shall provide the other party with a reasonable opportunity to object to the production
of its confidential information.

 

(iv)          In
the event a Requesting Certificateholder is the Enforcing Party, the agreement with the arbitrator or mediator, as the case may
be, shall be required to contain an acknowledgment that the Trust, or the Enforcing Servicer on its behalf, shall be a party to
any arbitration or mediation proceedings solely for the purpose of being the beneficiary of any award in favor of the Enforcing
Party; provided that the degree and extent to which the Enforcing Servicer actively prepares for and participates in such
proceeding shall be determined by such Enforcing Servicer in consultation with the Directing Certificateholder (provided
that a Consultation Termination Event has not occurred and is continuing) and in accordance with the Servicing Standard. All amounts
recovered by the Enforcing Party shall be paid to the Trust, or the Enforcing Servicer on its behalf, and deposited in the Collection
Account. The agreement with the arbitrator or mediator, as the case may be, shall provide that in the event a Requesting Certificateholder
is allocated any related costs and expenses pursuant to the terms of the arbitrator’s decision or the agreement reached in
mediation, neither the Trust nor the Enforcing Servicer acting on its behalf shall be responsible for any such costs and expenses
allocated to the Requesting Certificateholder.

 

(v)           In
the event a Requesting Certificateholder is the Enforcing Party, the Requesting Certificateholder is required to pay any expenses
allocated to the Enforcing

 

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Party in the arbitration proceedings or any expenses that the Enforcing Party agrees to bear in the
mediation proceedings.

 

(vi)          The
Trust (or the Trustee or the Enforcing Servicer, acting on its behalf), the Depositor or any Mortgage Loan Seller shall be permitted
to redact any personally identifiable customer information included in any information provided for purposes of any mediation or
arbitration. Each party to the proceedings shall be required to agree to keep confidential the details related to the Repurchase
Request and the dispute resolution identified in connection with such procedures; provided, however, that the Certificateholders
shall be permitted to communicate prior to the commencement of any such proceedings to the extent provided in Section 5.06.

 

(vii)         For
the avoidance of doubt, in no event shall the exercise of any right of a Requesting Certificateholder to refer a Repurchase Request
to mediation or arbitration or participation in such mediation or arbitration affect in any manner the ability of the Enforcing
Servicer to perform its obligations with respect to a Specially Serviced Loan (including without limitation, a liquidation, foreclosure,
negotiation of a loan modification or workout, acceptance of a discounted pay off or deed in lieu, or bankruptcy or other litigation)
or the exercise of any rights of a Directing Certificateholder.

 

(viii)        In
the event that the method of dispute resolution selected is unsuccessful, the Requesting Certificateholder may not elect to then
utilize the alternative method.

 

Section
2.04     Execution of Certificates; Issuance of Lower-Tier Regular Interests. The Trustee hereby acknowledges
the assignment to it of the Mortgage Loans and, subject to Section 2.01 and Section 2.02, the delivery to the Custodian
of the Mortgage Files and a fully executed original counterpart of each of the Mortgage Loan Purchase Agreements, together with
the assignment to it of all of the other assets included in the Lower-Tier REMIC and the Grantor Trust. Concurrently with such
assignment and delivery, and in exchange for the Mortgage Loans (other than Excess Interest) and the other assets comprising the
Lower-Tier REMIC, receipt of which is hereby acknowledged, the Trustee (i) acknowledges the issuance of the Lower-Tier Regular
Interests and the Class LR Interest to the Depositor; (ii) the Trustee acknowledges the creation of the Grantor Trust (as described
in Section 2.05 below); (iii) the Trustee acknowledges the contribution by the Depositor of the Lower-Tier Regular Interests
to the Upper-Tier REMIC; and (iv) immediately thereafter, in exchange for the Lower-Tier Regular Interests, the Trustee acknowledges
that it has caused the Certificate Administrator to issue the Class UR Interest and has caused the Certificate Registrar to execute
and caused the Authenticating Agent to authenticate and to deliver to or upon the order of the Depositor, the Regular Certificates,
and the Class R Certificates, and the Depositor hereby acknowledges the receipt by it or its designees, of such Certificates in
authorized Denominations evidencing the entire beneficial ownership of the Upper-Tier REMIC (and in the case of the Class R Certificates,
the Class LR Interest and the Class UR Interest); and (v) the Trustee acknowledges that it has caused the Certificate Administrator
to issue the Class V Certificates in exchange for the related assets of the Grantor Trust and has caused the Certificate Registrar
to execute and cause the Authenticating Agent to deliver to or upon the order of the Depositor such Certificates, and the Depositor
hereby acknowledges the receipt by it, or its designees, of such Certificates in

 

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authorized
denominations, evidencing beneficial ownership of their respective portions of the Grantor Trust.

 

Section
2.05     Creation of the Grantor Trust. The Class V Certificates
are hereby designated as undivided beneficial interests in the portion of the Trust Fund consisting of the Class V Specific Grantor
Trust Assets, which portion shall be treated as a grantor trust within the meaning of subpart E, part I of subchapter J of the
Code.

 

[End of Article II]

 

Article
III

ADMINISTRATION AND SERVICING OF THE TRUST FUND

 

Section
3.01     The Master Servicer to Act as Master Servicer; Special Servicer to Act as Special Servicer; Administration of
the Mortgage Loans, the Serviced Companion Loans, and REO Properties. (a)
Each of the Master Servicer and Special Servicer shall diligently service and administer the Mortgage Loans (other than any Non-Serviced
Mortgage Loan), any related Serviced Companion Loans and the REO Properties (other than any REO Property related
to a Non-Serviced Mortgage Loan) it is obligated to service in accordance with applicable law, this Agreement and the Mortgage
Loan documents on behalf of the Trust and in the best interests of and for the benefit of the Certificateholders and, in the case
of the Serviced Companion Loans, the Companion Holders and the Trustee (as holder of the Lower-Tier Regular Interests), as a collective
whole, taking into account the subordinate or pari passu nature of such Companion Loans (as determined by the Master Servicer
or Special Servicer, as the case may be, in its reasonable judgment), in accordance with applicable law, the terms of this Agreement
(and, with respect to each Serviced Whole Loan or any Mortgage Loan with related mezzanine debt, the related Intercreditor Agreement)
and the terms of the respective Mortgage Loans and, if applicable, the related Companion Loan, taking into account the subordinate
or pari passu nature of the Companion Loan. With respect to each Serviced Whole Loan, in the event of a conflict between
this Agreement and the related Intercreditor Agreement, the related Intercreditor Agreement shall control; provided 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 Intercreditor Agreement that would cause the Master Servicer or the Special Servicer, as the case
may be, to violate the Servicing Standard or the REMIC Provisions. To the extent consistent with the foregoing, the Master Servicer
and the Special Servicer shall service the Mortgage Loans (other than any Non-Serviced Mortgage Loan) and the Serviced Companion
Loans in accordance with the higher of the following standards of care: (1) in the same manner in which, and with the same care,
skill, prudence and diligence with which the Master Servicer or the Special Servicer, as the case may be, services and administers
similar mortgage loans for other third party portfolios and (2) the same care, skill, prudence and diligence with which the Master
Servicer or the Special Servicer, as the case may be, services and administers similar mortgage loans owned by the Master Servicer
or the Special Servicer, as the case may be, with a view to the (A) the timely recovery of all payments of principal and interest
under the Mortgage Loans or Serviced Whole Loans or (B) in the case of a Specially Serviced Loan or an REO Property, maximization
of recovery of principal and interest on a net present value basis on such Mortgage Loans and any related Serviced Companion Loans,
and the best interests of the Trust

 

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and the Certificateholders (as a collective whole as if such Certificateholders
constituted a single lender) (and in the case of any Whole Loan, the best interests of the Trust, the Certificateholders and any
related Companion Holder (as a collective whole as if such Certificateholders and the holder or holders of the related Companion
Loan constituted a single lender), taking into account the subordinate or pari passu nature of the related Companion Loan),
as determined by the Master Servicer or the Special Servicer, as the case may be, in its reasonable judgment, in either case giving
due consideration to the customary and usual standards of practice of prudent institutional commercial, multifamily and manufactured
housing community mortgage loan servicers, but without regard to any conflict of interest arising from: (i) any relationship
that the Master Servicer, the Special Servicer or any Affiliate of the Master Servicer or the Special Servicer may have with any
Mortgagor, any Mortgage Loan Seller, any other parties to this Agreement, any Sponsor, any originator of a Mortgage Loan or any
Affiliate of any of the foregoing; (ii) the ownership of any Certificate, Companion Loan, mezzanine loan, or subordinate debt
relating to a Mortgage Loan by the Master Servicer, the Special Servicer or any Affiliate of the Master Servicer or the Special
Servicer, as applicable; (iii) the obligation, if any, of the Master Servicer to make Advances; (iv) the right of the
Master Servicer or the Special Servicer, as the case may be, or any of its Affiliates to receive compensation for its services
and reimbursement for its costs hereunder or with respect to any particular transaction; (v) the ownership, servicing or management
for others of (a) a Non-Serviced Mortgage Loan and a Non-Serviced Companion Loan or (b) any other mortgage loans, subordinate
debt, mezzanine loans or properties not covered by this Agreement or held by the Trust by the Master Servicer or the Special Servicer,
as the case may be, or any of its Affiliates; (vi) any debt that the Master Servicer or the Special Servicer, as the case
may be, or any of its Affiliates, has extended to any Mortgagor or an Affiliate of any Mortgagor (including, without limitation,
any mezzanine financing); (vii) any option to purchase any Mortgage Loan or the related Companion Loan the Master Servicer
or the Special Servicer, as the case may be, or any of its Affiliates, may have; and (viii) any obligation of the Master Servicer
or the Special Servicer, or any of their respective Affiliates, to repurchase or substitute for a Mortgage Loan as a Mortgage Loan
Seller (if the Master Servicer or the Special Servicer or any of their respective Affiliates is a Mortgage Loan Seller) (the foregoing,
collectively referred to as the “Servicing Standard”).

 

The Master Servicer and
the Special Servicer shall act in accordance with the Servicing Standard with respect to any action required to be taken regarding
the Non-Serviced Mortgage Loans pursuant to their obligations under this Agreement.

 

Without limiting the
foregoing, subject to Section 3.19, the Special Servicer shall be obligated to service and administer (i) any
Mortgage Loans (other than the Non-Serviced Mortgage Loans) and any related Serviced Companion Loans as to which a Servicing Transfer
Event has occurred and is continuing (each, a “Specially Serviced Loan”) or as otherwise provided herein with
respect to Non-Specially Serviced Loans in connection with any Major Decision and (ii) any REO Properties (other than the
Non-Serviced Mortgaged Properties); provided that the Master Servicer shall continue to receive payments and make all calculations,
and prepare, or cause to be prepared, all reports, required hereunder with respect to the Specially Serviced Loans, except for
the reports specified herein as prepared by the Special Servicer, as if no Servicing Transfer Event had occurred and with respect
to the REO Properties (and the related REO Loans) as if no REO Acquisition had occurred, and to render such services with respect
to such Specially Serviced Loans and REO Properties as are specifically provided for

 

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herein; provided, further, however,
that the Master Servicer shall not be liable for failure to comply with such duties insofar as such failure results from a failure
of the Special Servicer to provide sufficient information to the Master Servicer to comply with such duties or failure by the Special
Servicer to otherwise comply with its obligations hereunder. The Master Servicer, in its capacity as Master Servicer, shall not
have any responsibility for the performance by the Special Servicer, in its capacity as Special Servicer, of its duties under this
Agreement. The Special Servicer, in its capacity as Special Servicer, shall not have any responsibility for the performance by
the Master Servicer, in its capacity as Master Servicer, of its duties under this Agreement. Each Mortgage Loan or any related
Serviced Companion Loan that becomes a Specially Serviced Loan shall continue as such until satisfaction of the conditions specified
in Section 3.19(a). Without limiting the foregoing, subject to Section 3.19 and in accordance with the
terms of this Agreement, the Master Servicer shall be obligated to service and administer any Non-Specially Serviced Loan or any
related Serviced Companion Loan. The Special Servicer shall make the property inspections, use its reasonable efforts to collect
the financial statements, budgets, operating statements and rent rolls and forward to the Master Servicer the reports in respect
of the related Mortgaged Properties with respect to Specially Serviced Loans in accordance with Section 3.12. Other
than with respect to Mortgage Loans contributed by Macquarie US Trading, LLC d/b/a Principal Commercial Capital, after notification
to the Master Servicer, the Special Servicer may contact the Mortgagor of any Non-Specially Serviced Loan if efforts by the Master
Servicer to collect required financial information have been unsuccessful or any other issues remain unresolved. Such contact shall
be coordinated through and with the cooperation of the Master Servicer. No provision herein contained shall be construed as an
express or implied guarantee by the Master Servicer or the Special Servicer of the collectability or recoverability of payments
on the Mortgage Loans or any related Serviced Companion Loan or be construed to impair or adversely affect any rights or benefits
provided by this Agreement to the Master Servicer or the Special Servicer (including with respect to Servicing Fees, Special Servicing
Fees or the right to be reimbursed for Advances and interest accrued thereon). Any provision in this Agreement for any Advance
by the Master Servicer or the Trustee is intended solely to provide liquidity for the benefit of the Certificateholders and not
as credit support or otherwise to impose on any such Person the risk of loss with respect to one or more of the Mortgage Loans
or any related Serviced Companion Loans. No provision hereof shall be construed to impose liability on the Master Servicer or the
Special Servicer for the reason that any recovery to the Certificateholders in respect of a Mortgage Loan at any time after a determination
of present value recovery is less than the amount reflected in such determination.

 

(b)          
Subject only to the Servicing Standard and the terms of this Agreement (including, without limitation, Section 6.08)
and of the respective Mortgage Loans, any related Serviced Companion Loans and any related Intercreditor Agreement, if applicable,
and applicable law, the Master Servicer and the Special Servicer each shall have full power and authority, acting alone or, subject
to Section 3.20, through one or more Sub-Servicers, to do or cause to be done any and all things in connection with
such servicing and administration for which it is responsible which it may deem necessary or desirable. Without limiting the generality
of the foregoing, each of the Master Servicer and the Special Servicer, in its own name (or in the name of the Trustee and, if
applicable, the related Serviced Companion Noteholder), is hereby authorized and empowered by the Trustee to execute and deliver,
on behalf of the Certificateholders (and, with respect to a Serviced Companion Loan, the related Serviced Companion Noteholder)
and the Trustee or any of them, with respect to each Mortgage Loan and

 

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any related Serviced Companion Loan it is obligated to service
under this Agreement: (i) any and all financing statements, continuation statements and other documents or instruments necessary
to maintain the lien created by the related Mortgage or other security document in the related Mortgage File on the related Mortgaged
Property and related collateral, and shall, from time to time, execute and/or deliver such financing statements, continuation statements
and other documents or instruments as necessary to maintain the lien created by the related Mortgage or other security document
in the related Mortgage File on the related Mortgaged Property and related collateral; (ii) subject to Sections 3.08,
3.18 and 6.08, any and all modifications, waivers, amendments or consents to, under or with respect to any documents
contained in the related Mortgage File; (iii) any and all instruments of satisfaction or cancellation, pledge agreements and
other documents in connection with a defeasance, or of partial or full release or discharge, and all other comparable instruments;
and (iv) any or all complaints or other pleadings to initiate and/or to terminate any action, suit or proceeding on behalf
of the Trust (in their representative capacities (except as set forth below in this paragraph). The Master Servicer (with respect
to Non-Specially Serviced Loans) and the Special Servicer (with respect to Specially Serviced Loans) shall provide to the Mortgagor
related to such Mortgage Loans that it is servicing any reports required to be provided to them pursuant to the related Mortgage
Loan documents. Subject to Section 3.10, the Trustee shall (i) on the Closing Date, furnish to the Master Servicer
and the Special Servicer original powers of attorney in the form of Exhibit R-1 or Exhibit R-2 attached
hereto, as applicable (or such other form as mutually agreed to by the Trustee and the Master Servicer or the Special Servicer,
as applicable) and (ii) upon request, furnish, or cause to be furnished, to the Master Servicer or the Special Servicer any
powers of attorney substantially in the form of Exhibit R-1 or Exhibit R-2 attached hereto, as applicable
(or such other form as mutually agreed to by the Trustee and the Master Servicer or the Special Servicer, as applicable) and other
documents necessary or appropriate to enable the Master Servicer or the Special Servicer, as the case may be, to carry out its
servicing and administrative duties hereunder; provided, however, that the Trustee shall not be held responsible
or liable for any acts of the Master Servicer or the Special Servicer, or for any negligence with respect to, or misuse of, any
such power of attorney by the Master Servicer or the Special Servicer. Notwithstanding anything contained herein to the contrary,
the Master Servicer or the Special Servicer, as the case may be, shall not, without the Trustee’s written consent: (i) initiate
any action, suit or proceeding solely under the Trustee’s name without indicating the Master Servicer’s or the Special
Servicer’s, as the case may be, representative capacity (unless prohibited by any requirement of the applicable jurisdiction
in which any such action, suit or proceeding is brought and if so prohibited, in the manner required by such jurisdiction (provided
that the Master Servicer or 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 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 required to be registered to do business in any state.

 

(c)           
To the extent the Master Servicer is permitted pursuant to the terms of the related Mortgage Loan documents or Companion
Loan documents (including any related Intercreditor Agreement) to exercise its discretion with respect to any action which requires

 

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Rating Agency Confirmation from each Rating Agency and a confirmation of any applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any class of Serviced Companion Loan Securities
(if any) (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25), the Master Servicer
shall require the costs of such Rating Agency Confirmation to be borne by the related Mortgagor. To the extent the terms of the
related Mortgage Loan documents or Companion Loan documents (including any related Intercreditor Agreement) require the Mortgagor
to bear the costs of any Rating Agency Confirmation or confirmation of any applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any class of Serviced Companion Loan Securities
(if any) (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25), the Master Servicer
shall not waive the requirement that such costs and expenses be borne by the related Mortgagor. To the extent that the terms of
the related Mortgage Loan documents or Companion Loan documents (including any related Intercreditor Agreement) are silent as to
who bears the costs of any Rating Agency Confirmation or confirmation of any applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any class of Serviced Companion Loan Securities
(if any) (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25), the Master Servicer
shall use reasonable efforts to have the Mortgagor bear such costs and expenses. The Master Servicer shall not be responsible for
the payment of such costs and expenses out of pocket other than as a Servicing Advance.

 

(d)          
The relationship of each of the Master Servicer and the Special Servicer to the Trustee under this Agreement is intended
by the parties to be that of an independent contractor and not that of a joint venturer, partner or agent.

 

(e)          
The Master Servicer shall, to the extent permitted by the related Mortgage Loan documents or any related Companion Loan
documents, and consistent with the Servicing Standard, permit Escrow Payments to be invested only in Permitted Investments.

 

(f)           
Within sixty (60) days (or such shorter time period as is required by the terms of the applicable Mortgage Loan documents)
after the later of (i) the receipt thereof by the Master Servicer and (ii) the Closing Date, (x) the applicable
Mortgage Loan Seller pursuant to the Mortgage Loan Purchase Agreement shall notify each provider of a letter of credit for each
Mortgage Loan identified as having a letter of credit on the Mortgage Loan Schedule, that the Master Servicer (in care of the Trustee,
as titled in Section 2.01(b)) for the benefit of the Certificateholders and any related Companion Holders shall be
the beneficiary under each such letter of credit and (y) the Master Servicer shall notify each lessor under a Ground Lease
for each Mortgage Loan identified as subject to a leasehold interest on the Mortgage Loan Schedule, that the Trust is the leasehold
mortgagee and that the Master Servicer or the Special Servicer shall service the related Mortgage Loan for the benefit of the Certificateholders.
If a letter of credit is required to be drawn upon earlier than the date the applicable Mortgage Loan Seller has notified the provider
of such letter of credit pursuant to clause (x) of the immediately preceding sentence,

 

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such Mortgage Loan Seller shall
cooperate with the reasonable requests of the Master Servicer or Special Servicer in connection with making a draw under such letter
of credit. If the Mortgage Loan documents do not require the related Mortgagor to pay any costs and expenses relating to any modifications
to or assignment of the related letter of credit, then the applicable Mortgage Loan Seller shall pay such costs and expenses as
and to the extent required under the applicable Mortgage Loan Purchase Agreement. If the Mortgage Loan documents require the related
Mortgagor to pay any costs and expenses relating to any modifications to the related letter of credit, and such Mortgagor fails
to pay such costs and expenses after the Master Servicer has exercised reasonable efforts to collect such costs and expenses from
such Mortgagor, then the Master Servicer shall give the applicable Mortgage Loan Seller notice of such failure and the amount of
costs and expenses, and such Mortgage Loan Seller shall pay such costs and expenses as and to the extent required under the applicable
Mortgage Loan Purchase Agreement. The costs and expenses of any modifications to Ground Leases shall be paid by the related Mortgagor.
Neither the Master Servicer nor the Special Servicer shall have any liability for the failure of any Mortgage Loan Seller to perform
its obligations under the related Mortgage Loan Purchase Agreement.

 

(g)          
Notwithstanding anything herein to the contrary, in no event shall the Master Servicer (or the Trustee, as applicable) make
an Advance with respect to any Companion Loan to the extent the related Serviced Mortgage Loan has been paid in full or is no longer
included in the Trust Fund.

 

(h)          
Servicing and administration of each Serviced Companion Loan shall continue hereunder and in accordance with the related
Intercreditor Agreement for so long as the corresponding Serviced Mortgage Loan or any related REO Property is part of the Trust
Fund or for such longer period as is contemplated by the related Intercreditor Agreement and, to the extent consistent with the
related Intercreditor Agreement, as any amounts payable by the related Companion Holder to or for the benefit of the Trust or any
party hereto in accordance with the related Intercreditor Agreement remain due and owing.

 

(i)           
The Special Servicer agrees that upon the occurrence of a Servicing Transfer Event with respect to any Mortgage Loan or
Serviced Whole Loan that is subject to or becomes subject to an Intercreditor Agreement in the future, it shall, subject to Section 3.19,
use commercially reasonable efforts to enforce, on behalf of the Trust, subject to the Servicing Standard and to the extent the
Special Servicer determines such action is in the best interests of the Trust, all rights conveyed to the Trustee pursuant to any
such Intercreditor Agreement. The costs and expenses incurred by the Special Servicer in connection with such enforcement shall
be paid as a Trust Fund expense or, subject to the terms of the applicable Intercreditor Agreement, with respect to any Serviced
Pari Passu Whole Loan, pro rata and pari passu, by the Trust and Serviced Pari Passu Companion Loan, in accordance
with the respective Stated Principal Balances of the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion
Loan or (ii) with respect to any AB Whole Loan, first, by the related AB Subordinate Companion Loan and then,
pro rata and pari passu, by the Trust and Serviced Pari Passu Companion Loan, in accordance with the respective Stated
Principal Balances of the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion Loan.

 

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(j)           
Notwithstanding anything herein to the contrary, the parties hereto acknowledge and agree that, to the extent required under
the related Intercreditor Agreement, the servicing and administration of a Serviced Whole Loan shall continue hereunder (but not
with respect to making Advances) even if the related Serviced Mortgage Loan is no longer part of the Trust Fund, until such time
as a separate servicing agreement is entered into in accordance with the related Intercreditor Agreement (it being acknowledged
that neither the Master Servicer nor the Special Servicer shall be obligated under a separate agreement to which it is not a party);
provided that, other than pursuant to Section 6.04 (and, with respect to Section 6.04, solely with
respect to claims, losses, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs,
liabilities, fees and expenses incurred in connection with a legal claim or action resulting from an action or inaction taken or
not taken while the related Serviced Mortgage Loan was part of the Trust Fund), no costs, expenses, losses or fees accruing with
respect to such Serviced Whole Loan on and after the date the related Serviced Mortgage Loan is no longer part of the Trust Fund
shall be payable out of the Trust Fund and the Master Servicer shall have no obligation to make any Advance on or after the date
such Serviced Mortgage Loan ceases to be part of the Trust Fund; provided, however, that if, in the case of any Serviced
Pari Passu Whole Loan, the related Serviced Companion Loan continues to be included in an Other Securitization, then for so long
as a separate servicing agreement (pursuant to the related Intercreditor Agreement) has not been entered into, the Master Servicer
shall inform the related Other Servicer of any need to make Servicing Advances with respect to a Serviced Whole Loan within three
(3) Business Days of determining that such an Advance is necessary or being notified that such an Advance is necessary, or in the
case of a Servicing Advance that needs to be made on an emergency or urgent basis, within one (1) Business Day. With respect to
Servicing Advances made by any Other Servicer as contemplated in the proviso to the preceding sentence, the Master Servicer shall,
from collections on the related Serviced Whole Loan (but never out of general collections on the Mortgage Loans and REO Properties)
received by the Master Servicer, reimburse the Other Servicer for such Servicing Advances in the same manner and on the same level
of priority as if such Servicing Advances had been made by the Master Servicer hereunder.

 

(k)          
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 a Non-Serviced Mortgage Loan are limited by and subject to the terms of the related Non-Serviced Intercreditor
Agreement and the rights of the related Non-Serviced Master Servicer and Non-Serviced Special Servicer with respect thereto under
the related Non-Serviced PSA. The Master Servicer (or, with respect to any Specially Serviced Loan, the Special Servicer) shall
use reasonable efforts consistent with the Servicing Standards to enforce the rights of the Trustee (as holder of a Non-Serviced
Mortgage Loan) under the related Non-Serviced Intercreditor Agreement and Non-Serviced PSA.

 

(l)           
The parties hereto acknowledge that each Non-Serviced Mortgage Loan is subject to the terms and conditions of the related
Non-Serviced Intercreditor Agreement and further acknowledge that, pursuant to the related Non-Serviced Intercreditor Agreement,
(i) the related Non-Serviced Mortgage Loan is to be serviced and administered by the related Non-Serviced Master Servicer
and Non-Serviced Special Servicer in accordance with the related Non-Serviced PSA, and (ii) in the event that (A) the
related Non-Serviced Companion Loan is no longer part of the Trust Fund created by the related Non-Serviced PSA and (B) the
related

 

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Non-Serviced Mortgage Loan is included in the Trust Fund, then, as set forth in the related Non-Serviced Intercreditor
Agreement, the related Non-Serviced Whole Loan shall continue to be serviced in accordance with the related Non-Serviced PSA, until
such time as a new servicing agreement has been agreed to by the parties to the related Non-Serviced Intercreditor 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.

 

(m)         
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 a Serviced Whole Loan are limited by, and subject to, the terms of the related Intercreditor Agreement.
The Master Servicer (or, if a Serviced Whole Loan becomes a Specially Serviced Loan, the Special Servicer) shall use reasonable
efforts consistent with the Servicing Standard to obtain the benefits of the rights of the Trust (as holder of the related Serviced
Mortgage Loan) under the related Intercreditor Agreement. In the event of any conflict between this Agreement and the related Intercreditor
Agreement, the provisions of the related Intercreditor Agreement shall control.

 

(n)          
In connection with the securitization of the Empire Mall Controlling Pari Passu Companion Loan, while it is a Serviced Companion
Loan, upon the request of (and at the expense of) a related Serviced Companion Noteholder (or its designee), each of the Master
Servicer, the Special Servicer (if such Serviced Companion Loan is a Specially Serviced Loan) and the Trustee, as applicable, shall
use reasonable efforts to cooperate with such Serviced Companion Noteholder in attempting to cause the related Mortgagor to provide
information relating to such Whole Loan and the related notes, and that such holder reasonably determines to be necessary or appropriate,
for inclusion in any disclosure document(s) relating to such Other Securitization.

 

(o)          
For the avoidance of doubt, none of the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee
have any obligation or authority to (a) supervise any related Non-Serviced Master Servicer, Non-Serviced Special Servicer, Non-Serviced
Certificate Administrator or Non-Serviced Trustee or (b) make Servicing Advances with respect to any Non-Serviced Whole Loan. The
obligation of the Master Servicer to provide information and collections and make P&I Advances to the Certificate Administrator
for the benefit of the Certificateholders with respect to each Non-Serviced Mortgage Loan is dependent on its receipt of the corresponding
information and/or collections from the applicable Non-Serviced Master Servicer or Non-Serviced Special Servicer.

 

Section 3.02     Collection of Mortgage Loan Payments. (a)  Each of the Master Servicer and the Special Servicer shall make
reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans (other than the Non-Serviced
Mortgage Loans) and the Serviced Companion Loans it is obligated to service hereunder, and shall follow such collection procedures
as are consistent with this Agreement (including, without limitation, the Servicing Standard); provided that with respect
to each Mortgage Loan that has an Anticipated Repayment Date, so long as the related Mortgagor is in compliance with each

 

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provision
of the related Mortgage 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 the related Mortgage Loan or until the outstanding principal balance of such Mortgage Loan (exclusive of any
portion representing accrued Excess Interest) has been paid in full); provided, further, that the Master Servicer
or Special Servicer, as the case may be, may take action to enforce the Trust’s right to apply excess cash flow to principal
in accordance with the terms of the Mortgage Loan documents. The Master Servicer or the Special Servicer, as applicable, may in
its discretion waive any Penalty Charge in connection with any delinquent payment on a Mortgage Loan or Companion Loan that it
is obligated to service hereunder three (3) times during any period of twenty-four (24) consecutive months with respect to any
Mortgage Loan or Serviced Companion Loan; provided that the Master Servicer or the Special Servicer, as applicable, may
in its discretion waive any Penalty Charge in connection with any delinquent payment on a Mortgage Loan or Companion Loan one additional
time in such 24-month period so long as with respect to any of the foregoing waivers, no Advance or additional expense of the Trust
has been incurred and remains unreimbursed to the Trust with respect to such Mortgage Loan or Companion Loan. Any additional waivers
during such 24-month period with respect to such Mortgage Loan may be made, subject to the Servicing Standard, only after the Master
Servicer or Special Servicer, as applicable, has, prior to the occurrence of a Consultation Termination Event, given notice of
a proposed waiver to the Directing Certificateholder and, prior to the occurrence and continuance of a Control Termination Event,
the Directing Certificateholder has consented to such additional waiver (provided that if the Master Servicer or Special
Servicer, as applicable, fails to receive a response to such notice from the Directing Certificateholder in writing within five
(5) days of giving such notice, then the Directing Certificateholder shall be deemed to have consented to such proposed waiver);
provided, further, that after the occurrence and during the continuance of a Control Termination Event, the Master
Servicer or Special Servicer, as applicable, may waive any Penalty Charge in accordance with the Servicing Standard without the
consent of the Directing Certificateholder; provided, further, that the Directing Certificateholder shall have no
consent rights with respect to any Excluded Loan with respect to the foregoing waivers.

 

(b)          
(i)  All amounts collected by or on behalf of the Trust in respect of a Mortgage Loan shall be applied to amounts
due and owing under the Mortgage Loan documents (including for principal and accrued and unpaid interest) in accordance with the
express provisions of the Mortgage Loan documents; provided, however, that absent express provisions in the related
Mortgage Loan documents (including any related Intercreditor Agreement) or to the extent otherwise agreed to by the related Mortgagor
in connection with a workout of a Mortgage Loan, all amounts collected by or on behalf of the Trust in respect of a Mortgage Loan
in the form of payments from the related Mortgagor, Liquidation Proceeds or Insurance and Condemnation Proceeds under the Mortgage
Loan (in the case of each Serviced Whole Loan, exclusive of amounts payable to any applicable Companion Loan pursuant to the terms
of the related Intercreditor Agreement) shall be applied in the following order of priority:

 

first,
as a recovery of any unreimbursed Advances (including any Workout-Delayed Reimbursement Amount) with respect to such Mortgage Loan
and unpaid interest at the Reimbursement Rate on such Advances and, if applicable, unreimbursed and unpaid expenses of the Trust;

 

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second,
as a recovery of Nonrecoverable Advances and any interest on those Nonrecoverable Advances at the Reimbursement Rate, to the extent
previously paid or reimbursed from principal collections on such Mortgage Loan (as described in the first proviso in the definition
of Principal Distribution Amount);

 

third,
to the extent not previously allocated pursuant to clause first, 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 (i) accrued and unpaid interest on
such Mortgage Loan at the related Mortgage Rate in effect from time to time through the end of the applicable mortgage interest
accrual period, over (ii) the cumulative amount of the reductions (if any) in the amount of related P&I Advances for such
Mortgage Loan that have occurred in connection with related Appraisal Reduction Amounts (to the extent collections have not been
allocated as recovery of accrued and unpaid interest pursuant to clause fifth below on earlier dates;

 

fourth,
to the extent not previously allocated pursuant to clause first, 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;

 

fifth,
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 occurred in connection with related Appraisal Reduction
Amounts (to the extent collections have not been allocated as recovery of accrued and unpaid interest pursuant to this clause fifth
on earlier dates);

 

sixth,
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;

 

seventh,
as a recovery of any other reserves to the extent then required to be held in escrow with respect to such Mortgage Loan;

 

eighth,
as a recovery of any Yield Maintenance Charge or Prepayment Premium then due and owing under such Mortgage Loan;

 

ninth,
as a recovery of any late payment charges and default interest then due and owing under such Mortgage Loan;

 

tenth,
as a recovery of any assumption fees and Modification Fees then due and owing under such Mortgage Loan;

 

eleventh,
as a recovery of any other amounts then due and owing under such Mortgage Loan other than remaining unpaid principal (if both consent
fees and Operating Advisor Consulting Fees are due and owing, first, allocated to consent fees and then, allocated to Operating
Advisor Consulting Fees);

 

twelfth,
as a recovery of any remaining principal of such Mortgage Loan to the extent of its entire remaining unpaid principal balance;
and

 

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thirteenth,
in the case of an ARD Loan after the related Anticipated Repayment Date, any accrued but unpaid Excess Interest;

 

provided that to the extent required
under the REMIC Provisions, payments or proceeds received (or receivable by exercise of the lender’s rights under the related
Mortgage Loan documents) with respect to any partial release of a Mortgaged Property (including in connection with a condemnation)
at a time when the loan to value ratio of the related Mortgage Loan or Serviced Whole Loan, as applicable, exceeds 125%, or would
exceed 125% following any partial release (based solely on the value of real property and excluding personal property and going
concern value, if any, unless otherwise permitted under the applicable REMIC Provisions as evidenced by an Opinion of Counsel to
the Trustee) must be collected and allocated to reduce the principal balance of the Mortgage Loan or Serviced Whole Loan in the
manner required by the REMIC Provisions; provided, further, that if a Non-Serviced Mortgage Loan and any related
Non-Serviced Companion Loan comprising a Non-Serviced Whole Loan become REO Loans, the treatment of the foregoing amounts with
respect to such Non-Serviced Whole Loan shall be subject to the terms of the related Non-Serviced Intercreditor Agreement and Non-Serviced
PSA, in that order; provided, further, that with respect to each Mortgage Loan related to a Serviced Whole Loan,
amounts collected with respect to the related Serviced Whole Loan shall be allocated first pursuant to the terms of the related
Intercreditor Agreement and then, any amounts allocated to the related Serviced Mortgage Loan shall be subject to application as
described above.

 

(ii)          
Collections by or on behalf of the Trust in respect of any REO Property (exclusive of the amounts to be allocated to the
payment of the costs of operating, managing, leasing, maintaining and disposing of such REO Property and, if applicable, in the
case of each Serviced Whole Loan, exclusive of any amounts payable to the holder of the related Companion Loan(s), as applicable,
pursuant to the related Intercreditor Agreement) shall be applied in the following order of priority:

 

first,
as a recovery of any unreimbursed Advances (including any Workout-Delayed Reimbursement Amount) with respect to the related Mortgage
Loan and interest at the Reimbursement Rate on all Advances and, if applicable, unreimbursed and unpaid expenses of the Trust with
respect to such Mortgage Loan;

 

second,
as a recovery of Nonrecoverable Advances and any interest on those Nonrecoverable Advances at the Reimbursement Rate, to the extent
previously paid or reimbursed from principal collections on the Mortgage Loans (as described in the first proviso in the definition
of Principal Distribution Amount);

 

third,
to the extent not previously allocated pursuant to clause first, 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 (i) accrued and unpaid interest on
such Mortgage Loan at the applicable Mortgage Rate in effect from time to time through the end of the applicable mortgage interest
accrual period, over (ii) the cumulative amount of the reductions (if any) in the amount of related P&I Advances for such
Mortgage Loan that have occurred in connection with related Appraisal Reduction Amounts (to the extent

 

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collections have not been
allocated as a recovery of accrued and unpaid interest pursuant to clause fifth below on earlier dates);

 

fourth,
to the extent not previously allocated pursuant to clause first, as a recovery of principal of such Mortgage Loan to the
extent of its entire unpaid principal balance;

 

fifth,
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 occurred in connection with related Appraisal Reduction
Amounts (to the extent collections have not been allocated as recovery of accrued and unpaid interest pursuant to this clause fifth
on earlier dates);

 

sixth,
as a recovery of any Yield Maintenance Charge or Prepayment Premium then due and owing under such Mortgage Loan;

 

seventh,
as a recovery of any late payment charges and default interest then due and owing under such Mortgage Loan;

 

eighth,
as a recovery of any assumption fees and Modification Fees then due and owing under such Mortgage Loan;

 

ninth,
as a recovery of any other amounts then due and owing under such Mortgage Loan other than remaining unpaid principal (if both consent
fees and Operating Advisor Consulting Fees are due and owing, first, allocated to consent fees and then, allocated
to Operating Advisor Consulting Fees); and

 

tenth,
in the case of an ARD Loan after the related Anticipated Repayment Date, any accrued but unpaid Excess Interest;

 

provided that if a Non-Serviced
Mortgage Loan and any related Non-Serviced Companion Loan comprising a Non-Serviced Whole Loan becomes an REO Loan, the treatment
of the foregoing amounts with respect to such Non-Serviced Whole Loan shall be subject to the terms of the related Non-Serviced
Intercreditor Agreement and Non-Serviced PSA, in that order; provided, further, that with respect to each Mortgage
Loan related to a Serviced Whole Loan, amounts collected with respect to the related Serviced Whole Loan shall be allocated first
pursuant to the terms of the related Intercreditor Agreement and then, any amounts allocated to the related Serviced Mortgage Loan
shall be subject to application as described above.

 

(iii)        
Notwithstanding clauses (i) and (ii) above, such provisions shall not be deemed to affect the priority
of distributions of payments pursuant to the provisions of this Agreement. To the extent that such amounts are paid by a party
other than a Mortgagor, such amounts shall be deemed to have been paid in respect of a purchase of all or part of the Mortgaged
Property (in the case of Insurance and Condemnation Proceeds or Liquidation Proceeds) and then paid by the Mortgagor under the
Mortgage Loan or Companion Loan, as applicable, or in accordance with Section 3.02(b)(ii) above.

 

(c)         
To the extent consistent with the terms of the Mortgage Loans (and, with respect to each Serviced Whole Loan, the related
Serviced Companion Loan, as applicable, and

 

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the related Intercreditor Agreement) and applicable law, the Master Servicer shall
apply all Insurance and Condemnation Proceeds it receives on a day other than the Due Date to amounts due and owing under the related
Mortgage Loan or Companion Loan as if such Insurance and Condemnation Proceeds were received on the Due Date immediately succeeding
the month in which Insurance and Condemnation Proceeds were received and otherwise in accordance with Section 3.02(b)(ii)
above.

 

(d)          
In the event that the Master Servicer or Special Servicer receives Excess Interest prior to the Determination Date for any
Collection Period, or receives notice from the related Mortgagor that the Master Servicer or Special Servicer will be receiving
Excess Interest prior to the Determination Date for any Collection Period, the Master Servicer or Special Servicer, as the case
may be, shall notify the Trustee and Certificate Administrator two (2) Business Days prior to the related Distribution Date. 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 or prepayment penalty. The preceding statements shall not, however, be
construed to limit the provisions of Section 3.02(a).

 

(e)           
With respect to any Mortgage Loan in connection with which the Mortgagor was required to escrow funds or to post a letter
of credit related to obtaining certain performance objectives described in the applicable Mortgage Loan documents, the Master Servicer
shall, to the extent consistent with the Servicing Standard, hold such escrows, letters of credit and proceeds thereof as additional
collateral and not apply such items to reduce the principal balance of such Mortgage Loan or Serviced Companion Loan, unless otherwise
required to do so pursuant to the applicable Mortgage Loan documents, applicable law or court order.

 

(f)           
(i) Promptly following the Closing Date, in the case of any Non-Serviced Whole Loan, and (ii) promptly following
the Certificate Administrator’s receipt of notice of the Empire Mall Companion Loan Securitization Date (which notice shall
contain such Non-Serviced Master Servicer’s address), in the case of the Empire Mall Whole Loan, the Certificate Administrator
shall send written notice (in the form attached hereto as Exhibit T) to the related Non-Serviced Master Servicer (with
a copy to any other applicable party set forth on the schedule of addresses to Exhibit T) stating that, as of such
date, the Trustee is the holder of the related Non-Serviced Mortgage Loan and directing such Non-Serviced Master Servicer to remit
to the Master 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 Non-Serviced Mortgage Loan under the related Non-Serviced Intercreditor Agreement
and the related Non-Serviced PSA. The Master Servicer shall, within two (2) Business Days of receipt of properly identified funds,
deposit into the Collection Account all amounts received with respect to the related Non-Serviced Mortgage Loan, the related Non-Serviced
Mortgaged Property or any related REO Property.

 

Section 3.03     Collection of Taxes, Assessments and Similar Items; Servicing Accounts. (a)  The Master Servicer shall
establish and maintain one or more accounts (the “Servicing Accounts”), into which all Escrow Payments shall
be deposited and retained, and shall administer such Servicing Accounts in accordance with the Mortgage Loan documents and,

 

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if
applicable, the Companion Loan documents. Any Servicing Account related to a Serviced Whole Loan shall be held for the benefit
of the Certificateholders and the related Serviced Companion Noteholder collectively, but this shall not be construed to modify
respective interests of either noteholder therein as set forth in the related Intercreditor Agreement. Amounts on deposit in Servicing
Accounts may only be invested in accordance with the terms of the related Mortgage Loan documents and Companion Loan documents,
or in Permitted Investments in accordance with the provisions of Section 3.06. Servicing Accounts shall be Eligible
Accounts to the extent permitted by the terms of the related Mortgage Loan documents. Withdrawals of amounts so deposited from
a Servicing Account may be made only to: (i) effect payment of items for which Escrow Payments were collected and comparable
items; (ii) reimburse the Trustee and then the Master Servicer, if applicable, for any Servicing Advances; (iii) refund
to Mortgagors any sums as may be determined to be overages; (iv) pay interest to Mortgagors on balances in the Servicing Account,
if required by applicable law or the terms of the related Mortgage Loan or Companion Loan and as described below or, if not so
required, to the Master Servicer; (v) after the occurrence of an event of default under the related Mortgage Loan or Companion
Loan, apply amounts to the indebtedness under the applicable Mortgage Loan or Companion Loan; (vi) withdraw amounts deposited
in error; (vii) pay Penalty Charges to the extent permitted by the related Mortgage Loan documents; or (viii) clear and
terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. As part of its
servicing duties, the Master Servicer shall pay or cause to be paid to the Mortgagors interest on funds in Servicing Accounts,
to the extent required by law or the terms of the related Mortgage Loan or Companion Loan; provided, however, that
in no event shall the Master Servicer be required to remit to any Mortgagor any amounts in excess of actual net investment income
or funds in the related Servicing Account. If allowed by the related Mortgage Loan documents and applicable law, the Master Servicer
may charge the related Mortgagor an administrative fee for maintenance of the Servicing Accounts.

 

(b)          
The Special Servicer, in the case of REO Loans (other than any REO Loan succeeding a Non-Serviced Mortgage Loan), and the
Master Servicer, in the case of all other Mortgage Loans (other than a Non-Serviced Mortgage Loan) and each Serviced Companion
Loan, shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of real estate taxes,
assessments and other similar items that are or may become a lien thereon and the status of insurance premiums and any ground rents
payable in respect thereof. The Special Servicer, in the case of REO Loans (other than any REO Loan succeeding a Non-Serviced Mortgage
Loan), and the Master Servicer, in the case of all other Mortgage Loans (other than a Non-Serviced Mortgage Loan)and each Serviced
Companion Loan, shall use reasonable efforts consistent with the Servicing Standard to obtain, from time to time, all bills for
the payment of such items (including renewal premiums) and shall effect payment thereof from the REO Account or by the Master Servicer
as Servicing Advances prior to the applicable penalty or termination date and, in any event, prior to the institution of foreclosure
or similar proceedings with respect to the related Mortgaged Property for nonpayment of such items, employing for such purpose
Escrow Payments (which shall be so applied by the Master Servicer at the written direction of the Special Servicer in the case
of REO Loans) as allowed under the terms of the related Mortgage Loan (other than a Non-Serviced Mortgage Loan)and Companion Loan.
Other than with respect to any Non-Serviced Mortgage Loan, the Master Servicer shall service and administer any reserve accounts
(including monitoring, maintaining or changing the amounts of required escrows) in accordance with the terms of such Mortgage Loan
and the

 

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related Serviced Companion Loan, as applicable, and the Servicing Standard. To the extent that a Mortgage Loan (other than
a Non-Serviced Mortgage Loan) and any related Companion Loan, as applicable, does not require a Mortgagor to escrow for the payment
of real estate taxes, assessments, insurance premiums, ground rents (if applicable) and similar items, the Special Servicer, in
the case of REO Loans, and the Master Servicer, in the case of all other such Mortgage Loans or Companion Loan, as applicable,
that it is responsible for servicing hereunder, shall use reasonable efforts consistent with the Servicing Standard to cause the
Mortgagor to comply with its obligation to make payments in respect of such items at the time they first become due and, in any
event, prior to the institution of foreclosure or similar proceedings with respect to the related Mortgaged Property for nonpayment
of such items.

 

(c)          
In accordance with the Servicing Standard and for each Mortgage Loan (other than any Non-Serviced Mortgage Loans) and each
Serviced Whole Loan, as applicable, the Master Servicer shall advance all such funds as are necessary for the purpose of effecting
the payment of (i) real estate taxes, assessments and other similar items that are or may become a lien thereon, (ii) ground
rents (if applicable) and (iii) premiums on Insurance Policies, in each instance if and to the extent Escrow Payments collected
from the related Mortgagor (or related REO Revenues, if applicable) are insufficient to pay such item when due and the related
Mortgagor has failed to pay such item on a timely basis, and provided, however, that the particular advance would
not, if made, constitute a Nonrecoverable Servicing Advance and provided, further, however, that with respect
to the payment of taxes and assessments, the Master Servicer shall not be required to make such advance until the later of (i) five
(5) Business Days after the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as the case may
be, has received confirmation that such item has not been paid and (ii) the date prior to the date after which any penalty
or interest would accrue in respect of such taxes or assessments. The Special Servicer shall give the Master Servicer and the Trustee
no less than five (5) Business Days’ written (facsimile or electronic) notice before the date on which the Master Servicer
is requested to make any Servicing Advance with respect to a given Specially Serviced Loan or REO Property; provided, however,
that only two (2) Business Days’ written (facsimile or electronic) notice shall be required in respect of Servicing Advances
required to be made on an emergency or urgent basis provided, further, that the Special Servicer shall not be entitled
to make such a request (other than for Servicing Advances required to be made on an urgent or emergency basis) more frequently
than once per calendar month (although such request may relate to more than one Servicing Advance). The Master Servicer may pay
the aggregate amount of such Servicing Advances listed on a monthly request to the Special Servicer, in which case the Special
Servicer shall remit such Servicing Advances to the ultimate payees. The Special Servicer shall have no obligation to make any
Servicing Advances; provided that in an urgent or emergency situation requiring the making of a Servicing Advance, the Special
Servicer may make a Servicing Advance. Within five (5) Business Days of making such a Servicing Advance, the Special Servicer shall
deliver to the Master Servicer request for reimbursement for such Servicing Advance, along with all information and documentation
in the Special Servicer’s possession regarding the subject Servicing 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 unreimbursed Servicing Advances (other than Nonrecoverable Servicing Advances) made by the Special Servicer pursuant to the
terms hereof), together with interest thereon at the Reimbursement Rate from the date made to, but not including, the date of reimbursement.
Such reimbursement and any accompanying payment of

 

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interest shall be made within five (5) 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 Servicing Advance and payment
to the Special Servicer of interest thereon, all in accordance with this Section 3.03, the Master Servicer shall for
all purposes of this Agreement be deemed to have made such Servicing Advance at the same time as the Special Servicer actually
made such Servicing Advance, and accordingly, the Master Servicer shall be entitled to be reimbursed for such Servicing Advance,
together with interest thereon at the Reimbursement 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 Servicing Advance at the time the Special Servicer did.
Notwithstanding the foregoing provisions of this Section 3.03(c), the Master Servicer shall not be required to reimburse
the Special Servicer out of its own funds for, or to make at the direction of the Special Servicer, any Servicing Advance if the
Master Servicer determines in its reasonable judgment that such Servicing Advance, although not characterized by the Special Servicer
as a Nonrecoverable Servicing Advance, is in fact a Nonrecoverable Servicing Advance. The Master Servicer shall notify the Special
Servicer in writing of such determination and, if applicable, such Nonrecoverable Servicing Advance shall instead be reimbursed
to the Special Servicer pursuant to Section 3.05 of this Agreement.

 

Any request by the Special
Servicer that the Master Servicer make a Servicing Advance shall be deemed to be a determination by the Special Servicer that such
requested Servicing Advance is not a Nonrecoverable Servicing Advance, and the Master Servicer shall be entitled to conclusively
rely on such determination, provided that the determination shall not be binding on the Master Servicer or Trustee. On the
first Business Day after the Determination Date for the related Distribution Date, the Special Servicer shall report to the Master
Servicer if the Special Servicer determines any Servicing Advance previously made by the Master Servicer with respect to a Specially
Serviced Loan or REO Loan is a Nonrecoverable Servicing Advance. The Master Servicer shall be entitled to conclusively rely on
such a determination, but such determination shall not be binding upon the Master Servicer, and shall in no way limit the ability
of the Master Servicer in the absence of such determination to make its own determination that any Advance is a Nonrecoverable
Advance. If the Special Servicer makes a determination that only a portion of, and not all of, any previously made or proposed
Servicing Advance is a Nonrecoverable Advance, the Master Servicer shall have the right to make its own subsequent determination
that any remaining portion of any such previously made or proposed Servicing Advance is a Nonrecoverable Advance. All such Advances
shall be reimbursable in the first instance from related collections from the Mortgagors and further as provided in Section 3.05(a).
No costs incurred by the Master Servicer or the Special Servicer in effecting the payment of real estate taxes, assessments and,
if applicable, ground rents on or in respect of the Mortgaged Properties shall, for purposes hereof, including, without limitation,
the Certificate Administrator’s calculation of monthly distributions to Certificateholders, be added to the unpaid principal
balances of the related Mortgage Loans, any related Serviced Companion Loan, if applicable, notwithstanding that the terms of such
Mortgage Loans, related Serviced Companion Loan, if applicable, so permit. If the Master Servicer fails to make any required Servicing
Advance as and when due (including any applicable cure periods), to the extent the Trustee has actual knowledge of such failure,
the Trustee shall make such Servicing Advance pursuant to Section 7.05. Notwithstanding anything herein to the contrary,
no Servicing Advance shall be required hereunder if such Servicing Advance would, if made, constitute a Nonrecoverable

 

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Servicing
Advance. In addition, the Master Servicer shall consider Unliquidated Advances in respect of prior Servicing Advances for purposes
of nonrecoverability determinations. The Special Servicer shall have no obligation to make any Servicing Advances under this Agreement.

 

Notwithstanding anything
to the contrary contained in this Section 3.03(c), the Master Servicer may in its good faith judgment elect (but shall
not be required unless directed by the Special Servicer with respect to Specially Serviced Loans and REO Loans) to make a payment
from amounts on deposit in the Collection Account (or any Companion Distribution Account maintained as a subaccount thereof by
a Companion Paying Agent, if applicable) (which shall be deemed first made from amounts distributable as principal and then
from all other amounts comprising general collections) to pay for certain expenses set forth below notwithstanding that the Master
Servicer (or Special Servicer, as applicable) has determined that a Servicing Advance with respect to such expenditure would be
a Nonrecoverable Servicing Advance (unless, with respect to Specially Serviced Loans or REO Loans, the Special Servicer has notified
the Master Servicer to not make such expenditure), where making such expenditure would prevent (i) the related Mortgaged Property
from being uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of
the related Mortgage, or the loss of any security for the related Mortgage Loan or Serviced Companion Loan; provided that
in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard
(as evidenced by an Officer’s Certificate delivered to the Trustee) that making such expenditure is in the best interest
of the Certificateholders (and, if applicable, the Companion Holders), all as a collective whole (taking into account the subordinate
or pari passu nature of any Companion Loans). The Master Servicer or Trustee may elect to obtain reimbursement of Nonrecoverable
Servicing Advances from the Trust pursuant to the terms of Section 3.17(c). The parties acknowledge that pursuant to
the applicable Non-Serviced PSA, the applicable Non-Serviced Master Servicer is obligated to make servicing advances with respect
to the related Non-Serviced Whole Loan. The applicable Non-Serviced Master Servicer shall be entitled to reimbursement for Nonrecoverable
Servicing Advances with respect to such Non-Serviced Whole Loan (with, in each case, any accrued and unpaid interest thereon provided
for under the applicable Non-Serviced PSA) in the manner set forth in the applicable Non-Serviced PSA and the applicable Non-Serviced
Intercreditor Agreement.

 

(d)          
In connection with its recovery of any Servicing Advance out of the Collection Account (or any Companion Distribution Account
maintained as a subaccount thereof by the Companion Paying Agent, if applicable) pursuant to Section 3.05(a), the Trustee,
the Special Servicer and then the Master Servicer, as the case may be and in that order, shall be entitled to receive, out of any
amounts then on deposit in the Collection Account interest at the Reimbursement Rate in effect from time to time, accrued on the
amount of such Servicing Advance from the date made to, but not including, the date of reimbursement. Subject to Section 3.17(c),
the Master Servicer shall reimburse itself, the Special Servicer or the Trustee, as the case may be, for any outstanding Servicing
Advance as soon as practically possible after funds available for such purpose are deposited in the Collection Account (or any
Companion Distribution Account maintained as a subaccount thereof by the Companion Paying Agent, if applicable) subject to the
Master Servicer’s or the Trustee’s options and rights to defer recovery of such amounts as provided herein; provided,
however, that such Master Servicer’s or Trustee’s options and rights to defer recovery of such amounts shall
not alter the Master Servicer’s obligation to reimburse the Special Servicer for any outstanding Servicing Advance as provided

 

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for in this sentence. To the extent amounts on deposit in the Companion Distribution Account with respect to the related Companion
Loan are insufficient for any such reimbursement, the Master Servicer shall use efforts in accordance with the Servicing Standard
to enforce the rights of the holder of the related Mortgage Loan under the related Intercreditor Agreement to obtain any reimbursement
available from the holder of the related Companion Loan.

 

(e)           
To the extent an operations and maintenance plan is required to be established and executed pursuant to the terms of a Mortgage
Loan (other than a Non-Serviced Mortgage Loan), the Master Servicer shall request from the Mortgagor written confirmation thereof
within a reasonable time after the later of the Closing Date and the date as of which plan is required to be established or completed.
To the extent any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant
to the terms of the Mortgage Loan (other than a Non-Serviced Mortgage Loan), the Master Servicer shall request from the Mortgagor
written confirmation of such actions and remediations within a reasonable time after the later of the Closing Date and the date
as of which action or remediations are required to be or to have been taken or completed. To the extent a Mortgagor shall fail
to promptly respond to any inquiry described in this Section 3.03(e), the Master Servicer shall report any such failure
to the Special Servicer within a reasonable time after the date as of which actions or remediations are required to be or to have
been taken or completed.

 

Section 3.04     The Collection Account, the Lower-Tier REMIC Distribution Account, the Upper-Tier REMIC Distribution Account, the Companion
Distribution Account, the Interest Reserve Account, the Excess Interest Distribution Account, and the Gain-on-Sale Reserve Account.
(a)  The Master Servicer shall establish and maintain, or cause to be established and maintained, a Collection Account
in which the Master Servicer shall deposit or cause to be deposited on a daily basis and in no event later than the second Business
Day following receipt of available and properly identified funds (in the case of payments by Mortgagors or other collections on
the Mortgage Loans or Companion Loans), except as otherwise specifically provided herein, the following payments and collections
received or made by or on behalf of it subsequent to the Cut-off Date (other than in respect of principal and interest on the Mortgage
Loans or Companion Loans due and payable on or before the Cut-off Date, which payments shall be delivered promptly to the appropriate
Mortgage Loan Seller or its respective designee and other than any amounts received from Mortgagors which are received in connection
with the purchase of defeasance collateral), or payments (other than Principal Prepayments) received by it on or prior to the Cut-off
Date but allocable to a period subsequent thereto:

 

(i)           
all payments on account of principal, including Principal Prepayments on the Mortgage Loans or principal prepayments on
Serviced Companion Loans;

 

(ii)         
all payments on account of interest on the Mortgage Loans or the Serviced Companion Loans, including Excess Interest, Prepayment
Premiums, Yield Maintenance Charges and Default Interest;

 

(iii)          late payment charges and other Penalty Charges to the extent required to offset interest on Advances and additional expenses
of the Trust (other than Special Servicing Fees, Workout Fees or Liquidation Fees) as required by Section 3.11(d);

 

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(iv)          all Insurance and Condemnation Proceeds and Liquidation Proceeds (other than Gain-on-Sale Proceeds or Non-Serviced Gain-on-Sale
Proceeds) received in respect of any Mortgage Loan, Serviced Companion Loan or REO Property (other than (A) Liquidation Proceeds
that are received in connection with the purchase by the Master Servicer, the Special Servicer, the Holders of the majority of
the Controlling Class, or the Holders of the Class R Certificates of all the Mortgage Loans and any REO Properties in the
Trust Fund and that are to be deposited in the Lower-Tier REMIC Distribution Account pursuant to Section 9.01 and (B) any
proceeds that are received in connection with the purchase, if any, of a Serviced Pari Passu Companion Loan from a securitization
by the related mortgage loan seller, which shall be paid directly to the servicer of such securitization) together with any recovery
of Unliquidated Advances in respect of the related Mortgage Loans;

 

(v)           any amounts required to be transferred from the REO Account pursuant to Section 3.14(c);

 

(vi)          any amounts required to be deposited by the Master Servicer pursuant to Section 3.06 in connection with losses
incurred with respect to Permitted Investments of funds held in the Collection Account; and

 

(vii)         any amounts required to be deposited by the Master Servicer or the Special Servicer pursuant to Section 3.07(b)
in connection with losses resulting from a deductible clause in a blanket hazard or master single interest policy.

 

Notwithstanding the foregoing
requirements, the Master Servicer need not deposit into the Collection Account any amount that the Master Servicer would be authorized
to withdraw immediately from such account in accordance with the terms of Section 3.05 and shall be entitled to instead
immediately pay such amount directly to the Person(s) entitled thereto; provided that such amounts shall be applied in accordance
with the terms hereof and shall be reported as if deposited in such Collection Account and then withdrawn.

 

The foregoing requirements
for deposit in the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality
of the foregoing, actual payments from Mortgagors in the nature of Escrow Payments, charges for beneficiary statements or demands,
assumption fees, modification fees, extension fees, defeasance fees, amounts collected for Mortgagor checks returned for insufficient
funds or other amounts the Master Servicer or the Special Servicer would be entitled to retain as additional servicing compensation
need not be deposited by the Master Servicer in the Collection Account. If the Master Servicer shall deposit 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. Assumption, extension and modification fees actually received from Mortgagors
on Specially Serviced Loans shall be promptly delivered to the Special Servicer as additional servicing compensation.

 

Upon receipt of any of
the foregoing amounts in clauses (i) through (iv) above with respect to any Specially Serviced Loans, the Special
Servicer shall remit within one (1) Business Day such amounts to the Master Servicer for deposit into the Collection Account, in

 

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accordance with this Section 3.04(a). Any such amounts received by the Special Servicer with respect to an REO Property
shall be deposited by the Special Servicer into the REO Account and remitted to the Master Servicer for deposit into the Collection
Account, pursuant to Section 3.14(c). With respect to any such amounts paid by check to the order of the Special Servicer,
the Special Servicer shall endorse without recourse or warranty such check to the order of the Master Servicer and shall promptly
deliver any such check to the Master Servicer by overnight courier. Funds in the Collection Account may only be invested in Permitted
Investments in accordance with the provisions of Section 3.06. As of the Closing Date, the Collection Account for the
Master Servicer shall be located at the offices of Wells Fargo Bank, National Association. The Master Servicer shall give notice
to the Trustee, the Special Servicer, the Certificate Administrator and the Depositor of the new location of the Collection Account
prior to any change thereof.

 

(b)          
The Certificate Administrator, on behalf of the Trustee, shall establish and maintain (i) the Lower-Tier REMIC Distribution
Account, the Interest Reserve Account and the Gain-on-Sale Reserve Account in trust for the benefit of the Certificateholders (other
than Holders of the Class V Certificates), (ii) the Upper-Tier REMIC Distribution Account for the benefit of the Certificateholders
(other than the Holders of the Class V Certificates and the Trustee as holder of the Lower-Tier Regular Interests), and (iii) the
Excess Interest Distribution Account for the benefit of the Holders of the Class V Certificates. The Master Servicer shall
deliver to the Certificate Administrator each month on or before the P&I Advance Date therein, for deposit (x) in the
Lower-Tier REMIC Distribution Account, that portion of the Available Funds attributable to the Mortgage Loans (in each case, calculated
without regard to clauses (a)(iii)(B), (a)(iv), (c) and (d) of the definition of Available Funds)
for the related Distribution Date and (y) 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 3.05(a)(ii).
For the avoidance of doubt, so long as Wells Fargo Bank, National Association is the Certificate Administrator, all funds held
in the Distribution Account, the Interest Reserve Account and the Excess Interest Distribution Account shall remain uninvested.

 

With respect to each
Companion Loan (excluding any Non-Serviced Companion Loan), the Companion Paying Agent shall establish and maintain the Companion
Distribution Account, which may be a subaccount of the Collection Account, for distributions to each Companion Holder, to be held
for the benefit of the related Companion Holder and shall, within two (2) Business Days following receipt of properly identified
funds (to the extent consistent with the related Intercreditor Agreement), deposit in the Companion Distribution Account any and
all amounts received by the Companion Paying Agent that are required by the terms of this Agreement or the applicable Intercreditor
Agreement to be deposited therein; provided, however, that the Companion Paying Agent shall separately track for
each Serviced Companion Loan all amounts deposited with respect to such Serviced Companion Loan. The Master Servicer shall deliver
to the Companion Paying Agent each month, on or before the P&I Advance Date therein, for deposit in the Companion Distribution
Account, an aggregate amount of immediately available funds, to the extent received with respect to the related Serviced Whole
Loan, to the extent of available funds, equal to the amount to be distributed to the related Companion Holder pursuant to the terms
of this Agreement and the related Intercreditor Agreement. Notwithstanding the preceding, the following provisions shall apply
to remittances relating to the

 

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Serviced Companion Loans that have been deposited into an Other Securitization: (1) on each
Serviced Whole Loan Remittance Date, the Master Servicer shall withdraw from the Collection Account (or applicable portion thereof)
an aggregate amount equal to all payments and/or collections actually received on, and payable to, such Serviced Companion Loans
prior to such dates; provided, however, that in no event shall the Master Servicer be required to transfer to the
Companion Distribution Account any portion thereof that is payable or reimbursable to or at the direction of any party to this
Agreement under the other provisions of this Agreement and/or the related Intercreditor Agreement; (2) on each Serviced Whole
Loan Remittance Date, the Companion Paying Agent shall make the payments and remittance described in Section 4.01(k),
which payments and remittance shall be made, in each case, on the Serviced Whole Loan Remittance Date.

 

The Lower-Tier REMIC
Distribution Account, the Upper-Tier REMIC Distribution Account, the Excess Interest Distribution Account, the Gain-on-Sale Reserve
Account and the Interest Reserve Account, may be subaccounts of a single Eligible Account, which shall be maintained as a segregated
account separate from other accounts.

 

In addition to the amounts
required to be deposited in the Lower-Tier REMIC Distribution Account pursuant to this Section 3.04, the Master Servicer
shall, as and when required hereunder, deliver to the Certificate Administrator for deposit in the Lower-Tier REMIC Distribution
Account:

 

(i)           
any amounts required to be deposited by the Master Servicer pursuant to Section 3.17(a) as Compensating Interest
Payments (other than the portion of any Compensating Interest Payment allocated to a Serviced Pari Passu Companion Loan) in connection
with Prepayment Interest Shortfalls;

 

(ii)          
any P&I Advances required to be made by the Master Servicer in accordance with Section 4.03;

 

(iii)         
any Liquidation Proceeds paid by the Master Servicer, the Special Servicer, the Holders of the Controlling Class or the
Holders of the Class R Certificates in connection with the purchase of all of the Mortgage Loans and any REO Properties in
the Trust Fund pursuant to Section 9.01 (exclusive of that portion thereof required to be deposited in the Collection
Account pursuant to Section 9.01);

 

(iv)         
any Prepayment Premiums and Yield Maintenance Charges with respect to the Mortgage Loans actually collected; and

 

(v)          
any other amounts required to be so delivered for deposit in the Lower-Tier REMIC Distribution Account pursuant to any
provision of this Agreement.

 

If, as of the close of
business (New York City time) on any P&I Advance Date or on such other date as any amount referred to in the foregoing clauses (i)
through (v) or any Excess Interest are required to be delivered hereunder, the Master Servicer shall not have delivered
to the Certificate Administrator for deposit in the Lower-Tier REMIC Distribution Account or the Excess Interest Distribution Account,
as applicable, the amounts required to be deposited therein pursuant to the provisions of this Agreement (including any P&I
Advance with

 

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respect to the Mortgage Loans, pursuant to Section 4.03(a) hereof), the Master Servicer shall pay the
Certificate Administrator interest on such late payment at the Prime Rate from and including the date such payment was required
to be made (without regard to any Grace Period set forth in Section 7.01(a)(i)) until (but not including) the date
such late payment is received by the Certificate Administrator.

 

The Certificate Administrator
shall, upon receipt, deposit in the Lower-Tier REMIC Distribution Account or the Excess Interest Distribution Account, as applicable,
any and all amounts received by the Certificate Administrator that are required by the terms of this Agreement to be deposited
therein.

 

Promptly on each Distribution
Date, the Certificate Administrator shall be deemed to withdraw from the Lower-Tier REMIC Distribution Account and deposit in the
Upper-Tier REMIC Distribution Account an aggregate amount of immediately available funds equal to the Lower-Tier Distribution Amount
and the amount of any Prepayment Premiums and Yield Maintenance Charges for such Distribution Date allocated in payment of the
Lower-Tier Regular Interests as specified in Section 4.01(c) and Section 4.01(e), respectively.

 

Funds on deposit in the
Gain-on-Sale Reserve Account, the Interest Reserve Account, the Excess Interest Distribution Account, the Upper-Tier REMIC Distribution
Account, or the Lower-Tier REMIC Distribution Account shall not be invested for so long as Wells Fargo Bank, National Association
is the Certificate Administrator; provided, however, that such funds may be invested and, if invested, shall be invested
by, and at the risk of, the Certificate Administrator (but only if the Certificate Administrator is not Wells Fargo Bank, National
Association) in Permitted Investments selected by the party hereunder that maintains such account which shall mature, unless payable
on demand, not later than such time on the Distribution Date which will allow the Certificate Administrator to make withdrawals
from the Distribution Account, and any such Permitted Investment shall not be sold or disposed of prior to its maturity unless
payable on demand. All such Permitted Investments to be administered by the Certificate Administrator, shall be made in the name
of “Wells Fargo Bank, National Association [or name of successor certificate administrator], as Certificate Administrator,
for the benefit of Wilmington Trust, National Association, as Trustee for the Holders of the Wells Fargo Commercial Mortgage Trust
2015-P2, Commercial Mortgage Pass Through Certificates, Series 2015-P2 as their interests may appear”, or in the name of
any successor trustee, as Trustee for the Holders of the Wells Fargo Commercial Mortgage Trust 2015-P2, Commercial Mortgage Pass
Through Certificates, Series 2015-P2 as their interests may appear. None of the Trust, the Depositor, the Mortgagors, the Master
Servicer or the Special Servicer shall be liable for any loss incurred on such Permitted Investments.

 

An amount equal to all
income and gain realized from any such investment shall be paid to the Certificate Administrator as additional compensation and
shall be subject to its withdrawal at any time from time to time. The amount of any losses incurred in respect of any such investments
shall be for the account of the Certificate Administrator which shall deposit the amount of such loss (to the extent not offset
by income from other investments) in the Distribution Accounts, as the case may be, out of its own funds immediately as realized.
If the Certificate Administrator deposits in or transfers to the Distribution Accounts, as the case may be, any amount not required
to be deposited therein or transferred thereto, it may at any time

 

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withdraw such amount or retransfer such amount from the Distribution
Accounts, as the case may be, any provision herein to the contrary notwithstanding.

 

As of the Closing Date,
the Interest Reserve Account, the Excess Interest Distribution Account, the Upper-Tier REMIC Distribution Account, and the Lower-Tier
REMIC Distribution Account shall be located at the offices of the Certificate Administrator. The Certificate Administrator shall
give notice to the Trustee, the Master Servicer and the Depositor of the proposed location of the Interest Reserve Account, the
Excess Interest Distribution Account, the Upper-Tier REMIC Distribution Account, the Lower-Tier REMIC Distribution Account, and,
if established, the Gain-on-Sale Reserve Account prior to any change thereof.

 

For the avoidance of
doubt, the Collection Account (other than (i) any portion holding Excess Interest and (ii) the Companion Distribution
Account, if it is a sub-account of the Collection Account, the Lower-Tier REMIC Distribution Account, the Gain-on-Sale Reserve
Account, any Servicing Account, the REO Account, and the Interest Reserve Account (including interest, if any, earned on the investment
of funds in such accounts) will be owned by the Lower-Tier REMIC; the Excess Interest Distribution Account (and any portion of
the Collection Account holding Excess Interest) (including interest, if any, earned on the investment of funds in such accounts)
will be owned by the Grantor Trust for the benefit of the Holders of the Class V Certificates; the Companion Distribution
Account (including interest, if any, earned on the investment of funds in such account) will be owned by the Companion Holders;
and the Upper-Tier REMIC Distribution Account (including interest, if any, earned on the investment of funds such account) will
be owned by the Upper-Tier REMIC, each for federal income tax purposes.

 

(c)          
Prior to any Determination Date for the first Collection Period during which Excess Interest is received on any Mortgage
Loan, and upon notification from the Master Servicer or Special Servicer pursuant to Section 3.02(d), the Certificate
Administrator, on behalf of the Certificateholders, shall establish and maintain the Excess Interest Distribution Account in its
own name on behalf of the Trustee in trust for the benefit of the Holders of the Class V Certificates. The Excess Interest Distribution
Account shall be established and maintained as an Eligible Account (or as a subaccount of an Eligible Account). Prior to the applicable
Distribution Date, the Master Servicer shall remit to the Certificate Administrator for deposit in the Excess Interest Distribution
Account an amount equal to the Excess Interest received prior to the Determination Date for the applicable Collection Period.

 

(d)          
Following the distribution of Excess Interest to Holders of the Class V Certificates on the first Distribution Date after
which there are no longer any Mortgage Loans outstanding which pursuant to their terms could pay Excess Interest, the Certificate
Administrator shall terminate the Excess Interest Distribution Account.

 

(e)          
The Certificate Administrator shall establish (upon notice from the Special Servicer of an event occurring that generates
Gain-on-Sale Proceeds) and maintain the Gain-on-Sale Reserve Account for the benefit of the Certificateholders. The Gain-on-Sale
Reserve Account shall be maintained as an Eligible Account (or as a subaccount of an Eligible Account), separate and apart from
trust funds for mortgage pass-through certificates of other series administered by the Certificate Administrator.

 

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Upon the disposition
of any REO Property, in accordance with Section 3.09 or Section 3.16, the Special Servicer will calculate
the Gain-on-Sale Proceeds, if any, realized that are allocable to the Mortgage Loan in connection with such sale and remit such
funds to the Certificate Administrator for deposit into the Gain-on-Sale Reserve Account. Any gain on such disposition that is
allocable to any related Companion Loan in accordance with the terms of the related Intercreditor Agreement shall be remitted to
the Companion Paying Agent for deposit into the Companion Distribution Account.

 

(f)          
Any Non-Serviced Gain-on-Sale Proceeds received with respect to any Non-Serviced Mortgage Loan pursuant to the related Non-Serviced
PSA shall be remitted to the Certificate Administrator for deposit into the Gain-on-Sale Reserve Account.

 

(g)          
[RESERVED].

 

(h)          
[RESERVED].

 

(i)           
If any Loss of Value Payments are received in connection with a Material Defect pursuant to or as contemplated by Section 3.05(g)
of this Agreement, the Special Servicer shall establish and maintain one or more non-interest bearing accounts (collectively, the
“Loss of Value Reserve Fund”) to be held for the benefit of the Certificateholders, for purposes of holding
such Loss of Value Payments. Each account that constitutes the Loss of Value Reserve Fund shall be an Eligible Account or a sub-account
of an Eligible Account. The Special Servicer shall, upon receipt, deposit in the Loss of Value Reserve Fund all Loss of Value Payments
received by it. The Certificate Administrator shall account for the Loss of Value Reserve Fund as an outside reserve fund within
the meaning of Treasury Regulations Section 1.860G-2(h) and not an asset of any Trust REMIC or the Grantor Trust. Furthermore,
for all federal tax purposes, the Certificate Administrator shall (i) treat amounts paid out of the Loss of Value Reserve
Fund through the Collection Account to the Certificateholders as paid to and distributed by the Trust REMICs and (ii) treat
any amounts paid out of the Loss of Value Reserve Fund through the Collection Account to a Mortgage Loan Seller as distributions
by the Trust to such Mortgage Loan Seller as beneficial owner of the Loss of Value Reserve Fund. The applicable Mortgage Loan Seller
will be the beneficial owner of the Loss of Value Reserve Fund for all federal income tax purposes, and shall be taxable on all
income earned thereon.

 

Section 3.05     Permitted Withdrawals from the Collection Account, the Distribution Accounts and the Companion Distribution Account.
(a)  The Master Servicer may, from time to time, make withdrawals from the Collection Account (or the applicable subaccount
of the Collection Account exclusive of the Companion Distribution Account) for any of the following purposes (the following not
being an order of priority and without duplication of the same payment or reimbursement):

 

(i)           
(A)  no later than 4:00 p.m., New York City time, on each P&I Advance Date, to remit to the Certificate
Administrator for deposit in the Lower-Tier REMIC Distribution Account and the Excess Interest Distribution Account the amounts
required to be remitted pursuant to the first paragraph of Section 3.04(b) or that may be applied to make P&I
Advances pursuant to Section 4.03(a); and (B) pursuant to the second paragraph of Section 3.04(b),
to remit to the Companion Paying Agent for deposit in the

 

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Companion Distribution Account the amounts required to be so deposited
with respect to the Companion Loans;

 

(ii)          
(A)  to pay itself (or, with respect to any Transferable Servicing Interest, to pay Wells Fargo Bank, National
Association if Wells Fargo Bank, National Association is no longer the Master Servicer, any such interest pursuant to Section 3.11(a))
unpaid Servicing Fees in respect of each Mortgage Loan, Serviced Companion Loan, Specially Serviced Loan, and REO Loan, as applicable,
the Master Servicer’s rights to payment of Servicing Fees pursuant to this clause (ii)(A) with respect to any
Mortgage Loan, related Serviced Companion Loan, Specially Serviced Loan or REO Loan, as applicable, being limited to amounts received
on or in respect of such Mortgage Loan or related Serviced Companion Loan (whether in the form of payments, Liquidation Proceeds
or Insurance and Condemnation Proceeds) or such REO Loan (whether in the form of REO Revenues, Liquidation Proceeds or Insurance
and Condemnation Proceeds), that are allocable as recovery of interest thereon, (B) to pay the Special Servicer any unpaid
Special Servicing Fees, Liquidation Fees and Workout Fees in respect of each Specially Serviced Loan or REO Loan or Corrected
Loan, as applicable, and any expense incurred by the Special Servicer in connection with performing any inspections pursuant to
Section 3.12(a), remaining unpaid first, out of related REO Revenues, Liquidation Proceeds, Insurance and Condemnation
Proceeds and collections in respect of the related Specially Serviced Loan (provided that, in the case of such payment
relating to a Serviced Whole Loan, such payment shall be made, subject to the terms of the related Intercreditor Agreement (i) with
respect to a Serviced Pari Passu Whole Loan, pro rata and pari passu, from the related Serviced Pari Passu Mortgage
Loan and Serviced Pari Passu Companion Loan, in accordance with their respective Stated Principal Balances, or (ii) with
respect to an AB Whole Loan, first, from the related AB Subordinate Companion Loan, as applicable, and then, from
the AB Mortgage Loan) and then out of general collections on the Mortgage Loans and REO Properties, (C) to pay the
Operating Advisor (or the Master Servicer, if applicable) any unpaid Operating Advisor Fees or Operating Advisor Consulting Fees
in respect of each Mortgage Loan, Specially Serviced Loan or REO Loan (other than any related Companion Loan), as applicable,
the Operating Advisor’s right to payment of the Operating Advisor Fee or Operating Advisor Consulting Fee pursuant to this
clause (ii)(C) with respect to any Mortgage Loan, Specially Serviced Loan or REO Loan (other than any related Companion
Loan), as applicable, being limited to amounts received on or in respect of such Mortgage Loan (whether in the form of payments,
P&I Advances (solely with respect to the Operating Advisor Fee), Liquidation Proceeds or Insurance and Condemnation Proceeds),
such REO Loan (whether in the form of REO Revenues, Liquidation Proceeds or Insurance and Condemnation Proceeds), that are allocable
as recovery of interest thereon, and (D) to pay the Asset Representations Reviewer, any unpaid Asset Representations Reviewer
Fee and (subject to Section 12.02(b)) Asset Representations Reviewer Asset Review Fee, if any, payable in connection
with any Asset Review performed as a result of an Affirmative Asset Review Vote;

 

(iii)         
to reimburse the Trustee and itself, as applicable (in that order), for unreimbursed P&I Advances, the Master Servicer’s
or the Trustee’s right to

 

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reimbursement pursuant to this clause (iii) being limited to amounts received which
represent Late Collections of interest (net of the related Servicing Fee) on and principal of the particular Mortgage Loans and
REO Loans with respect to which P&I Advances were made; provided that with respect to each Serviced Whole Loan, reimbursement
of P&I Advances shall be made only from amounts collected with respect to the related Serviced Mortgage Loan and not from
any amounts collected with respect to any related Serviced Companion Loan (provided that, with respect to any AB Subordinate
Companion Loan, the foregoing shall not limit or otherwise modify the terms of the related Intercreditor Agreement pursuant to
which any amounts collected with respect to the related Whole Loan are allocated to the related Serviced Mortgage Loan and AB
Subordinate Companion Loan) prior to reimbursement from other funds unrelated to such Serviced Whole Loan on deposit in the Collection
Account; provided, further, that if such P&I Advance with respect to a Mortgage Loan becomes a Workout-Delayed
Reimbursement Amount, then the maker of such P&I Advance shall additionally, but without duplication, thereafter be entitled
to reimbursement for such P&I Advance from the portion of general collections and recoveries on or in respect of the Mortgage
Loans and REO Properties on deposit in the Collection Account from time to time that represent collections or recoveries of principal
to the extent provided in clause (v) below; and provided, further, that if such Advance becomes a Nonrecoverable
Advance, then such Advance shall be reimbursable pursuant to clause (v) below;

 

(iv)          to reimburse the Trustee, the Special Servicer and itself, as applicable (in that order), for unreimbursed Servicing Advances,
the Master Servicer’s, the Special Servicer’s or the Trustee’s respective rights to receive payment pursuant
to this clause (iv) with respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or any related Companion
Loan or any REO Property being limited to, as applicable, related payments, Liquidation Proceeds, Insurance and Condemnation Proceeds
and REO Revenues (provided that, in the case of such reimbursement relating to a Serviced Whole Loan, such reimbursements
shall be made, subject to the terms of the related Intercreditor Agreement (i) with respect to a Serviced Pari Passu Whole Loan,
pro rata and pari passu, from the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion Loan
in accordance with their respective Stated Principal Balances, or (ii) with respect to an AB Whole Loan, first, from
the related AB Subordinate Companion Loan (if any) and then, from any related AB Mortgage Loan (provided that, with
respect to any AB Subordinate Companion Loan, the foregoing shall not limit or otherwise modify the terms of the related Intercreditor
Agreement pursuant to which any amounts collected with respect to the related Whole Loan are allocated to the related Serviced
Mortgage Loan and AB Subordinate Companion Loan)), prior to reimbursement from other funds unrelated to such Serviced Whole Loan
on deposit in the Collection Account related to any Mortgage Loan); provided, however, that if such Servicing Advance
becomes a Workout-Delayed Reimbursement Amount, then the maker of such Servicing Advance shall additionally, but without duplication,
thereafter be entitled to reimbursement for such Servicing Advance from the portion of general collections and recoveries on or
in respect of the Mortgage Loans and REO Properties on deposit in the Collection Account from time to time that represent collections
or recoveries of principal to the extent provided in clause (v) below; provided, further, that

 

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if such
Advance becomes a Nonrecoverable Advance, then such Advance shall be reimbursable pursuant to clause (v) below;

 

(v)           to
reimburse the Trustee, the Special Servicer and itself, as applicable (in that order) (1) for Nonrecoverable
Advances first, out of REO Revenues, Liquidation Proceeds and Insurance and Condemnation Proceeds, if any, received on
the related Mortgage Loan and any related Companion Loan (with respect to such Companion Loan, only for Nonrecoverable
Servicing Advances made with respect thereto), then, out of the principal portion of general collections on the
Mortgage Loans and REO Properties, then, to the extent the principal portion of general collections is insufficient
and with respect to such excess only, subject to any exercise of the sole option to defer reimbursement thereof pursuant to Section 3.17(c),
out of general collections on the Mortgage Loans and REO Properties, (2) for Workout-Delayed Reimbursement Amounts, out
of the principal portion of the general collections on the Mortgage Loans and REO Properties net of such amounts being
reimbursed pursuant to (1) above; (provided that, in case of such reimbursement of a Nonrecoverable Servicing Advance
relating to a Serviced Whole Loan, such reimbursement shall be made, subject to the terms of the related Intercreditor
Agreement (i) with respect to a Serviced Pari Passu Whole Loan, pro rata and pari passu, from the related
Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion Loan in accordance with their respective Stated Principal
Balances, or (ii) with respect to an AB Whole Loan, first,
from the related AB Subordinate Companion Loan (if any) and then from the AB Mortgage Loan and provided, further,
that, in case of such reimbursement with respect to Nonrecoverable Servicing Advances relating to a Serviced Whole Loan, such
reimbursement shall be made as described above in this clause (v)(1) and (v)(2), prior to reimbursement
from other funds unrelated to such Serviced Whole Loan on deposit in the Collection Account; provided, further,
that with respect to a Serviced Mortgage Loan, reimbursement of Nonrecoverable P&I Advances from funds collected from the
related Serviced Whole Loan shall be made only from amounts collected with respect to such Serviced Mortgage Loan (and not
from any amounts collected with respect to the related Serviced Companion Loan), in accordance with the terms of the related
Intercreditor Agreement (provided that, with respect to any Serviced Companion Loan, the foregoing with respect to
Nonrecoverable Servicing Advances and Nonrecoverable P&I Advances shall not limit or otherwise modify the terms of the
related Intercreditor Agreement pursuant to which any amounts collected with respect to the related Whole Loan are allocated
to the related Serviced Mortgage Loan and AB Subordinate Companion Loan), prior to reimbursement from other funds
unrelated to such Serviced Whole Loan on deposit in the Collection Account related to any Mortgage Loan) or (3) to pay
itself, with respect to any Mortgage Loan, any related Companion Loan, if applicable, or REO Property any related earned
Servicing Fee that remained unpaid in accordance with clause (ii) above following a Final Recovery Determination
made with respect to such Mortgage Loan or REO Property and the deposit into the Collection Account of all amounts received
in connection therewith;

 

(vi)         
at such time as it reimburses the Trustee and itself, as applicable (in that order) or any Other Trustee or Other Servicer
for a related securitization trust in respect of any Serviced Pari Passu Companion Loan for (a) any unreimbursed P&I
Advance (including any such P&I Advance that constitutes a Workout-Delayed Reimbursement

 

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Amount) pursuant to clause (iii) or
clause (v) above, to pay itself and/or the Trustee or such other servicing party, as applicable, any interest accrued and
payable thereon in accordance with Sections 4.03(d) and 3.11(d), (b) any unreimbursed Servicing Advances
(including any such Servicing Advance that constitutes a Workout-Delayed Reimbursement Amount) pursuant to clause (iv)
or clause (v) above, to pay itself, the Special Servicer or the Trustee, or Other Trustee or Other Servicer as the
case may be, any interest accrued and payable thereon in accordance with Section 3.03(d) and 3.11(d) or (c) any
Nonrecoverable Advances pursuant to clause (v) above, to pay itself, the Special Servicer or the Trustee, or Other
Trustee or Other Servicer as the case may be, any interest accrued and payable thereon; provided that in all events, subject
to the related Intercreditor Agreement, interest on P&I Advances on any Serviced Mortgage Loan shall not be paid from funds
actually distributable to any related Serviced Companion Loan (provided that, with respect to any AB Subordinate Companion
Loan, the foregoing shall not limit or otherwise modify the terms of the related Intercreditor Agreement pursuant to which any
amounts collected with respect to the related Whole Loan are allocated to the related Serviced Mortgage Loan and AB Subordinate
Companion Loan);

 

(vii)         to reimburse itself, the Special Servicer or the Trustee, as the case may be, for any unreimbursed expenses reasonably
incurred by such Person in respect of any Material Defect giving rise to a repurchase or substitution obligation of the applicable
Mortgage Loan Seller or any other obligation of the Mortgage Loan Seller under Section 4 of the applicable Mortgage Loan
Purchase Agreement, including, without limitation, any expenses arising out of the enforcement of the repurchase or substitution
obligation or any other obligation of the Mortgage Loan Seller, each such Person’s right to reimbursement pursuant to this
clause (vii) with respect to any Mortgage Loan being limited to that portion of the Purchase Price, the Loss of Value
Payment or Substitution Shortfall Amount paid with respect to such Mortgage Loan, that represents such expense in accordance with
clause (iv) of the definition of Purchase Price;

 

(viii)        in accordance with Section 2.03(f), to reimburse itself or the Special Servicer, as the case may be, first,
out of Liquidation Proceeds, Insurance and Condemnation Proceeds, if any, with respect to the related Mortgage Loan or REO Loan,
and then out of general collections on the Mortgage Loans and REO Properties, for any unreimbursed expense reasonably incurred
by such Person in connection with the enforcement of the applicable Mortgage Loan Seller’s obligations under Section 4
of the applicable Mortgage Loan Purchase Agreement, but only to the extent that such expenses are not reimbursable pursuant to
clause (vii) above or otherwise; provided that, in case of such reimbursement out of Liquidation Proceeds,
and Insurance and Condemnation Proceeds described above relating to a Serviced Whole Loan, such reimbursement shall be made, subject
to the terms of the related Intercreditor Agreement (i) with respect to a Serviced Pari Passu Whole Loan, pro rata
and pari passu, from the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion Loan in accordance
with their respective Stated Principal Balances or (ii) with
respect to an AB Whole Loan, first, from the related AB Subordinate Companion Loan (if any) and then, from any related
AB Mortgage Loan (provided that, with respect to any AB Subordinate Companion Loan, the foregoing shall not limit or otherwise
modify the terms of the related Intercreditor

 

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Agreement pursuant to which any amounts collected with respect to the related Whole
Loan are allocated to the related Serviced Mortgage Loan and AB Subordinate Companion Loan), in each case, prior to being payable
out of general collections with respect to the Mortgage Loans;

 

(ix)          
to pay for costs and expenses incurred by the Trust pursuant to Section 3.09(c) first, out of REO Revenues,
Liquidation Proceeds, Insurance and Condemnation Proceeds with respect to the related Mortgage Loan, Serviced Companion Loan or
REO Loan and then out of general collections on the Mortgage Loans and REO Properties; provided that, in case of
such reimbursement relating to a Serviced Whole Loan, such reimbursement shall be made, subject to the terms of the related Intercreditor
Agreement (i) with respect to a Serviced Pari Passu Whole Loan, pro rata and pari passu, from the related Serviced
Pari Passu Mortgage Loan and Serviced Pari Passu Companion Loan in accordance with their respective Stated Principal Balances
or (ii) with respect to an AB Whole Loan, first, from
the related AB Subordinate Companion Loan (if any) and then, from any related AB Mortgage Loan (provided that, with
respect to any AB Subordinate Companion Loan, the foregoing shall not limit or otherwise modify the terms of the related Intercreditor
Agreement pursuant to which any amounts collected with respect to the related Whole Loan are allocated to the related Serviced
Mortgage Loan and AB Subordinate Companion Loan), in each case, prior to being payable out of general collections with respect
to the Mortgage Loan;

 

(x)          
to pay itself, as additional servicing compensation in accordance with Section 3.11(a), (a) (1) interest
and investment income earned in respect of amounts relating to the Trust Fund held in the Collection Account and the Companion
Distribution Account as provided in Section 3.06(b) (but only to the extent of the Net Investment Earnings with respect
to the Collection Account and the Companion Distribution Account for the period from and including the prior Distribution Date
to and including the P&I Advance Date related to such Distribution Date) and (2) Penalty Charges (other than Penalty
Charges collected while the related Mortgage Loan and any related Serviced Companion Loan is a Specially Serviced Loan), but only
to the extent collected from the related Mortgagor and to the extent that all amounts then due and payable with respect to the
related Mortgage Loan and any related Serviced Companion Loan have been paid and such Penalty Charges are not needed to pay interest
on Advances or costs and expenses incurred by the Trust (other than Special Servicing Fees, Liquidation Fees and Workout Fees)
in accordance with Section 3.11(d); and (b) to pay the Special Servicer, as additional servicing compensation
in accordance with Section 3.11(c), Penalty Charges collected on Specially Serviced Loans (but only to the extent
collected from the related Mortgagor and to the extent that all amounts then due and payable with respect to the related Specially
Serviced Loan have been paid and such Penalty Charges are not needed to pay interest on Advances or costs and expenses incurred
by the Trust (other than Special Servicing Fees, Liquidation Fees and Workout Fees) in accordance with Section 3.11(d));

 

(xi)          
to recoup any amounts deposited in the Collection Account in error;

 

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(xii)          to pay itself, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations Reviewer or any of
their respective directors, officers, members, managers, employees and agents, or CREFC®, as the case may be, out
of general collections, any amounts payable to any such Person pursuant to Section 3.11(g), Section 6.04(a) or Section 6.04(b); provided that, in case of such reimbursement (other than a reimbursement of any amounts
payable to CREFC®) relating to a Serviced Whole Loan, such reimbursement shall be made, subject to the terms of
the related Intercreditor Agreement (i) with respect to a Serviced Pari Passu Whole Loan, pro rata and pari passu,
from the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion Loan in accordance with their respective
Stated Principal Balances or (ii) with respect to an AB Whole
Loan, first, from the related AB Subordinate Companion Loan (if any) and then, from any related AB Mortgage Loan
(provided that, with respect to any AB Subordinate Companion Loan, the foregoing shall not limit or otherwise modify the
terms of the related Intercreditor Agreement pursuant to which any amounts collected with respect to the related Whole Loan are
allocated to the related Serviced Mortgage Loan and AB Subordinate Companion Loan), in each case, prior to being payable out of
general collections with respect to the Mortgage Loans;

 

(xiii)         to pay for (a) the cost of the Opinions of Counsel contemplated by Sections 3.09(b), 3.14(a), 3.15(b),
3.18(b), 3.18(d), 3.18(i) and 10.01(f) to the extent payable out of the Trust Fund, (b) the cost
of any Opinion of Counsel contemplated by Sections 13.01(a) or Section 13.01(c) in connection with an
amendment to this Agreement requested by the Trustee or the Master Servicer, which amendment is in furtherance of the rights and
interests of Certificateholders and (c) the cost of obtaining the REO Extension contemplated by Section 3.14(a);
provided that, in case of such reimbursement relating to a Serviced Whole Loan, such reimbursement shall be made, subject
to the terms of the related Intercreditor Agreement (i) with respect to the related Serviced Pari Passu Whole Loan, pro
rata and pari passu, from the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion Loan in accordance
with their respective Stated Principal Balances or (ii) with
respect to an AB Whole Loan, first, from the related AB Subordinate Companion Loan (if any) and then, from any related
AB Mortgage Loan (provided that, with respect to any AB Subordinate Companion Loan, the foregoing shall not limit or otherwise
modify the terms of the related Intercreditor Agreement pursuant to which any amounts collected with respect to the related Whole
Loan are allocated to the related Serviced Mortgage Loan and AB Subordinate Companion Loan), in each case, prior to being payable
out of general collections with respect to the Mortgage Loans;

 

(xiv)         to pay out of general collections on the Mortgage Loans and the REO Properties any and all federal, state and local taxes
imposed on any Trust REMIC, or any of their assets or transactions, together with all incidental costs and expenses, to the extent
that none of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee is liable therefor pursuant
to Section 10.01(g);

 

(xv)          to reimburse the Certificate Administrator out of general collections on the Mortgage Loans and REO Properties for expenses
incurred by and reimbursable to it by the Trust pursuant to Section 10.01(c);

 

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(xvi)         to pay the applicable Mortgage Loan Seller or any other Person, with respect to each Mortgage Loan, if any, previously
purchased by such Person pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase relating
to periods after the date of purchase; or, in the case of the substitution for a Mortgage Loan by a Mortgage Loan Seller as contemplated
by Section 2.03(b), to pay such Mortgage Loan Seller with respect to the replaced Mortgage Loan all amounts received
thereon subsequent to the date of substitution, and with respect to the related Qualified Substitute Mortgage Loan(s), all Periodic
Payments due thereon during or prior to the month of substitution, in accordance with Section 2.03(b);

 

(xvii)        to remit to the Certificate Administrator for deposit in the Interest Reserve Account the amounts required to be deposited
in the Interest Reserve Account pursuant to Section 3.21;

 

(xviii)       to reimburse the Operating Advisor for any Operating Advisor Expenses incurred by and reimbursable to it by the Trust pursuant
to Section 3.26(i);

 

(xix)          to remit to the Companion Paying Agent for deposit into the Companion Distribution Account the amounts required to be deposited
pursuant to Section 3.04(b) without duplication of amounts remitted to the Companion Paying Agent pursuant to clause (i) above;

 

(xx)           to clear and terminate the Collection Account at the termination of this Agreement pursuant to Section 9.01;
and

 

(xxi)          to pay for any expenditures to be borne by the Trust pursuant to the third paragraph of Section 3.03(c).

 

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 applicable Non-Serviced Master Servicer, the applicable Non-Serviced Special Servicer, the
applicable Non-Serviced Trustee, the applicable Non-Serviced Paying Agent or any other applicable party to the applicable Non-Serviced
PSA by the holder of a Non-Serviced Mortgage Loan pursuant to the applicable Non-Serviced Intercreditor Agreement and the applicable
Non-Serviced PSA.

 

The Master Servicer shall
keep and maintain separate accounting records, on a loan-by-loan and property by property basis when appropriate, for the purpose
of justifying any withdrawal from the Collection Account.

 

The Master Servicer shall
pay to the Special Servicer, the Trustee or the Certificate Administrator from the Collection Account amounts permitted to be paid
to it therefrom monthly upon receipt of a certificate of a Servicing Officer of the Special Servicer or a Responsible Officer of
the Trustee or the Certificate Administrator describing the item and amount to which the Special Servicer, the Trustee or the Certificate
Administrator is entitled. The Master Servicer may rely conclusively on any such certificate and shall have no duty to re-calculate
the amounts stated therein. The Special Servicer shall keep and maintain separate accounting for each Specially Serviced Loan and
REO Loan, on a loan-by-loan and

 

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property-by-property basis, for the purpose of justifying any request for withdrawal from the Collection
Account.

 

Notwithstanding anything
to the contrary in this Section 3.05 or elsewhere in this Agreement, no amounts payable or reimbursable to the Master
Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the Operating Advisor out of general collections
that do not specifically relate to a Serviced Whole Loan may be reimbursable from amounts that would otherwise be payable to the
related Companion Loan, as applicable.

 

(b)          
The Certificate Administrator may, from time to time, make withdrawals from the Lower-Tier REMIC Distribution Account for
any of the following purposes (the following not being an order of priority):

 

(i)          
to be deemed to make deposits of the Lower-Tier Distribution Amount pursuant to Section 4.01(c) and the amount
of any Prepayment Premiums and Yield Maintenance Charges distributable pursuant to Section 4.01(e) in the Upper-Tier
REMIC Distribution Account, and to make distributions on the Class R Certificates in respect of the Class LR Interest
pursuant to Section 4.01(c);

 

(ii)          
to pay to the Trustee and the Certificate Administrator or any of their directors, officers, employees and agents, as the
case may be, any amounts payable or reimbursable to any such Person with respect to the Mortgage Loans pursuant to Section 8.05(b);

 

(iii)        
to pay the Certificate Administrator and the Trustee, the Certificate Administrator Fee and the Trustee Fee, as applicable,
as contemplated by Section 8.05(a) hereof with respect to the Mortgage Loans;

 

(iv)         
to pay for the cost (without duplication) of the Opinions of Counsel sought by (A) the Trustee or the Certificate
Administrator as provided in clause (vi) of the definition of “Disqualified Organization,” (B) the
Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer as contemplated by Section 3.18(d),
(C) the Trustee or the Certificate Administrator as contemplated by Section 5.08(c) or Section 8.02(ii) to the extent payable out of the Trust Fund, (D) the Trustee, the Certificate Administrator, the Master Servicer or the
Special Servicer as contemplated by Section 10.01(f) or Section 10.01(l) to the extent payable out of
the Trust Fund, or (E) the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer as contemplated
by Section 13.01(a) or Section 13.01(c) in connection with any amendment to this Agreement requested by
the Trustee or the Certificate Administrator, which amendment is in furtherance of the rights and interests of Certificateholders,
in each case, to the extent not paid pursuant to Section 13.01(g);

 

(v)          
to pay any and all federal, state and local taxes imposed on the Lower-Tier REMIC or the Upper-Tier REMIC or on the assets
or transactions of any such REMIC, together with all incidental costs and expenses, to the extent none of the Trustee, the Certificate
Administrator, the REMIC Administrator, the Master Servicer or the Special Servicer is liable therefor pursuant to Section 10.01(g);

 

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(vi)         
to pay the REMIC Administrator any amounts reimbursable to it pursuant to Section 10.01(c) with respect to
the Lower-Tier REMIC or the Upper-Tier REMIC;

 

(vii)        
to pay to the Master Servicer any amounts deposited by the Master Servicer in the Distribution Accounts not required to
be deposited therein; and

 

(viii)       
to clear and terminate the Lower-Tier REMIC Distribution Account at the termination of this Agreement pursuant to Section 9.01.

 

(c)           
The Certificate Administrator shall, on any Distribution Date, make withdrawals from the Excess Interest Distribution Account
to the extent required to make the distributions of Excess Interest required by Section 4.01(j).

 

(d)          
The Certificate Administrator shall make, or be deemed to make, withdrawals from the Upper-Tier REMIC Distribution Account
for any of the following purposes:

 

(i)           
to make distributions to the Holders of the Regular Certificates (and to the Holders of the Class R Certificates in
respect of the Class UR Interest) on each Distribution Date pursuant to Section 4.01 or Section 9.01,
as applicable; and

 

(ii)          
to clear and terminate the Upper-Tier REMIC Distribution Account at the termination of this Agreement pursuant to Section 9.01.

 

(e)           
[RESERVED].

 

(f)           
Notwithstanding anything herein to the contrary, with respect to any Mortgage Loan, (i) if amounts on deposit in the
Collection Account and the Lower-Tier REMIC Distribution Account are not sufficient to pay the full amount of the Servicing Fee
listed in Section 3.05(a)(ii), the Operating Advisor Fee listed in Section 3.05(a)(ii) and the Certificate
Administrator Fee listed in Section 3.05(b)(ii) and (b)(iii), then the Certificate Administrator Fee shall be
paid in full prior to the payment of any Servicing Fees payable under Section 3.05(a)(ii) and then, after payment of
Servicing Fees, the Operating Advisor Fees payable under Section 3.05(a)(ii) and in the event that amounts on deposit
in the Collection Account and the Lower-Tier REMIC Distribution Account are not sufficient to pay the full amount of such Certificate
Administrator Fee, the Certificate Administrator shall be paid based on the amount of such fees and (ii) if amounts on deposit
in the Collection Account are not sufficient to reimburse the full amount of Advances and interest thereon listed in Sections 3.05(a)(iii),
(a)(iv), (a)(v) and (a)(vi), then reimbursements shall be paid first to the Certificate Administrator
and to the Trustee, pro rata, second to the Special Servicer, third to the Master Servicer and then
to the Operating Advisor.

 

(g)          
If any Loss of Value Payments are deposited into the Loss of Value Reserve Fund with respect to any Mortgage Loan or any
related Serviced REO Property, then the Special Servicer shall, promptly upon written direction from the Master Servicer (provided
that, (1) with respect to clause (iv) below, the Special Servicer shall have provided notice to the Master Servicer of
the occurrence of such Liquidation Event and (2) with respect to clause (v) below, the Certificate Administrator shall
have provided the Master Servicer and the Special

 

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Servicer with five Business Days’ prior notice of such final Distribution
Date), transfer such Loss of Value Payments (up to the remaining portion thereof) from the Loss of Value Reserve Fund to the Master
Servicer for deposit into the Collection Account for the following purposes:

 

(i)           
to reimburse the Master Servicer or the Trustee, in accordance with Section 3.05(a) of this Agreement, for
any Nonrecoverable Advance made by such party with respect to such Mortgage Loan or any related Serviced REO Property (together
with any interest on such Advances);

 

(ii)          
to pay, in accordance with Section 3.05(a) of this Agreement, or to reimburse the Trust for the prior payment
of, any expense or Liquidation Fee relating to such Mortgage Loan or any related Serviced REO Property that constitutes or, if
not paid out of such Loss of Value Payments, would constitute an additional expense of the Trust;

 

(iii)         
to offset any portion of Realized Losses that are attributable to such Mortgage Loan or related REO Property, as the case
may be (as calculated without regard to the application of such Loss of Value Payments), incurred with respect to such Mortgage
Loan or any related successor REO Loan;

 

(iv)         
following the occurrence of a Liquidation Event with respect to such Mortgage Loan or any related Serviced REO Property
and any related transfers from the Loss of Value Reserve Fund with respect to the items contemplated by the immediately preceding
clauses (i)-(iii) as to such Mortgage Loan, to cover the items contemplated by the immediately preceding clauses (i)-(iii) in respect of any other Mortgage Loan or Serviced REO Loan; and

 

(v)           On the final Distribution Date after all distributions have been made as set forth in clause (i) through (iv)
above, to each Mortgage Loan Seller, its pro rata share, based on the amount that it contributed, net of any amount contributed
by such Mortgage Loan Seller that was used pursuant to clauses (i)-(iii) to offset any portion of Realized Losses
that are attributable to such Mortgage Loan or related REO Property, as the case may be, additional trust fund expenses or any
Nonrecoverable Advances incurred with respect to the Mortgage Loan related to such contribution.

 

(h)           
Any Loss of Value Payments transferred to the Collection Account pursuant to clauses (g)(i)-(g)(iii) of the
prior paragraph shall be treated as Liquidation Proceeds received by the Trust in respect of the related Mortgage Loan or any successor
REO Loan with respect thereto for which such Loss of Value Payments were received; and any Loss of Value Payments transferred to
the Collection Account pursuant to clause (g)(iv) of the prior paragraph shall be treated as Liquidation Proceeds received
by the Trust in respect of the related Mortgage Loan or REO Loan for which such Loss of Value Payments are being transferred to
the Collection Account to cover an item contemplated by clauses (g)(i)–(g)(iv) of the prior paragraph.

 

(i)           
The Companion Paying Agent may, from time to time, make withdrawals from the Companion Distribution Account to make distributions
pursuant to Section 4.01(k).

 

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Section 3.06     Investment of Funds in the Collection Account and the REO Account. (a)  The Master Servicer may direct
any depository institution maintaining the Collection Account, the Companion Distribution Account, or any Servicing Account (for
purposes of this Section 3.06, an “Investment Account”), the Special Servicer may direct any depository
institution maintaining the REO Account (also for purposes of this Section 3.06, an “Investment Account”)
to invest or if it is such depository institution, may itself invest, the funds held therein, only in one or more Permitted Investments
bearing interest or sold at a discount, and maturing, unless payable on demand, (i) no later than the Business Day immediately
preceding the next succeeding date on which funds are required to be withdrawn from such account pursuant to this Agreement, if
a Person other than the depository institution maintaining such account is the obligor thereon and (ii) no later than the
date on which funds are required to be withdrawn from such account pursuant to this Agreement, if the depository institution maintaining
such account is the obligor thereon. All such Permitted Investments shall be held to maturity, unless payable on demand. Any funds
held in an Investment Account shall be held in the name of the Master Servicer or the Special Servicer, as applicable, on behalf
of the Trustee (in its capacity as such) for the benefit of the Certificateholders. The Master Servicer (in the case of the Collection
Account, the Companion Distribution Account or any Servicing Account maintained by or for the Master Servicer), the Special Servicer
(in the case of the REO Account, Loss of Value Reserve Fund or any Servicing Account maintained by or for the Special Servicer)
on behalf of the Trustee, shall maintain continuous physical possession of any Permitted Investment of amounts in the Collection
Account, the Companion Distribution Account, the Servicing Accounts, Loss of Value Reserve Fund or REO Account, as applicable,
that is either (i) a “certificated security,” as such term is defined in the UCC (such that the Trustee shall
have control pursuant to Section 8-106 of the UCC) or (ii) other property in which a secured party may perfect its security
interest by physical possession under the UCC or any other applicable law. In the case of any Permitted Investment held in the
form of a “security entitlement” (within the meaning of Section 8-102(a)(17) of the UCC), the Master Servicer
or the Special Servicer, as applicable, shall take or cause to be taken such action as the Trustee deems reasonably necessary to
cause the Trustee to have control over such security entitlement. In the event amounts on deposit in an Investment Account are
at any time invested in a Permitted Investment payable on demand, the Master Servicer (in the case of the Collection Account, the
Companion Distribution Account or any Servicing Account maintained by or for the Master Servicer) or the Special Servicer (in the
case of the REO Account or any Servicing Account maintained by or for the Special Servicer) shall:

 

(i)           
consistent with any notice required to be given thereunder, demand that payment thereon be made on the last day such Permitted
Investment may otherwise mature hereunder in an amount equal to the lesser of (a) all amounts then payable thereunder and
(b) the amount required to be withdrawn on such date; and

 

(ii)          
demand payment of all amounts due thereunder promptly upon determination by the Master Servicer, the Special Servicer,
the Certificate Administrator or the Trustee, as the case may be, that such Permitted Investment would not constitute a Permitted
Investment in respect of funds thereafter on deposit in the Investment Account.

 

(b)          
Interest and investment income realized on funds deposited in the Collection Account, the Companion Distribution Account
or any Servicing Account maintained

 

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by or for the Master Servicer to the extent of the Net Investment Earnings, if any, with respect
to such account for the period from and including the prior Distribution Date to and including the P&I Advance Date related
to the current Distribution Date, shall be for the sole and exclusive benefit of the Master Servicer to the extent (with respect
to Servicing Accounts) not required to be paid to the related Mortgagor and shall be subject to its withdrawal, or withdrawal at
its direction, in accordance with Section 3.03 or Section 3.05(a), as the case may be. Interest and investment
income realized on funds deposited in the REO Account, Loss of Value Reserve Fund or any Servicing Account maintained by or for
the Special Servicer, to the extent of the Net Investment Earnings, if any, with respect to such account for each period from and
including any Distribution Date to and including the immediately succeeding P&I Advance Date, shall be for the sole and exclusive
benefit of the Special Servicer and shall be subject to its withdrawal in accordance with Section 3.14(c). In the event
that any loss shall be incurred in respect of any Permitted Investment (as to which the Master Servicer or Special Servicer, as
applicable, would have been entitled to any Net Investment Earnings hereunder) directed to be made by the Master Servicer or Special
Servicer, as applicable, and on deposit in any of the Collection Account, the Companion Distribution Account, the Servicing Account,
Loss of Value Reserve Fund or the REO Account, the Master Servicer (in the case of the Collection Account, the Companion Distribution
Account or any Servicing Account maintained by or for the Master Servicer), the Special Servicer (in the case of the REO Account,
Loss of Value Reserve Fund or any Servicing Account maintained by or for the Special Servicer) shall deposit therein, no later
than the P&I Advance Date, without right of reimbursement, the amount of Net Investment Loss, if any, with respect to such
account for the period from and including the prior Distribution Date to and including the P&I Advance Date related to the
current Distribution Date; provided that neither the Master Servicer nor the Special Servicer shall be required to deposit
any loss on an investment of funds in an Investment Account if such loss is incurred solely as a result of the insolvency of the
federal or state chartered depository institution or trust company that holds such Investment Account, so long as such depository
institution or trust company satisfied the qualifications set forth in the definition of Eligible Account at the time such investment
was made (and, with respect to the Master Servicer, such federal or state chartered depository institution or trust company is
not an Affiliate of the Master Servicer unless such depository institution or trust company satisfied the qualification set forth
in the definition of Eligible Account both (x) at the time the investment was made and (y) thirty (30) days prior to
such insolvency).

 

(c)           
Except as otherwise expressly provided in this Agreement, if any default occurs in the making of a payment due under any
Permitted Investment, or if a default occurs in any other performance required under any Permitted Investment, the Master Servicer
may and, upon the request of Holders of Certificates entitled to a majority of the Voting Rights allocated to any Class shall,
take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate
proceedings.

 

Section 3.07     Maintenance of Insurance Policies; Errors and Omissions and Fidelity Coverage. (a)  The Master Servicer
(with respect to the Mortgage Loans (other than a Non-Serviced Mortgage Loan) and any related Serviced Companion Loan) shall use
its efforts consistent with the Servicing Standard to cause the Mortgagor to maintain (other than with respect to a Non-Serviced
Mortgage Loan), and the Special Servicer (with respect to REO Properties other than any Non-Serviced Mortgaged Properties) shall
maintain, to the extent

 

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required by the terms of the related Mortgage Loan documents, all insurance coverage as is required under
the related Mortgage Loan documents except to the extent that the failure of the related Mortgagor to do so is an Acceptable Insurance
Default (and except as provided in the next sentence with respect to the Master Servicer or Special Servicer, as applicable). If
the Mortgagor does not so maintain such insurance coverage, subject to its recoverability determination with respect to any required
Servicing Advance, the Master Servicer (with respect to the Mortgage Loans (other than a Non-Serviced Mortgage Loan) and any related
Serviced Companion Loan) or the Special Servicer (with respect to REO Properties other than a Non-Serviced Mortgaged Property)
shall maintain all insurance coverage as is required under the related Mortgage, but only in the event the Trustee has an insurable
interest therein and such insurance is available to the Master Servicer or the Special Servicer, as applicable, and, if available,
can be obtained at commercially reasonable rates, as determined ((i) prior to the occurrence and continuance of any Control
Termination Event and (ii) other than with respect to any Excluded Loan, any determination that such insurance coverage is
not available or not available at commercially reasonable rates to be made with the consent of the Directing Certificateholder
(or, with respect to any Serviced AB Whole Loan, prior to the occurrence and continuance of a related AB Control Appraisal Period,
with the consent of the holder of the related AB Subordinate Companion Loan)) by the Master Servicer (with respect to the Mortgage
Loans (other than a Non-Serviced Mortgage Loan) and any related Serviced Companion Loan) or the Special Servicer (with respect
to REO Properties other than any Non-Serviced Mortgaged Property) except to the extent that the failure of the related Mortgagor
to do so is an Acceptable Insurance Default as determined by the Special Servicer; provided, however, that if any
Mortgage permits the holder thereof to dictate to the Mortgagor the insurance coverage to be maintained on such Mortgaged Property,
the Master Servicer or, with respect to REO Property, the Special Servicer, as applicable, shall impose or maintain, as applicable,
such insurance requirements as are consistent with the Servicing Standard taking into account the insurance in place at the closing
of the Mortgage Loan, provided that, with respect to the immediately preceding proviso, the Master Servicer will be obligated
to use efforts consistent with the Servicing Standard to cause the Mortgagor to maintain (or to itself maintain) insurance against
property damage resulting from terrorist or similar acts unless the Mortgagor’s failure is an Acceptable Insurance Default
(as determined by the Special Servicer with ((i) unless a Control Termination Event has occurred and is continuing and (ii) other
than with respect to any Excluded Loan) the consent of the Directing Certificateholder) and only in the event the Trustee has an
insurable interest therein and such insurance is available to the Master Servicer or the Special Servicer, as applicable, and,
if available, can be obtained at commercially reasonable rates. The Master Servicer and Special Servicer shall be entitled to rely
on insurance consultants (at the applicable servicer’s expense) in determining whether any insurance is available at commercially
reasonable rates. Subject to Section 3.15(a) and the costs of such insurance being reimbursed or paid to the Special
Servicer as provided in the third-to-last sentence of this paragraph, the Special Servicer shall maintain for each REO Property
(other than any Non-Serviced Mortgaged Property) no less insurance coverage than was previously required of the Mortgagor under
the related Mortgage Loan documents unless the Special Servicer determines ((i) prior to the occurrence and continuance of
a Control Termination Event and (ii) other than with respect to any Excluded Loan, with the consent of the Directing Certificateholder)
that such insurance is not available at commercially reasonable rates or that the Trustee does not have an insurable interest,
in which case the Master Servicer shall be

 

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entitled to conclusively rely on the Special Servicer’s determination. All Insurance
Policies maintained by the Master Servicer or the Special Servicer shall (i) contain a “standard” mortgagee clause,
with loss payable to the Master Servicer on behalf of the Trustee (in the case of insurance maintained in respect of Mortgage Loans
(other than any Non-Serviced Mortgage Loan), including any related Serviced Companion Loan, other than REO Properties) or to the
Special Servicer on behalf of the Trustee (in the case of insurance maintained in respect of REO Properties), (ii) be in the
name of the Trustee (in the case of insurance maintained in respect of REO Properties), (iii) include coverage in an amount
not less than the lesser of (x) the full replacement cost of the improvements securing Mortgaged Property or the REO Property,
as applicable, and (y) the outstanding principal balance owing on the related Mortgage Loan (including any related Serviced
Companion Loan) or REO Loan, as applicable, and in any event, the amount necessary to avoid the operation of any co-insurance provisions,
(iv) include a replacement cost endorsement providing no deduction for depreciation (unless such endorsement is not permitted
under the related Mortgage Loan documents), (v) be noncancelable without thirty (30) days prior written notice to the insured
party (except in the case of nonpayment, in which case such policy shall not be cancelled without ten (10) days prior notice) and
(vi) subject to the first proviso in the second sentence of this Section 3.07(a), be issued by a Qualified Insurer
authorized under applicable law to issue such Insurance Policies. Any amounts collected by the Master Servicer or Special Servicer
under any such Insurance Policies (other than amounts to be applied to the restoration or repair of the related Mortgaged Property
or REO Property or amounts to be released to the related Mortgagor, in each case in accordance with the Servicing Standard and
the provisions of the related Mortgage Loan documents) shall be deposited in the Collection Account, subject to withdrawal pursuant
to Section 3.05(a). Any costs incurred by the Master Servicer in maintaining any such Insurance Policies in respect
of Mortgage Loans (including any related Serviced Companion Loan) (other than REO Properties and other than any Non-Serviced Mortgage
Loan) (i) if the Mortgagor defaults on its obligation to do so, shall be advanced by the Master Servicer as a Servicing Advance
(so long as such Advance would not be a Nonrecoverable Advance and if such Advance would be a Nonrecoverable Advance then such
cost shall instead be paid out of the Collection Account) and will be charged to the related Mortgagor and (ii) shall not,
for purposes of calculating monthly distributions to Certificateholders, be added to the unpaid principal balance of the related
Mortgage Loan and Serviced Companion Loan (if any), notwithstanding that the terms of such Mortgage Loan or Serviced Companion
Loan so permit. Any cost incurred by the Special Servicer in maintaining any such Insurance Policies with respect to REO Properties
shall be an expense of the Trust payable out of the related REO Account pursuant to Section 3.14(c) or, if the amount
on deposit therein is insufficient therefor, advanced by the Master Servicer as a Servicing Advance (so long as such Advance would
not be a Nonrecoverable Advance and if such Advance would be a Nonrecoverable Advance then such cost shall instead be paid out
of the Collection Account). The foregoing provisions of this Section 3.07 shall apply to any Serviced Whole Loan as
if it were a single “Mortgage Loan”. Notwithstanding any provision to the contrary, the Master Servicer will not be
required to maintain, and will not be in default for failing to obtain, any earthquake or environmental insurance on any Mortgaged
Property unless such insurance was required at the time of origination of the related Mortgage Loan (other than a Non-Serviced
Mortgage Loan) and is currently available at commercially reasonable rates.

 

Notwithstanding the foregoing,
with respect to the Mortgage Loans (other than a Non-Serviced Mortgage Loan) and any related Serviced Companion Loan that either
(x) require

 

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the Mortgagor to maintain “all risk” property insurance (and do not expressly permit an exclusion
for terrorism) or (y) contain provisions generally requiring the applicable Mortgagor to maintain insurance in types and against
such risks as the holder of such Mortgage Loan (including any related Serviced Companion Loan) reasonably requires from time to
time in order to protect its interests, the Master Servicer shall, consistent with the Servicing Standard, (A) monitor in
accordance with the Servicing Standard whether the insurance policies for the related Mortgaged Property contain Additional Exclusions;
provided that the Master Servicer shall be entitled to conclusively rely upon certificates of insurance in determining whether
such policies contain Additional Exclusions, (B) request the Mortgagor to either purchase insurance against the risks specified
in the Additional Exclusions or provide an explanation as to its reasons for failing to purchase such insurance and (C) notify
the Special Servicer if it has knowledge that any insurance policy contains Additional Exclusions or if it has knowledge (such
knowledge to be based upon the Master Servicer’s compliance with the immediately preceding clauses (A) and (B)
above) that any Mortgagor fails to purchase the insurance requested to be purchased by the Master Servicer pursuant to clause (B)
above. If the Special Servicer determines in accordance with the Servicing Standard that such failure is not an Acceptable Insurance
Default, the Special Servicer shall notify the Master Servicer and the Master Servicer shall use efforts consistent with the Servicing
Standard to cause such insurance to be maintained. The Special Servicer (at the expense of the Trust) shall be entitled to rely
on insurance consultants in making such determinations. The Master Servicer shall be entitled to rely on insurance consultants
(at the expense of such Master Servicer) in determining whether Additional Exclusions exist. Furthermore, the Special Servicer
shall promptly deliver such conclusions in writing to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s
Website for those Mortgage Loans that (i) have one of the ten (10) highest outstanding Stated Principal Balances of all of
the Mortgage Loans then included in the Trust or (ii) comprise more than 5% of the outstanding Stated Principal Balance of
the Mortgage Loans then included in the Trust. During the period that the Special Servicer is evaluating the availability of such
insurance or waiting for a response from the Directing Certificateholder, neither the Master Servicer nor the Special Servicer
will be liable for any loss related to its failure to require the Mortgagor to maintain (or its failure to maintain) such insurance
and will not be in default of its obligations as a result of such failure and the Master Servicer will not itself maintain such
insurance or cause such insurance to be maintained.

 

(b)          
(i)  If the Master Servicer or the Special Servicer shall obtain and maintain a blanket Insurance Policy with
a Qualified Insurer insuring against fire and hazard losses on all of the Mortgage Loans (including any related Serviced Companion
Loan, but excluding any Non-Serviced Mortgage Loan) or REO Properties (other than with respect to a Non-Serviced Mortgaged Property),
as the case may be, required to be serviced and administered hereunder, then, to the extent such Insurance Policy provides protection
equivalent to the individual policies otherwise required, the Master Servicer or the Special Servicer shall conclusively be deemed
to have satisfied its obligation to cause fire and hazard insurance to be maintained on the related Mortgaged Properties or REO
Properties. Such Insurance Policy may contain a deductible clause, in which case the Master Servicer or the Special Servicer shall,
if there shall not have been maintained on the related Mortgaged Property or REO Property a fire and hazard Insurance Policy complying
with the requirements of Section 3.07(a), and there shall have been one or more losses which would have been covered
by such Insurance Policy, promptly deposit into the Collection Account from its own funds the amount of such loss or losses that
would have been

 

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covered under the individual policy but are not covered under the blanket Insurance Policy because of such deductible
clause to the extent that any such deductible exceeds the deductible limitation that pertained to the related Mortgage Loan (including
any related Serviced Companion Loan), or in the absence of such deductible limitation, the deductible limitation which is consistent
with the Servicing Standard. In connection with its activities as administrator and Master Servicer of the Mortgage Loans or any
Serviced Companion Loans, the Master Servicer agrees to prepare and present, on behalf of itself, the Trustee and Certificateholders,
claims under any such blanket Insurance Policy in a timely fashion in accordance with the terms of such policy. The Special Servicer,
to the extent consistent with the Servicing Standard, may maintain, earthquake insurance on REO Properties (other than with respect
to a Non-Serviced Mortgaged Property), provided coverage is available at commercially reasonable rates, the cost of which
shall be a Servicing Advance.

 

(ii)          
If the Master Servicer or the Special Servicer shall cause any Mortgaged Property or REO Property to be covered by a master
single interest or force-placed insurance policy with a Qualified Insurer naming the Master Servicer or the Special Servicer on
behalf of the Trustee as the loss payee, then to the extent such Insurance Policy provides protection equivalent to the individual
policies otherwise required, the Master Servicer or the Special Servicer shall conclusively be deemed to have satisfied its obligation
to cause such insurance to be maintained on the related Mortgaged Properties and REO Properties. In the event the Master Servicer
or the Special Servicer shall cause any Mortgaged Property or REO Property to be covered by such master single interest or 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 by the Master Servicer as a Servicing Advance. Such master single interest or force-placed policy may contain a
deductible clause, in which case the Master Servicer or the Special Servicer shall, in the event that there shall not have been
maintained on the related Mortgaged Property or REO Property a policy otherwise complying with the provisions of Section 3.07(a),
and there shall have been one or more losses which would have been covered by such policy had it been maintained, deposit into
the Collection Account from its own funds the amount not otherwise payable under the master single or force-placed interest policy
because of such deductible clause, to the extent that any such deductible exceeds the deductible limitation that pertained to
the related Mortgage Loan, including any related Serviced Companion Loan, or, in the absence of any such deductible limitation,
the deductible limitation which is consistent with the Servicing Standard.

 

(c)           
Each of the Master Servicer and the Special Servicer shall obtain and maintain at its own expense and keep in full force
and effect throughout the term of this Agreement a blanket fidelity bond and an errors and omissions insurance policy with a Qualified
Insurer covering losses that may be sustained as a result of an officer’s or employee’s misappropriation of funds or
errors or omissions. Notwithstanding the foregoing, so long as the long-term debt or the deposit obligations or claims paying ability
of the Master Servicer (or its immediate or remote parent) or the Special Servicer (or its immediate or remote parent), as applicable,
is rated at least “A3” by Moody’s and “A-” by Fitch, the Master Servicer (or its public parent) or
the Special Servicer (or its public parent), as applicable, shall be allowed to

 

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provide self-insurance with respect to a fidelity
bond and an “errors and omissions” insurance policy. Such amount of coverage shall be in such form and amount as are
consistent with the Servicing Standard. Coverage of the Master Servicer or the Special Servicer under a policy or bond obtained
by an Affiliate of the Master Servicer or the Special Servicer and providing the coverage required by this Section 3.07(c)
shall satisfy the requirements of this Section 3.07(c). The Special Servicer and the Master Servicer will promptly
report in writing to the Trustee any material changes that may occur in their respective fidelity bonds, if any, and/or their respective
errors and omissions Insurance Policies, as the case may be, and will furnish to the Trustee copies of all binders and policies
or certificates evidencing that such bonds, if any, and insurance policies are in full force and effect.

 

(d)          
At the time the Master Servicer determines in accordance with the Servicing Standard that any Mortgaged Property (other
than a Non-Serviced Mortgaged Property) is in a federally designated special flood hazard area (and such flood insurance has been
made available), the Master Servicer will use efforts consistent with the Servicing Standard to cause the related Mortgagor (in
accordance with applicable law and the terms of the Mortgage Loan and related Serviced Companion Loan documents) to maintain, and,
if the related Mortgagor shall default in its obligation to so maintain, shall itself maintain to the extent such insurance is
available at commercially reasonable rates (as determined by the Master Servicer in accordance with the Servicing Standard and
to the extent the Trustee, as mortgagee, has an insurable interest therein), flood insurance in respect thereof, but only to the
extent the related Mortgage Loan (other than a Non-Serviced Mortgage Loan) or related Serviced Companion Loan permits the mortgagee
to require such coverage and the maintenance of such coverage is consistent with the Servicing Standard. Such flood insurance shall
be in an amount equal to the lesser of (i) the unpaid principal balance of the related Mortgage Loan (and any related Serviced
Companion Loan, if applicable), and (ii) the maximum amount of insurance which is available under the National Flood Insurance
Act of 1968, as amended, plus such additional excess flood coverage with respect to the Mortgaged Property, if any, in an amount
consistent with the Servicing Standard. If the cost of any insurance described above is not borne by the Mortgagor, the Master
Servicer shall promptly make a Servicing Advance for such costs.

 

(e)          
During all such times as any REO Property (other than with respect to a Non-Serviced Mortgaged Property) shall be located
in a federally designated special flood hazard area, the Special Servicer will cause to be maintained, to the extent available
at commercially reasonable rates (as determined by the Special Servicer (with respect to any Mortgage Loan other than an Excluded
Loan or prior to the occurrence and continuance of a Control Termination Event, with the consent of the Directing Certificateholder)
in accordance with the Servicing Standard), a flood insurance policy meeting the requirements of the current guidelines of the
Federal Insurance Administration in an amount representing coverage not less than the maximum amount of insurance which is available
under the National Flood Insurance Act of 1968, as amended. The cost of any such flood insurance with respect to an REO Property
shall be an expense of the Trust payable out of the related REO Account pursuant to Section 3.14(c) or, if the amount
on deposit therein is insufficient therefor, paid by the Master Servicer as a Servicing Advance.

 

(f)            
Each of the Operating Advisor and Asset Representations Reviewer shall obtain and maintain at its own expense and keep
in full force and effect throughout the term of this Agreement an “errors and omissions” insurance policy with a Qualified
Insurer covering losses that may be sustained as a result of an officer’s or employee’s errors or omissions. 

 

 

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Section 3.08          Enforcement
of Due-on-Sale Clauses; Assumption Agreements. (a)  As to each Mortgage Loan (other than a Non-Serviced
Mortgage Loan) and any related Serviced Companion Loan that contains a provision in the nature of a
“due-on-sale” clause, which by its terms:

 

(i)           
provides that such Mortgage Loan and any related Companion Loan shall (or may at the mortgagee’s option) become due
and payable upon the sale or other transfer of an interest in the related Mortgaged Property or equity interests in the Mortgagor
or principals of the Mortgagor; or

 

(ii)          
provides that such Mortgage Loan and any related Companion Loan may not be assumed without the consent of the mortgagee
in connection with any such sale or other transfer;

 

then, for so long as
such Mortgage Loan or related Serviced Companion Loan is being serviced under this Agreement, the Master Servicer (with respect
to any Mortgage Loan that is not a Specially Serviced Loan) or the Special Servicer (with respect to any Specially Serviced Loan
and REO Properties), on behalf of the Trustee as the mortgagee of record, shall (a) exercise any right it may have with respect
to such Mortgage Loan or related Companion Loan (x) to accelerate the payments thereon or (y) to withhold its consent
to any sale or transfer, consistent with the Servicing Standard or (b) waive any right to exercise such rights, provided
that (i)(A)  the Master Servicer or the Special Servicer, as the case may be, shall obtain the prior written consent of (x) in
the case of the Master Servicer, the Special Servicer, provided that such consent will be deemed given (unless earlier objected
to by the Special Servicer) fifteen (15) Business Days (or five (5) Business Days after the time period provided for in any related
Intercreditor Agreement) after the Special Servicer’s receipt of the Master Servicer’s written recommendation and analysis
with respect to such waiver and all information reasonably requested by the Special Servicer, and reasonably available to the Master
Servicer, in order to grant or withhold such consent and (y) in the case of the Special Servicer, if such Mortgage Loan is
not an Excluded Loan and no Control Termination Event shall have occurred and be continuing, the Directing Certificateholder, which
consent shall be deemed given (unless earlier objected to by the Directing Certificateholder) ten (10) Business Days after the
Directing Certificateholder’s receipt of the Special Servicer’s written analysis and recommendation with respect to
such waiver (or, with respect to any Non-Specially Serviced Loan, the written analysis prepared by the Master Servicer and the
Special Servicer’s recommendation with respect to such waiver), together with such other information reasonably requested
by the Directing Certificateholder, and reasonably available to the Special Servicer, in order to grant or withhold such consent,
(B) if such Mortgage Loan is part of a Serviced AB Whole Loan and no related AB Control Appraisal Period shall have occurred
and be continuing, the Special Servicer shall obtain the prior written consent of the holder of the related AB Subordinate Companion
Loan, to the extent required under the applicable Intercreditor Agreement, and such holder’s consent shall be deemed given
(unless earlier objected to by such holder) ten (10) Business Days after receipt by such holder of the Special Servicer’s
written analysis and recommendation with respect to such waiver (or, with respect to any Non-Specially Serviced Loan, the written
analysis prepared by the Master Servicer and the Special Servicer’s recommendation with respect to such waiver), together
with such other information reasonably requested by such holder, and reasonably available to the Special Servicer, in order to
grant or withhold such consent, to the extent required under the applicable Intercreditor Agreement, (C) if such Mortgage
Loan is not an Excluded Loan, a Control Termination Event shall have occurred and be continuing, and no

 

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Consultation Termination
Event shall have occurred and be continuing, the Special Servicer shall consult with the Directing Certificateholder pursuant to
Section 6.08(a) hereof, and (ii) with respect to any Mortgage Loan (x) with a Stated Principal Balance greater
than or equal to $20,000,000, (y) with a Stated Principal Balance greater than or equal to 5% of the aggregated Stated Principal
Balance of the Mortgage Loans then outstanding or (z) together with all other Mortgage Loans with which it is cross-collateralized
or cross-defaulted or together with all other Mortgage Loans with the same Mortgagor (or an Affiliate thereof), that is one of
the ten largest Mortgage Loans outstanding (by Stated Principal Balance), the Master Servicer or the Special Servicer, as the case
may be, prior to consenting to any action, shall obtain, a Rating Agency Confirmation from each Rating Agency and a confirmation
of any applicable rating agency that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any class of Serviced Companion Loan Securities (if any) (provided that such rating agency confirmation may be
considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates
pursuant to Section 3.25), provided, however, that with respect to subclauses (y) and (z)
of this subclause (ii), such Mortgage Loan shall also have a Stated Principal Balance of at least $10,000,000 for such
Rating Agency Confirmation requirement to apply. Notwithstanding anything herein to the contrary, with respect to any Excluded
Loan (regardless of whether a Control Termination Event has occurred and is continuing), the Special Servicer shall consult with
the Operating Advisor, on a non-binding basis, in connection with the related transactions involving proposed Major Decisions and
consider alternative actions recommended by the Operating Advisor, in respect thereof, in accordance with the procedures set forth
in Section 6.08 for consulting with the Operating Advisor.

 

In connection with any
request for a Rating Agency Confirmation from a Rating Agency (or, with respect to any Serviced Companion Loan Securities, the
related rating agencies) pursuant to this Section 3.08(a), the Master Servicer or the Special Servicer, as applicable,
shall (if not already provided in accordance with Section 3.25 of this Agreement) deliver a Review Package to the 17g-5
Information Provider (or, with respect to any Serviced Companion Loan Securities, the related 17g-5 information provider) in accordance
with Section 3.25 of this Agreement.

 

If any Mortgage Loan
(other than a Non-Serviced Mortgage Loan) or related Serviced Companion Loan provides that such Mortgage Loan or related Serviced
Companion Loan may be assumed or transferred without the consent of the mortgagee; provided that certain conditions are
satisfied, then for so long as such Mortgage Loan or related Serviced Companion Loan is being serviced under this Agreement, the
Special Servicer, with respect to all Specially Serviced Loans (other than a Non-Serviced Mortgage Loan), related Serviced Companion
Loans, on behalf of the Trustee as the mortgagee of record, shall determine in accordance with the Servicing Standard whether such
conditions have been satisfied, or, with respect to any Non-Specially Serviced Loan which does not allow the mortgagee discretion
in approving a transfer or assumption or does not allow for discretion in determining whether conditions to a transfer or assumption
have been satisfied, the Master Servicer, on behalf of the Trustee as mortgagee of record, shall make such determination with respect
to whether such conditions have been satisfied.

 

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(b)          
As to each Mortgage Loan (other than a Non-Serviced Mortgage Loan) and any related Serviced Companion Loan that contains
a provision in the nature of a “due-on-encumbrance” clause that by its terms:

 

(i)           
provides that such Mortgage Loan and any related Companion Loan shall (or may at the mortgagee’s option) become due
and payable upon the creation of any additional lien or other encumbrance on the related Mortgaged Property or equity interests
in the Mortgagor or principals of the Mortgagor; or

 

(ii)          
requires the consent of the mortgagee to the creation of any such additional lien or other encumbrance on the related Mortgaged
Property or equity interests in the Mortgagor or principals of the Mortgagor;

 

then, for so long as
such Mortgage Loan (and related Companion Loan, if applicable) is serviced under this Agreement, the Master Servicer (with respect
to any Mortgage Loan that is not a Specially Serviced Loan) or the Special Servicer (with respect to any Specially Serviced Loan
and REO Properties), on behalf of the Trustee as the mortgagee of record, shall (a) exercise any right it may have with respect
to such Mortgage Loan or related Companion Loan (x) to accelerate the payments thereon or (y) to withhold its consent
to the creation of any additional lien or other encumbrance, consistent with the Servicing Standard or (b) waive its right
to exercise such rights, provided that (i)(A)  the Master Servicer or the Special Servicer, as the case may be, shall
obtain the prior written consent of (x) in the case of the Master Servicer, the Special Servicer, provided that such
consent will be deemed given (unless earlier objected to by the Special Servicer) fifteen (15) Business Days (or five (5) Business
Days after the time period provided for in any related Intercreditor Agreement) after the Special Servicer’s receipt of the
Master Servicer’s written recommendation and analysis with respect to such waiver and all information reasonably requested
by the Special Servicer, and reasonably available to the Master Servicer, in order to grant or withhold such consent and (y) in
the case of the Special Servicer, if such Mortgage Loan is not an Excluded Loan and no Control Termination Event shall have occurred
and be continuing, the Directing Certificateholder, which consent shall be deemed given (unless earlier objected to by the Directing
Certificateholder) ten (10) Business Days after the Directing Certificateholder’s receipt of the Special Servicer’s
written analysis and recommendation with respect to such waiver (or, with respect to any Non-Specially Serviced Loan, the written
analysis prepared by the Master Servicer and the Special Servicer’s recommendation with respect to such waiver), together
with such other information reasonably requested by the Directing Certificateholder, and reasonably available to the Special Servicer,
in order to grant or withhold such consent, (B) if such Mortgage Loan is part of a Serviced AB Whole Loan and no related AB
Control Appraisal Period shall have occurred and be continuing, the Special Servicer shall obtain the prior written consent of
the holder of the related AB Subordinate Companion Loan, to the extent required under the applicable Intercreditor Agreement, and
such holder’s consent shall be deemed given (unless earlier objected to by such holder) ten (10) Business Days after receipt
by such holder of the Special Servicer’s written analysis and recommendation with respect to such waiver (or, with respect
to any Non-Specially Serviced Loan, the written analysis prepared by the Master Servicer and the Special Servicer’s recommendation
with respect to such waiver), together with such other information reasonably requested by such holder, and reasonably available
to the Special Servicer, in order to grant or withhold such consent, to the extent required under the applicable Intercreditor
Agreement, (C) if

 

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such Mortgage Loan is not an Excluded Loan, a Control Termination Event shall have occurred and be continuing,
and no Consultation Termination Event shall have occurred and be continuing, the Special Servicer shall consult with the Directing
Certificateholder pursuant to Section 6.08(a) hereof, and (ii) the Master Servicer or the Special Servicer, as
the case may be, has obtained Rating Agency Confirmation from each Rating Agency and a confirmation of any applicable rating agency
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any class of Serviced
Companion Loan Securities (if any) (provided that such rating agency confirmation may be considered satisfied in the same
manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25)
if such Mortgage Loan (A) has an outstanding principal balance that is greater than or equal to 2% of the Stated Principal
Balance of the outstanding Mortgage Loans or (B) has an LTV Ratio greater than 85% (including any existing and proposed debt)
or (C) has a debt service coverage ratio less than 1.20x (in each case, determined based upon the aggregate of the Stated
Principal Balance of the Mortgage Loan and related Companion Loan, if any, and the principal amount of the proposed additional
lien) or (D) is one of the ten largest Mortgage Loans (by Stated Principal Balance) or (E) has a Stated Principal Balance
greater than $20,000,000; provided, however, that with respect to subclauses (A), (B), (C)
and (D) of this subclause (ii), such Mortgage Loan shall also have a Stated Principal Balance of at least $10,000,000
for such Rating Agency Confirmation requirement to apply. Notwithstanding anything herein to the contrary, with respect to any
Excluded Loan (regardless of whether a Control Termination Event has occurred and is continuing), the Special Servicer shall consult
with the Operating Advisor, on a non-binding basis, in connection with the related transactions involving proposed Major Decisions
and consider alternative actions recommended by the Operating Advisor, in respect thereof, in accordance with the procedures set
forth in Section 6.08 for consulting with the Operating Advisor.

 

In connection with any
request for a Rating Agency Confirmation from a Rating Agency (or, with respect to any Serviced Companion Loan Securities, the
related rating agencies) pursuant to this Section 3.08(b), the Special Servicer shall (if not already provided in accordance
with Section 3.25 of this Agreement) deliver a Review Package to the 17g-5 Information Provider (or, with respect to
any Serviced Companion Loan Securities, the related 17g-5 information provider) in accordance with Section 3.25 of
this Agreement.

 

To the extent permitted
by the related Mortgage Loan documents, the Rating Agency Confirmation described in the immediately preceding paragraph or in Section 3.08(a)
shall be an expense of the related Mortgagor; provided that if the Mortgage Loan documents are silent as to who bears the
costs of obtaining any such Rating Agency Confirmation, the Special Servicer shall use reasonable efforts to make the related Mortgagor
bear such costs and expenses. Unless determined to be a Nonrecoverable Advance such costs not collected from the related Mortgagor
shall be advanced as a Servicing Advance.

 

If any Mortgage Loan
or related Companion Loan provides that such Mortgage Loan or related Companion Loan may be further encumbered without the consent
of the mortgagee provided that certain conditions are satisfied and there is no lender discretion with respect to the satisfaction
of such conditions, then for so long as such Mortgage Loan or related Companion Loan is being serviced under this Agreement, the
Special Servicer, with respect to all Specially Serviced Loans (other than a Non-Serviced Mortgage Loan), on behalf of the Trustee

 

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as the mortgagee of record, shall determine whether such conditions have been satisfied, or, with respect to all Non-Specially
Serviced Loans which do not allow the mortgagee discretion in determining whether conditions are satisfied, the Master Servicer,
on behalf of the Trustee as the mortgagee of record, shall make such determination with respect to whether such conditions have
been satisfied.

 

(c)          
Nothing in this Section 3.08 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 additional lien or other encumbrance with respect to such Mortgaged Property.

 

(d)          
Except as otherwise permitted by Section 3.08(a) and (b) and/or Section 3.18, neither the
Master Servicer nor the Special Servicer shall agree to modify, waive or amend any term of any Mortgage Loan and related Serviced
Companion Loan, as applicable, in connection with the taking of, or the failure to take, any action pursuant to this Section 3.08.
The Master Servicer and the Special Servicer, as applicable, shall provide copies of any final waivers (except with respect to
provision of any such waivers to the 17g-5 Information Provider, exclusive of any Privileged Information) it effects pursuant to
Section 3.08(a) or (b) to each other and to the 17g-5 Information Provider with respect to each Mortgage Loan,
and shall notify the Trustee, the Certificate Administrator, each other and, subject to the terms of this Agreement, the 17g-5
Information Provider (for posting to the 17g-5 Information Provider’s Website in accordance with Section 3.25)
and, with respect to a Whole Loan, the related Serviced Companion Noteholder, of any assumption or substitution agreement executed
pursuant to Section 3.08(a) or (b) and shall forward thereto a copy of such agreement.

 

(e)          
Notwithstanding any other provisions of this Section 3.08 or Section 3.18, but subject to any related
Intercreditor Agreement, the Master Servicer may with respect to Non-Specially Serviced Loans, without any Directing Certificateholder
approval, Rating Agency Confirmation or Special Servicer approval (provided that the Master Servicer delivers notice thereof
to the Special Servicer after completion (and the Special Servicer shall promptly, prior to the occurrence of a Consultation Termination
Event and other than in respect of any Excluded Loan, deliver notice thereof to the Directing Certificateholder, except to the
extent that the Special Servicer or the Directing Certificateholder, as the case may be, notifies the Master Servicer that such
party does not desire to receive copies of such items), (i) grant waivers of non-material covenant defaults (other than financial
covenants), including late financial statements; (ii) consent to releases of non-material, non-income producing parcels of
a Mortgaged Property that do not materially affect the use or value of the Mortgaged Property or the ability of the related Mortgagor
to pay amounts due in respect of the Mortgage Loan or Companion Loan as and when due provided such releases are required by the
related Mortgage Loan documents and there is no lender discretion permitted under the Mortgage Loan documents; (iii) approve
or consent to grants of easements or rights of way for utilities, access, parking, public improvements or another purpose or subordinations
of the lien of Mortgage Loans to easements that do not materially affect the use or value of a Mortgaged Property or a Mortgagor’s
ability to make any payments with respect to the related Mortgage Loan and any related Companion Loan; (iv) grant other routine
approvals, including the granting of subordination, non-disturbance and attornment agreements and leasing consents that affect
less than the lesser of (a) 30% of the net rentable area of the Mortgaged Property or (b) 30,000 square

 

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feet; (v) (other
than in respect of hospitality properties) consent to actions related to condemnation of non-material, non-income producing parcels
of the Mortgaged Property that do not materially affect the use or value of the Mortgaged Property or the ability of the related
Mortgagor to pay amounts due in respect of the Mortgage Loan or Companion Loan when due; (vi) consent to a change in property
management relating to any Mortgage Loan or related Companion Loan with respect to Mortgage Loans (including any related Companion
Loans) with an outstanding principal balance of less than $2,500,000 and where the successor property manager is not affiliated
with the related Mortgagor; and (vii) approve of annual operating budgets; provided that (w) any such action would
not in any way affect a payment term of the Certificates, (x) any such action would not constitute a “significant modification”
of such Mortgage Loan or Companion Loan pursuant to Treasury Regulations Section 1.860G-2(b) and would not otherwise cause
either Trust REMIC to fail to qualify as a REMIC for federal income tax purposes (as evidenced by an Opinion of Counsel (at the
expense of the Trust to the extent not reimbursed or paid by the related Mortgagor), to the extent requesting such opinion is consistent
with the Servicing Standard), (y) agreeing to such action would be consistent with the Servicing Standard, and (z) agreeing
to such action would not violate the terms, provisions or limitations of this Agreement or any Intercreditor Agreement. The foregoing
is intended to be an itemization of actions the Master Servicer may take without having to obtain the approval of any other party
and is not intended to limit the responsibilities of the Master Servicer hereunder.

 

(f)          
Notwithstanding any other provision of this Agreement, the Master Servicer may not waive its rights or grant its consent
under any “due-on-sale” or “due-on-encumbrance” clause without the consent of the Special Servicer and
the Special Servicer may not waive its rights or grant its consent under any “due-on-sale” or “due-on-encumbrance”
clause relating to any Non-Specially Serviced Loan or relating to any Specially Serviced Loan without ((i) prior to the occurrence
and continuance of a Control Termination Event and (ii) other than with respect to any Excluded Loan) the consent of the Directing
Certificateholder (or (i) after the occurrence and during the continuance of a Control Termination Event and (ii) other
than with respect to any Excluded Loan), but prior to a Consultation Termination Event, upon consultation with the Directing Certificateholder
pursuant to Section 6.08 hereof). The Directing Certificateholder shall have ten (10) Business Days after receipt of
notice along with the Master Servicer’s or Special Servicer’s recommendation and analysis with respect to such proposed
waiver or proposed granting of consent and any additional information the Directing Certificateholder may reasonably request from
the Special Servicer of a proposed waiver or consent under any “due on sale” or “due-on-encumbrance” clause
in which to grant or withhold its consent (provided that if the Special Servicer fails to receive a response to such notice
from the Directing Certificateholder in writing within such period, then the Directing Certificateholder shall be deemed to have
consented to such proposed waiver or consent).

 

(g)         
Notwithstanding the foregoing provisions of this Section 3.08, if the Master Servicer or Special Servicer, as
applicable, makes a determination under Sections 3.08(a) or 3.08(b) hereof that the applicable conditions in
the related Mortgage Loan or Companion Loan documents, as applicable, with respect to assumptions or encumbrances permitted without
the consent of the mortgagee have been satisfied, the applicable assumptions and transfers may be subject to an assumption or other
fee, unless such fees are otherwise prohibited pursuant to the Mortgage Loan documents; provided that any such fee not provided
for in the Mortgage

 

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Loan documents does not constitute a “significant” change in yield pursuant to Treasury Regulations
Section 1.1001-3(e)(2).

 

Section 3.09     Realization Upon Defaulted Loans and Companion Loans. (a)  Upon an event of default under the Mortgage
Loan documents related to a Serviced Whole Loan or a Mortgage Loan with mezzanine debt, the Master Servicer shall promptly provide
written notice to the related Companion Holder or mezzanine lender, as applicable, with a copy of such notice to the Special Servicer.
The Special Servicer shall, subject to subsections (b) through (d) of this Section 3.09, Section 3.24,
subject to the Directing Certificateholders’ rights pursuant to Section 6.08, and any Companion Holder or mezzanine
lender’s rights under the related Intercreditor Agreement (in the case of a Serviced Whole Loan, on behalf of the holders
of the beneficial interest of the related Companion Loan) or this Agreement, exercise reasonable efforts, consistent with the Servicing
Standard, to foreclose upon or otherwise comparably convert (which may include an REO Acquisition) the ownership of property securing
any such Mortgage Loan (other than any Non-Serviced Mortgage Loan) and related Companion Loan, if any, as come into and continue
in default as to which no satisfactory arrangements (including by way of a discounted pay-off) can be made for collection of delinquent
payments, and which are not released from the Trust Fund pursuant to any other provision hereof. The foregoing is subject to the
provision that, in any case in which a Mortgaged Property shall have suffered damage from an Uninsured Cause, the Master Servicer
or Special Servicer shall not be required to make a Servicing Advance and expend funds toward the restoration of such property
unless the Special Servicer has determined in its reasonable discretion that such restoration will increase the net proceeds of
liquidation of such Mortgaged Property to Certificateholders after reimbursement to the Master Servicer for such Servicing Advance,
and the Master Servicer or Special Servicer has not determined that such Servicing Advance together with accrued and unpaid interest
thereon would constitute a Nonrecoverable Advance. The costs and expenses incurred by the Special Servicer in any such proceedings
shall be advanced by the Master Servicer; provided that, in each case, such cost or expense would not, if incurred, constitute
a Nonrecoverable Servicing Advance. Nothing contained in this Section 3.09 shall be construed so as to require the
Master Servicer or the Special Servicer, on behalf of the Trust, to make a bid on any Mortgaged Property at a foreclosure sale
or similar proceeding that is in excess of the fair market value of such property, as determined by the Master Servicer or the
Special Servicer in its reasonable judgment taking into account the factors described in Section 3.16(b) and the results
of any Appraisal obtained pursuant to the following sentence, all such bids to be made in a manner consistent with the Servicing
Standard. If and when the Special Servicer or the Master Servicer deems it necessary and prudent for purposes of establishing the
fair market value of any Mortgaged Property securing a Defaulted Loan or any related defaulted Companion Loan, whether for purposes
of bidding at foreclosure or otherwise, the Special Servicer or the Master Servicer, as the case may be, is authorized to have
an Appraisal performed with respect to such property by an Independent MAI-designated appraiser the cost of which shall be paid
by the Master Servicer as a Servicing Advance.

 

(b)          
The Special Servicer shall not acquire any personal property pursuant to this Section 3.09 unless either:

 

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

 

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(ii)          
the Special Servicer shall have obtained an Opinion of Counsel (the cost of which shall be paid by the Master Servicer
as a Servicing Advance) to the effect that the holding of such personal property by the Trust (to the extent not allocable to
the related Companion Loan) will not cause an Adverse REMIC Event.

 

(c)          
Notwithstanding the foregoing provisions of this Section 3.09 and Section 3.24, neither the Master
Servicer nor the Special Servicer shall, on behalf of the Trustee, obtain title to a Mortgaged Property in lieu of foreclosure
or otherwise, or take any other action with respect to any Mortgaged Property, if, as a result of any such action, the Trustee,
on behalf of the Certificateholders and/or any related Companion Holder, would be considered to hold title to, to be a “mortgagee-in-possession”
of, or to be an “owner” or “operator” of such Mortgaged Property within the meaning of CERCLA or any comparable
law, unless (as evidenced by an Officer’s Certificate to such effect delivered to the Trustee) the Special Servicer has previously
determined in accordance with the Servicing Standard, based on an Environmental Assessment of such Mortgaged Property performed
by an Independent Person who regularly conducts Environmental Assessments and performed within six (6) months prior to any such
acquisition of title or other action, that:

 

(i)           
such Mortgaged Property is in compliance with applicable environmental laws or, if not, after consultation with an environmental
consultant, that it would be in the best economic interest of the Certificateholders (and with respect to any Serviced Whole Loan,
the related Companion Holders), as a collective whole as if such Certificateholders and, if applicable, Companion Holders constituted
a single lender, to take such actions as are necessary to bring such Mortgaged Property in compliance with such laws, and

 

(ii)          
there are no circumstances present at such Mortgaged Property relating to the use, management or disposal of any hazardous
materials for which investigation, testing, monitoring, containment, clean-up or remediation could be required under any currently
effective federal, state or local law or regulation, or that, if any such hazardous materials are present for which such action
could be required, after consultation with an environmental consultant, it would be in the best economic interest of the Certificateholders
(and with respect to any Serviced Whole Loan, the Companion Holders), as a collective whole as if such Certificateholders and,
if applicable, Companion Holders constituted a single lender, to take such actions with respect to the affected Mortgaged Property.

 

The cost of any such
Environmental Assessment shall be paid by the Master Servicer as a Servicing Advance and the cost of any remedial, corrective or
other further action contemplated by clause (i) and/or clause (ii) of the preceding sentence shall be paid
by the Master Servicer as a Servicing Advance, unless it is a Nonrecoverable Servicing Advance (in which case it shall be an expense
of the Trust and, in the case of a Serviced Whole Loan, shall be withdrawn in accordance with the related Intercreditor Agreement
by the Master Servicer from the Collection Account, including from the Companion Distribution Account (such withdrawal to be made
from amounts on deposit therein that are otherwise payable on or allocable to such Serviced Whole Loan)); and if any such Environmental
Assessment so warrants, the Special Servicer shall, except with respect to any Companion Loan and any Environmental Assessment
ordered after such Mortgage Loan has been paid in full, perform such additional environmental

 

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testing at the expense of the Trust
as it deems necessary and prudent to determine whether the conditions described in clauses (i) and (ii) of the
preceding sentence have been satisfied. With respect to Non-Specially Serviced Loans, the Master Servicer and, with respect to
Specially Serviced Loans, the Special Servicer (other than any Non-Serviced Mortgage Loan) shall review and be familiar with the
terms and conditions relating to enforcing claims and shall monitor the dates by which any claim or action must be taken (including
delivering any notices to the insurer and using reasonable efforts to perform any actions required under such policy) under each
environmental insurance policy in effect and obtained on behalf of the mortgagee to receive the maximum proceeds available under
such policy for the benefit of the Certificateholders and the Trustee (as holder of the Lower-Tier Regular Interests).

 

(d)          
If (i) the environmental testing contemplated by subsection (c) above establishes that either of the conditions
set forth in clauses (i) and (ii) of subsection (c) above of the first sentence thereof has not
been satisfied with respect to any Mortgaged Property securing a Defaulted Loan and, in the case of a Serviced Mortgage Loan, any
related Companion Loan, and (ii) there has been no breach of any of the representations and warranties set forth in or required
to be made pursuant to Section 4 of each of the Mortgage Loan Purchase Agreements for which the applicable Mortgage Loan Seller
could be required to repurchase such Defaulted Loan pursuant to Section 5 of the applicable Mortgage Loan Purchase Agreement,
then the Special Servicer shall take such action as it deems to be in the best economic interest of the Trust (other than proceeding
to acquire title to the Mortgaged Property) and is hereby authorized ((A) prior to the occurrence and continuance of a Control
Termination Event (or with respect to any AB Mortgage Loan, after the occurrence and during the continuation of an AB Control Appraisal
Period, but prior to the occurrence and continuance of a Control Termination Event) and (B) other than with respect to any
Excluded Loan), with the consent of the Directing Certificateholder at such time as it deems appropriate to release such Mortgaged
Property from the lien of the related Mortgage, provided that, if such Mortgage Loan has a then-outstanding principal balance
of greater than $1,000,000, then prior to the release of the related Mortgaged Property from the lien of the related Mortgage,
(i) the Special Servicer shall have notified the Rating Agencies, the Trustee, the Certificate Administrator, the Master Servicer
and ((A) prior to the occurrence of a Consultation Termination Event and (B) other than with respect to any Excluded
Loan) the Directing Certificateholder, in writing of its intention to so release such Mortgaged Property and the bases for such
intention, (ii) the Certificate Administrator shall have posted such notice of the Special Servicer’s intention to so
release such Mortgaged Property to the Certificate Administrator’s Website pursuant to Section 3.13(b) and (iii) in
addition to the prior written consent of the Directing Certificateholder as required above, the Holders of Certificates entitled
to a majority of the Voting Rights shall have consented or have been deemed to have consented to such release within thirty (30)
days of the Certificate Administrator’s posting such notice to the Certificate Administrator’s Website (failure to
respond by the end of such 30-day period being deemed consent of the Holders of the Certificates). To the extent any fee charged
by any Rating Agency in connection with rendering such written confirmation is not paid by the related Mortgagor, such fee is to
be an expense of the Trust; provided that the Special Servicer shall use commercially reasonable efforts to collect such
fee from the Mortgagor to the extent permitted under the related Mortgage Loan documents.

 

(e)           
The Special Servicer shall provide written reports and a copy of any Environmental Assessments in electronic format to the
Directing Certificateholder (other than

 

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with respect to any Excluded Loan), the Master Servicer and the 17g-5 Information Provider
monthly regarding any actions taken by the Special Servicer with respect to any Mortgaged Property securing a Defaulted Loan, or
defaulted Companion Loan as to which the environmental testing contemplated in subsection (c) above has revealed that
either of the conditions set forth in clauses (i) and (ii) of the first sentence thereof has not been satisfied,
in each case until the earlier to occur of satisfaction of both such conditions, repurchase of the related Mortgage Loan by the
applicable Mortgage Loan Seller or release of the lien of the related Mortgage on such Mortgaged Property.

 

(f)           
The Special Servicer shall notify the Master Servicer of any abandoned and/or foreclosed properties which require reporting
to the Internal Revenue Service 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 related Companion Loan that is abandoned or foreclosed and the
Master Servicer shall report to the Internal Revenue Service and the related Mortgagor, in the manner required by applicable law,
such information and the Master Servicer shall report, via Form 1099A or Form 1099C (or any successor form), all forgiveness
of indebtedness and abandonment and foreclosure 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 and the Certificate
Administrator.

 

(g)          
The Special Servicer shall have the right to determine, in accordance with the Servicing Standard, the advisability of the
maintenance of an action to obtain a deficiency judgment if the state in which the Mortgaged Property is located and the terms
of the Mortgage Loan (and if applicable, the related Companion Loan) permit such an action.

 

(h)          
The Special Servicer shall maintain accurate records, prepared by one of its Servicing Officers, of each Final Recovery
Determination in respect of a Defaulted Loan (other than with respect to a Non-Serviced Mortgage Loan) or defaulted Companion Loan
or any REO Property (other than any Non-Serviced Mortgaged Property) and the basis thereof. Each Final Recovery Determination shall
be evidenced by an Officer’s Certificate promptly delivered to the Trustee, the Certificate Administrator, the Directing
Certificateholder (other than with respect to any Excluded Loan) and the Master Servicer and in no event later than the next succeeding
P&I Advance Determination Date.

 

Section 3.10     Trustee and Certificate Administrator to Cooperate; Release of Mortgage Files. (a)  Upon the payment in
full of any Mortgage Loan (other than a Non-Serviced Mortgage Loan), or the receipt by the Master Servicer or the Special Servicer,
as the case may be, of a notification that payment in full shall be escrowed in a manner customary for such purposes, the Master
Servicer or Special Servicer, as the case may be, will promptly notify the Trustee and the Custodian and request delivery of the
related Mortgage File. Any such notice and request shall be in the form of a Request for Release signed by a Servicing Officer
and 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 3.04(a) or remitted to the Master Servicer to
enable such deposit, have been or will be so deposited. Within seven (7) Business Days (or within such shorter period as release
can reasonably be accomplished if the Master Servicer or the Special Servicer notifies the Custodian of an exigency) of receipt
of such notice and request, the Custodian shall release the related

 

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Mortgage
File to the Master Servicer or Special Servicer, as the case may be; provided that in the case of the payment in full of
a Serviced Companion Loan or its related Mortgage Loan, the related Mortgage File shall not be released by the Custodian unless
the related Serviced Whole Loan is paid in full. No expenses incurred in connection with any instrument of satisfaction or deed
of reconveyance shall be chargeable to the Collection Account.

 

(b)          From
time to time as is appropriate for servicing or foreclosure of any Mortgage Loan (other than any Non-Serviced Mortgage Loan) (and
any related Companion Loan), the Master Servicer or the Special Servicer shall deliver to the Custodian a Request for Release signed
by a Servicing Officer. Upon receipt of the foregoing, the Custodian shall deliver the Mortgage File or any document therein to
the Master Servicer or the Special Servicer (or a designee), as the case may be. Upon return of such Mortgage File or such document
to the Custodian, or the delivery to the Trustee and the Custodian of a certificate of a Servicing Officer of the Master Servicer
or the Special Servicer, as the case may be, stating that such Mortgage Loan (and, in the case of a Serviced Whole Loan, the related
Companion Loan), 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 (including amounts related to the related Companion Loan, if applicable) pursuant to
Section 3.04(a) have been or will be so deposited, or that such Mortgage Loan has become an REO Property, a copy of the
Request for Release shall be released by the Custodian to the Master Servicer or the Special Servicer (or a designee), as the case
may be, with the original being released upon termination of the Trust.

 

(c)          Within
seven (7) Business Days (or within such shorter period as delivery can reasonably be accomplished if the Special Servicer notifies
the Trustee of an exigency) of receipt thereof, the Trustee shall execute and deliver to the Special Servicer any court pleadings,
requests for trustee’s sale or other documents 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 Note (including any note evidencing
a related Companion Loan) or Mortgage or to obtain a deficiency judgment, or to enforce any other remedies or rights provided by
the Mortgage Note or Mortgage or otherwise available at law or in equity. The Special Servicer shall be responsible for the preparation
of all such documents and pleadings. When submitted to the Trustee for signature, such documents or pleadings shall be accompanied
by a certificate of a Servicing Officer requesting that such pleadings or documents be executed by the Trustee and certifying 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, except for the termination of such a lien upon completion of the foreclosure or trustee’s
sale. The Trustee shall not be required to review such documents for their sufficiency or enforceability.

 

(d)          If,
from time to time, pursuant to the terms of the applicable Non-Serviced Intercreditor Agreement and the applicable Non-Serviced
PSA, and as appropriate for enforcing the terms of a Non-Serviced Mortgage Loan, the applicable Non-Serviced Master Servicer requests
delivery to it of the original Mortgage Note for a Non-Serviced Mortgage Loan, then the Custodian shall release or cause the release
of such original Mortgage Note to such Non-Serviced Master Servicer or its designee.

 

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Section 3.11     Servicing
Compensation. (a) As compensation for its activities hereunder, the Master Servicer shall be entitled to receive the Servicing
Fee with respect to each Mortgage Loan, Serviced Companion Loan and REO Loan (other than the portion of any REO Loan related to
any Non-Serviced Companion Loan) (including Specially Serviced Loans and any Non-Serviced Mortgage Loan constituting a “specially
serviced loan” under any related Non-Serviced PSA). As to each Mortgage Loan, Companion Loan and REO Loan, the Servicing
Fee shall accrue from time to time at the Servicing Fee Rate and shall be computed on the basis of the Stated Principal Balance
of such Mortgage Loan, Companion Loan or REO Loan, as the case may be, and in the same manner as interest is calculated on such
Mortgage Loan, Companion Loan or REO Loan, as the case may be, and, in connection with any partial month interest payment, for
the same period respecting which any related interest payment due on such Mortgage Loan or Companion Loan or deemed to be due
on such REO Loan is computed. The Servicing Fee with respect to any Mortgage Loan, Companion Loan or REO Loan shall cease to accrue
if a Liquidation Event occurs with respect to the related Mortgage Loan, except that if such Mortgage Loan is part of a Serviced
Whole Loan and such Serviced Whole Loan continues to be serviced and administered under this Agreement notwithstanding such Liquidation
Event, then the applicable Servicing Fee shall continue to accrue and be payable as if such Liquidation Event did not occur. The
Servicing Fee shall be payable monthly, on a loan-by-loan basis, from payments of interest on each Mortgage Loan, Companion Loan
and REO Revenues allocable as interest on each REO Loan, and as otherwise provided by Section 3.05(a). The Master Servicer
shall be entitled to recover unpaid Servicing Fees in respect of any Mortgage Loan, Companion Loan or REO Loan out of that portion
of related payments, Insurance and Condemnation Proceeds, Liquidation Proceeds and REO Revenues (in the case of an REO Loan) allocable
as recoveries of interest, to the extent permitted by Section 3.05(a). From the Servicing Fee actually received by the
Master Servicer related to the Keeper’s Self Storage Manhattan Mortgage Loan or any successor REO Loan, on each Remittance
Date, the Master Servicer shall remit the accrued but unpaid Keeper’s Self Storage Manhattan Retained Fee Amount to BSC
Group, LLC or its designee by wire transfer of immediately available funds to an account specified by the intended recipient or
by such other method as such recipient and the Master Servicer shall mutually and reasonably agree. The “Keeper’s
Self Storage Manhattan Retained Fee Amount” shall be, for each Remittance Date, an amount accrued from time to time
at 0.0100% per annum on the Stated Principal Balance of the Keeper’s Self Storage Manhattan Mortgage Loan or any
successor REO Loan and shall be calculated on the same interest accrual basis as is applicable to such Mortgage Loan or REO Loan,
as the case may be, and for the same number of days respecting which any related interest payment due on such Mortgage Loan or
deemed to be due on such REO Loan is computed under the terms of the related Mortgage Note (as such terms may be changed or modified
at any time following the Closing Date) and applicable law. From the Servicing Fee actually received by the Master Servicer related
to the Baymont Inn & Suites Las Vegas Mortgage Loan or any successor REO Loan, on each Remittance Date, the Master Servicer
shall remit the accrued but unpaid Baymont Inn & Suites Las Vegas Retained Fee Amount to First Charter Financial Corporation
or its designee by wire transfer of immediately available funds to an account specified by the intended recipient or by such other
method as such recipient and the Master Servicer shall mutually and reasonably agree. The “Baymont Inn & Suites Las
Vegas Retained Fee Amount” shall be, for each Remittance Date, an amount accrued from time to time at 0.0500% per
annum on the Stated Principal Balance of the Baymont Inn & Suites Las Vegas Mortgage Loan or any successor REO Loan and

 

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shall be calculated
on the same interest accrual basis as is applicable to such Mortgage Loan or REO Loan, as the case may be, and for the same number
of days respecting which any related interest payment due on such Mortgage Loan or deemed to be due on such REO Loan is computed
under the terms of the related Mortgage Note (as such terms may be changed or modified at any time following the Closing Date)
and applicable law.

 

Except as set forth in
the following sentence, the fourth paragraph of this Section 3.11(a), Section 6.03, Section 6.05 and Section
7.01(c), the right to receive the Servicing Fee may not be transferred in whole or in part (except in connection with a transfer
of all of the Master Servicer’s duties and obligations hereunder to a successor servicer in accordance with the terms hereof).
With respect to each Serviced Pari Passu Companion Loan, the Servicing Fee shall be payable to the Master Servicer from amounts
payable in respect of such Serviced Pari Passu Companion Loan, subject to the terms of the related Intercreditor Agreement.

 

The Master Servicer
shall be entitled to retain, and shall not be required to deposit in the Collection Account pursuant to Section 3.04(a),
additional servicing compensation (other than with respect to a Non-Serviced Mortgage Loan) in the form of the following amounts
to the extent collected from the related Mortgagor: (i) 100% of Excess Modification Fees related to any modifications, waivers,
extensions or amendments of any Non-Specially Serviced Loans (including any related Serviced Companion Loan, to the extent not
prohibited by the related Intercreditor Agreement); provided that with respect to such transactions, the consent of the
Special Servicer is not required to take such action and, in the event that the Special Servicer’s consent is required,
then the Master Servicer shall be entitled to 50% of such fees, (ii) 100% of all assumption application fees and other similar
items received on Non-Specially Serviced Loans (including any related Serviced Companion Loan, to the extent not prohibited by
the related Intercreditor Agreement) (whether or not the consent of the Special Servicer is required) and 100% of all defeasance
fees; (iii) 100% of assumption, waiver, consent and earnout fees, and other similar fees (other than assumption application and
defeasance fees) pursuant to Section 3.08 and Section 3.18 or other actions performed in connection with this Agreement
on the Non-Specially Serviced Loans (including any related Serviced Companion Loan, to the extent not prohibited by the related
Intercreditor Agreement), provided the consent of the Special Servicer is not required to take such actions and only to
the extent that all amounts then due and payable with respect to the related Mortgage Loan have been paid; and (iv) 50% of all
assumption, waiver, consent and earnout fees, and other similar items (other than assumption application fees and defeasance fees),
pursuant to Section 3.08 and Section 3.18 on any Non-Specially Serviced Loan (including any related Serviced Companion
Loan, to the extent not prohibited by the related Intercreditor Agreement) for which the Special Servicer’s consent or approval
is required and only to the extent that all amounts then due and payable with respect to the related Mortgage Loan or related
Serviced Pari Passu Companion Loan have been paid. In addition, the Master Servicer shall be entitled to retain as additional
servicing compensation (other than with respect to any Non-Serviced Mortgage Loan or Specially Serviced Loan) any charges for
beneficiary statements or demands and other customary charges, amounts collected for checks returned for insufficient funds and
reasonable review fees in connection with any Mortgagor request to the extent such review fees are not prohibited under the related
Mortgage Loan documents, in each case only to the extent actually paid by the related Mortgagor and shall not be required to deposit
such amounts in the Collection Account or the Companion Distribution Account pursuant to Section 3.04(a) or Section
3.04(b), respectively. Subject to 

 

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Section 3.11(d),
the Master Servicer shall also be entitled to additional servicing compensation in the form of: (i) Penalty Charges to the extent
provided in Section 3.11(d), (ii) interest or other income earned on deposits relating to the Trust Fund in the Collection
Account or the Companion Distribution Account in accordance with Section 3.06(b) (but only to the extent of the Net Investment
Earnings, if any, with respect to such account for the period from and including the prior Distribution Date to and including
the P&I Advance Date related to the current Distribution Date), (iii) interest or other income earned on deposits in the Servicing
Accounts which are not required by applicable law or the related Mortgage Loan to be paid to the Mortgagor, and (iv) the difference,
if positive, between Prepayment Interest Excesses and Prepayment Interest Shortfalls collected on the Mortgage Loans and any Serviced
Pari Passu Companion Loan, during the related Collection Period to the extent not required to be paid as Compensating Interest
Payments. The Master Servicer shall be required to pay out of its own funds all expenses incurred by it in connection with its
servicing activities hereunder (including, without limitation, payment of any amounts due and owing to any of its Sub-Servicers
and the premiums for any blanket Insurance Policy insuring against hazard losses pursuant to Section 3.07), if and to the
extent such expenses are not payable directly out of the Collection Account and the Master Servicer shall not be entitled to reimbursement
therefor except as expressly provided in this Agreement.

 

Notwithstanding anything
herein to the contrary, Wells Fargo Bank, National Association may, at its option, assign or pledge to any third party or retain
for itself the Transferable Servicing Interest; provided, however, that in the event of any resignation or termination
of such Master Servicer, all or any portion of the Transferable Servicing Interest may be reduced by the Trustee to the extent
reasonably necessary (in the sole discretion of the Trustee) for the Trustee to obtain a qualified successor master servicer that
meets the requirements of Section 6.05 and who requires market-rate servicing compensation that accrues at a per annum
rate in excess of the Retained Fee Rate, and any such assignment of the Transferable Servicing Interest shall, by its terms be
expressly subject to the terms of this Agreement and such reduction. The Master Servicer shall pay the Transferable Servicing Interest
to the holder of the Transferable Servicing Interest at such time and to the extent the Master Servicer is entitled to receive
payment of its Servicing Fees hereunder, notwithstanding any resignation or termination of Wells Fargo Bank, National Association
as Master Servicer hereunder (subject to reduction pursuant to the preceding sentence).

 

(b)          As
compensation for its activities hereunder, the Special Servicer shall be entitled to receive the Special Servicing Fee with respect
to each Specially Serviced Loan and REO Loan (other than a Non-Serviced Mortgage Loan and any REO Loan relating to a Non-Serviced
Mortgaged Property). As to each Specially Serviced Loan and REO Loan, the Special Servicing Fee shall accrue from time to time
at the Special Servicing Fee Rate and shall be computed on the basis of the Stated Principal Balance of such Specially Serviced
Loan or REO Loan, as the case may be, and in the same manner as interest is calculated on the Specially Serviced Loans or REO Loans,
as the case may be, and, in connection with any partial month interest payment, for the same period respecting which any related
interest payment due on such Specially Serviced Loan or deemed to be due on such REO Loan is computed. The Special Servicing Fee
with respect to any Specially Serviced Loan or REO Loan shall cease to accrue if a Liquidation Event occurs with respect to the
related Mortgage Loan. The Special Servicing Fee shall be payable monthly, on a loan-by-loan basis, in accordance with the provisions
of

 

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Section
3.05(a). The right to receive 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. The Special Servicer
shall not be entitled to any Special Servicing Fees with respect to a Non-Serviced Mortgage Loan.

 

(c)          Additional
servicing compensation in the form of (i) 100% of all Excess Modification Fees related to modifications, waivers, extensions or
amendments of any Specially Serviced Loans, (ii) 100% of all assumption application fees and assumption fees and other related
fees received on any Specially Serviced Loans, (iii) 100% of waiver, consent and earnout fees, pursuant to Section 3.08
and Section 3.18 or other actions performed in connection with this Agreement on the Specially Serviced Loans or certain
other similar fees paid by the related Mortgagor, and (iv) 50% of all Excess Modification Fees and assumption and consent fees
pursuant to Section 3.08 or Section 3.18 and 50% of all earnout fees received with respect to all Non-Specially Serviced
Loans (including any related Serviced Companion Loan, to the extent not prohibited by the related Intercreditor Agreement), and,
in all cases, for which the Special Servicer’s consent or approval is required, shall be promptly paid to the Special Servicer
by the Master Servicer (or directly from the related Mortgagor) to the extent such fees are paid by the Mortgagor and shall not
be required to be deposited in the Collection Account pursuant to Section 3.04(a). Subject to Section 3.11(d), the
Special Servicer shall also be entitled to additional servicing compensation in the form of: (i) Penalty Charges to the extent
provided in Section 3.11(d) and (ii) interest or other income earned on deposits relating to the Trust Fund in the REO Account
in accordance with Section 3.06(b) (but only to the extent of the Net Investment Earnings, if any, with respect to such
account for the period from and including the prior Distribution Date to and including the P&I Advance Date related to such
Distribution Date). In addition, the Special Servicer shall be entitled to retain as additional servicing compensation (other than
with respect to any Non-Serviced Mortgage Loan) reasonable review fees in connection with any Mortgagor request to the extent such
review fees are not prohibited under the related Mortgage Loan documents, and only to the extent actually paid by the related Mortgagor.
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 Corrected Loan for so long as it remains a Corrected Loan; provided, however,
that after receipt by the Special Servicer of Workout Fees with respect to such Corrected Loan in an amount equal to $25,000, any
Workout Fees in excess of such amount shall be reduced by the Excess Modification Fee Amount; provided, further,
however, that in the event the Workout Fee collected over the course of such workout calculated at the Workout Fee Rate
is less than $25,000, then the Special Servicer shall be entitled to an amount from the final payment on the related Corrected
Loan (including any related Serviced Companion Loan) that would result in the total Workout Fees payable to the Special Servicer
in respect of that Corrected Loan (including any related Serviced Companion Loan) equal to $25,000. The Workout Fee shall be reduced
(but not below zero) with respect to each collection on such Corrected Loan from which fee would otherwise be payable until an
amount equal to the Excess Modification Fee Amount has been deducted in full. 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. The Special Servicer shall not be entitled to
any Workout Fee with respect to a Non-Serviced Mortgage Loan. If the Special Servicer is terminated (other than for cause) or resigns,
it shall retain the right to receive any and all Workout Fees payable in respect of Mortgage Loans or any

 

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related Companion Loan
that became Corrected Loans prior to the time of that termination or resignation except the Workout Fees will no longer be payable
if the Corrected Loan subsequently becomes a Specially Serviced Loan. If the Special Servicer resigns or is terminated (other than
for cause), it will receive any Workout Fees payable on Specially Serviced Loans for which the resigning or terminated Special
Servicer had determined to grant a forbearance or 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 Periodic
Payments and which subsequently becomes a Corrected Loan as a result of the Mortgagor making such three consecutive timely Periodic
Payments. The successor special servicer will not be entitled to any portion of such Workout Fees. The Special Servicer will not
be entitled to receive any Workout Fees after termination for cause. A Liquidation Fee will be payable with respect to each Specially
Serviced Loan (other than a Non-Serviced Mortgage Loan) or REO Property (other than a Non-Serviced Mortgaged Property) as to which
the Special Servicer receives any Liquidation Proceeds or Insurance and Condemnation Proceeds subject to the exceptions set forth
in the definition of Liquidation Fee (such Liquidation Fee to be paid out of such Liquidation Proceeds, Insurance and Condemnation
Proceeds). If, however, Liquidation Proceeds or Insurance and Condemnation Proceeds are received with respect to any Corrected
Loan and the Special Servicer is properly entitled to a Workout Fee, such Workout Fee will be payable based on and out of the portion
of such Liquidation Proceeds and Insurance and Condemnation Proceeds that constitute principal and/or interest on such Mortgage
Loan. Notwithstanding anything herein to the contrary, the Special Servicer shall only be entitled to receive a Liquidation Fee
or a Workout Fee, but not both, with respect to proceeds on any Mortgage Loan. Notwithstanding the foregoing, with respect to any
Companion Loan, the Liquidation Fee, Workout Fee and Special Servicing Fees, if any, will be computed as provided in the related
Intercreditor Agreement or to the extent such Intercreditor Agreement is silent or refers to this Agreement or indicates such fees
are paid in accordance with this Agreement, as provided herein as though such Companion Loan were a Mortgage Loan. Subject to Section
3.11(d), the Special Servicer will also be entitled to additional fees in the form of Penalty Charges. The Special Servicer
shall be required to pay out of its own funds all expenses incurred by it in connection with its servicing activities hereunder
(including, without limitation, payment of any amounts, other than management fees in respect of REO Properties, due and owing
to any of its Sub-Servicers and the premiums for any blanket Insurance Policy obtained by it insuring against hazard losses pursuant
to Section 3.07), if and to the extent such expenses are not expressly payable directly out of the Collection Account or
the REO Account, and the Special Servicer shall not be entitled to reimbursement therefor except as expressly provided in this
Agreement.

 

(d)          In
determining the compensation of the Master Servicer or Special Servicer, as applicable, with respect to Penalty Charges, on any
Distribution Date, the aggregate Penalty Charges collected on any Mortgage Loan (other than a Non-Serviced Mortgage Loan) and any
related Companion Loan since the prior Distribution Date shall be applied (in such order) to reimburse (i) the Master Servicer,
the Special Servicer or the Trustee for interest on Advances on such Mortgage Loan or related Companion Loan, if applicable (and,
in connection with a Non-Serviced Mortgage Loan, the applicable Non-Serviced Master Servicer, the applicable Non-Serviced Special
Servicer or the applicable Non-Serviced Trustee for interest on

 

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 the Servicing
Advances made by any such party with respect to a Non-Serviced Whole Loan pursuant to the applicable Non-Serviced PSA, to the
extent not prohibited by the applicable Non-Serviced Intercreditor Agreement) due on such Distribution Date, (ii) the Trust
for all interest on Advances previously paid to the Master Servicer or the Trustee pursuant to Section 3.05(a)(vi)
hereof (and, in connection with a Non-Serviced Mortgage Loan, the related trust for all interest on Servicing Advances
reimbursed by such trust to any party under the applicable Non-Serviced PSA, which resulted in an additional expense for the
Trust, to the extent not prohibited by the applicable Non-Serviced Intercreditor Agreement) with respect to such Mortgage
Loan or related Companion Loan, if applicable and (iii) the Trust for all additional expenses of the Trust (other than
Special Servicing Fees, Workout Fees and Liquidation Fees), including without limitation, inspections by the Special Servicer
and all unpaid Advances incurred since the Closing Date with respect to such Mortgage Loan. Penalty Charges (other than with
respect to a Non-Serviced Mortgage Loan, which shall be payable as additional servicing compensation under the related
Non-Serviced PSA) remaining thereafter shall be distributed to the Master Servicer, if and to the extent accrued while such
Mortgage Loan and any related Companion Loan was a Non-Specially Serviced Loan, and to the Special Servicer, if and to
the extent accrued on such Mortgage Loan during the period such Mortgage Loan was a Specially Serviced Loan or REO Loan. Any
Penalty Charges paid or payable as additional servicing compensation to the Master Servicer and the Special Servicer shall be
distributed between the Master Servicer and the Special Servicer, on a pro rata basis, based on the Master
Servicer’s and Special Servicer’s respective entitlements to such compensation described in the previous
sentence. Notwithstanding the foregoing, Penalty Charges with respect to any Companion Loan will be allocated pursuant to the
applicable Intercreditor Agreement after payment of all related Advances and interest thereon and additional expenses of the
Trust in accordance with this Section 3.11(d).

 

(e)          With
respect to each Distribution Date, the Special Servicer shall deliver or cause to be delivered to the Master Servicer within one
(1) Business Day following the Determination Date, and the Master Servicer shall deliver, to the extent it has received, to the
Certificate Administrator, without charge and on the related Remittance Date, an electronic report (which may include HTML, Word
or Excel compatible format, clean and searchable PDF format or such other format as mutually agreeable between the Certificate
Administrator and the Special Servicer) that discloses and contains an itemized listing of any Disclosable Special Servicer Fees
received by the Special Servicer or any of its Affiliates, if any, with respect to such Distribution Date; provided that
no such report shall be due in any month during which no Disclosable Special Servicer Fees were received.

 

(f)          The
Special Servicer and its Affiliates shall be prohibited from receiving or retaining any compensation or any other remuneration
(including, without limitation, in the form of commissions, brokerage fees, rebates, or as a result of any other fee-sharing arrangement)
from any Person (including, without limitation, the Trust, any Mortgagor, any property manager, any guarantor or indemnitor in
respect of a Mortgage Loan and any purchaser of any Mortgage Loan or REO Property) in connection with the disposition, workout
or foreclosure of any Mortgage 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 3.11; provided that such
prohibition shall not apply to Permitted Special Servicer/Affiliate Fees.

 

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(g)          Pursuant
to the CREFC® License Agreement, CREFC® shall be paid (according to the payment instructions set
forth on Exhibit JJ hereto or such other payment instructions as CREFC® may provide to the Master Servicer
in writing at least two Business Days prior to the Remittance Date) the CREFC® Intellectual Property Royalty License
Fee on a monthly basis. The Master Servicer shall withdraw from the Collection Account and, to the extent sufficient funds are
on deposit therein, pay the CREFC® Intellectual Property Royalty License Fee to CREFC® in accordance
with Section 3.05(a)(xii) on a monthly basis, from funds on deposit in the Collection Account.

 

(h)          If
the Empire Mall Mortgage Loan becomes a Specially Serviced Loan prior to the Empire Mall Companion Loan Securitization Date, the
Special Servicer shall service and administer the related Whole Loan and any related REO Property in the same manner as any other
Specially Serviced Loan or REO Property and shall be entitled to all rights and compensation earned with respect to such Serviced
Whole Loan during the period for which it acts as Special Servicer of such Serviced Whole Loan. With respect to the Empire Mall
Mortgage Loan, prior to the Empire Mall Companion Loan Securitization Date, no other special servicer will be entitled to any such
compensation or have such rights and obligations. If the Empire Mall Whole Loan is still a Specially Serviced Loan on the Empire
Mall Companion Loan Securitization Date, the related Non-Serviced Special Servicer and the Special Servicer shall be entitled to
compensation with respect to the related Whole Loan as if the Special Servicer were being terminated as Special Servicer and the
related Non-Serviced Special Servicer were replacing it as the successor special servicer. Upon receipt of notice of its termination
as Special Servicer with respect to the Empire Mall Whole Loan, the Special Servicer shall reasonably cooperate with the related
Non-Serviced Special Servicer in connection with the servicing transition of the Empire Mall Whole Loan on and after the Empire
Mall Companion Loan Securitization Date.

 

Section 3.12     Inspections;
Collection of Financial Statements. (a) The Master Servicer shall perform (at its own expense), or shall cause to be performed
(at its own expense), a physical inspection of each Mortgaged Property relating to a Mortgage Loan (other than a Non-Serviced
Mortgage Loan or a Specially Serviced Loan) with a Stated Principal Balance of (i) $2,000,000 or more at least once every twelve
(12) months and (ii) less than $2,000,000 at least once every twenty-four (24) months, in each case, commencing in the calendar
year 2016 (and each Mortgaged Property shall be inspected on or prior to December 31, 2017); provided, however,
that if a physical inspection has been performed by the Special Servicer in the previous twelve (12) months, the Master Servicer
will not be required to perform, or cause to be performed, such physical inspection; provided, further, that if
any scheduled payment becomes more than sixty (60) days delinquent on the related Mortgage Loan, the Special Servicer shall inspect
or cause to be inspected the related Mortgaged Property as soon as practicable after such Mortgage Loan becomes a Specially Serviced
Loan and annually thereafter for so long as such Mortgage Loan remains a Specially Serviced Loan. The cost of such inspection
by the Special Servicer pursuant to the second proviso of the immediately preceding sentence shall be an expense of the Trust,
and, to the extent not paid by the related Mortgagor, reimbursed first from Penalty Charges actually received from the
related Mortgagor and then from the Collection Account pursuant to Section 3.05(a)(ii), provided that, with respect
to a Serviced Whole Loan, such cost shall be payable, subject to the terms of the related Intercreditor Agreement (i) with respect
to a Serviced Pari Passu Whole Loan, pro rata and pari passu, from the related Serviced

 

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Pari Passu Mortgage Loan
and Serviced Pari Passu Companion Loan, in accordance with their respective Stated Principal Balances, or (ii) with respect to
an AB Whole Loan, first, from the related AB Subordinate Companion Loan and then, from the AB Mortgage Loan (provided
that, with respect to any AB Subordinate Companion Loan, the foregoing shall not limit or otherwise modify the terms of the
related Intercreditor Agreement pursuant to which any amounts collected with respect to the related Whole Loan are allocated to
the related Serviced Mortgage Loan and AB Subordinate Companion Loan), in each case, prior to being payable out of general collections.
The Special Servicer or the Master Servicer, as applicable, shall prepare or cause to be prepared a written report of each such
inspection detailing the condition of and any damage to the Mortgaged Property to the extent evident from the inspection and specifying
the existence of (i) any vacancy at the Mortgaged Property that the preparer of such report has knowledge of and the Master Servicer
or Special Servicer, as applicable, deems material, (ii) any sale, transfer or abandonment of the Mortgaged Property of which
the preparer of such report has knowledge or that is evident from the inspection, (iii) any adverse change in the condition of
the Mortgaged Property of which the preparer of such report has knowledge or that is evident from the inspection, and that the
Master Servicer or Special Servicer, as applicable, deems material, (iv) any visible material waste committed on the Mortgaged
Property of which the preparer of such report has knowledge or that is evident from the inspection and (v) photographs of each
inspected Mortgaged Property. The Special Servicer and the Master Servicer shall promptly following preparation deliver or make
available a copy (in electronic format) of each such report prepared by the Special Servicer and the Master Servicer, respectively,
to the other party, to the Directing Certificateholder ((i) prior to the occurrence and continuance of a Control Termination Event
and (ii) other than with respect to any Excluded Loan that is a Specially Serviced Loan). Within five (5) Business Days after
request for copies of such reports by the Rating Agencies, the Special Servicer or the Master Servicer, as applicable, shall deliver
or make available a copy (in electronic format) of each such report prepared by the Special Servicer and the Master Servicer,
as applicable, to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website for review by Privileged
Persons. In respect of any Mortgage Loan other than an Excluded Loan that is a Specially Serviced Loan and prior to the occurrence
of a Consultation Termination Event, the Master Servicer shall deliver or make available a copy of each such report to the Directing
Certificateholder and upon request to each Controlling Class Certificateholder (which request may state that such items may be
delivered until further notice).

 

(b)          The
Special Servicer, in the case of any Specially Serviced Loan, and the Master Servicer, in the case of any Non-Specially Serviced
Loan shall make reasonable efforts to collect promptly and review from each related Mortgagor quarterly and annual operating statements,
financial statements, budgets and rent rolls of the related Mortgaged Property, and the quarterly and annual financial statements
of such Mortgagor, whether or not delivery of such items is required pursuant to the terms of the related Mortgage Loan documents
and any other reports or documents required to be delivered under the terms of the Mortgage Loans (and each Serviced Companion
Loan), if delivery of such items is required pursuant to the terms of the related Mortgage Loan (and each Serviced Companion Loan)
documents. The Master Servicer and the Special Servicer shall not be required to request such operating statements or rent rolls
more than once if the related Mortgagor is not required to deliver such statements pursuant to the terms of the Mortgage Loan documents.
In addition, the Special Servicer shall cause quarterly and annual operating statements, budgets and rent rolls to be regularly
prepared in respect of each REO Property and shall collect all such items promptly following their preparation. The

 

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Special Servicer
shall deliver all such items to the Master Servicer within five (5) Business Days of receipt, and the Master Servicer and the Special
Servicer, as applicable, shall deliver copies of all the foregoing items so collected to the Trustee, the Certificate Administrator,
the Directing Certificateholder and the Depositor, in electronic format, in each case within sixty (60) days of its receipt thereof,
but in no event, in the case of annual statements, later than June 30 of each year commencing 2016. Upon the request of any Privileged
Person (other than the NRSROs) to receive copies of such items, the Master Servicer or the Special Servicer, as applicable, shall
deliver electronic copies of such items to the Certificate Administrator to be posted on the Certificate Administrator’s
Website. The Master Servicer or Special Servicer, as applicable, shall deliver copies of all the foregoing items so collected thereby
to the 17g-5 Information Provider pursuant to Section 3.13(c).

 

In addition, the Master
Servicer (with respect to Non-Specially Serviced Loans) or Special Servicer (with respect to Specially Serviced Loans that are
not, and REO Properties that do not relate to, Non-Serviced Mortgage Loans), as applicable, shall prepare with respect to each
Mortgaged Property securing a Mortgage Loan (other than a Non-Serviced Mortgage Loan) and REO Property:

 

(i)          Within
forty-five (45) days after receipt of a quarterly operating statement, if any, commencing within forty-five (45) days of receipt
of such quarterly operating statement for the quarter ending March 31, 2016, a CREFC® Operating Statement Analysis
Report (but only to the extent the related Mortgagor is required by the related Mortgage documents 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
that calendar quarter, provided, however, that any analysis or report with respect to the first calendar quarter
of each year will 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 (with respect to Non-Specially Serviced Loans) or Special Servicer (with respect to Specially Serviced
Loans and REO Properties), as applicable, shall deliver or make available copies (in electronic format) of each CREFC®
Operating Statement Analysis Report and the related operating statements (in each case, promptly following the initial preparation
and each material revision thereof) to the Certificate Administrator, the Directing Certificateholder, the related Companion Holder
(with respect to any Serviced Companion Loan), the Special Servicer, and the 17g-5 Information Provider, and the 17g-5 Information
Provider shall post all such items to the 17g-5 Information Provider’s Website.

 

(ii)        Within
forty-five (45) days after receipt of an annual operating statement (if and to the extent any such information is in the form of
normalized year-end financial statements that have been based on a minimum number of months of operating results as recommended
by CREFC® in the instructions to the CREFC® guidelines) for each calendar year commencing within
forty-five (45) days of receipt of such annual operating statement for the calendar year ending December 31, 2016, a CREFC®
NOI Adjustment

 

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Worksheet (but only to the extent the related Mortgagor is required by the related Mortgage Loan documents 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. The Master Servicer (with respect to Non-Specially Serviced Loans) or Special Servicer (with
respect to Specially Serviced Loans and REO Properties), as applicable, shall deliver or make available copies (in electronic format)
of each CREFC® NOI Adjustment Worksheet and the related operating statements or rent rolls (in each case, promptly following
the initial preparation and each material revision thereof) to the Certificate Administrator, the Directing Certificateholder,
the related Companion Holder (with respect to any Serviced Companion Loan), the Special Servicer, and the 17g-5 Information Provider,
and the 17g-5 Information Provider shall post all such items to the 17g-5 Information Provider’s Website.

 

(c)          At
or before 12:00 p.m. (New York City time) on each Determination Date, the Special Servicer shall prepare and deliver or cause to
be delivered to the Master Servicer and, prior to the occurrence of a Consultation Termination Event, the Directing Certificateholder,
the CREFC® Special Servicer Loan File and any applicable CREFC® Loan Liquidation Reports, CREFC®
Loan Modification Reports and CREFC® REO Liquidation Reports with respect to the Specially Serviced Loans (excluding,
for the Directing Certificateholder, any Excluded Loans) and any REO Properties (other than a Non-Serviced Mortgaged Property),
providing the information required of the Special Servicer in an electronic format, reasonably acceptable to the Master Servicer
as of the Business Day preceding such Determination Date, which CREFC® Special Servicer Loan File shall include
data, to enable the Master Servicer to produce the following supplemental CREFC® reports: (i) a CREFC®
Delinquent Loan Status Report, (ii) a CREFC® Historical Loan Modification/Forbearance and Corrected Mortgage Loan
Report, (iii) a CREFC® REO Status Report, (iv) a CREFC® Comparative Financial Status Report and (v)
a CREFC® NOI Adjustment Worksheet and a CREFC® Operating Statement Analysis Report, in each case
with the supporting financial statements, budgets, operating statements and rent rolls submitted by the Mortgagor.

 

(d)          Not
later than 5:00 p.m. (New York City time) on each P&I Advance Date beginning January 2016, the Master Servicer shall prepare
(if and to the extent necessary) and deliver or cause to be delivered in electronic format to the Certificate Administrator the
following reports and data files: (A) to the extent the Master Servicer has received the CREFC® Special Servicer
Loan File at the time required, the most recent CREFC® Delinquent Loan Status Report, CREFC® Historical
Loan Modification/Forbearance and Corrected Mortgage Loan Report and the CREFC® REO Status Report, (B) CREFC®
Loan Setup File (only with respect to the first Distribution Date), (C) the most recent CREFC® Property File, and
CREFC® Comparative Financial Status Report (in each case incorporating the data required to be included in the CREFC®
Special Servicer Loan File pursuant to Section 3.12(c) by the Special Servicer and Master Servicer), (D) a CREFC®
Servicer Watch List with information that is current as of such Determination Date, (E) CREFC® Financial File, (F)
CREFC® Loan Level Reserve/LOC Report, (G) the CREFC® Advance Recovery Report, (H) CREFC®
Total Loan Report and (I) the report on Disclosable Special Servicer Fees delivered pursuant to Section 3.11(e) to the extent
received from the Special Servicer, if any. Additionally, not later than 5:00 p.m. (New York

 

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City time) on the P&I Advance
Date beginning January 2016, the Master Servicer shall deliver or cause to be delivered in electronic format to the Certificate
Administrator any applicable CREFC® Loan Liquidation Reports, CREFC® Loan Modification Reports and
CREFC® REO Liquidation Reports received from the Special Servicer. Not later than 2:00 p.m. (New York City time)
two (2) Business Days prior to the Distribution Date beginning January 2016, the Master Servicer shall deliver or cause to be delivered
to the Certificate Administrator via electronic format the CREFC® Loan Periodic Update File. In no event shall any
report described in this subsection be required to reflect information that has not been collected by or delivered to the Master
Servicer, or any payments or collections not received by the Master Servicer, as of the close of business on the Business Day prior
to the Business Day on which the report is due.

 

(e)          The
Special Servicer shall deliver to the Master Servicer the reports and information required of the Special Servicer pursuant to
Section 3.12(b) and Section 3.12(c), and the Master Servicer shall deliver or make available to the Certificate Administrator
the reports and data files set forth in Section 3.12(d). The Master Servicer may, absent manifest error, conclusively rely
on the reports and/or data to be provided by the Special Servicer pursuant to Section 3.12(b) and Section 3.12(c).
The Certificate Administrator may, absent manifest error, conclusively rely on the reports and/or data to be provided by the Master
Servicer pursuant to Section 3.12(d). In the case of information or reports to be furnished by the Master Servicer to the
Certificate Administrator pursuant to Section 3.12(d), to the extent that such information or reports are, in turn, based
on information or reports to be provided by the Special Servicer pursuant to Section 3.12(b) or Section 3.12(c) and
to the extent that such reports are to be prepared and delivered by the Special Servicer pursuant to Section 3.12(b) or
Section 3.12(c), the Master Servicer shall have no obligation to provide such information or reports to the Certificate
Administrator until it has received the requisite information or reports from the Special Servicer, and the Master Servicer shall
not be in default hereunder due to a delay in providing the reports required by Section 3.12(d) caused by the Special Servicer’s
failure to timely provide any information or report required under Section 3.12(b) or Section 3.12(c) of this Agreement.

 

(f)          Notwithstanding
the foregoing, however, the failure of the Master Servicer or Special Servicer to disclose any information otherwise required to
be disclosed by this Section 3.12 shall not constitute a breach of this Section 3.12 to the extent the Master Servicer
or Special Servicer so fails because such disclosure, in the reasonable belief of the Master Servicer or the Special Servicer,
as the case may be, would violate any applicable law or any provision of a Mortgage Loan document prohibiting disclosure of information
with respect to the Mortgage Loans or Mortgaged Properties. The Master Servicer and Special Servicer may disclose any such information
or any additional information to any Person so long as such disclosure is consistent with applicable law and the Servicing Standard.
The Master Servicer or the Special Servicer may affix to any information provided by it any disclaimer it deems appropriate in
its reasonable discretion (without suggesting liability on the part of any other party hereto).

 

(g)          Unless
otherwise specifically stated herein, if the Master Servicer or the Special Servicer is required to deliver any statement, report
or information under any provisions of this Agreement, the Master Servicer or the Special Servicer, as the case may be, may satisfy
such obligation by (x) physically delivering a paper copy of such statement, report or information, (y) delivering such statement,
report or information in a commonly used electronic format or (z) making such statement, report or information available on the
Master Servicer’s

 

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website
(with respect to items delivered by the Master Servicer) or the Certificate Administrator’s Website, unless this Agreement
expressly specifies a particular method of delivery.

 

Notwithstanding anything
to the contrary in the foregoing, the Master Servicer and the Special Servicer shall deliver any required statements, reports
or other information to the Certificate Administrator in an electronic format mutually agreeable to the Certificate Administrator
and the Master Servicer or the Special Servicer, as the case may be. The Master Servicer or the Special Servicer may physically
deliver a paper copy of any such statement, report or information as a temporary measure due to system problems, however, copies
in electronic format shall follow upon the correction of such system problems. 

 

Section 3.13     Access
to Certain Information. (a) Each of the Master Servicer and the Special Servicer shall provide or cause to be provided to
the Certificate Administrator, and the Certificate Administrator shall afford access to any Mortgage Loan Seller and to any Certificateholder
that is a federally insured financial institution, the OCC, the FDIC, the Board of Governors of the Federal Reserve System of
the United States of America and the supervisory agents and examiners of such boards and such corporations, and any other federal
or state banking or insurance regulatory authority that may exercise authority over any such Certificateholder, and to each Holder
of a Non-Registered Certificate, access to any documentation or information regarding the Mortgage Loans (other than any Non-Serviced
Mortgage Loan) and, in the case of a Mortgage Loan that is a portion of a Serviced Whole Loan, the related Companion Loan, and
the Trust within its control which may be required by applicable law. At the election of the Master Servicer, the Special Servicer
or the Certificate Administrator, such access may be afforded to such Person identified above by the delivery of copies of information
as requested by such Person and the Master Servicer, the Special Servicer or the Certificate Administrator shall be permitted
to require payment (other than from the Directing Certificateholder and the Trustee and the Certificate Administrator on its own
behalf or on behalf of the Certificateholders, as applicable) of a sum sufficient to cover the reasonable out-of-pocket costs
incurred by it in making such copies. Such access shall (except as described in the preceding sentence) be afforded without charge
but only upon reasonable prior written request and during normal business hours at the offices of the Certificate Administrator
or the Custodian.

 

The failure of the Master
Servicer or Special Servicer to provide access as provided in this Section 3.13 as a result of a confidentiality obligation
shall not constitute a breach of this Section 3.13. In connection with providing information pursuant to this Section
3.13, the Master Servicer and Special Servicer may each (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 (x) the execution of a confidentiality agreement substantially in the form of Exhibit X, or (y) execution
of a “click-through” confidentiality agreement if such information is being provided through the Master Servicer’s
or Special Servicer’s website; (iii) withhold access to confidential information or any intellectual property; and/or (iv)
withhold access to items of information contained in the Servicing File for any Mortgage Loan if the disclosure of such items is
prohibited by applicable law or the provisions of any related

 

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Mortgage Loan documents or would constitute a waiver of the attorney-client
privilege. Notwithstanding any provision of this Agreement to the contrary, the failure of the Master Servicer or the Special Servicer
to disclose any information otherwise required to be disclosed by it pursuant to this Agreement shall not constitute a breach of
this Agreement to the extent that the Master Servicer or the Special Servicer, as the case may be, determines, in its reasonable
good faith judgment consistent with the applicable Servicing Standard, that such disclosure would violate applicable law or any
provision of a Mortgage Loan or Companion Loan document prohibiting disclosure of information with respect to the Mortgage Loans
or Companion Loans or the Mortgaged Properties, constitute a waiver of the attorney-client privilege on behalf of the Trust or
otherwise materially harm the Trust. Without limiting the generality of the foregoing, the Master Servicer or Special Servicer
may refrain from disclosing information that it reasonably determines would prejudice the interest of the Certificateholders with
respect to a workout or exercise of remedies as to any particular Mortgage Loan.

 

Notwithstanding the limitation
set forth in the next succeeding paragraph, upon the reasonable request of any Certificateholder (or with respect to any AB Subordinate
Companion Loan, the holder of such AB Subordinate Companion Loan) that has delivered an Investor Certification to the Master Servicer
or the Special Servicer, as applicable, the Master Servicer (with respect to Non-Specially Serviced Loans) or the Special Servicer
(with respect to Specially Serviced Loans), as applicable, may provide (or forward electronically) or make available at the expense
of such Certificateholder or holder of such AB Subordinate Companion Loan, as applicable, copies of any appraisals, operating statements,
rent rolls and financial statements (in each case, solely relating to the related Serviced Whole Loan or Serviced AB Whole Loan,
if requested by the holder of an AB Subordinate Companion Loan, as the case may be) obtained by the Master Servicer or the Special
Servicer, as the case may be; provided that, in connection with such request, the Master Servicer or the Special Servicer,
as applicable, may require a written confirmation executed by the requesting Person substantially in such form as may be reasonably
acceptable to the Master Servicer or the Special Servicer, as applicable, generally to the effect that such Person will keep such
information confidential and shall use such information only for the purpose of analyzing asset performance and evaluating any
continuing rights the Certificateholder or holder of such AB Subordinate Companion Loan, as applicable, may have under this Agreement.

 

Notwithstanding anything
to the contrary herein (other than as permitted in the preceding paragraph with respect to any Certificateholder or as specifically
provided for herein with respect to the Directing Certificateholder), unless required by applicable law or court order, no Certificateholder
or beneficial owner shall be given access to, or be provided copies of, the Mortgage Files or Diligence Files.

 

(b)          The
Certificate Administrator shall make available to Privileged Persons (provided that the Prospectus, Distribution Date Statements,
Mortgage Loan Purchase Agreements, this Agreement and the Commission EDGAR filings referred to below will be available to the general
public) via the Certificate Administrator’s Website, the following items, in each case, to the extent such items were prepared
by or delivered to the Certificate Administrator in electronic format:

 

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(i)          The
following documents, which will initially be made available under a tab or heading designated “deal documents”:

 

(A)          the
Prospectus and any other disclosure document relating to the Offered Certificates, in the form most recently provided to the Certificate
Administrator by the Depositor or by any Person designated by the Depositor;

 

(B)          this
Agreement and any amendments and exhibits hereto;

 

(C)          any
Sub-Servicing Agreements delivered to the Certificate Administrator on or after the Closing Date;

 

(D)          the
Mortgage Loan Purchase Agreements and any amendments and exhibits thereto; and

 

(E)           the
CREFC® Loan Setup File provided by the Master Servicer to the Certificate Administrator;

 

(ii)        the
following documents, which will initially be made available under a tab or heading designated “SEC EDGAR filings”;

 

(A)          any
reports on Forms 10-D, 10-K and 8-K that have been filed by the Certificate Administrator with respect to the Trust through the
EDGAR system;

 

(iii)       The
following documents, which will initially be made available under a tab or heading designated “periodic reports”:

 

(A)          all
Distribution Date Statements prepared by the Certificate Administrator pursuant to Section 4.02;

 

(B)          the
CREFC® Loan Periodic Update File, the CREFC® Bond Level File, the CREFC® Collateral
Summary File, the CREFC® Property File, the CREFC® Financial File, each of the “surveillance
reports” identified as such in the definition of “CREFC® Investor Reporting Package” (including,
without limitation, the CREFC® Operating Statement Analysis Report and the CREFC® NOI Adjustment
Worksheets), the CREFC® Advance Recovery Report to the extent delivered by the Master Servicer pursuant to this
Agreement from time to time; and

 

(C)          all
Operating Advisor Annual Reports provided by the Operating Advisor to the Certificate Administrator;

 

(iv)        The
following documents, which will initially be made available under a tab or heading designated “additional documents”:

 

(A)          summaries
of Final Asset Status Reports or, prior to an AB Control Appraisal Period, summaries of Asset Status Reports approved by the holder
of

 

 

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the related Companion Loan, and related information delivered to the Certificate Administrator pursuant to Section 3.19(d);

 

(B)          all
property inspection reports and environmental reports delivered to the Certificate Administrator pursuant to Section 3.12(a);
and

 

(C)          any
Appraisals delivered to the Certificate Administrator pursuant to Section 3.19;

 

(v)          The
following documents, which will initially be made available under a tab or heading designated “special notices”:

 

(A)          any
notice with respect to a release pursuant to Section 3.09(d);

 

(B)          any
notice regarding a waiver, modification or amendment of the terms of any Mortgage Loan pursuant to Section 3.18(g);

 

(C)          any
notice of final payment on the Certificates delivered to the Certificate Administrator pursuant to Section 4.01(h);

 

(D)          any
notice of the occurrence of any Servicer Termination Event or termination of the Master Servicer or the Special Servicer delivered
pursuant to Section 7.01;

 

(E)          any
notice of the Certificate Administrator’s determination that an Asset Review Trigger has occurred and any other notice required
to be delivered to the Certificateholders pursuant to Section 12.01;

 

(F)          any
Asset Review Report Summary received by the Certificate Administrator;

 

(G)          any
notice of the termination of the Sub-Servicer delivered pursuant to Section 3.20(g);

 

(H)          any
notice of resignation of the Trustee or the Certificate Administrator, and any notice of the acceptance of appointment by the successor
trustee or the successor certificate administrator pursuant to Section 8.07 or Section 8.08;

 

(I)           any
Officer’s Certificate supporting any determination that any Advance was (or, if made, would be) a Nonrecoverable Advance;

 

(J)           any
notice of resignation or termination of the Master Servicer or Special Servicer pursuant to Section 7.03;

 

(K)          any
notice of termination pursuant to Section 9.01;

 

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(L)          any
notice of resignation or termination of the Operating Advisor or the Asset Representations Reviewer and any notice of the acceptance
of appointment by the successor operating advisor or the successor asset representations reviewer pursuant to Section 3.26
or Section 12.03, respectively;

 

(M)          any
notice of any request by requisite percentage of Certificateholders for a vote to terminate the Special Servicer pursuant to Section
7.01(d), the Operating Advisor pursuant to Section 3.26(j) or the Asset Representations Reviewer pursuant to Section
12.05(b);

 

(N)          any
notice of recommendation of termination of the Special Servicer by the Operating Advisor and the related report prepared by the
Operating Advisor in connection with such recommendation;

 

(O)          any
notice that a Control Termination Event has occurred or is terminated or that a Consultation Termination Event has occurred;

 

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

 

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

 

(R)          any
assessments of compliance delivered to the Certificate Administrator; and

 

(S)          any
attestation reports delivered to the Certificate Administrator;

 

(T)          any
“special notices” required by a Certificateholder to be posted on the Certificate Administrator’s website pursuant
to Section 5.06;

 

(U)          any
Proposed Course of Action Notice;

 

(vi)        the
“Investor Q&A Forum” pursuant to Section 4.07(a); and

 

(vii)       solely
to Certificateholders and Certificate Owners that are Privileged Persons, the “Investor Registry” pursuant to Section
4.07(b).

 

The Certificate Administrator
shall post on the Certificate Administrator’s Website the items and reports identified in clauses (iii)(A) and (B)
above on each Distribution Date. In addition, if the Depositor so directs the Certificate Administrator, and on terms acceptable
to the Certificate Administrator, the Certificate Administrator shall make certain other information and reports related to the
Mortgage Loans available through its Internet website.

 

Notwithstanding the foregoing,
all Excluded Information shall be made available under a separate tab or heading designated “Excluded Information”
on the Certificate Administrator’s Website (and not under any of the tabs or headings described in items (i) through
(vii) above) and made available to Privileged Persons other than any Excluded

 

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Controlling Class Holder that is a Borrower
Party (unless a loan-by-loan segregation is later performed by the Certificate Administrator in which case such access shall only
be prohibited with respect to the related Excluded Controlling Class Loan(s)).

 

Any Person that is a
Borrower Party shall only be entitled to access (a) the Distribution Date Statements, and the following items made available to
the general public: the Prospectus, this Agreement, the Mortgage Loan Purchase Agreements and the Commission filings on the Certificate
Administrator’s Website, and (b) in the case of the Directing Certificateholder or a Controlling Class Certificateholder,
if any such Person becomes an Excluded Controlling Class Holder, upon delivery to the Master Servicer, the Special Servicer, the
Operating Advisor, the Certificate Administrator and the Trustee in physical form (or, solely with respect to the Master Servicer,
in electronic form) of an investor certification substantially in the forms of Exhibit P-1D and Exhibit P-1B and
upon delivery to the Certificate Administrator in physical form of an investor certification substantially in the form of Exhibit
P-1F, which shall include each of the CTSLink User ID associated with such Excluded Controlling Class Holder, all information
(other than the Excluded Information with respect to any Excluded Controlling Class Loans (unless a loan-by-loan segregation is
later performed by the Certificate Administrator in which case such access shall only be prohibited with respect to the related
Excluded Controlling Class Loans)) available on the Certificate Administrator’s Website.

 

In the case of the Directing
Certificateholder or a Controlling Class Certificateholder that is not an Excluded Controlling Class Holder, upon delivery of an
investor certification substantially in the form of Exhibit P-1B hereto, such Directing Certificateholder or Controlling
Class Certificateholder shall be entitled to access all information on the Certificate Administrator’s Website. The Master
Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee may each rely on (i) an investor
certification in the form of Exhibit P-1B hereto from the Directing Certificateholder or a Controlling Class Certificateholder
to the effect that such Person is not an Excluded Controlling Class Holder and (ii) an investor certification in the form of Exhibit
P-1D hereto from the Directing Certificateholder 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 Loan(s). In the event the Directing
Certificateholder 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 P-1D that such party has become an Excluded Controlling Class Holder with
respect to the Excluded Controlling Class Loan(s) listed in such notice and shall also provide the Certificate Administrator a
notice substantially in the form of Exhibit P-1F listing each of the CTSLink User ID associated with such Excluded Controlling
Class Holder and directing the Certificate Administrator to restrict such Excluded Controlling Class Holder’s access to the
Certificate Administrator’s Website as and to the extent provided in this Agreement. Upon confirmation from the Certificate
Administrator that such access has been restricted, such Excluded Controlling Class Holder shall submit a new investor certification
substantially in the form of Exhibit P-1E to access the information on the Certificate Administrator’s Website, except
that such Excluded Controlling Class Holder shall not be entitled to access any Excluded Information related to any Excluded Controlling
Class Loan(s) (unless a loan-by-loan segregation is later performed by the Certificate Administrator in which case such access
shall only be prohibited with respect to the related Excluded Controlling Class 

 

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Loan(s)) made available on the Certificate Administrator’s
Website. With respect to any Excluded Information sent for posting on the Certificate Administrator’s Website, each of the
Master Servicer, the Special Servicer and the Operating Advisor shall mark or label such information as “Excluded Information”
prior to delivery to the Certificate Administrator, and the Certificate Administrator shall segregate on the Certificate Administrator’s
Website such Excluded Information (and, if possible at a later time, on loan-by-loan basis) from information relating to other
Mortgage Loans or Whole Loans, as applicable.

 

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 Directing Certificateholder and all beneficial owners of the Certificates of
the Controlling Class are not Excluded Controlling Class Holders except to the extent that the Master Servicer, the Special Servicer,
the Operating Advisor or the Certificate Administrator, as applicable, has received a notice substantially in the form of Exhibit
P-1D from the Directing Certificateholder 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 Directing Certificateholder or a Controlling Class Certificateholder that is an Excluded Controlling
Class Holder or disclosure of any information relating to an Excluded Controlling Class Loan (including any related Excluded Information
delivered to the Certificate Administrator for posting to the Certificate Administrator’s Website) if the Master Servicer,
the Special Servicer, the Operating Advisor or the Certificate Administrator, as applicable, did not receive prior written notice
that the related Mortgage Loan is an Excluded Controlling Class Loan and/or, with respect to any related Excluded Information posted
on the Certificate Administrator’s Website, such information was not delivered to the Certificate Administrator in accordance
with Section 3.33.

 

Each of the Master Servicer,
the Special Servicer, the Operating Advisor and the Certificate Administrator shall be entitled to conclusively rely on delivery
from the Directing Certificateholder or a Controlling Class Certificateholder of an investor certification substantially in the
form of Exhibit P-1B that it is not or is no longer an Excluded Controlling Class Holder. To the extent the Directing Certificateholder
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 Directing Certificateholder or Controlling
Class Certificateholder shall be deemed to have agreed that it (i) will not directly or indirectly provide any such Excluded Information
to (A) the related Borrower Party, (B) any related Excluded Controlling Class Holder, (C) any employees or personnel of such Directing
Certificateholder or Controlling Class Certificateholder or any of its Affiliate involved in the management of any investment in
the related Borrower Party or the related Mortgaged Property or (D) to its actual knowledge, any non-Affiliate that holds a direct
or indirect ownership interest in the related Borrower Party, 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 representation or warranty as to the accuracy or completeness of any report, document or other information made available
on its Internet website and assumes no responsibility therefor, other than with respect to such reports,

 

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documents or other information
prepared by the Certificate Administrator. In addition, the Certificate Administrator may disclaim responsibility for any information
distributed by it for which it is not the original source. Notwithstanding anything herein to the contrary, the Certificate Administrator
shall not be liable for any disclosure of information relating to any Excluded Controlling Class 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 any Excluded Controlling Class Loan.

 

In connection with providing
access to the Certificate Administrator’s Website (other than with respect to access provided to the general public in accordance
with Section 3.13(b), the Certificate Administrator may require registration and the acceptance of a disclaimer. The Certificate
Administrator shall not be liable for the dissemination of information in accordance herewith. Questions regarding the Certificate
Administrator’s Website can be directed to the Certificate Administrator’s CMBS customer service desk at (866) 846-4526.

 

(c)          The
17g-5 Information Provider shall make available solely to the Depositor and the NRSROs the following items to the extent such items
are delivered to it (in the form of an electronic document suitable for posting) via electronic mail at 17g5informationprovider@wellsfargo.com,
specifically with a subject reference of “WFCM 2015-P2” and an identification of the type of information being provided
in the body of such electronic mail; or via any alternative electronic mail address following notice to the parties hereto or any
other delivery method established or approved by the 17g-5 Information Provider if or as may be necessary or beneficial:

 

(i)          any
notices of waivers under Section 3.08(d);

 

(ii)         any
Asset Status Report delivered by the Special Servicer under Section 3.19(d);

 

(iii)         any
notice of final payment on the Certificates;

 

(iv)        any
environmental reports delivered by the Special Servicer under Section 3.09(e);

 

(v)         any
Appraisals delivered to the 17g-5 Information Provider pursuant to Section 3.19;

 

(vi)        any
annual statements as to compliance and related Officer’s Certificates delivered under Section 11.09 or 11.10;

 

(vii)       any
annual independent public accountants’ attestation reports delivered pursuant to Section 11.11;

 

(viii)      any
notice to the Rating Agencies relating to the Special Servicer’s determination to take action without receiving Rating Agency
Confirmation from any Rating Agency as set forth in Section 3.25(a);

 

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(ix)         copies
of requests or questions that were submitted by the Rating Agencies relating to a request for Rating Agency Confirmation;

 

(x)          any
requests for Rating Agency Confirmation that are delivered to the 17g-5 Information Provider pursuant to Section 3.25(a);

 

(xi)         any
notice of resignation of the Trustee or the Certificate Administrator and any notice of the acceptance of appointment by the successor
trustee or the successor certificate administrator pursuant to Section 8.07 or Section 8.08;

 

(xii)        any
Officer’s Certificate supporting any determination that any Advance was (or, if made, would be) a Nonrecoverable Advance;

 

(xiii)       any
notice of a Servicer Termination Event or termination of the Master Servicer or the Special Servicer delivered pursuant to Section
7.01;

 

(xiv)       any
notice of the merger or consolidation of the Certificate Administrator or the Trustee pursuant to Section 8.09;

 

(xv)        any
notice of any amendment that modifies the procedures herein relating to Rule 17g-5 of the Exchange Act pursuant to Section 13.01(a)(ix);

 

(xvi)       any
Operating Advisor Annual Report pursuant to Section 3.26;

 

(xvii)      any
summary of oral communication with the Rating Agencies or any written question or request from the Rating Agencies directed toward
the Master Servicer, Special Servicer, Certificate Administrator or Trustee regarding any of the information delivered to the 17g-5
Information Provider pursuant to this Section 3.13(c) or regarding any request for a Rating Agency Confirmation or regarding
any of the Mortgage Loan documents or any matter related to the Certificates, Mortgage Loans, any related Companion Loan, the related
Mortgaged Properties, the related Mortgagors or any other matters related to this Agreement or any applicable Intercreditor Agreement;
provided that the summary of such oral communication shall not identify the Rating Agency with whom the communication was
held pursuant to Section 3.13(f);

 

(xviii)     any
other information delivered to the 17g-5 Information Provider pursuant to this Agreement including, without limitation, Section
2.03(b), Section 3.07(a), Section 3.12, Section 3.17(c), Section 3.18(g); Section 11.09
or Section 11.10; and

 

(xix)       any
other information delivered to the Rating Agencies pursuant to this Agreement including, without limitation, Section 13.10.

 

The foregoing information
shall be made available by the 17g-5 Information Provider on the 17g-5 Information Provider’s Website. Information will be
posted on the same Business Day of receipt provided that such information is received by 12:00 p.m., New York City time,
or, if received after 12:00 p.m., New York City time, on the next Business Day. The 17g-5 Information Provider shall have no obligation
or duty to verify, confirm or otherwise

 

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determine whether the information being delivered is accurate, complete, conforms to the
transaction, or otherwise is or is not anything other than what it purports to be. In the event that any information is delivered
or posted in error, each of the Certificate Administrator and the 17g-5 Information Provider may remove such information from the
17g-5 Information Provider’s Website. The Certificate Administrator and the 17g-5 Information Provider have not obtained
and shall not be deemed to have obtained actual knowledge of any information merely by posting such information to the Certificate
Administrator’s Website or the 17g-5 Information Provider’s Website to the extent such information was not produced
by the Certificate Administrator or the 17g-5 Information Provider, as applicable. Access will be provided by the 17g-5 Information
Provider to the NRSROs upon receipt of an NRSRO Certification in the form of Exhibit P-2 hereto (which certification may
be submitted electronically via the 17g-5 Information Provider’s Website). Questions regarding delivery of information to
the 17g-5 Information Provider may be directed to (866) 846-4526 or 17g5informationprovider@wellsfargo.com (specifically referencing
“WFCM 2015-P2” in the subject line).

 

Upon request of the Depositor
or the Rating Agencies, the 17g-5 Information Provider shall post on the 17g-5 Information Provider’s Website any additional
information requested by the Depositor or the Rating Agencies to the extent such information is delivered to the 17g-5 Information
Provider electronically in accordance with this Section 3.13. In no event shall the 17g-5 Information Provider disclose
on the 17g-5 Information Provider’s Website the Rating Agency that requested such additional information.

 

The 17g-5 Information
Provider shall provide a mechanism to 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 to the 17g-5 Information
Provider’s Website.

 

Any information required
to be delivered to the 17g-5 Information Provider by any party under this Agreement shall be delivered to it via electronic mail
at 17g5informationprovider@wellsfargo.com, specifically with a subject reference of “WFCM 2015-P2” and an identification
of the type of information being provided in the body of such electronic mail, or via any alternative electronic mail address following
notice to the parties hereto or any other delivery method established or approved by the 17g-5 Information Provider.

 

(d)          Certain
information concerning the Mortgage Loans and the Certificates (including the Distribution Date Statements, CREFC®
reports and supplemental notices with respect to such Distribution Date Statements and CREFC® reports) shall be
provided by the Certificate Administrator at the direction of the Depositor to third parties (including Bloomberg, L.P., Trepp,
LLC, Intex Solutions, Inc., Interactive Data Corp., Markit Group Limited and BlackRock Financial Management, Inc., CMBS.com, Inc.
and Thomson Reuters Corporation) with the consent of the Depositor, and providing such information shall not constitute a breach
of this Agreement by the Certificate Administrator. Such information will be made available to such third parties upon receipt
of a certificate in the form of Exhibit P-3 hereto, which certification may be submitted electronically via the Certificate
Administrator’s Website.

 

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(e)          Each
of the Master Servicer and the Special Servicer may, in accordance with such reasonable rules and procedures as it may adopt, also
deliver, produce or otherwise make available through its website or otherwise, any additional information relating to the Mortgage
Loans (other than any Non-Serviced Mortgage Loan), any related Serviced Companion Loan, the Mortgaged Properties (other than any
Non-Serviced Mortgaged Property), or the related Mortgagors, for review by the Depositor, the Underwriters and any other Persons
who deliver an Investor Certification in accordance with this Section 3.13 and the Rating Agencies (collectively, the “Disclosure
Parties”) (in the case of deliveries to a Rating Agency, only to the extent such additional information is simultaneously
delivered to the 17g-5 Information Provider for posting on the 17g-5 Information Provider’s Website in accordance with the
provisions of Section 3.13(c)), in each case, except to the extent doing so is prohibited by this Agreement (including without
limitation, any prohibitions on dissemination of any confidential information, including, without limitation, any Privileged Information),
applicable law or by the related Mortgage Loan documents. Each of the Master Servicer and the Special Servicer shall be entitled
to (i) indicate the source of such information and affix thereto any disclaimer it deems appropriate in its discretion and/or (ii)
require that the recipient of such information (A) except for the Depositor and the Rating Agencies, enter into (x) an Investor
Certification, (y) a confidentiality agreement substantially in the form of Exhibit X or (z) a “click-through”
confidentiality agreement if such information is being provided through the Master Servicer’s or Special Servicer’s
website, and (B) acknowledge that the Master Servicer or the Special Servicer may contemporaneously provide such information to
any other Disclosure Party. In addition, to the extent access to such information is provided via the Master Servicer’s or
the Special Servicer’s website, the Master Servicer and the Special Servicer may require registration and the acceptance
of a reasonable and customary disclaimer and/or an additional or alternative agreement as to the confidential nature of such information.
In connection with providing access to or copies of the information described in this Section 3.13(e) to current or prospective
Certificateholders the form of confidentiality agreement used by the Master Servicer or the Special Servicer, as applicable, shall
be: (i) in the case of a Certificateholder, an Investor Certification executed by the requesting Person indicating that such Person
is a Holder of Certificates and will keep such information confidential (except that such Certificateholder may provide such information
(x) to its auditors, legal counsel and regulators and (y) to any other Person that holds or is contemplating the purchase of any
Certificate or interest therein (provided that such other Person confirms in writing such ownership interest or prospective
ownership interest and agrees to keep such information confidential)); and (ii) in the case of a prospective purchaser of Certificates
or interests therein or an investment advisor related thereto, an Investor Certification indicating that such Person is a prospective
purchaser of a Certificate or an interest therein or an investment advisor related thereto and is requesting the information for
use in evaluating a possible investment in Certificates and will otherwise keep such information confidential with no further dissemination
(except that such Certificateholder may provide such information to its auditors, legal counsel and regulators). In the case of
a licensed or registered investment advisor acting on behalf of a current or prospective Certificateholder, the Investor Certification
shall be executed and delivered by both the investment advisor and such current or prospective Certificateholder.

 

Neither the Master Servicer
nor the Special Servicer shall be liable for its dissemination of information in accordance with this Agreement or by others in
violation of the terms of this Agreement. Neither the Master Servicer nor the Special Servicer shall be

 

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responsible or have any
liability for the completeness or accuracy of the information delivered, produced or otherwise made available pursuant to this
Section 3.13 unless such information was produced by the Master Servicer or Special Servicer, as applicable.

 

(f)           The
Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall be permitted (but not obligated) to
orally communicate with the Rating Agencies regarding any of the Mortgage Loan documents and any other matter related to the Mortgage
Loans, the related Mortgaged Properties, the related Mortgagors or any other matters relating to this Agreement or related Intercreditor
Agreement; provided that such party summarizes the information provided to the Rating Agencies in such communication in
writing and provides the 17g-5 Information Provider with such written summary in accordance with the procedures set forth in Section
3.13(c) the same day such communication takes place; provided, further that the summary of such oral communications
shall not identify which Rating Agency the communication was with. The 17g-5 Information Provider shall post such written summary
on the 17g-5 Information Provider’s Website in accordance with the procedures set forth in Section 3.13(c).

 

(g)          The
Special Servicer, subject to the limitations on delivery of Privileged Communications, shall deliver to the Operating Advisor such
reports and other information produced or otherwise available to the Directing Certificateholder (other than, prior to the occurrence
and continuance of a Control Termination Event, any Asset Status Reports that are not Final Asset Status Reports), or Certificateholders
generally, requested by the Operating Advisor in support of the performance of its obligations under this Agreement in electronic
format.

 

(h)          None
of the foregoing restrictions in this Section 3.13 or otherwise in this Agreement shall prohibit or restrict oral or written
communications, or providing information, between the Master Servicer, the Operating Advisor, the Asset Representations Reviewer
or the Special Servicer, on the one hand, and any Rating Agency or NRSRO, on the other hand, with regard to (i) such Rating Agency’s
or NRSRO’s review of the ratings it assigns to the Master Servicer, the Operating Advisor, the Asset Representations Reviewer
or the Special Servicer, as applicable, (ii) such Rating Agency’s or NRSRO’s approval of the Master Servicer, the Operating
Advisor, the Asset Representations Reviewer or the Special Servicer, as applicable, as a commercial mortgage master, special or
primary servicer, or (iii) such Rating Agency’s or NRSRO’s evaluation of the Master Servicer’s, the Operating
Advisor, the Asset Representations Reviewer’s or the Special Servicer’s, as applicable, servicing operations in general;
provided that the Master Servicer, the Operating Advisor, the Asset Representations Reviewer or the Special Servicer, as
applicable, shall not provide any information relating to the Certificates or the Mortgage Loans, to any Rating Agency or NRSRO
in connection with such review and evaluation by such Rating Agency or NRSRO unless (x) Mortgagor, property and other deal specific
identifiers are redacted; (y) such information has already been provided to the 17g-5 Information Provider and has been uploaded
on to the 17g-5 Information Provider’s Website or (z) the Rating Agency confirms that it does not intend to use such information
in undertaking credit rating surveillance with respect to the Certificates; provided, however, that the Rating Agencies
may use information delivered under this clause (z) for any purpose to the extent it is publicly available (unless the availability
results from a breach of this Agreement) or comprised of information collected by the applicable Rating Agency from the 17g-5 Information
Provider’s

 

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Website (or another 17g-5 information provider’s website that they have access to) other than pursuant to
this Section 3.13(h).

 

(i)           The
costs and expenses of compliance with this Section 3.13 by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Trustee, the Operating Advisor, the Asset Representations Reviewer and any other party hereto shall
not be additional expenses of the Trust, but shall be borne by the applicable party hereto.

 

 

Section
3.14     Title to REO Property; REO Account. (a) If title to any Mortgaged Property is
acquired (directly or through a single member limited liability company established for that purpose) and thus becomes REO
Property, the deed or certificate of sale shall be issued in the name of the Trust where permitted by applicable law or
regulation and consistent with customary servicing procedures, and otherwise, in the name of the Trustee or its nominee on
behalf of the Certificateholders and, if applicable, on behalf of the related Companion Holders, in the case of a Serviced
Companion Loan. REO Property with respect to a Non-Serviced Mortgage Loan is excluded for all purposes of this Section
3.14. The Special Servicer, on behalf of the Trust and, if applicable, the related Serviced Companion Noteholder, shall
sell any REO Property prior to the close of the third calendar year following the year in which the Trust acquires ownership
of such REO Property, within the meaning of Treasury Regulations Section 1.856-6(b)(1), for purposes of Section 860G(a)(8) of
the Code, unless the Special Servicer either (i) applies for a qualifying extension of time no later than sixty (60) days
prior to the close of the third calendar year in which it acquired ownership (or the period provided in the then applicable
REMIC Provisions) and such extension is granted or is not denied (an “REO Extension”) by the Internal
Revenue Service to sell such REO Property or (ii) obtains for the Trustee and the Certificate Administrator an Opinion of
Counsel, addressed to the Trustee and the Certificate Administrator, to the effect that the holding by the Trust of such REO
Property subsequent to the close of the third calendar year following the year in which acquisition occurred will not cause
an Adverse REMIC Event. If the Special Servicer is granted or 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 being granted 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 payable out of the Collection Account pursuant to Section 3.05(a).

 

(b)          The
Special Servicer shall segregate and hold all funds collected and received in connection with any REO Property separate and apart
from its own funds and general assets. If an REO Acquisition shall occur, the Special Servicer shall establish and maintain one
or more REO Accounts, held on behalf of the Trustee for the benefit of the Certificateholders and, if applicable, on behalf of
any related Companion Holder(s), as applicable, as their interest shall appear, and the Trustee (as holder of the Lower-Tier Regular
Interests), for the retention of revenues and other proceeds derived from each REO Property. The REO Account shall be an Eligible
Account. The Special Servicer shall deposit, or cause to be deposited, in the REO Account, within one (1) Business Day after receipt
of properly identified funds, all REO Revenues, Insurance and Condemnation Proceeds and Liquidation Proceeds received in respect

 

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of an REO Property. Funds in the REO Account may be invested in Permitted Investments in accordance with Section 3.06. The
Special Servicer shall give notice to the Trustee, the Certificate Administrator, and the Master Servicer of the location of the
REO Account when first established and of the new location of the REO Account prior to any change thereof.

 

(c)          The
Special Servicer shall withdraw from the REO Account funds necessary for the proper operation, management, insuring, leasing, maintenance
and disposition of any REO Property, but only to the extent of amounts on deposit in the REO Account relating to such REO Property.
On or prior to each Determination Date (or with respect to a Serviced Companion Loan, on the Business Day preceding each Serviced
Whole Loan Remittance Date), the Special Servicer shall withdraw from the REO Account and remit to the Master Servicer, which shall
deposit into the Collection Account (or the Companion Distribution Account, as applicable), the aggregate of all amounts received
in respect of each REO Property during the most recently ended Collection Period, net of (i) any withdrawals made out of such amounts
pursuant to the preceding sentence and (ii) Net Investment Earnings on amounts on deposit in the REO Account; provided,
however, that the Special Servicer may retain in such REO Account, in accordance with the Servicing Standard, such portion
of such balance as may be necessary to maintain a reasonable reserve for repairs, replacements, leasing, management and tenant
improvements and other related expenses for the related REO Property. In addition, on or prior to each Determination Date (or with
respect to a Serviced Companion Loan, on the Business Day preceding each Serviced Whole Loan Remittance Date), the Special Servicer
shall provide the Master Servicer with a written accounting of amounts remitted to the Master Servicer for deposit in the Collection
Account, as applicable, on such date. The Master Servicer shall apply all such amounts as instructed by the Special Servicer on
the Determination Date (or with respect to a Serviced Companion Loan, on each Serviced Whole Loan Remittance Date) for the related
Distribution Date.

 

(d)          The
Special Servicer shall keep and maintain separate records, on a property-by-property basis, for the purpose of accounting for
all deposits to, and withdrawals from, the REO Account pursuant to Section 3.14(b) or Section 3.14(c). 

 

Section 3.15     Management
of REO Property. (a) If title to any REO Property is acquired, the Special Servicer shall manage, consent, protect, operate
and lease such REO Property (other than any Non-Serviced Mortgaged Property) for the benefit of the Certificateholders and the
related Companion Holders and the Trustee (as holder of the Lower-Tier Regular Interests) solely for the purpose of its timely
disposition and sale in a manner that does not cause such REO Property to fail to qualify as “foreclosure property”
within the meaning of Section 860G(a)(8) of the Code or result in the receipt by the Trust or any Serviced Companion Noteholder
of any “income from non-permitted assets” within the meaning of Section 860F(a)(2)(B) of the Code or result in an
Adverse REMIC Event. Subject to the foregoing, however, the Special Servicer shall have full power and authority to do any and
all things in connection therewith as are in the best interests of and for the benefit of the Certificateholders (and, in the
case of each Serviced Whole Loan, the related Companion Holder(s)) and the Trustee (as holder of the Lower-Tier Regular Interests)
all as a collective whole (taking into account the subordinate or pari passu nature of any Companion Loan, as the case
may be) (as determined by the Special Servicer in its reasonable judgment in accordance with the Servicing Standard). Notwithstanding
anything to the contrary herein, REO Property

 

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with respect to a
Non-Serviced Mortgage Loan is excluded for all purposes of this Section 3.15. Subject to this Section 3.15, the
Special Servicer may allow the Trust or any commercial mortgage securitization that holds any Serviced Companion Loan to earn
“net income from foreclosure property” within the meaning of Section 860G(d) of the Code if it determines that
earning such income is in the best interests of Certificateholders and, if applicable, any related Companion Holder(s) on a
net after-tax basis as compared with net leasing such REO Property or operating such REO Property on a different basis. In
connection therewith, the Special Servicer shall deposit or cause to be deposited on a daily basis (and in no event later
than one (1) Business Day following receipt of such properly identified funds) in the applicable REO Account all revenues
received by it with respect to each REO Property and the related REO Loan, and shall withdraw from the REO Account, to the
extent of amounts on deposit therein with respect to such REO Property, funds necessary for the proper operation, management,
leasing and maintenance of such REO Property, including, without limitation:

 

(i)          all
insurance premiums due and payable in respect of such REO Property;

 

(ii)         all
real estate taxes and assessments in respect of such REO Property that may result in the imposition of a lien thereon;

 

(iii)        any
ground rents in respect of such REO Property, if applicable; and

 

(iv)        all
costs and expenses necessary to maintain and lease such REO Property.

 

To the extent that amounts
on deposit in the REO Account in respect of any REO Property are insufficient for the purposes set forth in clauses (i)
through (iv) above with respect to such REO Property, the Master Servicer (subject to receiving notice from the Special
Servicer in accordance with the procedures set forth elsewhere in this Agreement) shall advance from its own funds such amount
as is necessary for such purposes unless (as evidenced by an Officer’s Certificate delivered to the Trustee, the Special
Servicer, the Depositor, the Certificate Administrator and (in respect of any Mortgage Loan other than an Excluded Loan, and prior
to the occurrence of a Consultation Termination Event) the Directing Certificateholder) such advances would, if made, constitute
Nonrecoverable Servicing Advances.

 

(b)         Without
limiting the generality of the foregoing, the Special Servicer shall not:

 

(i)          permit
the Trust to enter into, renew or extend any New Lease with respect to any REO Property, if the New Lease by its terms will give
rise to any income that does not constitute Rents from Real Property;

 

(ii)         permit
any amount to be received or accrued under any New Lease other than amounts that will constitute Rents from Real Property;

 

(iii)        authorize
or permit any construction on any REO Property, other than the completion of a building or other improvement thereon, and then
only if more than 10% of the construction of such building or other improvement was completed before default on the related Mortgage
Loan became imminent, all within the meaning of Section 856(e)(4)(B) of the Code; or

 

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(iv)        Directly
Operate, or allow any other Person, other than an Independent Contractor, to Directly Operate, any REO Property on any date more
than ninety (90) days after its acquisition date;

 

unless, in any such case, the Special Servicer
has obtained an Opinion of Counsel (the cost of which shall be paid by the Master Servicer as a Servicing Advance) to the effect
that such action will not cause such REO Property to fail to qualify as “foreclosure property” within the meaning of
Section 860G(a)(8) of the Code at any time that it is held for the benefit of the Trust, in which case the Special Servicer may
take such actions as are specified in such Opinion of Counsel.

 

(c)          The
Special Servicer shall contract with any Independent Contractor for the operation and management of any REO Property within ninety
(90) days of the acquisition date thereof, provided that:

 

(i)          the
terms and conditions of any such contract may not be inconsistent herewith and shall reflect an agreement reached at arm’s
length;

 

(ii)   
     the fees of such Independent Contractor (which shall be an expense of the Trust) shall be
reasonable and customary in light of the nature and locality of the Mortgaged Property;

 

(iii)       any
such contract shall require, or shall be administered to require, that the Independent Contractor (A) pay all costs and expenses
incurred in connection with the operation and management of such REO Property, including, without limitation, those listed in subsection
(a) hereof, and (B) remit all related revenues collected (net of its fees and such costs and expenses) to the Special Servicer
upon receipt;

 

(iv)        none
of the provisions of this Section 3.15(c) 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 hereunder with respect to the operation
and management of any such REO Property; and

 

(v)         the
Special Servicer shall be obligated to manage and supervise such Independent Contractor in accordance with the Servicing Standard.

 

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.

 

(d)         When
and as necessary, the Special Servicer shall send to the Trustee, the Certificate Administrator and the Master Servicer 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 Sections 3.15(a) and 3.15(b).

 

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Section 3.16     Sale of Defaulted
Loans and REO Properties. (a) (i) Within thirty (30) days after a Defaulted Loan has become a Specially Serviced Loan, the
Special Servicer shall order (but shall not be required to have received) an Appraisal and within thirty (30) days of receipt of
the Appraisal shall determine the fair value of such Defaulted Loan in accordance with the Servicing Standard; provided,
however, that if the Special Servicer is then in the process of obtaining an Appraisal with respect to the related Mortgaged
Property, the Special Servicer shall make its fair value determination as soon as reasonably practicable (but in any event within
thirty (30) days) after its receipt of such an Appraisal. The Special Servicer may, from time to time, adjust its fair value determination
based upon changed circumstances, new information and other relevant factors, in each instance in accordance with a review of such
circumstances and new information in accordance with the Servicing Standard including, without limitation, the period and amount
of the occupancy level and physical condition of the related Mortgaged Property and the state of the local economy; provided
that the Special Servicer shall promptly notify the Master Servicer in writing of the initial fair value determination and any
adjustment to its fair value determination.

 

(ii)        If
any Mortgage Loan or Serviced Companion Loan subject to an Intercreditor Agreement is a Specially Serviced Loan or to the extent
otherwise required pursuant to the terms of the related Intercreditor Agreement, then the Special Servicer (with respect to a Specially
Serviced Loan) or the Master Servicer (with respect to a Non-Specially Serviced Loan) shall promptly notify in writing the other,
any related Companion Holder and any related mezzanine lender, as applicable, of any events requiring notice under the Intercreditor
Agreement in accordance with the terms thereof. Thereafter, any related Companion Holder and related mezzanine lender, as applicable,
will, notwithstanding anything in this Section 3.16 to the contrary, have the option to purchase the related Mortgage Loan
and cure defaults relating thereto as and to the extent set forth in the related Intercreditor Agreement.

 

(iii)       If
any Mortgage Loan not subject to an Intercreditor Agreement becomes a Specially Serviced Loan, or if the related Companion Holder
or related mezzanine lender, as applicable, for any such Mortgage Loan subject to an Intercreditor Agreement has not previously
exercised the option to purchase the Mortgage Loan pursuant to the previous paragraph, the Special Servicer shall use reasonable
efforts to solicit offers for each Defaulted Loan on behalf of the Certificateholders and the holder of any related Serviced Companion
Loan in such manner as will be reasonably likely to maximize the value of the Defaulted Loan on a net present value basis, if and
when the Special Servicer determines, consistent with the Servicing Standard, that no satisfactory arrangements (including by way
of a discounted pay-off) can be made for collection of delinquent payments thereon and such a sale would be in the best economic
interests of the Trust and, if applicable, the related Companion Holder. In the case of the Non-Serviced Mortgage Loan, under certain
limited circumstances permitted under the related Intercreditor Agreement, to the extent that such Non-Serviced Mortgage Loan is
not sold together with the Non-Serviced Companion Loan by the Non-Serviced Special Servicer, the Special Servicer will be entitled
to sell (with the consent of the Directing Certificateholder if no Control Termination Event has occurred and is continuing and
such Non-Serviced Mortgage Loan is not an Excluded Loan) such Non-Serviced Mortgage Loan if it determines in accordance with the
Servicing Standard that such

 

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action would be in the best interests of the Certificateholders. The Special Servicer is required
to give the Trustee, the Certificate Administrator, the Master Servicer, the Operating Advisor and (other than in respect of any
Excluded Loan) the Directing Certificateholder not less than ten (10) days’ prior written notice of its intention to sell
any Defaulted Loan. In the absence of a cash offer at least equal to the Purchase Price, the Special Servicer may purchase the
Defaulted Loan for the Purchase Price or may accept the first cash offer received from any Person that constitutes a fair price
for the Defaulted Loan.

 

(iv)        (A)
In the case of a Specially Serviced Loan as to which a default has occurred and is continuing, in the absence of any offer at least
equal to the Purchase Price pursuant to clause (iii) above (or purchase by the Special Servicer for such price), the Special
Servicer shall solicit offers and, subject to subclause (B) below, accept the highest offer received from any Person that
is determined by the Special Servicer to be a fair price for such Specially Serviced Loan, if the offeror is a Person other than
an Interested Person. In determining whether any offer from a Person other than an Interested Person constitutes a fair price for
any 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), among other factors, the
period and amount of the occupancy level and physical condition of the related Mortgaged Property and the state of the local economy.
If the offeror is an Interested Person (provided that the Trustee may not be an offeror), the Trustee shall determine whether
the offer constitutes a fair price unless such offer by an Interested Person (i) is equal to or greater than the applicable Purchase
Price and (ii) is the highest offer received. Absent an offer at least equal to the Purchase Price, no offer from an Interested
Person shall constitute a fair price unless (x) it is the highest offer received and (y) at least two other offers are received
from independent third parties. In determining whether any offer received from an Interested Person represents a fair price for
any such Defaulted Loan, the Trustee shall rely on the most recent Appraisal (or update of such Appraisal) of the related Mortgaged
Property conducted in accordance with this Agreement within the preceding nine (9) month period or, in the absence of any such
Appraisal, on a new Appraisal. Except as provided in the following paragraph, the cost of any Appraisal will be covered by, and
will be reimbursable as, a Servicing Advance by the Master Servicer.

 

Notwithstanding
anything contained in the preceding paragraph to the contrary, if the Trustee is required to determine whether a cash offer by
an Interested Person constitutes a fair price, the Trustee may (at its option and at the expense of the 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 loans similar to the subject Mortgage Loan or Serviced Whole Loan, that has been selected with reasonable care by the
Trustee to determine if such cash offer constitutes a fair price for such Mortgage Loan or Serviced Whole Loan. If the Trustee
designates such a third party to make such determination, the Trustee shall be entitled to rely conclusively upon such third party’s
determination. The reasonable fees of, and the costs of all appraisals, inspection reports and broker opinions of value incurred
by any such third party shall be covered by, and shall be reimbursable by, the Interested Person; provided that the Trustee
will not engage

 

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 a third
party expert whose fees exceed a commercially reasonable amount as determined by the Trustee. The Special Servicer shall use
efforts consistent with the Servicing Standard to collect payment from such Interested Person. If such expense is not paid by
the applicable Interested Person within thirty (30) days of demand for payment, such expense shall be reimbursable to the
Trustee by the Master Servicer as a Servicing Advance but the Special Servicer shall continue to use efforts consistent with
the Servicing Standard to collect such amounts from the applicable Interested Person. Neither the Trustee, in its
individual capacity, nor any of its Affiliates may make an offer for or purchase any Specially Serviced Loan.

 

(B)          The
Special Servicer will not be obligated to accept the highest offer if the Special Servicer determines (with respect to any Mortgage
Loan other than an Excluded Loan, in consultation with the Directing Certificateholder (unless a Consultation Termination Event
shall have occurred and be continuing) and, in the case of a Serviced Whole Loan or an REO Property related to a Serviced Whole
Loan, the related Companion Holder), in accordance with the Servicing Standard (and subject to the requirements of any related
Intercreditor Agreement), that the rejection of such offer would be in the best interests of the Holders of Certificates and, in
the case of a sale of a Serviced Whole Loan or an REO Property related to a Serviced Whole Loan, the related Companion Holder (as
a collective whole, as if such Certificateholders and, if applicable, the related Companion Holder constituted a single lender).
In addition, the Special Servicer may accept a lower offer from any Person other than the Special Servicer of an Affiliate if it
determines, in its reasonable and good faith judgment, that the acceptance of such offer would be in the best interests of the
Holders of Certificates and, in the case of a sale of a Serviced Whole Loan or an REO Property related to a Serviced Whole Loan,
the related Companion Holder (as a collective whole, as if such Certificateholders and, if applicable, the related Companion Holder
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); provided that the offeror is not
the Special Servicer or a Person that is an Affiliate of the Special Servicer. The Special Servicer shall use reasonable efforts
to sell all Defaulted Loans prior to the Rated Final Distribution Date. For the avoidance of doubt, the Trustee shall have no obligation
to make any fair value determination, to the extent required to do so pursuant to this Section 3.16, on the basis of anything
other than the related Appraisal.

 

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

 

(b)          (i)
(A) The Special Servicer may purchase any REO Property at the Purchase Price therefor (in the case of a Serviced Whole Loan, such
purchase shall be a purchase of the entire REO Property, including the portion relating to the related Companion Loan). The 

 

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Special
Servicer may also offer to sell to any Person any REO Property (in the case of a Serviced Whole Loan, such sale shall be a sale
of the entire REO Property, including the portion relating to the related Companion Loan), if and when the Special Servicer determines,
consistent with the Servicing Standard, that such a sale would be in the best economic interest of the Trust and the related Companion
Holders. The Special Servicer shall give the Trustee, the Master Servicer, each Companion Holder, the Certificate Administrator
and, in respect of any Mortgage Loan other than an Excluded Loan and prior to the occurrence of a Consultation Termination Event,
the Directing Certificateholder, not less than ten (10) days’ prior written notice of the Purchase Price and its intention
to (i) purchase any REO Property at the Purchase Price therefor or (ii) sell any REO Property, in which case the Special Servicer
shall accept the highest offer received from any Person for any REO Property in an amount at least equal to the Purchase Price
therefor. To the extent permitted by applicable law, and subject to the Servicing Standard, the Master Servicer, an Affiliate of
the Master Servicer, the Special Servicer or an Affiliate of the Special Servicer, or an employee of either of them may act as
broker in connection with the sale of any REO Property and may retain from the proceeds of such sale a brokerage commission that
does not exceed the commission that would have been earned by an independent broker pursuant to a brokerage agreement entered into
at arm’s length.

 

(B)          In
the absence of any such offer as set forth in subclause (A) above, the Special Servicer shall, subject to subclause (C)
below, accept the highest offer for such REO Property received from any Person that is determined to be a fair price (1) by the
Special Servicer, if the highest bidder is a Person other than an Interested Person, or (2) by the Trustee, if the highest bidder
is an Interested Person unless such offer by an Interested Person (i) is equal to or greater than the applicable Purchase Price
and (ii) is the highest offer received; provided, however, that absent an offer at least equal to the Purchase Price,
no offer from an Interested Person shall constitute a fair price unless (A) it is the highest offer received and (B) at least two
other offers are received from independent third parties. Notwithstanding anything to the contrary herein, neither the Trustee,
in its individual capacity, nor any of its Affiliates may make an offer for or purchase any REO Property pursuant hereto.

 

(C)          The
Special Servicer shall not be obligated by either of the foregoing paragraphs or otherwise to accept the highest offer if the Special
Servicer determines, in accordance with the Servicing Standard, that rejection of such offer would be in the best interests of
the Certificateholders and, with respect to any Serviced Whole Loan, the related Companion Holder, and in either case, as a collective
whole (taking into account the subordinate or pari passu nature of any Serviced Companion Loans). In addition, the Special
Servicer may accept a lower offer if it determines, in accordance with the Servicing Standard, that acceptance of such offer would
be in the best interests of the Certificateholders and, with respect to any Serviced Whole Loan, the related Companion Holder,
and in either case, as a collective whole (taking into account the subordinate or pari passu nature of any Serviced Companion
Loans) (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

 

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favorable); provided that the offeror is not the Special Servicer
or a Person that is an Affiliate of the Special Servicer.

 

(D)          In
determining whether any offer received from an Interested Person represents a fair price for any REO Property, the Trustee shall
obtain and may conclusively rely on the opinion of an Independent appraiser or other Independent expert in real estate matters
retained by the Trustee in connection with making such determination. The reasonable cost of such Independent appraiser or other
Independent expert shall be an expense of the offering Interested Person purchaser. The reasonable fees and costs of all appraisals,
inspection reports and broker opinions of value incurred by any such third party shall be covered by, and shall be reimbursable,
from the offering Interested Person and the Special Servicer shall use efforts consistent with the Servicing Standard to collect
payment from such Interested Person. If such expense is not paid by the applicable Interested Person within thirty (30) days of
demand for payment, such expense shall be reimbursable to the Trustee by the Master Servicer as a Servicing Advance but the Special
Servicer shall continue to use efforts consistent with the Servicing Standard to collect such amounts from the applicable Interested
Person. In determining whether any offer constitutes a fair price for any REO Property, the Special Servicer or the Trustee (or,
if applicable, such appraiser) shall take into account, and any appraiser or other expert in real estate matters shall be instructed
to take into account, as applicable, among other factors, the physical condition of such REO Property, the state of the local economy
and the Trust’s obligation to comply with REMIC Provisions.

 

(ii)          Subject
to the Servicing Standard, the Special Servicer shall act on behalf of the Trust and the related Companion Holders in negotiating
and taking any other action necessary or appropriate in connection with the sale of any REO Property, including the collection
of all amounts payable in connection therewith. A sale of any REO Property shall be without recourse to, or representation or warranty
by, the Trustee, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor
or the Trust (except that any contract of sale and assignment and conveyance documents may contain customary warranties of title,
so long as the only recourse for breach thereof is to the Trust) and, if consummated in accordance with the terms of this Agreement,
none of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor nor the
Trustee shall have any liability to the Trust or any Certificateholder or related Companion Holder (if applicable) with respect
to the purchase price therefor accepted by the Special Servicer or the Trustee.

 

(c)          Any
sale of a Defaulted Loan or any REO Property shall be for cash only (unless changes in the REMIC Provisions or authoritative interpretations
thereof made or issued subsequent to the Startup Day allow a sale for other consideration).

 

(d)          With
respect to each Serviced Pari Passu Whole Loan, pursuant to the terms of the related Intercreditor Agreement and this Agreement,
if the related Serviced Pari Passu Whole Loan becomes a Defaulted Loan, and if the Special Servicer determines to sell the

 

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related
Mortgage Loan that has become a Defaulted Loan in accordance with this Section 3.16, then the Special Servicer shall sell
the related Serviced Pari Passu Companion Loan together with such Mortgage Loan as one whole loan and shall require that all offers
be submitted to the Special Servicer in writing. To the extent a determination is required to be made hereunder as to whether any
cash offer constitutes a fair price for a Serviced Whole Loan, such determination shall be made by the Trustee if the offeror is
an Interested Person. Notwithstanding the foregoing, the Special Servicer will not be permitted to sell the related Mortgage Loan
together with the related Serviced Pari Passu Companion Loan(s) if it becomes a defaulted Whole Loan without the written consent
of the holder of the related Serviced Pari Passu Companion Loan (provided that such consent is not required if the holder
of the Serviced Pari Passu Companion Loan is the Mortgagor or an Affiliate of the Mortgagor) unless the Special Servicer has delivered
to the holder of the related Serviced Pari Passu Companion Loan: (a) at least fifteen (15) Business Days prior written notice of
any decision to attempt to sell such Serviced Whole Loan; (b) at least ten (10) days prior to the permitted sale date, a copy of
each bid package (together with any material amendments to such bid packages) received by the Special Servicer in connection with
any such proposed sale; (c) at least ten (10) days prior to the proposed sale date, a copy of the most recent appraisal for such
Serviced Pari Passu Whole Loan, and any documents in the servicing file reasonably requested by the holder of the related Serviced
Pari Passu Companion Loan that are material to the sale price of the Serviced Pari Passu Whole Loan; and (d) until the sale is
completed, and a reasonable period of time (but no less time than is afforded to other offerors and the Directing Certificateholder)
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. The holder of the related
Serviced Pari Passu Companion Loan (or its representative) will be permitted to submit an offer at any sale of such Whole Loan;
however, the related Mortgagor and its agents and Affiliates shall not be permitted to submit an offer at such sale. Notwithstanding
the foregoing, with respect to each Serviced Whole Loan, the holder of the related Companion Loan may waive any of the delivery
or timing requirements set forth in this paragraph with respect to the related Whole Loan. If the Trustee is required to determine
whether a cash offer by an Interested Person constitutes a fair price, the Trustee may (at its option and at the expense of the
offering Interested Person purchaser) designate an independent third party expert in real estate or commercial mortgage loan matters
with at least five (5) years’ experience in valuing loans similar to the subject Mortgage Loan, that has been selected with
reasonable care by the Trustee to determine if such cash offer constitutes a fair price for such Mortgage Loan. The Trustee shall
act in a commercially reasonable manner in making such determination. If the Trustee designates such a third party to make such
determination, the Trustee shall be entitled to rely conclusively upon such third party’s determination. The reasonable fees
of, and the costs of all appraisals, inspection reports and broker opinions of value incurred by any such third party shall be
covered by, and shall be reimbursable, from the offering Interested Person and the Special Servicer shall use efforts consistent
with the Servicing Standard to collect payment from such Interested Person. If such expense is not paid by the applicable Interested
Person within thirty (30) days of demand for payment, such expense shall be reimbursable to the Trustee by the Master Servicer
as a Servicing Advance but the Special Servicer shall continue to use efforts consistent with the Servicing Standard to collect
such amounts from the applicable Interested Person.

 

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(e)          (i)
Notwithstanding anything in this Section 3.16 to the contrary, pursuant to the terms of the related Intercreditor Agreement,
the holder of the related AB Subordinate Companion Loan for each applicable Serviced Whole Loan will have the right to purchase
the related Mortgage Loan or related REO Property, as applicable. Such right of the holder of the AB Subordinate Companion Loan
shall be given priority over any provision described in this Section 3.16 as and to the extent set forth in the related
Intercreditor Agreement. If the related Mortgage Loan or related REO Property is purchased by the holder of such AB Subordinate
Companion Loan, repurchased by the applicable Mortgage Loan Seller or otherwise ceases to be subject to this Agreement, the related
AB Subordinate Companion Loan will no longer be subject to this Agreement.

 

(ii)          Notwithstanding
anything in this Section 3.16 to the contrary, any mezzanine lender will have the right to purchase the related Mortgage
Loan or REO Property, as applicable, and cure defaults relating thereto, as and to the extent set forth in the related Intercreditor
Agreement.

 

(f)           Unless
otherwise provided in an Intercreditor Agreement the sale of any Mortgage Loan pursuant to this Section 3.16 will be on
a servicing released basis.

 

(g)          In
the event the Master Servicer or the Special Servicer has the right to purchase any Companion Loan on behalf of the Trust pursuant
to the related Intercreditor Agreement, neither the Master Servicer nor the Special Servicer shall exercise such right.

 

 

Section 3.17     Additional Obligations
of Master Servicer and Special Servicer. (a) The Master Servicer shall deliver all Compensating Interest Payments (other than
the portion of any Compensating Interest Payment allocated to a Serviced Pari Passu Companion Loan) to the Certificate Administrator
for deposit in the Lower-Tier REMIC Distribution Account on each P&I Advance Date, without any right of reimbursement therefor.
The Master Servicer shall deliver the portion of any Compensating Interest Payment allocated to a Serviced Pari Passu Companion
Loan to the Companion Paying Agent for deposit in the Companion Distribution Account on each P&I Advance Date, without any
right of reimbursement therefor.

 

(b)          The
Master Servicer or the Special Servicer, as applicable, shall provide to each Companion Holder any reports or notices required
to be delivered to such Companion Holder pursuant to the related Intercreditor Agreement.

 

(c)          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
and available for distribution on the next Distribution Date, the Master Servicer or the Trustee, each at its own option and in
its sole discretion, as applicable, instead of obtaining reimbursement for the remaining amount of such Nonrecoverable Advance
pursuant to Section 3.05(a)(v) immediately, as an accommodation may elect to refrain from obtaining such reimbursement for
such portion of the Nonrecoverable Advance during the one month collection period ending on the then-current Determination Date,
for successive one-month periods for a total period not to exceed twelve (12) months (provided that, with respect to any
Mortgage Loan other than an Excluded Loan, any such deferral exceeding six (6) months shall require, prior to

 

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the occurrence and
continuance of any Control Termination Event, the consent of the Directing Certificateholder), and any election to so defer or
not to defer shall be deemed to be in accordance with the Servicing Standard. If the Master Servicer or the Trustee makes such
an election at its sole option and in its sole discretion to defer reimbursement with respect to all or a portion of a Nonrecoverable
Advance (together with interest thereon), then such Nonrecoverable Advance (together with interest thereon) or portion thereof
shall continue to be fully reimbursable in the subsequent collection period (subject, again, to the same sole option to defer;
it is acknowledged that, in such a subsequent period, such Nonrecoverable Advance shall again be payable first from principal
collections as described above prior to payment from other collections). In connection with a potential election by the Master
Servicer or the Trustee to refrain from the reimbursement of a particular Nonrecoverable Advance or portion thereof during the
one month collection period ending on the related Determination Date for any Distribution Date, the Master Servicer or the Trustee
shall further be authorized to wait for principal collections on the Mortgage Loans to be received until the end of such collection
period before making its determination of whether to refrain from the reimbursement of a particular Nonrecoverable Advance or portion
thereof); provided, however, that if, at any time the Master Servicer or the Trustee, as applicable, elects, in its
sole discretion, not to refrain from obtaining such reimbursement or otherwise determines that the reimbursement of a Nonrecoverable
Advance during a one-month collection period will exceed the full amount of the principal portion of general collections on or
in respect of Mortgage Loans deposited in the Collection Account for such Distribution Date, then the Master Servicer or the Trustee,
as applicable, shall use its reasonable efforts to give the 17g-5 Information Provider fifteen (15) days’ notice of such
determination for posting on the 17g-5 Information Provider’s Website pursuant to Section 3.13(c), unless extraordinary
circumstances make such notice impractical, which shall mean that (i) the Master Servicer or the Trustee, as the case may be, determines
in its sole discretion that waiting fifteen (15) days after such a notice could jeopardize its ability to recover such Nonrecoverable
Advance, (ii) changed circumstances or new or different information becomes known to the Master Servicer or the Trustee, as the
case may be, that could affect or cause a determination of whether any Advance is a Nonrecoverable Advance or whether to defer
reimbursement of a Nonrecoverable Advance or the determination in clause (i) above, or (iii) in the case of the Master Servicer,
it has not timely received from the Trustee information required by the Master Servicer to determine whether to defer reimbursement
for a Nonrecoverable Advance. If any of the circumstances described in clause (i), (ii) or (iii) of the foregoing sentence apply,
the Master Servicer or Trustee, as applicable, shall give the 17g-5 Information Provider a notice for posting of the anticipated
reimbursement as soon as reasonably practicable. Notwithstanding the foregoing, failure to give notice as required by the preceding
or second preceding sentence shall in no way affect the Master Servicer’s or the Trustee’s election whether to refrain
from obtaining such reimbursement or right to obtain such reimbursement as described in this Section 3.17(c). Nothing herein
shall give the Master Servicer or the Trustee the right to defer reimbursement of a Nonrecoverable Advance to the extent of any
principal collections then available in the Collection Account pursuant to Section 3.05(a)(v). The Master Servicer or the
Trustee, as applicable, shall have no liability for any loss, liability or expenses resulting from any notice provided to the Rating
Agencies contemplated by this Section 3.17(c).

 

The foregoing shall not,
however, be construed to limit any liability that may otherwise be imposed on such Person for any failure by such Person to comply
with the conditions to making such an election under this section or to comply with the terms of this

 

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section and the other provisions
of this Agreement that apply once such an election, if any, has been made; provided, however, that the fact that
a decision to recover such Nonrecoverable Advances over time, or not to do so, benefits some classes of Certificateholders to the
detriment of other classes shall not, with respect to the Master Servicer or the Special Servicer, as applicable, constitute a
violation of the Servicing Standard and/or with respect to the Trustee (solely in its capacity as Trustee), constitute a violation
of any fiduciary duty to Certificateholders or any contractual obligation hereunder. If the Master Servicer or the Trustee, as
applicable, determines, in its sole discretion, to fully recover the Nonrecoverable Advances immediately instead of deferring such
reimbursement, then the Master Servicer or the Trustee, as applicable, shall be entitled to immediate reimbursement of Nonrecoverable
Advances with interest thereon at the Reimbursement Rate from all amounts in the Collection Account for such Distribution Date
(deemed first from principal and then interest). Any such election by any such party to refrain from reimbursing
itself or obtaining reimbursement for any Nonrecoverable Advance or portion thereof with respect to any one or more collection
periods shall not limit the accrual of interest at the Reimbursement Rate on such Nonrecoverable Advance for the period prior to
the actual reimbursement of such Nonrecoverable Advance. The Master Servicer’s or the Trustee’s, as applicable, agreement
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 be deemed to create in the Certificateholders a right to prior payment of distributions over the Master Servicer’s
or the Trustee’s, as applicable, right to reimbursement for Advances (deferred or otherwise) and accrued interest thereon.
In all events, the decision to defer reimbursement or to seek immediate reimbursement of Nonrecoverable Advances shall be deemed
to be in accordance with the Servicing Standard and none of the Master Servicer, the Trustee or the other parties to this Agreement
shall have any liability to one another or to any of the Certificateholders or any of the Companion Holders for any such election
that such party makes as contemplated by this section or for any losses, damages or other adverse economic or other effects that
may arise from such an election, nor shall such election constitute a violation of the Servicing Standard or any duty under this
Agreement. Neither the Master Servicer nor the Trustee shall have any liability whatsoever for making an election, or refraining
from making an election, that is authorized under this Section 3.17(c).

 

No determination by the
Master Servicer (or the Trustee, as applicable) to exercise its sole option to defer the reimbursement of Advances and/or interest
thereon under this section shall be construed as an agreement by the Master Servicer (or the Trustee, as applicable) to subordinate
(in respect of realizing losses), to any Class of Certificates, such party’s right to such reimbursement during such period
of deferral.

 

With respect to any modification
or amendment of any Intercreditor Agreement related to a Serviced Whole Loan (to the extent received), the Master Servicer or the
Special Servicer, as applicable, shall provide to the 17g-5 Information Provider a copy of any such modification or amendment,
which the 17g-5 Information Provider shall promptly post on the 17g-5 Information Provider’s Website in accordance with Section
3.13(c).

 

(d)          With
respect to any Mortgage Loan (or Serviced Whole Loan), if the related loan documents permit the lender to (but do not require the
lender to), at its option, prior

 

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to an event of default under the related Mortgage Loan (or Serviced Whole Loan), apply amounts
held in any reserve account as a prepayment or hold such amounts in a reserve account, the Master Servicer or Special Servicer,
as applicable, may not apply such amounts as a prepayment, and will instead continue to hold such amounts in the applicable reserve
account, unless not applying those amounts as a prepayment would be a violation of the Servicing Standard. Such amount may be used,
if permitted under the loan documents, to defease the loan, or may be used to prepay the Mortgage Loan (or Serviced Whole Loan),
or for other purpose consistent with the Servicing Standard and the loan documents, upon a subsequent default.

 

(e)          Within
one (1) Business Day after the execution of any amendment or modification of any Intercreditor Agreement, the Master Servicer or
the Special Servicer, as applicable, shall provide to the Certificate Administrator a copy of any such modification or amendment
of any Intercreditor Agreement, and such amendment or modification shall be a Reportable Event.

 

 

Section 3.18     Modifications,
Waivers, Amendments and Consents. (a) Except as set forth in Section 3.08(a), Section 3.08(b), Section 3.08(e),
this Section 3.18(a), Section 3.18(d), Section 3.18(h), Section 3.18(i) and Section 6.08, but
subject to any other conditions set forth thereunder (including, without limitation, the Special Servicer’s consent rights
pursuant to this subsection (a) with respect to any modification, waiver or amendment that constitutes a Major Decision)
and, with respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or any Serviced Whole Loan, (and with respect
to any Serviced Whole Loan, subject to the rights of the related Companion Holder, as applicable, to advise or consult with the
Master Servicer or Special Servicer, as applicable, with respect to, or to consent to, a modification, waiver or amendment, in
each case, pursuant to the terms of the related Intercreditor Agreement), the Master Servicer shall not modify, waive or amend
the terms of a Non-Specially Serviced Loan and/or Companion Loan (if any such action constitutes a Major Decision) without the
prior written consent of the Special Servicer (it being understood that the Master Servicer will promptly provide the Special
Servicer with notice of any request for such modification, waiver or amendment, the Master Servicer’s written recommendation
and analysis, and all information reasonably available to the Master Servicer that may be reasonably requested by the Special
Servicer in order to grant or withhold such consent); provided that such consent shall be deemed given (unless earlier
objected to by the Special Servicer) fifteen (15) Business Days after the Special Servicer’s receipt of the Master Servicer’s
written recommendation and analysis with respect to such modification, waiver or amendment and all information reasonably requested
by the Special Servicer, and reasonably available to the Master Servicer, in order to grant or withhold such consent; and provided,
further, that no extension entered into pursuant to this Section 3.18(a) shall extend the Maturity Date beyond the
earlier of (i) five (5) years prior to the Rated Final Distribution Date and (ii) in the case of a Mortgage Loan secured solely
or primarily by a leasehold estate and not also the related fee interest, the date twenty (20) years or, to the extent consistent
with the Servicing Standard giving due consideration to the remaining term of the Ground Lease, ten (10) years, prior to the expiration
of such leasehold estate. If such extension would extend the Maturity Date of such Mortgage Loan and/or related Companion Loan
for more than twelve (12) months from and after the original Maturity Date of such Mortgage Loan and/or related Companion Loan
and such Mortgage Loan and/or related Companion Loan is not in default or default with respect thereto is not reasonably foreseeable,
prior to any such extension, the Master Servicer shall (1) provide the Trustee, the Certificate

 

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Administrator, the Special Servicer,
the Operating Advisor and ((i) prior to the occurrence of a Consultation Termination Event and (ii) other than with respect to
any Excluded Loan) the Directing Certificateholder, with an Opinion of Counsel (at the expense of the related Mortgagor to the
extent permitted under the Mortgage Loan documents and, if not required or permitted to be paid by the Mortgagor, to be paid as
an expense of the Trust in accordance with Section 3.11(d)) that such extension would not constitute a “significant
modification” of the Mortgage Loan and/or Serviced Companion Loan within the meaning of Treasury Regulations Section 1.860G-2(b)
and (2) subject to the Servicing Standard, ((i) prior to the occurrence and continuance of a Control Termination Event and (ii)
other than with respect to an Excluded Loan) obtain the consent of the Directing Certificateholder (or (i) after the occurrence
and during the continuance of a Control Termination Event, but prior to a Consultation Termination Event and (ii) other than with
respect to any Excluded Loan, upon consultation with the Directing Certificateholder pursuant to Section 6.08 hereof) (which
consent or consultation shall be coordinated through the Special Servicer). Notwithstanding the foregoing, subject to the rights
of the related Companion Holder to advise the Master Servicer with respect to, or consent to, such modification, waiver or amendment
pursuant to the terms of the related Intercreditor Agreement, and subject to the Special Servicer’s consent rights pursuant
to this subsection (a) if any such modification, waiver or amendment constitutes a Major Decision, the Master Servicer,
with respect to Non-Specially Serviced Loans, without the consent of the Special Servicer, may modify or amend the terms of any
Non-Specially Serviced Loan and/or related Serviced Companion Loan in order to (i) cure any ambiguity or mistake therein or (ii)
correct or supplement any provisions therein which may be inconsistent with any other provisions therein or correct any error;
provided that, if the Mortgage Loan (other than any Non-Serviced Mortgage Loan) and/or related Serviced Companion Loan
is not in default or default with respect thereto is not reasonably foreseeable, such modification or amendment would not be a
“significant modification” of the Mortgage Loan and/or related Serviced Companion Loan within the meaning of Treasury
Regulations Section 1.860G-2(b).

 

Subject to Section
6.08, applicable law and the Mortgage Loan and/or related Serviced Companion Loan documents, neither the Master Servicer nor
the Special Servicer shall permit the substitution of any Mortgaged Property (or any portion thereof) for one or more other parcels
of real property at any time the Mortgage Loan and/or related Serviced Companion Loan is not in default pursuant to the terms of
the related Mortgage Loan and/or related Serviced Companion Loan documents or default with respect thereto is not reasonably foreseeable
unless (i) the Master Servicer or the Special Servicer, as applicable, obtains Rating Agency Confirmation from each Rating Agency
(and delivers such Rating Agency Confirmation to the Directing Certificateholder, if permitted by the applicable Rating Agency)
and a confirmation of any applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any class of Serviced Companion Loan Securities (if any) (provided that such rating agency
confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with
respect to the Certificates pursuant to Section 3.25)) and (ii) such substitution would not be a “significant modification”
of the Mortgage Loan and/or related Serviced Companion Loan within the meaning of Treasury Regulations Section 1.860G-2(b) or otherwise
cause an Adverse REMIC Event (and the Master Servicer or Special Servicer, as applicable, may obtain and rely upon an Opinion of
Counsel (at the expense of the related Mortgagor if not prohibited by the terms of the

 

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related Mortgage Loan documents, and if
so prohibited, at the expense of the Trust) with respect thereto).

 

(b)          If
the Special Servicer determines that a modification, waiver or amendment (including, without limitation, the forgiveness or deferral
of interest or principal or the substitution of collateral pursuant to the terms of the Mortgage Loan (other than any Non-Serviced
Mortgage Loan) and/or related Serviced Companion Loan or otherwise, the release of collateral or the pledge of additional collateral)
of the terms of a Specially Serviced Loan with respect to which a payment default or other material default has occurred or a payment
default or other material default is, in the Special Servicer’s judgment, reasonably foreseeable (as evidenced by an Officer’s
Certificate of the Special Servicer), is reasonably likely to produce a greater recovery on a net present value basis (the relevant
discounting to be performed at the related Mortgage Rate) to the Trust and, if applicable, the Companion Holders, as the holders
of the related Serviced Companion Loan, than liquidation of such Specially Serviced Loan, then the Special Servicer may agree to
a modification, waiver or amendment of such Specially Serviced Loan, subject to (x) the provisions of this Section 3.18(b)
and Section 3.18(c), (y) with respect to any Mortgage Loan other than any Excluded Loan, prior to the occurrence and continuance
of a Control Termination Event, the approval of the Directing Certificateholder (or after the occurrence and during the continuance
of a Control Termination Event, but prior to a Consultation Termination Event, upon consultation with the Directing Certificateholder)
as provided in Section 6.08; provided that with respect to any Serviced AB Whole Loan, prior to the occurrence and
continuance of a related AB Control Appraisal Period, the approval of the holder of the related AB Subordinate Companion Loan will
be required to the extent set forth in the related Intercreditor Agreement and the Directing Certificateholder shall have no consent
or consultation rights regarding the matter; and (z) additionally, with respect to a Serviced Whole Loan, the rights of the related
Serviced Companion Noteholder or with respect to a Mortgage Loan (other than any Non-Serviced Mortgage Loan) with mezzanine debt,
the rights of the related mezzanine lender, to advise or consult with the Special Servicer with respect to, or consent to, such
modification, waiver or amendment, in each case, pursuant to the terms of the related Intercreditor Agreement or mezzanine intercreditor
agreement, as applicable; provided that in the case of any release or substitution of collateral (other than a defeasance),
the Special Servicer shall have obtained an Opinion of Counsel that such release or substitution would not be a “significant
modification” of the Mortgage Loan within the meaning of Treasury Regulations Section 1.860G-2(b) or otherwise cause an Adverse
REMIC Event. Notwithstanding anything herein to the contrary, with respect to any Excluded Loan (regardless of whether a Control
Termination Event has occurred and is continuing), the Special Servicer shall consult with the Operating Advisor, on a non-binding
basis, in connection with the related transactions involving proposed Major Decisions and consider alternative actions recommended
by the Operating Advisor, in respect thereof, in accordance with the procedures set forth in Section 6.08 for consulting
with the Operating Advisor.

 

In connection with (i)
the release of a Mortgaged Property (other than any Non-Serviced Mortgaged Property), or any portion of such Mortgaged Property
from the lien of the related Mortgage or (ii) the taking of a Mortgaged Property (other than any Non-Serviced Mortgaged Property),
or any portion of such Mortgaged Property by exercise of the power of eminent domain or condemnation, if the related Mortgage Loan
documents require the Master Servicer or the Special Servicer, as applicable, to calculate (or to approve the calculation of the

 

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related Mortgagor of) the loan-to-value ratio of the remaining Mortgaged Property or Mortgaged Properties or the fair market value
of the real property constituting the remaining Mortgaged Property or Mortgaged Properties, for purposes of REMIC qualification
of the related Mortgage Loan, then such calculation shall, unless then permitted by the REMIC Provisions, exclude the value of
personal property and going concern value, if any, as determined by an appropriate third party.

 

The Special Servicer
shall use its reasonable efforts to the extent possible to cause each Specially Serviced Loan to fully amortize prior to the Rated
Final Distribution Date and shall not agree to a modification, waiver or amendment of any term of any Specially Serviced Loan if
such modification, waiver or amendment would (1) extend the maturity date of any such Specially Serviced Loan to a date occurring
later than the earlier of (a) five (5) years prior to the Rated Final Distribution Date and (b) if such Specially Serviced Loan
is secured solely or primarily by a leasehold estate and not also the related fee interest, the date occurring twenty (20) years
or, to the extent consistent with the Servicing Standard giving due consideration to the remaining term of the ground lease and,
((i) prior to the occurrence and continuance of a Control Termination Event and (ii) other than with respect to any Excluded Loan)
with the consent of the Directing Certificateholder, ten (10) years prior to the expiration of such leasehold estate (including
any options to extend such leasehold estate exercisable unilaterally by the related Mortgagor), or (2) provide for the deferral
of interest unless interest accrues on the related Mortgage Loan, or Serviced Whole Loan generally at the related Mortgage Rate.

 

(c)          Any
provision of this Section 3.18 to the contrary notwithstanding, except when a Mortgage Loan and/or Companion Loan is in
default or default with respect thereto is reasonably foreseeable, no fee described in this Section 3.18 shall be collected
by any Master Servicer or Special Servicer from a Mortgagor (or on behalf of the Mortgagor) in conjunction with any consent or
any modification, waiver or amendment of a Mortgage Loan or Companion Loan, as applicable (unless the amount thereof is specified
in the related Mortgage Note) if the collection of such fee would cause such consent, modification, waiver or amendment to be a
“significant modification” of the Mortgage Note within the meaning of Treasury Regulations Section 1.860G-2(b).

 

(d)          To
the extent consistent with this Agreement (including, without limitation, the first sentence of Section 3.18(a), and Section
6.08), the Master Servicer (as provided in Section 3.08(a), Section 3.08(b), Section 3.08(e) and Section
3.18 and subject to the Special Servicer’s consent rights pursuant to Section 3.18(a) if any such waiver, modification
or amendment constitutes a Major Decision) or the Special Servicer may, consistent with the Servicing Standard, agree to any waiver,
modification or amendment of a Mortgage Loan and/or Serviced Companion Loan that is not in default or as to which default is not
reasonably foreseeable only if the contemplated waiver, modification or amendment (i) will not be a “significant modification”
of the Mortgage Loan within the meaning of Treasury Regulations Section 1.860G-2(b) and (ii) will not cause (x) any Trust REMIC
to fail to qualify as a REMIC for purposes of the Code or (y) any Trust REMIC to be subject to any tax under the REMIC Provisions.
In making this determination, the Master Servicer or Special Servicer may obtain and rely upon (and shall provide to the Trustee
and the Certificate Administrator if obtained) an Opinion of Counsel (at the expense of the related Mortgagor or such other Person
requesting such modification or, if such expense cannot be collected from the related Mortgagor or such

 

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other Person, to be paid
out of the Collection Account pursuant to Section 3.05(a); provided that the Master Servicer or Special Servicer,
as the case may be, shall use its reasonable efforts to collect such fee from the Mortgagor or such other Person to the
extent permitted under the related Mortgage Loan documents). Notwithstanding the foregoing, neither the Master Servicer nor the
Special Servicer may waive the payment of any Prepayment Premium or Yield Maintenance Charge or the requirement that any prepayment
of a Mortgage Loan be made on a Due Date, or if not made on a Due Date, be accompanied by all interest that would be due on the
next Due Date with respect to any Mortgage Loan or Serviced Companion Loan that is not a Specially Serviced Loan.

 

(e)          Subject
to Section 3.18(c), the Master Servicer and the Special Servicer each may, as a condition to its granting any request by
a Mortgagor for consent, modification (including extensions), waiver or indulgence or any other matter or thing, the granting of
which is within the Master Servicer’s or the Special Servicer’s, as the case may be, discretion pursuant to the terms
of the instruments evidencing or securing the related Mortgage Loan or Companion Loan and is permitted by the terms of this Agreement,
require that such Mortgagor pay to the Master Servicer or the Special Servicer, as the case may be, as additional servicing compensation,
a reasonable or customary fee, for the additional services performed in connection with such request; provided that the
charging of such fee is not a “significant modification” of the Mortgage Loan within the meaning of Treasury Regulations
Section 1.860G-2(b).

 

(f)           All
modifications (including extensions), waivers and amendments of the Mortgage Loans and/or Companion Loans entered into pursuant
to this Section 3.18 shall be in writing, signed by the Master Servicer or the Special Servicer, as the case may be, and
the related Mortgagor (and by any guarantor of the related Mortgage Loan, if such guarantor’s signature is required by the
Special Servicer in accordance with the Servicing Standard).

 

(g)          With
respect to any modification, waiver or amendment for which it is responsible for processing pursuant to Section 3.18 hereof,
the Special Servicer shall notify the Master Servicer, the Trustee, the Certificate Administrator, the Operating Advisor (after
the occurrence and during the continuance of a Control Termination Event), the Directing Certificateholder (other than (i) following
the occurrence of a Consultation Termination Event and (ii) with respect to any Excluded Loan), the applicable Companion Holder
(unless, with respect to a holder of an AB Subordinate Companion Loan, an AB Control Appraisal Period has occurred, if applicable),
the related Mortgage Loan Seller (if such Mortgage Loan Seller is not a Master Servicer or Sub-Servicer of such Mortgage Loan or
the Directing Certificateholder) and the 17g-5 Information Provider (which shall promptly post such notice on the 17g-5 Information
Provider’s Website in accordance with Section 3.13(c)) in writing of any modification, waiver or amendment (in each
case, after it is finalized and executed) of any term of any Mortgage Loan or Companion Loan that is modified, waived or amended
and the date thereof. With respect to any modification, waiver or amendment (in each case, after it is finalized and executed)
for which it is responsible for processing pursuant to Section 3.18 hereof, the Master Servicer shall provide written notice
of any such modification, waiver or amendment to the Trustee, the Certificate Administrator, the Special Servicer (and the Special
Servicer shall, prior to the occurrence of a Consultation Termination Event and other than with respect to an Excluded Loan, forward
such notice to the Directing Certificateholder), the applicable Companion Holder (unless, with respect to a holder of an AB Subordinate
Companion Loan, an AB Control Appraisal Period has

 

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occurred, if applicable) and the related Mortgage Loan Seller (so long as such
Mortgage Loan Seller is not a Master Servicer or Sub-Servicer of such Mortgage Loan or the Directing Certificateholder) and the
17g-5 Information Provider (which shall promptly post such notice on the 17g-5 Information Provider’s Website in accordance
with Section 3.13(c)). The party responsible for delivering notice shall deliver to the Custodian with a copy to the Master
Servicer (if such notice is being delivered by the Special Servicer) for deposit in the related Mortgage File, an original counterpart
of the agreement relating to such modification, waiver or amendment, promptly (and in any event within ten (10) Business Days)
following the execution thereof, with a copy to the applicable Companion Holder, if any. Following receipt of the Master Servicer’s
or the Special Servicer’s, as applicable, delivery of the aforesaid modification, waiver or amendment to the Certificate
Administrator, the Certificate Administrator shall forward a copy thereof to each Holder of a Certificate (other than the Class
R or Class V Certificates). With respect to the processing of any modification, waiver or consent related to any Mortgagor incurring
additional debt or mezzanine debt, the Special Servicer (if the Special Servicer processes such modification, waiver or consent
pursuant to Section 3.18(a)) or the Master Servicer (if the Master Servicer processes such modification, waiver or consent
pursuant to Section 3.18(a)) shall, on or before the later of (i) 3:00 p.m. on the related P&I Advance Date and (ii)
five (5) Business Days immediately following the Master Servicer or Special Servicer, as applicable, obtaining actual knowledge
of the incurrence of such additional debt or mezzanine debt, deliver notice of the Mortgagor’s incurrence of such debt, substantially
in the form of Exhibit KK, to cts.sec.notifications@wellsfargo.com and an Additional Disclosure Notification in the form
attached hereto as Exhibit EE. The notice contemplated in the preceding sentence shall set forth, to the extent the Special
Servicer or Master Servicer, as applicable, has the requisite information or can reasonably obtain such information, (1) the amount
of additional debt that was incurred in the related Collection Period, (2) the total debt service coverage ratio calculated on
the basis of such Mortgage Loan and additional debt, and (3) the aggregate LTV Ratio calculated on the basis of such Mortgage Loan
and additional debt. In the event that either (i) the CREFC® Investor Reporting Package is amended to include such
information set forth above, in a manner reasonably acceptable to the Master Servicer, Special Servicer and Certificate Administrator,
as applicable, and the Master Servicer confirms with the Certificate Administrator that such amended CREFC® Investor
Reporting Package enables the Certificate Administrator to include such information on Form 10-D in a manner reasonably acceptable
to the Certificate Administrator, or (ii) the Trust is no longer subject to the Exchange Act, the additional report in the form
of Exhibit KK shall no longer be required hereunder. From time to time, the Master Servicer, Special Servicer and Certificate
Administrator may agree on a different delivery time and format for the information set forth in this paragraph.

 

(h)          The
Master Servicer shall process all defeasance transactions. Notwithstanding the foregoing, the Master Servicer shall not permit
(or, with regard to any Non-Serviced Mortgage Loan, take any act in furtherance of) the substitution of any Mortgaged Property
pursuant to the defeasance provisions of any Mortgage Loan or a Serviced Whole Loan unless such defeasance complies with Treasury
Regulations Section 1.860G-2(a)(8)(ii) and the Master Servicer has received (i) replacement collateral consisting of government
securities within the meaning of Treasury Regulations Section 1.860G-2(a)(8)(ii), which satisfies the requirements of the applicable
Mortgage Loan documents, in an amount sufficient to make all scheduled payments under the related Mortgage Loan (or defeased portion
thereof) when due, (ii) a certificate of an Independent certified public accountant to the effect that such substituted

 

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property
will provide cash flows sufficient to meet all payments of interest and principal (including payments at maturity) on such Mortgage
Loan or Serviced Whole Loan in compliance with the requirements of the terms of the related Mortgage Loan documents and, if applicable,
Companion Loan documents, (iii) one or more Opinions of Counsel (at the expense of the related Mortgagor) to the effect that the
Trustee, on behalf of the Trust, will have a first priority perfected security interest in such substituted Mortgaged Property;
provided, however, that, to the extent consistent with the related Mortgage Loan documents and, if applicable, Companion
Loan documents, the related Mortgagor shall pay the cost of any such opinion as a condition to granting such defeasance, (iv) to
the extent consistent with the related Mortgage Loan documents and, if applicable, Companion Loan documents, the Mortgagor shall
establish a single purpose entity to act as a successor mortgagor, if so required by the Rating Agencies, (v) to the extent permissible
under the related Mortgage Loan documents and, if applicable, Companion Loan documents, the Master Servicer shall use its reasonable
efforts to require the related Mortgagor to pay all costs of such defeasance, including but not limited to the cost of maintaining
any successor mortgagor, and (vi) to the extent permissible under the Mortgage Loan documents and, if applicable, Companion Loan
documents, the Master Servicer shall obtain, at the expense of the related Mortgagor, Rating Agency Confirmation from each Rating
Agency and a confirmation of any applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any class of Serviced Companion Loan Securities (if any) (provided that such rating agency
confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with
respect to the Certificates pursuant to Section 3.25); provided, further, however, that no such confirmation
from any Rating Agency shall be required to the extent that the Master Servicer has delivered a defeasance certificate substantially
in the form of Exhibit U hereto for any Mortgage Loan that (together with any Mortgage Loans cross-collateralized with such
Mortgage Loans) is: (i) a Mortgage Loan with a Cut-off Date Balance less than $20,000,000, (ii) a Mortgage Loan that represents
less than 5% of the aggregate Cut-off Date Balance of all Mortgage Loans a, and (iii) a Mortgage Loan that is not one of the ten
largest Mortgage Loans by Stated Principal Balance. Notwithstanding the foregoing, in the event that requiring the Mortgagor to
pay for the items specified in clauses (ii), (iv) and (v) in the preceding sentence would be inconsistent
with the related Mortgage Loan documents, such reasonable costs shall be paid by the related Mortgage Loan Seller as and to the
extent set forth in the applicable Mortgage Loan Purchase Agreement.

 

(i)          Notwithstanding
anything herein or in the related Mortgage Loan documents and, if applicable, Companion Loan documents, to the contrary, the Master
Servicer may permit the substitution of “government securities,” within the meaning of Section 2(a)(16) of the Investment
Company Act of 1940, that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii) for any Mortgaged Property pursuant to the
defeasance provisions of any Mortgage Loan or a Serviced Whole Loan, as applicable (or any portion thereof), in lieu of the defeasance
collateral specified in the related Mortgage Loan documents or Serviced Whole Loan documents, as applicable; provided that
such substitution is consistent with the Servicing Standard and the Master Servicer reasonably determines that allowing their use
would not cause a default or event of default to become reasonably foreseeable and the Master Servicer receives an Opinion of Counsel
(at the expense of the Mortgagor to the extent permitted under the Mortgage Loan documents and, if applicable or Companion Loan
documents or otherwise as a Trust Fund expense) to the effect that such use would not be and would not constitute a

 

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“significant
modification” of such Mortgage Loan or Companion Loan pursuant to Treasury Regulations Section 1.860G-2(b) and would not
otherwise constitute an Adverse REMIC Event with respect to any Trust REMIC; and provided, further, that the requirements
set forth in Section 3.18(h) (including receipt of any Rating Agency Confirmation) are satisfied; and provided, further,
that such securities are backed by the full faith and credit of the United States government, or the Master Servicer shall obtain
Rating Agency Confirmation from each Rating Agency and a confirmation of any applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any class of Serviced Companion Loan Securities
(if any) (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25). Notwithstanding the
foregoing, with respect to all Mortgage Loans contributed by Macquarie US Trading, LLC d/b/a Principal Commercial Capital that
are subject to defeasance, the related Mortgage Loan Seller has transferred to a third party or has retained the right of the lender
under the Mortgage Loan documents to receive a percentage, of the economic benefit associated with the ownership of the successor
borrower 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 that provides for Retained Defeasance Rights and Obligations in the related Mortgage Loan
documents, the Master Servicer shall provide, within five (5) Business Days of receipt of such notice, written notice of such defeasance
request to the related Mortgage Loan Seller. In addition, to the extent the Master Servicer receives any amount in respect of Retained
Defeasance Rights and Obligations that is required to be remitted to the applicable Mortgage Loan Seller pursuant to the related
defeasance documents, the Master Servicer shall remit such amounts to such Mortgage Loan Seller pursuant to the terms of the defeasance
documents.

 

(j)          If
required under the related Mortgage Loan or Companion Loan documents or if otherwise consistent with the Servicing Standard, the
Master Servicer shall establish and maintain one or more accounts (the “Defeasance Accounts”), which shall be
Eligible Accounts, into which all payments received by the Master Servicer from any defeasance collateral substituted for any Mortgaged
Property shall be deposited and retained, and shall administer such Defeasance Accounts in accordance with the Mortgage Loan or
Companion Loan documents. Notwithstanding the foregoing, in no event shall the Master Servicer permit such amounts to be maintained
in the Defeasance Account for a period in excess of ninety (90) days, unless such amounts are reinvested by the Master Servicer
in “government securities,” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, that comply
with Treasury Regulations Section 1.860G-2(a)(8)(ii). To the extent not required or permitted to be placed in a separate account,
the Master Servicer shall deposit all payments received by it from defeasance collateral substituted for any Mortgaged Property
into the Collection Account and treat any such payments as payments made on the Mortgage Loan or Companion Loan in advance of its
Due Date in accordance with clause (a)(i) of the definition of “Available Funds” and not as a prepayment of
the related Mortgage Loan or Companion Loan. Notwithstanding anything herein to the contrary, in no event shall the Master Servicer
permit such amounts to be maintained in the Collection Account for a period in excess of 365 days (or 366 days in the case of a
leap year).

 

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(k)          Notwithstanding
anything to the contrary in this Agreement, neither the Master Servicer nor the Special Servicer, as applicable, shall, unless
it has received Rating Agency Confirmation from each Rating Agency and a confirmation of any applicable rating agencies that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any class of Serviced Companion
Loan Securities (if any) (provided that such rating agency confirmation may be considered satisfied in the same manner as
any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25) (the
cost of which shall be paid by the related Mortgagor, if so allowed by the terms of the related loan documents and otherwise paid
out of general collections) grant or accept any consent, approval or direction regarding the termination of the related property
manager or the designation of any replacement property manager, with respect to any Mortgaged Property that secures a Mortgage
Loan that (i) is one of the ten largest Mortgage Loans a by Stated Principal Balance or (ii) has an unpaid principal balance that
is at least equal to five percent (5%) of the then-aggregate principal balance of all Mortgage Loans or $35,000,000.

 

(l)           Notwithstanding
anything to the contrary in this Agreement, in connection with any modification, waiver, consent or amendment in connection with
any defeasance transaction contemplated in clause (i)(E) in the definition of “Major Decision”, the Special
Servicer shall not approve any such modification, waiver or amendment or consent thereto without first having received a copy of
an Opinion of Counsel addressed to the Special Servicer and the Master Servicer that such modification, waiver, consent or amendment
will not cause an Adverse REMIC Event.

 

Section 3.19     Transfer
of Servicing Between Master Servicer and Special Servicer; Recordkeeping; Asset Status Report. (a) Upon determining that a
Servicing Transfer Event has occurred with respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced
Companion Loan, the Master Servicer or the Special Servicer, as applicable, shall promptly give notice to the Master Servicer
or the Special Servicer, as applicable, the Operating Advisor and ((i) prior to the occurrence of a Consultation Termination Event
and (ii) other than with respect to any Excluded Loan) the Directing Certificateholder thereof, and the Master Servicer shall
deliver the related Mortgage File and Servicing File to the Special Servicer and concurrently provide a copy of such Servicing
File, exclusive of all Privileged Communications, to the Operating Advisor. The Master Servicer shall use its reasonable efforts
to provide the Special Servicer with all information, documents and records (including records stored electronically on computer
tapes, magnetic discs and the like) relating to such Mortgage Loan and, if applicable, the related Serviced Companion Loan, either
in the Master Servicer’s possession or otherwise available to the Master Servicer without undue burden or expense, and reasonably
requested by the Special Servicer to enable it to assume its functions hereunder with respect thereto. The Master Servicer shall
use its reasonable efforts to comply with the preceding sentence within five (5) Business Days of the occurrence of each related
Servicing Transfer Event (or, in the case of clauses (viii), (ix) or (x) of the definition of Servicing Transfer Event,
within five (5) Business Days of receiving notice from the Special Servicer of such Servicing Transfer Event when the Special
Servicer makes the determination) and in any event shall continue to act as Master Servicer and administrator of such Mortgage
Loan and, if applicable, the related Serviced Companion Loan until the Special Servicer has commenced the servicing of such Mortgage
Loan and, if applicable, the related Serviced Companion Loan. The Master Servicer shall deliver to the Trustee, the Certificate
Administrator, the Operating

 

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Advisor, and ((i) prior to the occurrence of a Consultation Termination Event or (ii) other than
with respect to any Excluded Loan) the Directing Certificateholder, a copy of the notice of such Servicing Transfer Event provided
by the Master Servicer to the Special Servicer, or by the Special Servicer to the Master Servicer, pursuant to this Section
3.19. Prior to the occurrence of a Consultation Termination Event, the Certificate Administrator shall deliver to each Controlling
Class Certificateholder a copy of the notice of such Servicing Transfer Event provided by the Master Servicer pursuant to this
Section 3.19.

 

Upon determining that
a Specially Serviced Loan (other than an REO Loan) has become current and has remained current for three consecutive Periodic Payments
(provided that (i) no additional Servicing Transfer Event is foreseeable in the reasonable judgment of the Special Servicer,
and (ii) for such purposes taking into account any modification or amendment of such Mortgage Loan and, if applicable, the related
Companion Loan), and that no other Servicing Transfer Event is continuing with respect thereto, the Special Servicer shall immediately
give notice thereof to the Master Servicer, the Operating Advisor, the related Serviced Companion Noteholder (unless with respect
to an AB Subordinate Companion Loan an AB Control Appraisal Period has occurred) and ((i) prior to the occurrence of a Consultation
Termination Event and (ii) other than with respect to any Excluded Loan) the Directing Certificateholder and shall return the related
Mortgage File and Servicing File to the Master Servicer (or copies thereof if copies only were delivered to the Special Servicer)
and upon giving such notice, and returning such Mortgage File and Servicing File to the Master Servicer, the Special Servicer’s
obligation to service such Corrected Loan shall terminate and the obligations of the Master Servicer to service and administer
such Mortgage Loan and, if applicable, the related Companion Loan shall recommence.

 

(b)          In
servicing any Specially Serviced Loans and Serviced Companion Loans, the Special Servicer will provide to the Custodian originals
of documents included within the definition of “Mortgage File” for inclusion in the related Mortgage File to the extent
within its possession (with a copy of each such original to the Master Servicer), and provide the Master Servicer with copies of
any additional related Mortgage Loan or Serviced Companion Loan information including correspondence with the related Mortgagor.

 

(c)          Notwithstanding
the provisions of Section 3.12(c), the Master Servicer shall maintain ongoing payment records with respect to each of the
Specially Serviced Loans, Serviced Companion Loans and REO Properties (other than with respect to a Non-Serviced Mortgage Loan)
and shall provide the Special Servicer with any information in its possession with respect to such records to enable the Special
Servicer to perform its duties under this Agreement; provided that this statement shall not be construed to require the
Master Servicer to produce any additional reports.

 

(d)          No
later than sixty (60) days after a Servicing Transfer Event for a Mortgage Loan (other than a Non-Serviced Mortgage Loan) and,
if applicable, the related Companion Loan, the Special Servicer shall deliver in electronic format a report (the “Asset
Status Report”) with respect to such Mortgage Loan and related Companion Loan, if applicable, and the related Mortgaged
Property to the Master Servicer, the Directing Certificateholder (but only in respect of any Mortgage Loan other than (A) any Excluded
Loan or (B) any AB Whole Loan prior to the occurrence of an AB Control Appraisal Period, and in any event prior to the

 

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occurrence
of a Consultation Termination Event), the Operating Advisor (but, other than with respect to an Excluded Loan, only after the occurrence
and during the continuance of a Control Termination Event) and the 17g-5 Information Provider (which shall promptly post such report
on the 17g-5 Information Provider’s Website in accordance with Section 3.13(c)) and, with respect to any related Serviced
Companion Loan, to the related Companion Holder or, to the extent the related Serviced Companion Loan has been included in an Other
Securitization, to the master servicer of such Other Securitization into which the related Serviced Companion Loan has been sold;
the Special Servicer shall also deliver a summary of each Final Asset Status Report to the Certificate Administrator and the Certificate
Administrator shall post the summary of the Final Asset Status Report to the Certificate Administrator’s Website. Such Asset
Status Report shall set forth the following information to the extent reasonably determinable based on the information that was
delivered to the Special Servicer in connection with the transfer of servicing pursuant to the Servicing Transfer Event:

 

(i)           a
summary of the status of such Specially Serviced Loan and any negotiations with the related Mortgagor;

 

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

 

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

 

(iv)         (A)
the Special Servicer’s recommendations on how such Specially Serviced Loan might be returned to performing status (including
the modification of a monetary term, and any workout, restructure or debt forgiveness) and returned to the Master Servicer for
regular servicing or otherwise realized upon (including any proposed sale of a Defaulted Loan or REO Property), (B) a description
of any such proposed or taken actions, and (C) the alternative courses of action that were or are being considered by the special
servicer in connection with the proposed or taken actions;

 

(v)          the
status of any foreclosure actions or other proceedings undertaken with respect to the Specially Serviced Loan, any proposed workouts
and the status of any negotiations with respect to such workouts, and an assessment of the likelihood of additional defaults under
the related Mortgage Loan or Serviced Whole Loan;

 

(vi)         a
description of any amendment, modification or waiver of a material term of any ground lease (or any space lease or air rights lease,
if applicable) or franchise agreement;

 

(vii)        the
decision that the Special Servicer made, or intends or proposes to make, including a narrative analysis setting forth the Special
Servicer’s rationale for its proposed decision, including its rejection of the alternatives;

 

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(viii)      an
analysis of whether or not taking such proposed action is reasonably likely to produce a greater recovery on a present value basis
than not taking such action, setting forth (x) the basis on which the special servicer made such determination and (y) the net
present value calculation and all related assumptions;

 

(ix)         the
appraised value of the related Mortgaged Property (and a copy of the last obtained Appraisal of such Mortgaged Property) together
with a description of any adjustments to the valuation of such Mortgaged Property made by the Special Servicer together with an
explanation of those adjustments; and

 

(x)          such
other information as the Special Servicer deems relevant in light of the Servicing Standard.

 

If within ten (10) Business
Days of receiving an Asset Status Report, the Directing Certificateholder does not disapprove such Asset Status Report in writing
or if the Special Servicer makes a determination, in accordance with the Servicing Standard that the disapproval by the Directing
Certificateholder (communicated to the Special Servicer within ten (10) Business Days) is not in the best interest of all the Certificateholders),
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 Mortgage Loan documents. If, with respect to any Mortgage Loan other than an Excluded Loan, prior to the occurrence
and continuance of any Control Termination Event, the Directing Certificateholder disapproves such Asset Status Report within ten
(10) Business Days of receipt and the Special Servicer has not made the affirmative determination described above, the Special
Servicer shall revise such Asset Status Report and deliver a new Asset Status Report as soon as practicable, but in no event later
than thirty (30) days after such disapproval, to the Master Servicer, the Trustee, the Certificate Administrator, the Directing
Certificateholder (prior to the occurrence of a Consultation Termination Event and, in the case of an AB Whole Loan, only prior
to the occurrence of a Consultation Termination Event and during an AB Control Appraisal Period with respect to the related AB
Subordinate Companion Loan), the Operating Advisor (but only after the occurrence and during the continuance of a Control Termination
Event) and the 17g-5 Information Provider (which shall promptly post such report on the 17g-5 Information Provider’s Website
in accordance with Section 3.13(c)). With respect to any Mortgage Loan other than an Excluded Loan, prior to the occurrence
and continuance of any Control Termination Event, the Special Servicer shall revise such Asset Status Report as described above
in this Section 3.19(d) until the Directing Certificateholder shall fail to disapprove such revised Asset Status Report
in writing within ten (10) Business Days of receiving such revised Asset Status Report or until the Special Servicer makes a determination,
in accordance with the Servicing Standard, that the disapproval is not in the best interests of the Certificateholders; provided
that, if the Directing Certificateholder has not approved the Asset Status Report for a period of sixty (60) Business Days following
the first submission of an Asset Status Report, the Special Servicer may act upon the most recently submitted form of Asset Status
Report, if consistent with the Servicing Standard; provided, however, that such Asset Status Report does not, and
is not intended to be, a substitute for the approvals that are specifically required pursuant to Section 6.08. The Special
Servicer may, from time to time, modify any Asset Status Report it has previously delivered and implement such report; provided
that such report shall have been prepared, reviewed and not rejected

 

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pursuant to the terms of this Section 3.19(d). Notwithstanding
anything herein to the contrary, with respect to any Excluded Loan (regardless of whether a Control Termination Event has occurred
and is continuing), the Special Servicer shall consult with the Operating Advisor, on a non-binding basis, in connection with an
Asset Status Report for an Excluded Loan which includes a Major Decision and consider alternative actions recommended by the Operating
Advisor, in respect thereof, in accordance with the procedures set forth in Section 6.08 for consulting with the Operating
Advisor.

 

No direction or disapproval
of the Directing Certificateholder hereunder or under a related Intercreditor Agreement or failure of the Directing Certificateholder
to consent to or approve (including any deemed consents or approvals) any request of the Special Servicer, shall (a) require or
cause the Special Servicer to violate the terms of a Specially Serviced Loan, applicable law or any provision of this Agreement,
including the Special Servicer’s obligation to act in accordance with the Servicing Standard and to maintain the REMIC status
of each Trust REMIC and the grantor trust status of the Grantor Trust, or (b) result in the imposition of a “prohibited transaction”
or “prohibited contribution” tax under the REMIC Provisions, or (c) expose the Master Servicer, the Special Servicer,
the Depositor, the Operating Advisor, the Mortgage Loan Sellers, the Trust, the Trustee, the Certificate Administrator or their
respective officers, directors, members, employees or agents to any claim, suit or liability or (d) materially expand the scope
of the Special Servicer’s, Trustee’s or the Master Servicer’s responsibilities under this Agreement.

 

If a Control Termination
Event has occurred and is continuing (or, with respect to the AB Whole Loan, if both a Control Termination Event has occurred and
is continuing and an AB Control Appraisal Period is in effect), the Special Servicer shall promptly deliver each Asset Status Report
prepared in connection with a Specially Serviced Loan to the Operating Advisor (and if no Consultation Termination Event has occurred
and such Specially Serviced Loan is not an Excluded Loan, the Directing Certificateholder). The Operating Advisor shall provide
comments to the Special Servicer in respect of the Asset Status Report, if any, within ten (10) Business Days following the later
of (i) receipt of such Asset Status Report or (ii) receipt of such additional information reasonably requested by the Operating
Advisor related thereto, and propose possible alternative courses of action to the extent it determines such alternatives to be
in the best interest of the Certificateholders (including any Certificateholders that are holders of the Control Eligible Certificates),
as a collective whole. The Special Servicer shall consider such alternative courses of action and any other feedback provided by
the Operating Advisor (and if no Consultation Termination Event has occurred and such Specially Serviced Loan is not an Excluded
Loan, the Directing Certificateholder) in connection with the Special Servicer’s preparation of any Asset Status Report.
The Special Servicer shall revise the Asset Status Report as it deems necessary to take into account any input and/or comments
from the Operating Advisor (and if no Consultation Termination Event has occurred and such Specially Serviced Loan is not an Excluded
Loan, the Directing Certificateholder), to the extent the Special Servicer determines that the Operating Advisor’s and/or
Directing Certificateholder’s input and/or recommendations are consistent with the Servicing Standard and in the best interest
of the Certificateholders as a collective whole (or, with respect to a Serviced Whole Loan, the best interest of the Certificateholders
and the holders of the related Companion Loan, as a collective whole (taking into account the pari passu or subordinate nature
of such Companion Loan)).

 

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After the occurrence
and during the continuance of a Control Termination Event (and at any time with respect to any Excluded Loan), the Directing Certificateholder
shall have no right to consent to any Asset Status Report under this Section 3.19. After the occurrence and during the continuance
of a Control Termination Event but prior to the occurrence of a Consultation Termination Event, each of the Directing Certificateholder
(except with respect to any Excluded Loan) and the Operating Advisor shall consult with the Special Servicer and propose alternative
courses of action and provide other feedback in respect of any Asset Status Report. After the occurrence of a Consultation Termination
Event (and at any time with respect to any Excluded Loan), the Directing Certificateholder (other than in its capacity as a Certificateholder)
shall have no right to receive any Asset Status Report or otherwise consult with the Special Servicer with respect to Asset Status
Reports and the Special Servicer shall only be obligated to consult with the Operating Advisor with respect to any Asset Status
Report as described above. The Special Servicer may choose to revise the Asset Status Report as it deems reasonably necessary in
accordance with the Servicing Standard to take into account any input and/or recommendations of the Operating Advisor or the Directing
Certificateholder during the applicable periods described above, but is under no obligation to follow any particular recommendation
of the Operating Advisor or the Directing Certificateholder.

 

Notwithstanding the foregoing,
prior to the occurrence and continuance of an AB Control Appraisal Period with respect to an AB Subordinate Companion Loan, the
Special Servicer shall prepare an Asset Status Report for any Serviced AB Whole Loan, upon it becoming a Specially Serviced Loan
pursuant to this Agreement and the related Intercreditor Agreement, but the Directing Certificateholder will have no approval rights
over any such Asset Status Report, and the consent or approval rights with respect to such Asset Status Report shall be as set
forth in the related Intercreditor Agreement.

 

(e)          (i) Upon receiving
notice of the occurrence of the events described in clause (iv) or (x) of the definition of Servicing Transfer Event
(without regard to the 60-day or 30-day period, respectively, set forth therein), the Master Servicer shall with reasonable promptness
give notice thereof, and shall use its reasonable efforts to provide the Special Servicer with all information relating to the
Mortgage Loan or Serviced Companion Loan and reasonably requested by the Special Servicer to enable it to negotiate with the related
Mortgagor. The Master Servicer shall use its reasonable efforts to comply with the preceding sentence within five (5) Business
Days of the occurrence of each such event.

 

(ii)          After
the occurrence and during the continuance of a Control Termination Event, upon receiving notice of the occurrence of an event
described in clause (iv) or (x) of the definition of Servicing Transfer Event (without regard to the 60-day or 30-day
period, respectively, set forth therein), the Master Servicer shall deliver notice thereof to the Operating Advisor at the same
time such notice is provided to the Special Servicer pursuant to clause (i) above.

 

(f)           Prior to the occurrence
and continuance of a Control Termination Event, no later than two (2) Business Days following the establishment of a Final Asset
Status Report with respect to any Specially Serviced Loan (other than any Excluded Loan), the Special Servicer shall deliver in
electronic format to the Directing Certificateholder a draft notice that will include a draft summary of the Final Asset Status
Report (which briefly summarizes such

 

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Final Asset Status Report, but shall not include any Privileged Information) (and shall deliver
each Asset Status Report with respect to an AB Mortgage Loan prior to the occurrence and continuance of an AB Control Appraisal
Period (to the extent approved by the related AB Whole Loan Controlling Holder), to the Directing Certificateholder). With respect
to any Mortgage Loan other than an Excluded Loan, if, prior to the occurrence and continuance of a Control Termination Event, within
five (5) Business Days of receipt of such draft summary, the Directing Certificateholder approves of, or does not disapprove of
such draft summary, then the Special Servicer shall deliver in electronic format such notice and summary of the Final Asset Status
Report to the Certificate Administrator for posting on the Certificate Administrator’s Website pursuant to Section 3.13(b).
If the Directing Certificateholder affirmatively disapproves of such summary in writing, then within two (2) Business Days of receipt
of such disapproval, the Special Servicer shall revise the summary and deliver such new summary to the Directing Certificateholder
until the Directing Certificateholder approves such draft summary; provided, however, that if the Directing Certificateholder
has not approved of the draft summary of the Final Asset Status Report within twenty (20) Business Days of receipt of the initial
draft summary of the Final Asset Status Report, then the most recent draft summary of the Final Asset Status Report delivered by
the Special Servicer prior to such 20th Business Day shall be deemed to be the final summary of the Final Asset Status Report;
provided, further, however, that if at any time the Special Servicer determines that any affirmative disapproval
of such draft summary by the Directing Certificateholder is not in the best interest of all the Certificateholders pursuant to
the Servicing Standard, the Special Servicer shall deliver in electronic format such notice and summary of the Final Asset Status
Report to the Certificate Administrator for posting on the Certificate Administrator’s Website pursuant to Section 3.13(b)
notwithstanding such disapproval. The Special Servicer shall promptly deliver (but in any event no later than two (2) Business
Days following its completion) a copy of each Final Asset Status Report to the Operating Advisor. The Special Servicer shall prepare
a summary of any Final Asset Status Report related to any Serviced AB Whole Loan for which the related holder of an AB Subordinate
Companion Loan is not subject to an AB Control Appraisal Period, which Final Asset Status Report has been approved or deemed approved
by the holder of the related AB Subordinate Companion Loan in accordance with the related Intercreditor Agreement (to the extent
such Intercreditor Agreement requires such approval or deemed approval), and deliver in electronic format notice of such Final
Asset Status Report and the summary of such Final Asset Status Report to the Certificate Administrator for posting on the Certificate
Administrator’s Website pursuant to Section 3.13(b).

 

(g)          No provision of
this Section 3.19 shall require the Special Servicer to take or to refrain from taking any action because of any proposal,
objection or comment by the Operating Advisor or a recommendation of the Operating Advisor.

 

Section
3.20     Sub-Servicing Agreements. (a) The Master Servicer and Special Servicer may enter
into Sub-Servicing Agreements to provide for the performance by third parties of any or all of its respective obligations
hereunder; provided that the Sub-Servicing Agreement as amended or modified: (i) is consistent with this Agreement in
all material respects and requires the Sub-Servicer to comply with all of the applicable conditions of this Agreement; (ii)
provides that if the Master Servicer or Special Servicer, as applicable, shall for any reason no longer act in such capacity
hereunder (including, without limitation, by reason of a Servicer Termination Event), the Trustee or its designee shall
thereupon assume all of the rights and,

 

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except to the extent they arose prior to the date of assumption, obligations of such
party under such agreement, or, alternatively, may act in accordance with Section 7.02 hereof under the circumstances
described therein (subject to Section 3.20(g) hereof); (iii) provides that the Trustee (for the benefit of the
Certificateholders and the related Companion Holder (if applicable) and the Trustee (as holder of the Lower-Tier Regular
Interests) shall be a third party beneficiary under such Sub-Servicing Agreement, but that (except to the extent the
Trustee or its designee assumes the obligations of such party thereunder as contemplated by the immediately preceding clause
(ii)) none of the Trust, the Trustee, the Operating Advisor, the Certificate Administrator, the Master Servicer or
Special Servicer, as applicable, any successor master servicer or special servicer or any Certificateholder (or the related
Companion Holder, if applicable) shall have any duties under such Sub-Servicing Agreement or any liabilities arising
therefrom; (iv) permits any purchaser of a Mortgage Loan pursuant to this Agreement to terminate such Sub-Servicing Agreement
with respect to such purchased Mortgage Loan at its option and without penalty; provided, however, that the
Initial Sub-Servicing Agreements may only be terminated by the Trustee or its designees as contemplated by Section
3.20(g) hereof and in such additional manner and by such other Persons as is provided in such Sub-Servicing Agreement;
(v) does not permit the Sub-Servicer any direct rights of indemnification that may be satisfied out of assets of the Trust
except through the Master Servicer or Special Servicer, as the case may be, if and only to the extent provided pursuant to Section
6.04; (vi) does not permit the Sub-Servicer to modify any Mortgage Loan unless and to the extent the Master Servicer or
Special Servicer, as applicable, is permitted hereunder to modify such Mortgage Loan; (vii) with respect to any Sub-Servicing
Agreement entered into after the Closing Date, if such Sub-Servicer is a Servicing Function Participant or an Additional
Servicer, such Sub-Servicer, at the time the related Sub-Servicing Agreement is entered into, is not a Prohibited Party and
(viii) provides that the Sub-Servicer shall be in default under the related Sub-Servicing Agreement and such Sub-Servicing
Agreement shall be terminated (following the expiration of any applicable Grace Period) if the Sub-Servicer fails (A) to
deliver by the due date any Exchange Act reporting items required to be delivered to the Master Servicer, the Certificate
Administrator or the Depositor under Article XI or under the Sub-Servicing Agreement or to the master servicer under
any other pooling and servicing agreement that the Depositor is a party to, or (B) to perform in any material respect any of
its covenants or obligations contained in the Sub-Servicing Agreement regarding creating, obtaining or delivering any
Exchange Act reporting items required for any party to this Agreement to perform its obligations under Article XI or
under the Exchange Act reporting items required under any other pooling and servicing agreement that the Depositor is a party
to. Any successor master servicer or special servicer, as applicable, hereunder shall, upon becoming successor master
servicer or special servicer, as applicable, be assigned and may assume any Sub-Servicing Agreements from the predecessor
Master Servicer or Special Servicer, as applicable (subject to Section 3.20(g) hereof). In addition, each
Sub-Servicing Agreement entered into by the Master Servicer may but need not provide that the obligations of the Sub-Servicer
thereunder may terminate with respect to any Mortgage Loan serviced thereunder at the time such Mortgage Loan becomes a
Specially Serviced Loan; provided, however, that the Sub-Servicing Agreement may provide (if the Sub-Servicing
Agreement provides for Advances by the Sub-Servicer, although it need not so provide) that the Sub-Servicer will continue to
make all Advances and calculations and prepare all reports required under the Sub-Servicing Agreement with respect to
Specially Serviced Loans and continue to collect its Primary Servicing Fees as if no Servicing Transfer Event had occurred
and with respect to REO Properties (and the related REO Loans) as

 

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if no REO Acquisition had occurred and to render such
incidental services with respect to such Specially Serviced Loans and REO Properties as are specifically provided for in such
Sub-Servicing Agreement. The Master Servicer or Special Servicer, as applicable, shall deliver to the Trustee copies of all
Sub-Servicing Agreements, and any amendments thereto and modifications thereof, entered into by it, in each case promptly
upon its execution and delivery of such documents. References in this Agreement to actions taken or to be taken by the Master
Servicer include actions taken or to be taken by a Sub-Servicer on behalf of the Master Servicer; and, in connection
therewith, all amounts advanced by any Sub-Servicer (if the Sub-Servicing Agreement provides for Advances by the
Sub-Servicer, although it need not so provide) to satisfy the obligations of the Master Servicer hereunder to make Advances
shall be deemed to have been advanced by the Master Servicer out of its own funds and, accordingly, in such event, such
Advances shall be recoverable by such Sub-Servicer in the same manner and out of the same funds as if such Sub-Servicer were
the Master Servicer, and, for so long as they are outstanding, such Advances shall accrue interest in accordance with Section
3.03(d), such interest to be allocable between the Master Servicer and such Sub-Servicer as may be provided (if at all)
pursuant to the terms of the Sub-Servicing Agreement. For purposes of this Agreement, the Master Servicer shall be deemed to
have received any payment when a Sub-Servicer retained by it receives such payment. The Master Servicer or Special Servicer,
as applicable, shall notify the Master Servicer or the Special Servicer, as applicable, the Trustee and the Depositor (and
the Special Servicer shall notify the Operating Advisor) in writing promptly of the appointment by it of any Sub-Servicer,
except that the Master Servicer need not provide such notice as to the Initial Sub-Servicing Agreements.

 

(b)          Each Sub-Servicer
shall be authorized to transact business in the state or states in which the related Mortgaged Properties it is to service are
situated, if and to the extent required by applicable law to the extent necessary to ensure the enforceability of the related Mortgage
Loans or the compliance with its obligations under the Sub-Servicing Agreement and the Master Servicer’s obligations under
this Agreement.

 

(c)           As part of its
servicing activities hereunder, the Master Servicer and the Special Servicer for the benefit of the Trustee and the Certificateholders,
shall (at no expense to the Trustee, the Certificateholders or the Trust) monitor the performance and enforce the obligations of
each of its Sub-Servicers under the related Sub-Servicing Agreement, except that the Master Servicer shall be required only to
use reasonable efforts to cause any Initial Sub-Servicer to comply with the requirements of Article XI hereof. Such enforcement,
including, without limitation, the legal prosecution of claims, termination of Sub-Servicing Agreements in accordance with their
respective terms and the pursuit of other appropriate remedies, shall be in such form and carried out to such an extent and at
such time as is in accordance with the Servicing Standard. The Master Servicer shall have the right to remove a Sub-Servicer retained
by it at any time it considers removal to be in the best interests of the Certificateholders (and, solely with respect to Mortgage
Loans contributed by Macquarie US Trading, LLC d/b/a/ Principal Commercial Capital, in accordance with the Servicing Standard and
the terms of the related Sub-Servicing Agreement, which limitations, for the avoidance of doubt, shall not limit the Master Servicer’s
obligations and liabilities provided in Section 3.20(e) below).

 

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(d)          In the event the
Trustee or its designee becomes successor master servicer and assumes the rights and obligations of the Master Servicer under any
Sub-Servicing Agreement, the Master Servicer, at its expense, shall deliver to the assuming party all documents and records relating
to such Sub-Servicing Agreement and the Mortgage Loans and, if applicable, the Companion Loans then being serviced thereunder and
an accounting of amounts collected and held on behalf of it thereunder, and otherwise use reasonable efforts to effect the orderly
and efficient transfer of the Sub-Servicing Agreement to the assuming party.

 

(e)          Notwithstanding
the provisions of any Sub-Servicing Agreement and this Section 3.20, except to the extent provided in Article XI
with respect to the obligations of any Sub-Servicer that is an Initial Sub-Servicer, the Master Servicer shall remain obligated
and responsible to the Trustee, the Special Servicer, holders of the Companion Loans serviced hereunder and the Certificateholders
for the performance of its obligations and duties under this Agreement in accordance with the provisions hereof to the same extent
and under the same terms and conditions as if it alone were servicing and administering the Mortgage Loans for which it is responsible,
and the Master Servicer shall pay the fees of any Sub-Servicer thereunder as and when due from its own funds. In no event shall
the Trust bear any termination fee required to be paid to any Sub-Servicer as a result of such Sub-Servicer’s termination
under any Sub-Servicing Agreement.

 

(f)           The Trustee, upon
the request of the Master Servicer, shall furnish to any Sub-Servicer any documents necessary or appropriate to enable such Sub-Servicer
to carry out its servicing and administrative duties under any Sub-Servicing Agreement.

 

(g)          Each Sub-Servicing
Agreement shall provide that, in the event the Trustee or any other Person becomes successor master servicer, the Trustee or such
successor master servicer shall have the right to terminate such Sub-Servicing Agreement with or without cause and without a fee.
Notwithstanding the foregoing or any other contrary provision in this Agreement, the Trustee and any successor master servicer
shall assume each Initial Sub-Servicing Agreement and (i) the Initial Sub-Servicer’s rights and obligations under the Initial
Sub-Servicing Agreement shall expressly survive a termination of the Master Servicer’s servicing rights under this Agreement;
provided that the Initial Sub-Servicing Agreement has not been terminated in accordance with its provisions; (ii) any successor
master servicer, including, without limitation, the Trustee (if it assumes the servicing obligations of the Master Servicer) shall
be deemed to automatically assume and agree to the then-current Initial Sub-Servicing Agreement without further action upon becoming
the successor master servicer and (iii) this Agreement may not be modified in any manner which would increase the obligations or
limit the rights of the Initial Sub-Servicer hereunder and/or under the Initial Sub-Servicing Agreement, without the prior written
consent of the Initial Sub-Servicer (which consent shall not be unreasonably withheld).

 

(h)          With respect to
Mortgage Loans subject to a Sub-Servicing Agreement with the Master Servicer, the Special Servicer shall, upon request (such request
to be made reasonably in advance as appropriate to the circumstances surrounding such request) of the related Sub-Servicer, reasonably
cooperate in delivering reports and information, including remittance information, and affording access to information to the related
Sub-Servicer that

 

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would be required to be delivered or afforded, as the case may be, to the Master Servicer pursuant to the terms
hereof.

 

(i)           Notwithstanding
any other provision of this Agreement, the Special Servicer shall not enter into any Sub-Servicing Agreement which provides for
the performance by third parties of any or all of its obligations herein, without, with respect to any Mortgage Loan other than
an Excluded Loan, prior to the occurrence and continuance of any Control Termination Event, the consent of the Directing Certificateholder,
except to the extent necessary for the Special Servicer to comply with applicable regulatory requirements.

 

Section 3.21     Interest
Reserve Account.

 

(a)          On the P&I
Advance Date occurring in each February and in any January that occurs in a year that is not a leap year (in each case, unless
the related Distribution Date is the final Distribution Date), the Certificate Administrator, in respect of the Actual/360 Mortgage
Loans, shall deposit into the Interest Reserve Account, an amount equal to one (1) day’s interest on the Stated Principal
Balance of the Actual/360 Mortgage Loans as of the Due Date occurring in the month preceding the month in which P&I Advance
Date occurs at the related Net Mortgage Rate, to the extent a full Periodic Payment or P&I Advance is made in respect thereof
(all amounts so deposited in any consecutive February and January, “Withheld Amounts”).

 

(b)          On each P&I
Advance Date occurring in March (or February, if the related Distribution Date is the final Distribution Date), the Certificate
Administrator shall withdraw, from the Interest Reserve Account an amount equal to the Withheld Amounts from the preceding January
(if applicable) and February, if any, and deposit such amount into the Lower-Tier REMIC Distribution Account.

 

Section
3.22     Directing Certificateholder and Operating Advisor Contact with Master Servicer and
Special Servicer. Within a reasonable time upon request from the Directing Certificateholder or the Operating Advisor, as
applicable, and no more often than on a monthly basis, each of the Master Servicer and the Special Servicer shall, without
charge, make a knowledgeable Servicing Officer via telephone available to verbally answer questions from (a) ((i) prior to
the occurrence of a Consultation Termination Event and (ii) other than with respect to any Excluded Loan) the Directing
Certificateholder and (b) upon the occurrence and during the continuance of any Control Termination Event, the Operating
Advisor (with respect to the Special Servicer only), regarding the performance and servicing of the Mortgage Loans and/or REO
Properties for which the Master Servicer or the Special Servicer, as the case may be, is responsible.

 

Section
3.23     Controlling Class Certificateholders and Directing
Certificateholder; Certain Rights and Powers of Directing Certificateholder. (a) Each Controlling Class Certificateholder
is hereby deemed to have agreed by virtue of its purchase of a Certificate to provide its name and address to the Certificate
Administrator and to notify the Master Servicer, the Certificate Administrator, the Special Servicer and the Operating
Advisor of the transfer of any Certificate of a Controlling Class by delivering a notice to each such Person substantially in
the form of Exhibit NN attached hereto, the selection of a Directing Certificateholder or the resignation or removal
thereof. The Directing Certificateholder is hereby

 

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deemed to have agreed by virtue of its purchase of a Certificate to notify
the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Operating Advisor when such
Certificateholder is appointed Directing Certificateholder and when it is removed or resigns. To the extent there is only one
Controlling Class Certificateholder and it is also the Special Servicer, it shall be the Directing Certificateholder.

 

On the Closing Date,
the initial Directing Certificateholder shall deliver to the parties to this Agreement a certification substantially in the form
of Exhibit P-1G to this Agreement. Upon the resignation or removal of the existing Directing Certificateholder, any successor
directing certificateholder shall also deliver a certification substantially in the form of Exhibit P-1G to this Agreement
prior to being recognized as the new Directing Certificateholder.

 

(b)          Once a Directing
Certificateholder has been selected, each of the Master Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate
Administrator, the Operating Advisor and each other Certificateholder (or Certificate Owner, if applicable) shall be entitled to
rely on such selection unless the Controlling Class Certificateholders entitled to appoint the Directing Certificateholder, by
Certificate Balance, or such Directing Certificateholder shall have notified the Master Servicer, Special Servicer, the Trustee,
the Certificate Administrator, the Operating Advisor and each other Controlling Class Certificateholder, in writing, of the resignation
of such Directing Certificateholder or the selection of a new Directing Certificateholder. In the event that (i) the Master Servicer,
the Certificate Administrator, the Special Servicer, the Trustee or the Operating Advisor receives written notice from a majority
of the Controlling Class Certificateholders that a Directing Certificateholder is no longer designated and (ii) the Controlling
Class Certificateholder that owns the largest aggregate Certificate Balance of the Controlling Class (or a representative thereof)
becomes the Directing Certificateholder pursuant to the proviso of the definition of “Directing Certificateholder”,
then the Controlling Class Certificateholder that owns the largest aggregate Certificate Balance of the Controlling Class (or its
representative) shall provide its name and address to the Certificate Administrator and notify the Master Servicer, the Certificate
Administrator, the Special Servicer, the Trustee and the Operating Advisor that it is the new Directing Certificateholder; provided
that the Master Servicer, the Certificate Administrator, the Special Servicer, the Trustee and the Operating Advisor shall be entitled
to rely on the written notification provided by the purported Controlling Class Certificateholder that owns the largest aggregate
Certificate Balance of the Controlling Class without independently verifying that such Controlling Class Certificateholder actually
owns the largest aggregate Certificate Balance of the Controlling Class.

 

(c)          Until it receives
notice to the contrary, each of the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor
and the Trustee shall be entitled to rely on the most recent notification with respect to the identity of the Controlling Class
Certificateholder and the Directing Certificateholder.

 

(d)          In the event that
no Directing Certificateholder has been appointed or identified to the Master Servicer or the Special Servicer, as applicable,
and the Master Servicer or Special Servicer, as applicable, has attempted to obtain such information from the Certificate Administrator
and no such entity has been identified to the Master Servicer or the Special Servicer, as applicable, then until such time as the
new Directing Certificateholder is identified to

 

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the Master Servicer or the Special Servicer, as applicable, the Master Servicer
or the Special Servicer, as applicable, shall have no duty to consult with, provide notice to, or seek the approval or consent
of any such Directing Certificateholder as the case may be.

 

(e)          Upon request,
the Certificate Administrator shall deliver to the Depositor, Trustee, the Special Servicer, the Operating Advisor, the Master
Servicer and, prior to the occurrence of a Consultation Termination Event, the Directing Certificateholder, a list of each Controlling
Class Certificateholder as reflected in the Certificate Registrar, including names and addresses. In addition to the foregoing,
within five (5) Business Days of receiving notice of the selection of a new Directing Certificateholder or the existence of a new
Controlling Class Certificateholder, the Certificate Administrator shall notify the Trustee, the Operating Advisor, the Master
Servicer and the Special Servicer. Notwithstanding the foregoing, Raith Capital Partners, LLC shall be the initial Directing Certificateholder
and shall remain so until a successor is appointed pursuant to the terms of this Agreement or until a Consultation Termination
Event occurs.

 

Until it receives notice
to the contrary, each of the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the
Trustee shall be entitled to rely on the preceding sentence with respect to the identity of the Directing Certificateholder.

 

(f)           If to the extent
the Certificate Administrator determines that a Class of Book-Entry Certificates is the Controlling Class, the Certificate Administrator
shall notify the related Certificateholders of such Class (through the Depository) of the Class becoming the Controlling Class.

 

(g)          Each Certificateholder
acknowledges and agrees, by its acceptance of its Certificates, that: (i) the Directing Certificateholder may have special relationships
and interests that conflict with those of Holders of one or more Classes of Certificates; (ii) the Directing Certificateholder
may act solely in the interests of the Holders of the Controlling Class; (iii) the Directing Certificateholder does not have any
liability or duties to the Holders of any Class of Certificates other than the Controlling Class; (iv) the Directing Certificateholder
may take actions that favor interests of the Holders of one or more Classes including the Controlling Class over the interests
of the Holders of one or more other Classes of Certificates; and (v) the Directing Certificateholder shall have no liability whatsoever
(other than to a Controlling Class Certificateholder) for having so acted as set forth in clauses (i) through (iv) above, and no
Certificateholder may take any action whatsoever against the Directing Certificateholder or any director, officer, employee, agent
or principal of the Directing Certificateholder for having so acted.

 

(h)          (i) All requirements
of the Master Servicer and the Special Servicer to provide notices, reports, statements or other information (including the access
to information on a website) to the Directing Certificateholder contained in this Agreement shall also apply to each Companion
Holder with respect to information relating to the related Serviced AB Mortgage Loan or a Serviced Whole Loan, as applicable; provided,
however, that nothing in this subsection (h) shall in any way eliminate the obligation to deliver any information
required to be delivered under the related Intercreditor Agreement.

 

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(i)           Until it receives
notice to the contrary, each of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Operating
Advisor shall be entitled to rely on the most recent notification with respect to the identity and contact information of the Controlling
Class Certificateholder, the Directing Certificateholder, and any AB Whole Loan Controlling Holder.

 

(j)           With respect to
a Serviced Whole Loan and any approval and consent rights in this Agreement with respect to such Serviced Whole Loan, the related
Serviced Whole Loan Controlling Holder shall exercise such rights in accordance with the related Intercreditor Agreement.

 

(k)          The Certificate
Registrar shall determine which Class of Certificates is the then-current Controlling Class within two (2) Business Days of a request
from the Master Servicer, Special Servicer, Certificate Administrator, Trustee, or any Certificateholder and provide such information
to the requesting party.

 

(l)           At any time that
the Controlling Class Certificateholder is the holder of a majority of the Class E Certificates and the Class E Certificates are
the Controlling Class, it may waive its right (a) to appoint the Directing Certificateholder and (b) to exercise any of the Directing
Certificateholder’s rights under this Agreement by irrevocable written notice delivered to the Depositor, the Certificate
Administrator (which shall be via email to trustadministrationgroup@wellsfargo.com), the Master Servicer, the Special Servicer
and the Operating Advisor. Notwithstanding anything to the contrary contained herein, during such time as a Control Termination
Event or Consultation Termination Event is in existence solely as a result of the operation of clause (ii) of the definition
of Control Termination Event and clause (ii) of the definition of Consultation Termination Event, such Control Termination
Event or Consultation Termination Event shall be deemed to no longer be in existence and have not occurred with respect to any
unaffiliated third party to whom the Controlling Class Certificateholder that irrevocably waived its right to exercise any of the
rights of the Controlling Class Certificateholder has sold or transferred all or a portion of its interest in the Class E Certificates
if such unaffiliated third party holds the majority of the Controlling Class after giving effect to such transfer (the “Non-Waiving
Successor”). Following any such sale or transfer, the Non-Waiving Successor shall again have the rights of the Controlling
Class Certificateholder as set forth herein (including the rights to appoint a Directing Certificateholder or cause the exercise
of the rights of the Directing Certificateholder) without regard to any prior waiver by the predecessor Controlling Class Certificateholder.
The Non-Waiving Successor shall also have the right to irrevocably waive its right to appoint the Directing Certificateholder and
to exercise any of the rights of the Controlling Class Certificateholder. The Non-Waiving Successor shall also have the right to
exercise any of the rights of the Controlling Class Certificateholder. No Non-Waiving Successor described above shall have any
consent rights with respect to any Mortgage Loan that became a Specially Serviced Loan prior to the sale or transfer of the Class
E Certificates to the Non-Waiving Successor and had not also become a Corrected Loan prior to such sale or transfer until such
time as such Mortgage Loan becomes a Corrected Loan.

 

(m)         Promptly upon
its determination of a change in the Controlling Class, the Certificate Administrator shall (i) include on its statement made available
pursuant to

 

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Section 4.02(a) of this Agreement the identity of the new Controlling Class and (ii) provide to the Master Servicer,
the Special Servicer and the Operating Advisor notice of such event and the identity and contact information of the new Controlling
Class Certificateholder (the cost of obtaining such information from DTC being an expense of the Trust). The Certificate Administrator
shall notify the Operating Advisor, the Master Servicer and the Special Servicer within ten (10) Business Days of the existence
or cessation of (i) any Control Termination Event or (ii) any Consultation Termination Event. Upon the Certificate Administrator’s
determination that a Control Termination Event or a Consultation Termination Event has occurred or is terminated, the Certificate
Administrator shall, within ten (10) Business Days, post a “special notice” on the Certificate Administrator’s
Website pursuant to this provision.

 

In the event that a Control
Termination Event has occurred due to a reduction of the Certificate Balance of the Class E Certificates (taking into account the
application of any Appraisal Reduction Amounts to notionally reduce the Certificate Balance of such Class in accordance with Section
4.05(a) hereof) to less than 25% of the Original Certificate Balance thereof, such special notice shall state “A Control
Termination Event has occurred due to the reduction of the Certificate Balance of the Class E Certificates to less than 25% of
the Original Certificate Balance thereof.”

 

In the event that a Control
Termination Event or Consultation Termination Event has occurred due to the irrevocable waiver by a Class E Certificateholder,
who has become the Controlling Class Certificateholder, of its right to appoint a Directing Certificateholder or to exercise any
of the rights of the Controlling Class Certificateholder, such special notice shall state “A Control Termination Event and
a Consultation Termination Event has occurred due to the irrevocable waiver by the Controlling Class Certificateholder of its rights
as Controlling Class Certificateholder.”

 

In the event that a Consultation
Termination Event has occurred due to the reduction of each Class of Control Eligible Certificates below 25% of its Original Certificate
Balance, in each case without regard to the application of any Appraisal Reduction Amounts, such special notice shall state: “A
Consultation Termination Event has occurred because no Class of Control Eligible Certificates exists where such Class’s aggregate
Certificate Balance is at least equal to 25% of the Original Certificate Balance of that Class, in each case without regard to
the application of any Appraisal Reduction Amounts.”

 

In the event of any transfer
of a Class E Certificate, and upon notice to the Certificate Administrator in the form of Exhibit NN that results in a termination
of a Control Termination Event or a Consultation Termination Event, such “special notice” shall state: “A Consultation
Termination Event or a Control Termination Event has been terminated and is no longer in effect due to a transfer of a majority
interest of the Controlling Class Certificates to an unaffiliated third party which has terminated any waiver by the prior Holder.”

 

Section
3.24    Intercreditor Agreements. (a) Each of the Master
Servicer and Special Servicer acknowledges and agrees that each Serviced Whole Loan being serviced under this Agreement and
each Mortgage Loan with mezzanine debt is subject to the terms and provisions of the related Intercreditor Agreement and each
agrees to service each such Serviced Whole Loan, and each Mortgage Loan with mezzanine debt in accordance with the related

 

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Intercreditor Agreement and this Agreement, including, without limitation, effecting distributions and allocating
reimbursement of expenses in accordance with the related Intercreditor Agreement and, in the event of any conflict between
the provisions of this Agreement and the related Intercreditor Agreement, the related Intercreditor Agreement shall
govern. Notwithstanding anything contrary in this Agreement, each of the Master Servicer and Special Servicer agrees not to
take any action with respect to a Serviced Whole Loan, or a Mortgage Loan with mezzanine debt or the related Mortgaged
Property without the prior consent of the related Companion Holder or mezzanine lender, as applicable, to the extent that the
related Intercreditor Agreement provides that such Companion Holder or mezzanine lender, as applicable, is required or
permitted to consent to such action. Each of the Master Servicer and Special Servicer acknowledges and agrees that each
Companion Holder and each mezzanine lender or its respective designee has the right to purchase the related Mortgage Loan
pursuant to the terms and conditions of this Agreement and the related Intercreditor Agreement to the extent provided for
therein. Each of the Master Servicer and the Special Servicer further acknowledges and agrees that any AB Whole Loan
Controlling Holder will have the right to replace the Special Servicer solely with respect to the related Serviced AB Whole
Loan, to the extent provided for herein and in the related Intercreditor Agreement.

 

(b)          Neither the Master
Servicer nor the Special Servicer shall have any liability for any cost, claim or damage that arises from any entitlement in favor
of a Companion Holder or a mezzanine lender under the related Intercreditor Agreement or conflict between the terms of this Agreement
and the terms of such Intercreditor Agreement. Notwithstanding any provision of any Intercreditor Agreement that may otherwise
require the Master Servicer or the Special Servicer to abide by any instruction or direction of a Companion Holder or a mezzanine
lender, neither the Master Servicer nor the Special Servicer shall be required to comply with any instruction or direction the
compliance with which requires an Advance that constitutes or would constitute a Nonrecoverable Advance. In no event shall any
expense arising from compliance with an Intercreditor Agreement constitute an expense to be borne by the Master Servicer or Special
Servicer for its own account without reimbursement. In no event shall the Master Servicer or the Special Servicer be required to
consult with or obtain the consent of any Companion Holder or a mezzanine lender unless such Companion Holder or mezzanine lender
has delivered notice of its identity and contact information to each of the parties to this Agreement (upon which notice each of
the parties to this Agreement shall be conclusively entitled to rely). As of the Closing Date, the contact information for the
Companion Holders and mezzanine lenders is as set forth in the related Intercreditor Agreement. In no event shall the Master Servicer
or the Special Servicer, as applicable, be required to consult with or obtain the consent of a new Directing Certificateholder
or a new Controlling Class Certificateholder unless the Certificate Administrator has delivered notice to the Master Servicer or
the Special Servicer, as applicable, as required under Section 3.23(e) or the Master Servicer or Special Servicer, as applicable,
have actual knowledge of the identity and contact information of a new Directing Certificateholder or a new Controlling Class Certificateholder.

 

(c)          No direction or
disapproval of the Companion Holders or any mezzanine lender shall (a) require or cause the Master Servicer or Special Servicer
to violate the terms of a Mortgage Loan or Serviced Companion Loan, applicable law or any provision of this Agreement, including
the Master Servicer’s or Special Servicer’s obligation to act in accordance with the Servicing Standard and to maintain
the REMIC status of each Trust REMIC and the

 

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grantor trust status of the Grantor Trust, (b) result in the imposition of a “prohibited
transaction” or “prohibited contribution” tax under the REMIC Provisions or (c) materially expand the scope of
the Special Servicer’s, Trustee’s, the Certificate Administrator’s or the Master Servicer’s responsibilities
under this Agreement.

 

(d)          With respect to
any Serviced Pari Passu Companion Loan, notwithstanding any rights the Operating Advisor or the Directing Certificateholder hereunder
may have to consult with respect to any action or other matter with respect to the servicing of such Companion Loan, to the extent
the related Intercreditor Agreement provides that such right is exercisable by the related Companion Holder or is exercisable in
conjunction with any related Companion Holder, the Directing Certificateholder shall not be permitted to exercise such right or,
to the extent provided in the related Intercreditor Agreement, shall be required to exercise such right in conjunction with the
related Companion Holder, as applicable (except to the extent that the Directing Certificateholder is the related Serviced Whole
Loan Controlling Holder). Additionally, notwithstanding anything in this Agreement to the contrary, the Master Servicer or Special
Servicer, as applicable, shall consult, seek the approval or obtain the consent of the holder of any Serviced Companion Loan with
respect to any matters with respect to the servicing of such Companion Loan to the extent required under related Intercreditor
Agreement and shall not take such actions requiring consent of the related Companion Holder without such consent. In addition,
notwithstanding anything to the contrary, the Master Servicer or Special Servicer, as applicable, shall deliver reports and notices
to the related Companion Holder as required under the Intercreditor Agreement.

 

(e)          Notwithstanding
anything in this Agreement to the contrary, the Special Servicer shall be required (i) to provide copies of any notice, information
and report that it is required to provide to the Controlling Class Certificateholder pursuant to this Agreement with respect to
any Major Decisions or the implementation of any recommended actions outlined in an Asset Status Report relating to a Serviced
Whole Loan, to the related Companion Holder, within the same time frame it is required to provide to the Controlling Class Certificateholder
(for this purpose, without regard to whether such items are actually required to be provided to the Controlling Class Certificateholder
under this Agreement due to the occurrence of a Control Termination Event or a Consultation Termination Event) and (ii) to consult
with any related Companion Holder on a strictly non-binding basis, to the extent having received such notices, information and
reports, such related Companion Holder requests consultation with respect to any such Major Decisions or the implementation of
any recommended actions outlined in an Asset Status Report relating to a Serviced Whole Loan, and consider alternative actions
recommended by such related Companion Holder; provided that after the expiration of a period of ten (10) Business Days from
the delivery to such related Companion Holder by the Special Servicer of written notice of a proposed action, together with copies
of the notice, information and report required to be provided to the Controlling Class Certificateholder, the Special Servicer
shall no longer be obligated to consult with such related Companion Holder, whether or not such related Companion Holder has responded
within such ten (10) Business Day period (unless, the Special Servicer proposes a new course of action that is materially different
from the action previously proposed, in which case such ten (10) Business Day period shall be deemed to begin anew from the date
of such proposal and delivery of all information relating thereto). Notwithstanding the consultation rights of the related Companion
Holder set forth in the immediately preceding sentence, the Special Servicer may make any Major Decision or take any

 

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action set
forth in the Asset Status Report before the expiration of the aforementioned ten (10) Business Day period if the Special Servicer
determines that immediate action with respect thereto is necessary to protect the interests of the Certificateholders and the related
Companion Holder. In no event shall the Special Servicer be obligated at any time to follow or take any alternative actions recommended
by the related Companion Holder.

 

(f)           In addition to
the consultation rights of the holder of a Serviced Pari Passu Companion Loan provided in the immediately preceding paragraph,
such Companion Holder shall have the right to attend (in person or telephonically, in the discretion of the Master Servicer or
Special Servicer, as applicable) annual meetings with the Master Servicer or the Special Servicer at the offices of the Master
Servicer or Special Servicer, as applicable, upon reasonable notice and at times reasonably acceptable to the Master Servicer or
Special Servicer, as applicable, in which servicing issues related to the related Whole Loan are discussed.

 

(g)          With respect to
any Serviced Whole Loan, the Special Servicer shall not modify, waive or amend the terms of the related Intercreditor Agreement
such that the monthly remittance to the holder of the related Companion Loan is required earlier than 2 Business Days after receipt
by the Master Servicer of the related Periodic Payment without the consent of the Master Servicer.

 

Section
3.25    Rating Agency Confirmation. (a) Notwithstanding the
terms of any related Mortgage Loan documents or other provisions of this Agreement, if any action under any Mortgage Loan
documents or this Agreement requires Rating Agency Confirmation as a condition precedent to such action, if the party (the
“RAC 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, within ten (10) Business Days of the Rating
Agency Confirmation request being posted to the 17g-5 Information Provider’s Website, such Rating Agency has not
replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request
nor waiving the requirement for Rating Agency Confirmation, then such RAC Requesting Party shall be required to
confirm (through direct communication and not by posting any confirmation on the 17g-5 Information Provider’s Website)
that the applicable Rating Agency has received the Rating Agency Confirmation request, and, if it has, promptly request the
related Rating Agency Confirmation again. The circumstances described in the preceding sentence are referred to in this
Agreement as a “RAC No-Response Scenario.” Once the RAC Requesting Party has sent a request for a Rating
Agency Confirmation to the 17g-5 Information Provider, such RAC Requesting Party may, but shall not be obligated to send such
request directly to the Rating Agencies in accordance with the procedures set forth in Section 13.10(d).

 

If there is no response
to such Rating Agency Confirmation request within five (5) Business Days of such second request in a RAC No-Response Scenario or
if such Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving
the requirement for Rating Agency Confirmation, then (x) with respect to any condition in any Mortgage Loan document requiring
such Rating Agency Confirmation or with respect to any other matter under this Agreement relating to the servicing of the Mortgage
Loans (other than as set forth in clause (y) below), the requirement to obtain a Rating Agency Confirmation shall be deemed
not to apply (as if such requirement did not exist) with respect to

 

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such Rating Agency and the Master Servicer or the Special Servicer,
as the case may be, may then take such action if the Master Servicer or the Special Servicer, as applicable, confirms its original
determination (made prior to making such request) that taking the action with respect to which it requested the Rating Agency Confirmation
would still be consistent with the Servicing Standard, and (y) with respect to a replacement of the Master Servicer or Special
Servicer, such condition shall be deemed not to apply (as if such requirement did not exist) if (i) it has been appointed and currently
serves as a master servicer or special servicer on a transaction-level basis on a transaction currently rated by Moody’s
that currently has securities outstanding and for which Moody’s has not cited servicing concerns of the applicable replacement
master servicer or special servicer as the sole or a material factor in any qualification, downgrade or withdrawal of the ratings
(or placement on “watch status” in contemplation of a rating downgrade or withdrawal) of securities in a commercial
mortgage-backed securitization transaction serviced by the applicable replacement master servicer or special servicer prior to
the time of determination, if Moody’s is the non-responding Rating Agency, (ii) the applicable replacement master servicer
or special servicer is rated at least “CMS3” (in the case of the master servicer) or “CSS3” (in the case
of the special servicer), if Fitch is the non-responding Rating Agency or (iii) KBRA has not cited servicing concerns of the applicable
replacement master servicer or special servicer as the sole or a material factor in any qualification, downgrade or withdrawal
of the ratings (or placement on “watch status” in contemplation of a rating downgrade or withdrawal) of securities
in any other commercial mortgage-backed securitization transaction serviced by the applicable replacement master servicer or special
servicer prior to the time of determination, if KBRA is the non-responding Rating Agency.

 

Any Rating Agency Confirmation
request made by the Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, pursuant to this Agreement,
shall be made in writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request,
and shall contain all back-up material necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation
request shall be provided in electronic format to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post
such request on the 17g-5 Information Provider’s Website in accordance with Section 3.13(c).

 

Promptly following the
Master Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.25(a) following
any requirement to obtain a Rating Agency Confirmation being deemed not to apply (as if such requirement did not exist), the Master
Servicer or Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action
taken for the particular item at such time, and the 17g-5 Information Provider shall promptly post such notice on the 17g-5 Information
Provider’s Website in accordance with Section 3.13(c).

 

(b)          Notwithstanding
anything to the contrary in this Section 3.25, for purposes of the provisions of any Mortgage Loan document relating to
defeasance (including without limitation the type of collateral acceptable for use as defeasance collateral) or release or substitution
of any collateral, any Rating Agency Confirmation requirement in the Mortgage Loan documents for which the Master Servicer or Special
Servicer would have been permitted to waive obtaining or to make a determination with respect to such Rating Agency Confirmation
pursuant to Section 3.25(a) shall be deemed not to apply (as if such requirement did not exist).

 

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(c)          For all other
matters or actions not specifically discussed in Section 3.25(a) above, the applicable RAC Requesting Party shall deliver
Rating Agency Confirmation from each Rating Agency.

 

Section
3.26     The Operating Advisor. (a) The Operating Advisor shall
promptly review (i) all information made available to Privileged Persons on the Certificate Administrator’s Website (A)
that relates to any Specially Serviced Loan, and (B) that is contained in the CREFC® Servicer Watch List
prepared by the Master Servicer and (ii) each Final Asset Status Report delivered to the Operating Advisor by the Special
Servicer.

 

(b)          The Operating
Advisor and its Affiliates will be obligated to keep confidential any information appropriately labeled “Privileged Information”
received from the Special Servicer or Directing Certificateholder in connection with the Directing Certificateholder’s exercise
of its rights 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.
Subject to the terms and conditions in this Agreement related to Privileged Information, the Operating Advisor agrees that it shall
use information received from the Special Servicer pursuant to the terms of this Agreement solely for purposes of complying with
its duties and obligations hereunder.

 

(c)          (i) After the
occurrence and during the continuance of a Control Termination Event, based on the Operating Advisor’s review of any assessment
of compliance report, attestation report, Asset Status Report and other information (other than any communications between the
Directing Certificateholder and the Special Servicer that would be Privileged Information) delivered to the Operating Advisor by
the Special Servicer, including each Asset Status Report delivered during the prior calendar year, the Operating Advisor shall
(if any Mortgage Loans were Specially Serviced Loans during the prior calendar year) deliver to the Certificate Administrator and
the 17g-5 Information Provider within one hundred-twenty (120) days of the end of the prior calendar year for which a Control Termination
Event was continuing as of December 31, an annual report (the “Operating Advisor Annual Report”), substantially
in the form of Exhibit V (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 including, without limitation, provisions
herein relating to Privileged Information; provided, however, 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/or liquidation of Specially Serviced Loans that
the Special Servicer is responsible for servicing under this Agreement; provided, further, however, that in
the event the Special Servicer is replaced, the Operating Advisor Annual Report shall only relate to the special servicer that
was acting as Special Servicer as of December 31 in the prior calendar year and is continuing in such capacity through the date
of such Operating Advisor Annual Report. Notwithstanding the foregoing, with respect to any Serviced AB Whole Loan, no Operating
Advisor Annual Report will be permitted to include an assessment of the Special Servicer’s performance in respect of such
Serviced AB Whole Loan until after the occurrence and during the continuance of an AB Control Appraisal Period under

 

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the related
Intercreditor Agreement. Subject to the restrictions in this Agreement, including, without limitation, Section 3.26(c) hereof,
each such Operating Advisor Annual Report shall (A) identify any material deviations (i) from the Servicing Standard and (ii) from
the Special Servicer’s obligations under this Agreement with respect to the resolution or liquidation of Specially Serviced
Loans or REO Properties that the Special Servicer is responsible for servicing under this Agreement (other than with respect to
any REO Property related to a Non-Serviced Mortgage Loan) and (B) comply with all of the confidentiality requirements described
in this Agreement regarding Privileged Information (subject to any permitted exceptions). Such Operating Advisor Annual Report
shall be delivered to the Certificate Administrator (which shall promptly post such Operating Advisor Annual Report on the Certificate
Administrator’s Website in accordance with Section 3.13(b)) and the 17g-5 Information Provider (which shall promptly
post such Operating Advisor Annual Report on the 17g-5 Information Provider’s Website in accordance with Section 3.13(c));
provided, however, that the Special Servicer shall be given an opportunity to review the Operating Advisor Annual
Report at least five (5) Business Days prior to its delivery to the Certificate Administrator and the 17g-5 Information Provider.
The Operating Advisor shall have no obligation to adopt any comments to the Operating Advisor Annual Report that are provided by
the Special Servicer. Only as used in this Section 3.26 in connection with the Operating Advisor Annual Report, the term
“platform-level basis” refers to the Special Servicer’s performance of its duties as they relate to the resolution
and/or liquidation of Specially Serviced Loans, taking into account the Special Servicer’s specific duties under this Agreement
as well as the extent to which those duties were performed in accordance with the Servicing Standard, with reasonable consideration
by the Operating Advisor of any assessment of compliance report, attestation report, Asset Status Report and other information
delivered to the Operating Advisor by the Special Servicer (other than any communications between the Directing Certificateholder
and the Special Servicer that would be Privileged Information) pursuant to this Agreement.

 

(ii)          In
the event the Operating Advisor’s ability to perform its obligations in respect of the Operating Advisor Annual Report is
limited or prohibited due to the failure of a party hereto to timely deliver information required to be delivered to the Operating
Advisor or because such information is inaccurate or incomplete, the Operating Advisor shall set forth such limitations or prohibitions
in the related Operating Advisor Annual Report, and the Operating Advisor shall not be subject to any liability arising from such
limitations or prohibitions. The Operating Advisor shall be entitled to conclusively rely on the accuracy and completeness of
any information it is provided without liability for any such reliance hereunder. In the event a lack of access to Privileged
Information limits or prohibits the Operating Advisor from performing its duties under this Agreement, the Operating Advisor shall
set forth any such limitations or prohibitions in the related Operating Advisor Annual Report, and the Operating Advisor shall
not be subject to any liability arising from its lack of access to Privileged Information.

 

(d)          Prior to the occurrence
and continuance of a Control Termination Event (or, with respect to a Serviced AB Whole Loan, prior to the occurrence and continuance
of both a Control Termination Event and a related AB Control Appraisal Period), the Special Servicer will forward any Appraisal
Reduction Amount and net present value calculations used in the Special Servicer’s determination of what course of action
to take in connection with the workout or liquidation of a Specially Serviced Loan to the Operating Advisor after such calculations
have

 

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been finalized. The Operating Advisor shall review such calculations but shall not opine on or take any affirmative action
with respect to such Appraisal Reduction Amount calculations and/or net present value calculations.

 

(e)          (i) After the
occurrence and during the continuance of a Control Termination Event, and with respect to any Serviced AB Whole Loan, after the
occurrence and during the continuance of both a Control Termination Event and an AB Control Appraisal Period, after the calculation
but prior to the utilization by the Special Servicer of any of the calculations related to (i) Appraisal Reduction Amounts or (ii)
net present value in accordance with Section 1.02(iv), 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
Communications), 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.

 

(ii)          In
connection with this Section 3.26(e), in the event the Operating Advisor does not agree with the mathematical calculations
of the Appraisal Reduction Amount (as calculated by the Special Servicer) or net present value or the application of the applicable
non-discretionary portions of the formula required to be utilized for such calculation, the Operating Advisor and Special Servicer
shall consult with each other in order to resolve any inaccuracy in the mathematical calculations or the application of the non-discretionary
portions of the related formula in arriving at those mathematical calculations or any disagreement within five (5) Business Days
of delivery of such calculations. The Master Servicer shall cooperate with the Special Servicer and provide any information reasonably
requested by the Special Servicer necessary for the calculation of the Appraisal Reduction Amount that is in the Master Servicer’s
possession or reasonably obtainable by the Master Servicer. 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 examine the calculations
and supporting materials provided by the Operating Advisor and the Special Servicer and determine which calculation is to apply.

 

(iii)         Notwithstanding
the foregoing, the consultation duties of the Operating Advisor set forth in this Agreement shall not be permitted to be exercised
by the Operating Advisor with respect to any Serviced AB Whole Loan until after the occurrence and during the continuance of both
a Control Termination Event (except with respect to any Excluded Loan) and a related AB Control Appraisal Period.

 

(f)           [RESERVED].

 

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(g)          The Operating
Advisor and its Affiliates shall keep all information appropriately labeled as “Privileged Information” confidential
and shall not disclose such Privileged Information to any Person (including Certificateholders other than the Directing Certificateholder),
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
a Control Termination Event has occurred, the Directing Certificateholder (with respect to any Mortgage Loan other than a Non-Serviced
Whole Loan and other than any Excluded Loan) other than pursuant to a Privileged Information Exception. Notwithstanding the foregoing,
the Operating Advisor shall be permitted to share Privileged Information with its Affiliates and any subcontractors of the Operating
Advisor that agree in writing to be bound by the same confidentiality provisions applicable to the Operating Advisor.

 

(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 proposed by Privileged Persons from time to time in accordance with
the terms of Section 4.07(a).

 

(i)           As compensation
for its activities hereunder, the Operating Advisor shall be entitled to receive the Operating Advisor Fee on each Distribution
Date with respect to each Mortgage Loan (excluding each Non-Serviced Mortgage Loan, the Empire Mall Whole Loan, and each Companion
Loan) and each REO Loan. As to each Mortgage Loan and each REO Loan, the Operating Advisor Fee shall accrue from time to time at
the Operating Advisor Fee Rate and shall be computed on the basis of the Stated Principal Balance of such Mortgage Loan or REO
Loan, as the case may be, and in the same manner as interest is calculated on the related Mortgage Loan or REO Loan, as the case
may be, and, in connection with any partial month interest payment, for the same period respecting which any related interest payment
due on the related Mortgage Loan or deemed to be due on such REO Loan is computed.

 

The Operating Advisor
shall be entitled to reimbursement of any Operating Advisor Expenses provided for pursuant to Section 6.04(a) and/or 6.04(b)
hereof, such amounts to be reimbursed from amounts on deposit in the Collection Account as provided by Section 3.05(a).
Each successor operating advisor shall be required to acknowledge and agree to the terms of the preceding sentence.

 

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 obligations hereunder. The Operating Advisor Consulting Fee shall be payable from funds on deposit in the Collection
Account as provided in Section 3.05(a)(ii) of this Agreement, but, with respect to the period when the outstanding Certificate
Balances of the Control Eligible Certificates has not been reduced to zero as a result of the allocation of Realized Losses to
such Certificates, only to the extent such Operating Advisor Consulting Fee is actually received from the related Mortgagor. When
the Operating Advisor has consultation obligations with respect to a Major Decision under this Agreement, the Master Servicer or
the Special

 

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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 Mortgage 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 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, on a non-binding basis, with the
Operating Advisor prior to any such waiver or reduction. Notwithstanding the foregoing, the Operating Advisor will have no obligations
or consultation rights in its capacity as operating advisor with respect to: (i) any Non-Serviced Whole Loan or any related REO
Property, (ii) any AB Mortgage Loan, prior to the occurrence and continuance of both an AB Control Appraisal Period and a Control
Termination Event or (iii) the Empire Mall Whole Loan; provided, further, that the Operating Advisor shall not be
entitled to an Operating Advisor Consulting Fee with respect to (i) any Non-Serviced Whole Loan or (ii) the Empire Mall Whole Loan.

 

(j)          After the occurrence
of a Consultation Termination Event, the Operating Advisor may be removed upon (i) the written direction of Holders of Certificates
evidencing not less than 25% of the aggregate Certificate Balance of all Classes of Principal Balance Certificates (taking into
account the application of Appraisal Reduction Amounts to notionally reduce the Certificate Balances of Classes to which such Appraisal
Reduction Amounts are allocable) requesting a vote to replace the Operating Advisor with a replacement Operating Advisor selected
by such Certificateholders (provided that the proposed replacement Operating Advisor is an Eligible Operating Advisor),
(ii) payment by such requesting Holders to the Certificate Administrator of all reasonable fees and expenses to be incurred by
the Certificate Administrator in connection with administering such vote and (iii) receipt by the Trustee and the Certificate Administrator
of Rating Agency Confirmation from each Rating Agency (which confirmations will be obtained by the Certificate Administrator at
the expense of such Holders and will not constitute an additional expense of the Trust). The Certificate Administrator shall promptly
provide written notice to all Certificateholders of such request by posting such notice on the Certificate Administrator’s
Website in accordance with Section 3.13(b), and concurrently by mail, and conduct the solicitation of votes of all Certificates
in such regard. Upon the vote or written direction of Holders of at least 75% of the aggregate Certificate Balance of all Classes
of Principal Balance Certificates (taking into account the application of Appraisal Reduction Amounts to notionally reduce the
Certificate Balances of Classes to which such Appraisal Reduction Amounts are allocable), the Trustee shall immediately replace
the Operating Advisor with the replacement Operating Advisor.

 

(k)         After the occurrence
of an Operating Advisor Termination Event, the Trustee may, and upon the written direction of Certificateholders representing at
least 25% of the Voting Rights (taking into account the application of any Appraisal Reduction Amounts to notionally reduce the
Certificate Balance of the Classes of Certificates), the Trustee shall promptly terminate the Operating Advisor for cause and appoint
a replacement Operating Advisor that is an Eligible Operating Advisor; provided that no such termination shall be effective
until a successor operating advisor has been appointed and has assumed all of the

 

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obligations of the Operating Advisor under this
Agreement. The Trustee may rely on a certification by the replacement Operating Advisor that it is an Eligible Operating Advisor.
Upon any termination of the Operating Advisor and appointment of a successor to the Operating Advisor, the Trustee will, as soon
as possible, be required to give written notice of the termination and appointment to the Special Servicer, the Master Servicer,
the Certificate Administrator, the 17g-5 Information Provider (for posting to the 17g-5 Information Provider’s Website),
the Depositor, the Directing Certificateholder (only if no Consultation Termination Event has occurred and is continuing), any
Companion Loan holder and the Certificateholders.

 

(l)           The holders of
certificates representing at least 25% of the Voting Rights affected by any Operating Advisor Termination Event hereunder may waive
such Operating Advisor Termination Event within twenty (20) days of the receipt of notice from the Trustee of the occurrence of
such Operating Advisor Termination Event. Upon any such waiver of an Operating Advisor Termination Event, such Operating Advisor
Termination Event shall cease to exist and shall be deemed to have been remedied for every purpose hereunder. Upon any such waiver
of an Operating Advisor Termination Event by certificateholders, the trustee and the certificate administrator will be entitled
to recover all costs and expenses incurred by it in connection with enforcement action taken with respect to such Operating Advisor
Termination Event prior to such waiver from the Trust.

 

(m)         Prior to the occurrence
and continuance of a Control Termination Event, the Directing Certificateholder shall have the right to consent, such consent not
to be unreasonably withheld, conditioned or delayed, to the identity of any replacement Operating Advisor appointed pursuant to
this Section 3.26; provided, further, that such consent will be deemed to have been granted if no objection
is made within ten (10) Business Days following the Directing Certificateholder’s receipt of the request for consent and,
if granted or deemed granted, such consent cannot thereafter be revoked or withdrawn.

 

(n)          The Operating
Advisor may resign from its obligations and duties hereby imposed on it (a) upon thirty (30) days prior written notice to the Depositor,
the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Asset Representations Reviewer and the
Directing Certificateholder, if applicable, and (b) upon the appointment of, and the acceptance of such appointment by, a successor
operating advisor that is an Eligible Operating Advisor and receipt by the Trustee of Rating Agency Confirmation from each Rating
Agency. No such resignation by the Operating Advisor shall become effective until the replacement Operating Advisor shall have
assumed the resigning Operating Advisor’s responsibilities and obligations. The resigning Operating Advisor shall pay all
costs and expenses (including costs and expenses incurred by the Trustee and the Certificate Administrator) associated with a transfer
of its duties pursuant to this Section 3.26.

 

(o)          In the event there
are no Classes of Certificates outstanding other than the Control Eligible Certificates, the Class V Certificates and the Class
R Certificates, then all of the rights and obligations of the Operating Advisor shall terminate without payment of any termination
fee (other than any rights or obligations that accrued prior to the date of such termination (including accrued and unpaid compensation)
and other than indemnification rights arising out of events occurring prior to such termination). In connection with any termination
pursuant to this Section 3.26(o), no successor operating advisor shall be appointed. Upon receipt

 

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of written notice of such
acts by a Responsible Officer of the Trustee, the Trustee shall provide the Operating Advisor with prompt notice upon its termination
pursuant to this Section 3.26(o).

 

(p)          In the event the
Operating Advisor resigns or is otherwise terminated for any reason it shall remain entitled to any accrued and unpaid Operating
Advisor Fees and Operating Advisor Consulting Fees and reimbursement of accrued and unpaid Operating Advisor Expenses pursuant
to Section 3.26(i) and shall also remain entitled to any rights of indemnification provided hereunder.

 

(q)          The parties hereto
agree, and the Certificateholders by their acceptance of their Certificates shall be deemed to have agreed, that (i) subject to
Section 6.04, the Operating Advisor shall have no liability to any Certificateholder for any actions taken or for refraining
from taking any actions under this Agreement, (ii) the Operating Advisor shall act solely as a contracting party to the extent
set forth in this Agreement, (iii) the Operating Advisor shall have no (A) fiduciary duty, or (B) other duty except with respect
to its specific obligations under this Agreement, and shall have no duty to any particular class of Certificates or particular
Certificateholders, and (iv) the Operating Advisor does not constitute an “investment adviser” within the meaning of
the Investment Advisers Act of 1940, as amended.

 

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

 

(s)          The Operating
Advisor shall at all times be an Eligible Operating Advisor and if the Operating Advisor ceases to be an Eligible Operating Advisor,
the Operating Advisor shall immediately resign under Section 3.26(n) of this Agreement and the Trustee shall appoint a successor
operating advisor subject to and in accordance with this Section 3.26. 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.

 

(t)          The Operating
Advisor may delegate its duties to agents or subcontractors so long as the related agreements or arrangements with such agents
or subcontractors are consistent with the provisions of this Section 3.26(t); provided that no agent or subcontractor
may (i) be affiliated with a Sponsor, Master Servicer, Special Servicer, the Depositor, the Certificate Administrator, the Trustee,
the Directing Certificateholder or any of their respective Affiliates or (ii) have been paid any fees, compensation or other remuneration
by an Underwriter, Master Servicer, Special Servicer, the Depositor, the Certificate Administrator, the Trustee, the Directing
Certificateholder or any of their respective Affiliates in connection with due diligence or other services with respect to any
Mortgage Loan prior to the Closing Date. Notwithstanding the foregoing sentence, the Operating Advisor shall remain obligated and
primarily liable for its

 

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obligations hereunder in accordance with the provisions of this Agreement without diminution of such obligation
or liability or related obligation or liability by virtue of such delegation or arrangements or by virtue of indemnification from
any Person acting as its agents or subcontractor to the same extent and under the same terms and conditions as if the Operating
Advisor alone were performing its obligations under this Agreement. The Operating Advisor shall be entitled to enter into an agreement
with any agent or subcontractor providing for indemnification of the Operating Advisor by such agent or subcontractor, and nothing
contained in this Agreement shall be deemed to limit or modify such indemnification.

 

Section
3.27     Companion Paying Agent. (a) With respect to each of
the Serviced Companion Loans, the Master Servicer shall be the Companion Paying Agent hereunder. The Companion Paying Agent
undertakes to perform such duties and only such duties as are specifically set forth in this Agreement.

 

(b)          No provision of
this Agreement shall be construed to relieve the Companion Paying Agent from liability for its negligent failure to act, bad faith
or its own willful misfeasance; provided, however, that the duties and obligations of the Companion Paying Agent
shall be determined solely by the express provisions of this Agreement. The Companion Paying Agent shall not be liable except for
the performance of such duties and obligations, no implied covenants or obligations shall be read into this Agreement against the
Companion Paying Agent. In the absence of bad faith on the part of the Companion Paying Agent, the Companion Paying Agent may conclusively
rely, as to the truth and correctness of the statements or conclusions expressed therein, upon any resolutions, certificates, statements,
opinions, reports, documents, orders or other instrument furnished to the Companion Paying Agent by any Person and which on their
face do not contradict the requirements of this Agreement.

 

(c)          In the case of
each of the Serviced Companion Loans, upon the resignation or removal of the Master Servicer pursuant to Article VII of
this Agreement, the Master Servicer, as the Companion Paying Agent, shall be deemed simultaneously to resign or be removed.

 

(d)          This Section
3.27 shall survive the termination of this Agreement or the resignation or removal of the Companion Paying Agent, as regards
to rights accrued prior to such resignation or removal.

 

Section
3.28     Companion Register. The Companion Paying Agent shall
maintain a register (the “Companion Register”) with respect to each Serviced Companion Loan on which it
will record the names and address of, and wire transfer instructions for, the Companion Holders from time to time, to the
extent such information is provided in writing to it by each Companion Holder. The initial Companion Holders, along with
their respective name and address, are listed on Exhibit S hereto. In the event a Companion Holder transfers a
Companion Loan without notice to the Companion Paying Agent, the Companion Paying Agent shall have no liability for any
misdirected payment in such Companion Loan and shall have no obligation to recover and redirect such payment.

 

The Companion Paying
Agent shall promptly provide the name and address of the Companion Holder to any party hereto or any successor Companion Holder
upon written request

 

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and any such Person may, without further investigation, conclusively rely upon such information. The Companion
Paying Agent shall have no liability to any Person for the provision of any such name and address.

 

For the avoidance of
doubt, any notices or information required to be delivered pursuant to this Agreement by any party hereto to a Companion Holder
with respect to a Companion Loan that has been included in an Other Securitization shall be provided to the Other Servicer under
the Other Pooling and Servicing Agreement.

 

Section
3.29    Certain Matters Relating to the Non-Serviced Mortgage
Loans and the Serviced Pari Passu Companion Loans. (a) In the event that any of the applicable Non-Serviced Trustee, the
applicable Non-Serviced Master Servicer or the applicable Non-Serviced Special Servicer shall be replaced in accordance with
the terms of the applicable Non-Serviced PSA, the Master Servicer and the Special Servicer shall acknowledge its successor as
the successor to the applicable Non-Serviced Trustee, the applicable Non-Serviced Master Servicer or the applicable
Non-Serviced Special Servicer, as the case may be.

 

(b)          If any of the
Trustee, the Certificate Administrator or the Master Servicer receives notice from a Rating Agency that the Master Servicer is
no longer an “approved” master servicer by any of the Rating Agencies rating the Certificates, then the Trustee, the
Certificate Administrator or the Master Servicer, as applicable, shall promptly notify each Non-Serviced Master Servicer of the
same.

 

(c)          In connection
with the securitization of each Serviced Pari Passu Companion Loan, (in each case, only while it is a Serviced Companion Loan),
upon the request of (and at the expense of) the related Serviced Companion Noteholder (or its designee), each of the Master Servicer,
the Special Servicer and the Trustee, as applicable, shall use reasonable efforts to cooperate with such Serviced Companion Noteholder
in attempting to cause the related Mortgagor to provide information relating to such Whole Loan and the related notes, and that
such holder reasonably determines to be necessary or appropriate, for inclusion in any disclosure document(s) relating to such
Other Securitization.

 

(d)          Prior to the Empire
Mall Companion Loan Securitization Date, the Custodian shall hold the Mortgage File with respect to the Empire Mall Whole Loan.
On the Empire Mall Companion Loan Securitization Date (i) the Custodian shall, upon receipt of a Request for Release, transfer
the Mortgage File (other than the promissory note evidencing the Empire Mall Mortgage Loan, the original of which shall be retained
by the Custodian) for the Empire Mall Whole Loan to the related Non-Serviced Trustee and (ii) the Master Servicer shall, upon written
request, if the Master Servicer is not the related Non-Serviced Master Servicer, transfer the Servicing File for the Empire Mall
Whole Loan to the related Non-Serviced Master Servicer.

 

(e)          In connection
with the sale of any Non-Serviced Whole Loan by any Non-Serviced Special Servicer, upon receipt of any notices or materials required
to be furnished by the Non-Serviced Special Servicer to the holder of the related Non-Serviced Mortgage Loan pursuant to the related
Intercreditor Agreement, the Special Servicer shall, prior to the occurrence and continuance of a Control Termination Event, forward
such materials to the

 

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Directing Certificateholder for its consent, if such consent is required. The Special Servicer may (with
the consent of the Directing Certificateholder prior to the occurrence and continuance of a Control Termination Event) waive any
timing or delivery requirements related to such sale to the extent set forth in the related Intercreditor Agreement.

 

(f)          With respect to
any Non-Serviced Mortgage Loan, the Directing Certificateholder, prior to the occurrence and continuance of a Control Termination
Event, or the Operating Advisor, following the occurrence and during the continuance of a Control Termination Event, shall be entitled
to exercise any consultation rights held by the holder of such Mortgage Loan in its capacity as a “Non-Controlling Note Holder”
(or similar term identified in the related Intercreditor Agreement) under the related Intercreditor Agreement.

 

(g)          With respect to
the servicing of each Non-Serviced Mortgage Loan, this Agreement is subject to the related Intercreditor Agreement and incorporates
by reference all provisions required to be included herein pursuant to such Intercreditor Agreement.

 

(h)          With respect to
each Whole Loan, if any Serviced Companion Loan becomes the subject of an “asset review” (or such analogous term defined
in the related Other Pooling and Servicing Agreement) pursuant to the related Other Pooling and Servicing Agreement, the Master
Servicer, the Special Servicer, the Trustee and the Custodian shall reasonably cooperate with the Other Asset Representations Reviewer
or any other party to the Other Pooling and Servicing Agreement in connection with such Asset Review by providing the Other Asset
Representations Reviewer or such other requesting party with any documents reasonably requested by the Other Asset Representations
Reviewer or such other requesting party, but only to the extent such documents are in the possession of the Master Servicer, the
Special Servicer, the Trustee or the Custodian, as the case may be.

 

Section 3.30     [RESERVED].

 

Section 3.31     [RESERVED].

 

Section
3.32    Litigation Control. (a) With respect to any Mortgage Loan (other than a Non-Serviced
Mortgage Loan), any Serviced Companion Loan or any related REO Loan or related REO Property, the Special Servicer shall, in
accordance with the Servicing Standard, direct, manage, prosecute and/or defend any action brought by a Mortgagor, guarantor,
or other obligor on the related Note or any Affiliates thereof (each a “Borrower-Related Party”) against
the Trust, the Master Servicer and/or the Special Servicer or any predecessor master servicer or special servicer, and
represent the interests of the Trust in any litigation relating to the rights and obligations of the Trust, or of the
Mortgagor or other Borrower-Related Party under the related Mortgage Loan documents, or with respect to the related Mortgaged
Property or other collateral securing such Mortgage Loan (or Serviced Whole Loan), or otherwise with respect to the
enforcement of the obligations of a Borrower-Related Party under the related Mortgage Loan documents
(“Trust-Related Litigation”). In the event that the Master Servicer is named in any Trust-Related
Litigation but the Special Servicer is not named in such Trust-Related Litigation (regardless of whether the Trust is named
in such Trust-Related Litigation), the Master Servicer shall notify the Special Servicer of such litigation as soon as
practicable but in any event no later

 

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than within ten (10) Business Days of the Master Servicer receiving service of such
Trust-Related Litigation.

 

(b)          To the extent
the Master Servicer is named in the Trust-Related Litigation, and neither the Trust nor the Special Servicer is named, in order
to effectuate the role of the Special Servicer as contemplated by the immediately preceding subsection, the Master Servicer shall
(i) provide monthly status reports to the Special Servicer, regarding such Trust-Related Litigation; (ii) seek to have the Trust
replace the Master Servicer as the appropriate party to the lawsuit; and (iii) so long as the Master Servicer remains a party to
the lawsuit, consult with and act at the direction of the Special Servicer with respect to decisions and resolutions related to
the interests of the Trust in such Trust-Related Litigation, including but not limited to the selection of counsel; provided
that the Master Servicer shall have the right to engage separate counsel relating to claims against the Master Servicer to the
extent set forth in Section 3.32(e); and provided, however, if there are claims against the Master Servicer
and the Master Servicer has not determined that separate counsel is required for such claims, such counsel shall be reasonably
acceptable to the Master Servicer.

 

(c)          The Special Servicer
shall not (i) undertake (or direct the Master Servicer to undertake) any material settlement of any Trust-Related Litigation or
(ii) initiate any material Trust-Related Litigation unless and until it has notified in writing the Directing Certificateholder
(only if the related Mortgage Loan is not an Excluded Loan and prior to the occurrence and continuance of a Consultation Termination
Event) (to the extent the identity of the Directing Certificateholder is actually known to the Special Servicer; provided
that the Special Servicer shall make due inquiry of the Certificate Administrator as to the identity of the Directing Certificateholder)
and the related holder of any Serviced Companion Loan (if such matter affects such related Serviced Companion Loan) (to the extent
the identity of the holder of such Serviced Companion Loan is actually known to the Special Servicer) and the Directing Certificateholder
(only if the related Mortgage Loan is not an Excluded Loan and prior to the occurrence and continuation of a Control Termination
Event) has not objected in writing within five (5) Business Days of having been notified thereof and having been provided with
all information that the Directing Certificateholder has reasonably requested with respect thereto promptly following its receipt
of the subject notice (it being understood and agreed that if such written objection has not been received by the Special Servicer
within such 5-Business Day period, then the Directing Certificateholder shall be deemed to have approved the taking of such action);
provided that, if the Special Servicer determines (consistent with the Servicing Standard) that immediate action is necessary
to protect the interests of the Certificateholders and, with respect to a Serviced Whole Loan, the related Companion Holders, the
Special Servicer may take such action without waiting for the Directing Certificateholder’s response.

 

(d)          Notwithstanding
the foregoing, neither the Special Servicer nor the Master Servicer shall follow any advice, direction or consultation provided
by the Directing Certificateholder (or any other party to this Agreement) that would require or cause the Special Servicer or the
Master Servicer, as applicable, to violate any applicable law, be inconsistent with the Servicing Standard, require or cause the
Special Servicer or the Master Servicer, as applicable, to violate provisions of this Agreement, require or cause the Special Servicer
or the Master Servicer, as applicable, to violate the terms of any Mortgage Loan or Serviced Whole Loan, expose any Certificateholder
or any party to this Agreement or their Affiliates, officers,

 

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directors or agents to any claim, suit or liability, cause any REMIC
created hereunder to fail to qualify as a REMIC, result in the imposition of a “prohibited transaction” or “prohibited
contribution” tax under the REMIC Provisions or materially expand the scope of the Special Servicer’s or the Master
Servicer’s, as applicable, responsibilities under this Agreement.

 

(e)          Notwithstanding
the right of the Special Servicer to represent the interests of the Trust in Trust-Related Litigation, and subject to the rights
of the Special Servicer to direct the Master Servicer’s actions in this Section 3.32, the Master Servicer shall retain
the right to make determinations relating to claims against the Master Servicer, including but not limited to the right to engage
separate counsel and to appear in any proceeding on its own behalf in the Master Servicer’s reasonable discretion, the cost
of which shall be subject to indemnification as and to the extent provided in this Agreement.

 

(f)          Further, nothing
in this section shall require the Master Servicer to take or fail to take any action which, in the Master Servicer’s good
faith and reasonable judgment, may (i) result in a violation of the REMIC Provisions or (ii) subject the Master Servicer to liability
or materially expand the scope of the Master Servicer’s obligations under this Agreement.

 

(g)          Notwithstanding
the Master Servicer’s right to make determinations relating to claims against the Master Servicer, the Special Servicer shall
have the right at any time in accordance with the Servicing Standard to (i) direct the Master Servicer to settle any claims asserted
against the Master Servicer (whether or not the Trust or the Special Servicer is named in any such claims or Trust-Related Litigation)
(and with respect to any material settlements with respect to any Mortgage Loan other than an Excluded Loan, with the consent or
consultation of the Directing Certificateholder prior to a Control Termination Event or Consultation Termination Event, respectively)
and (ii) otherwise reasonably direct the actions of the Master Servicer relating to claims against the Master Servicer (whether
or not the Trust or the Special Servicer is named in any such claims or Trust-Related Litigation), provided in either case
that (A) such settlement or other direction does not require any admission of liability or wrongdoing on the part of the Master
Servicer, (B) the cost of such settlement or any resulting judgment is and shall be paid by the Trust and payment of such cost
or judgment is provided for in this Agreement, (C) the Master Servicer is and shall be indemnified as and to the extent provided
in this Agreement for all costs and expenses of the Master Servicer incurred in defending and settling the Trust-Related Litigation
and for any judgment, (D) any such action taken by the Master Servicer at the direction of the Special Servicer shall be deemed
(as to the Master Servicer) to be in compliance with the Servicing Standard and (E) the Special Servicer provides the Master Servicer
with assurance reasonably satisfactory to the Master Servicer as to the items in clauses (A), (B) and (C).

 

(h)          In the event both
the Master Servicer and the Special Servicer or Trust are named in Trust-Related Litigation, the Master Servicer and the Special
Servicer shall cooperate with each other to afford the Master Servicer and the Special Servicer the rights afforded to such party
in this Section 3.32.

 

This Section 3.32
shall not apply in the event the Special Servicer authorizes the Master Servicer, and the Master Servicer agrees (both authority
and agreement to be in writing),

 

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to make certain decisions or control certain Trust-Related Litigation on behalf of the Trust in
accordance with the Servicing Standard.

 

Notwithstanding the foregoing,
(i) in the event that any action, suit, litigation or proceeding names the Trustee in its individual capacity, or in the event
that any judgment is rendered against the Trustee in its individual capacity, the Trustee, upon prior written notice to the Master
Servicer or the Special Servicer, as applicable, may retain counsel and appear in any such proceeding on its own behalf in order
to protect and represent its interests (but not to otherwise direct, manage or prosecute such litigation or claim); (ii) in the
event of any action, suit, litigation or proceeding, other than an action, suit, litigation or proceeding relating to the enforcement
of the obligations of a Mortgagor, guarantor or other obligor under the related Mortgage Loan documents, or otherwise relating
to one or more Mortgage Loans or Mortgaged Properties, neither the Master Servicer nor the Special Servicer shall, without the
prior written consent of the Trustee, (A) initiate an action, suit, litigation or proceeding in the name of the Trustee, whether
in such capacity or individually, (B) engage counsel to represent the Trustee, or (C) prepare, execute or deliver any government
filings, forms, permits, registrations or other documents or take any other similar actions with the intent to cause, and that
actually causes, the Trustee to be registered to do business in any state (provided that neither the Master Servicer nor
the Special Servicer shall be responsible for any delay due to the unwillingness of the Trustee to grant such consent); and (iii)
in the event that any court finds that the Trustee is a necessary party in respect of any action, suit, litigation or proceeding
relating to or arising from this Agreement or any Mortgage Loan, the Trustee shall have the right to retain counsel and appear
in any such proceeding on its own behalf in order to protect and represent its interests, whether as Trustee or individually (but
not to otherwise direct, manage or prosecute such litigation or claim); provided, however, nothing in this subsection
shall be interpreted to preclude the Special Servicer (with respect to any material Trust-Related Litigation with respect to any
Mortgage Loan other than an Excluded Loan, with the consent or consultation of the Directing Certificateholder prior to the occurrence
and continuance of a Control Termination Event or Consultation Termination Event, respectively, to the extent required in Section
3.32(c), respectively) from initiating any action, suit, litigation or proceeding in its name as representative of the Trustee
of the Trust.

 

Section 3.33     Delivery
of Excluded Information to the Certificate Administrator.

 

Any Excluded Information
that the Master Servicer, the Special Servicer or the Operating Advisor identifies and delivers to the Certificate Administrator
for posting to the Certificate Administrator’s Website shall be delivered to the Certificate Administrator via e-mail (or
such other electronic means as is mutually acceptable to the parties) in one or more separate files labeled “Excluded Information”
followed by the applicable loan name and loan file to cmbsexcludedinformation@wellsfargo.com. For the avoidance of doubt, any information
that is not appropriately labeled and delivered in accordance with this Section 3.33 shall not be separately posted as Excluded
Information on the Certificate Administrator’s Website, and any information appropriately labeled and delivered to the Certificate
Administrator pursuant to this Section 3.33 shall be posted on the Certificate Administrator’s Website under the “Excluded
Information” section, as provided under Section 3.13. When so posted, the Excluded Controlling Class Holders shall
be prohibited from the access of Excluded Information with respect to any Excluded Controlling Class Loans on the Certificate Administrator’s
Website (unless a loan-by-loan segregation is later performed by the Certificate Administrator in which case such access

 

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shall
only be prohibited with respect to the related Excluded Controlling Class Loans). None of the Master Servicer, the Special Servicer
or the Operating Advisor shall have any obligations to separately label and deliver any Excluded Information in accordance with
this Section 3.33 until such party has received written notice with respect to the related Excluded Controlling Class Loan
in the form of Exhibit P-1D to this Agreement. Nothing set forth in this Agreement shall prohibit the Directing Certificateholder
or any Controlling Class Certificateholder from receiving, requesting or reviewing any Excluded Information relating to any Excluded
Controlling Class Loan with respect to which the Directing Certificateholder or such Controlling Class Certificateholder is not
a Borrower Party and, if such Excluded Information is not available on the Certificate Administrator’s Website, such Directing
Certificateholder or Controlling Class Certificateholder that is not a Borrower Party with respect to the related Excluded Controlling
Class Loan shall be permitted to obtain such information in accordance with Section 4.02(f) of this Agreement.

 

[End of Article III]

 

Article
IV

distributions TO CERTIFICATEHOLDERS

 

Section
4.01     Distributions. (a) On each Distribution Date, to the extent of the Available Funds
for such Distribution Date, the Certificate Administrator shall be deemed to transfer the Lower-Tier Distribution Amount from
the Lower-Tier REMIC Distribution Account to the Upper-Tier REMIC Distribution Account in the amounts and priorities set
forth in Section 4.01(c) with respect to each Class of Lower-Tier Regular Interests, and immediately thereafter, shall
make distributions thereof from the Upper-Tier REMIC Distribution Account in the following order of priority, satisfying in
full, to the extent required and possible, each priority before making any distribution with respect to any succeeding
priority:

 

(i)            first,
to the Holders of the Class A-1 Certificates, the Class A-2A Certificates, the Class A-2B Certificates, the Class A-3 Certificates,
the Class A-4 Certificates, the Class A-SB Certificates, the Class X-A Certificates, the Class X-B Certificates and the Class
X-D Certificates, pro rata (based upon their respective entitlements to interest for such Distribution Date), in respect
of interest, up to an amount equal to the aggregate Interest Distribution Amount in respect of such Classes of Certificates for
such Distribution Date;

 

(ii)          second,
to the Holders of the Class A-1 Certificates, the Class A-2A Certificates, the Class A-2B Certificates, the Class A-3 Certificates,
the Class A-4 Certificates, and the Class A-SB Certificates in reduction of the Certificate Balances thereof: (I) prior to the
Cross-Over Date (1) first, to the Holders of the Class A-SB Certificates, in an amount up to the Principal Distribution
Amount, until the outstanding Certificate Balance of the Class A-SB Certificates has been reduced to the Class A-SB Planned Principal
Balance for such Distribution Date; (2) second, to the Holders of the Class A-1 Certificates, in an amount up to the Principal
Distribution Amount (or the portion thereof remaining after any distributions specified in subclause (1) above have been
made on such Distribution Date), until the outstanding Certificate Balance of the

 

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Class A-1 Certificates has been reduced to zero;
(3) third, to the Holders of the Class A-2A Certificates in an amount up to the Principal Distribution Amount (or the portion
thereof remaining after any distributions specified in subclauses (1) and (2) above have been made on such Distribution
Date), until the outstanding Certificate Balance of the Class A-2A Certificates has been reduced to zero; (4) fourth, to
the Holders of the Class A-2B Certificates in an amount up to the Principal Distribution Amount (or the portion thereof remaining
after any distributions specified in subclauses (1), (2) and (3) above have been made on such Distribution
Date), until the outstanding Certificate Balance of the Class A-2B Certificates has been reduced to zero; (5) fifth, to
the Holders of the Class A-3 Certificates, in an amount up to the Principal Distribution Amount (or the portion thereof remaining
after any distributions specified in subclauses (1) (2), (3) and (4) above have been made on such
Distribution Date), until the outstanding Certificate Balance of the Class A-3 Certificates has been reduced to zero; (6) sixth,
to the Holders of the Class A-4 Certificates, in an amount up to the Principal Distribution Amount (or the portion thereof remaining
after any distributions specified in subclauses (1), (2), (3), (4) and (5) above have been
made on such Distribution Date), until the outstanding Certificate Balances of the Class A-4 Certificates have been reduced to
zero; and (7) seventh, to the Holders of the Class A-SB Certificates, in an amount up to the Principal Distribution Amount
(or the portion thereof remaining after any distributions specified in subclauses (1), (2), (3), (4),
(5) and (6) above have been made on such Distribution Date), until the outstanding Certificate Balance of the Class
A-SB Certificates has been reduced to zero; and (II) on or after the Cross-Over Date, to the Class A-1, Class A-2A, Class A-2B,
Class A-3, Class A-4, and Class A-SB Certificates, pro rata (based on their respective Certificate Balances) in an amount
equal to the Principal Distribution Amount for such Distribution Date, until the Certificate Balance of each of the Class A-1,
Class A-2A, Class A-2B, Class A-3, Class A-4, and Class A-SB Certificates is reduced to zero;

 

(iii)         third,
to the Holders of the Class A-1 Certificates, the Class A-2A Certificates, the Class A-2B Certificates, the Class A-3 Certificates,
the Class A-4 Certificates, and the Class A-SB Certificates, pro rata (based upon the aggregate unreimbursed Realized Losses
previously allocated to each such Class), plus interest on that amount at the Pass-Through Rate for such Class compounded monthly
from the date the related Realized Loss was allocated to such Class;

 

(iv)          fourth,
to the Holders of the Class A-S Certificates, in respect of interest, up to an amount equal to the aggregate Interest Distribution
Amount in respect of such Class of Certificates for such Distribution Date;

 

(v)           fifth,
after the Certificate Balances of the Class A-1, Class A-2A, Class A-2B, Class A-3, Class A-4, and Class A-SB Certificates have
been reduced to zero, to the Holders of the Class A-S Certificates, in reduction of the Certificate Balance thereof, an amount
equal to the Principal Distribution Amount (or the portion thereof remaining after any distributions in respect of the Class A-1,
Class A-2A, Class A-2B, Class A-3, Class A-4, and Class A-SB Certificates on such Distribution Date), until the outstanding Certificate
Balance of the Class A-S Certificates has been reduced to zero;

 

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(vi)         sixth,
to the Holders of the Class A-S Certificates, up to an amount equal to the unreimbursed Realized Losses previously allocated to
such Class, plus interest on that amount at the Pass-Through Rate for such Class compounded monthly from the date the related
Realized Loss was allocated to such Class;

 

(vii)        seventh,
to the Holders of the Class B Certificates, in respect of interest, up to an amount equal to the aggregate Interest Distribution
Amount in respect of such Class of Certificates for such Distribution Date;

 

(viii)       eighth,
after the Certificate Balances of the Class A Certificates have been reduced to zero, to the Holders of the Class B Certificates,
in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount (or the portion thereof
remaining after any distributions in respect of the Class A Certificates on such Distribution Date), until the outstanding Certificate
Balance of the Class B Certificates has been reduced to zero;

 

(ix)         ninth,
to the Holders of the Class B Certificates, up to an amount equal to the unreimbursed Realized Losses previously allocated to
such Class, plus interest on that amount at the Pass-Through Rate for such Class compounded monthly from the date the related
Realized Loss was allocated to such Class;

 

(x)          tenth,
to the Holders of the Class C Certificates, in respect of interest, up to an amount equal to the aggregate Interest Distribution
Amount in respect of such Class of Certificates for such Distribution Date;

 

(xi)         eleventh,
after the Certificate Balances of the Class A and Class B Certificates have been reduced to zero, to the Holders of the Class
C Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount (or the
portion thereof remaining after any distributions in respect of the Class A and Class B Certificates on such Distribution Date),
until the outstanding Certificate Balance of the Class C Certificates has been reduced to zero;

 

(xii)        twelfth,
to the Holders of the Class C Certificates, up to an amount equal to the unreimbursed Realized Losses previously allocated to
such Class, plus interest on that amount at the Pass-Through Rate for such Class compounded monthly from the date the related
Realized Loss was allocated to such Class;

 

(xiii)       thirteenth,
to the Holders of the Class D Certificates, in respect of interest, up to an amount equal to the aggregate Interest Distribution
Amount in respect of such Class of Certificates for such Distribution Date;

 

(xiv)        fourteenth,
after the Certificate Balances of the Class A, Class B and Class C Certificates have been reduced to zero, to the Holders of the
Class D Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount (or
the portion thereof remaining after any distributions in respect of the Class A, Class B and Class C Certificates on such Distribution
Date), until the outstanding Certificate Balance of the Class D Certificates has been reduced to zero;

 

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(xv)         fifteenth,
to the Holders of the Class D Certificates, up to an amount equal to the unreimbursed Realized Losses previously allocated to
such Class, plus interest on that amount at the Pass-Through Rate for such Class compounded monthly from the date the related
Realized Loss was allocated to such Class;

 

(xvi)       sixteenth,
to the Holders of the Class E Certificates, in respect of interest, up to an amount equal to the aggregate Interest Distribution
Amount in respect of such Class of Certificates for such Distribution Date;

 

(xvii)      seventeenth,
after the Certificate Balances of the Class A, Class B, Class C, and Class D Certificates have been reduced to zero, to the Holders
of the Class E Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount
(or the portion thereof remaining after any distributions in respect of the Class A, Class B, Class C and Class D Certificates
on such Distribution Date), until the outstanding Certificate Balance of the Class E Certificates has been reduced to zero;

 

(xviii)     eighteenth,
to the Holders of the Class E Certificates, up to an amount equal to the unreimbursed Realized Losses previously allocated to
such Class, plus interest on that amount at the Pass-Through Rate for such Class compounded monthly from the date the related
Realized Loss was allocated to such Class;

 

(xix)       nineteenth,
to the Holders of the Class F Certificates, in respect of interest, up to an amount equal to the aggregate Interest Distribution
Amount in respect of such Class of Certificates for such Distribution Date;

 

(xx)        twentieth,
after the Certificate Balances of the Class A, Class B, Class C, Class D and Class E Certificates have been reduced to zero, to
the Holders of the Class F Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution
Amount (or the portion thereof remaining after any distributions in respect of the Class A, Class B, Class C, Class D and Class
E Certificates on such Distribution Date), until the outstanding Certificate Balance of the Class F Certificates has been reduced
to zero;

 

(xxi)       twenty-first,
to the Holders of the Class F Certificates, up to an amount equal to the unreimbursed Realized Losses previously allocated to
such Class, plus interest on that amount at the Pass-Through Rate for such Class compounded monthly from the date the related
Realized Loss was allocated to such Class;

 

(xxii)      twenty-second,
to the Holders of the Class G Certificates in respect of interest, up to an amount equal to the aggregate Interest Distribution
Amount in respect of such Class of Certificates for such Distribution Date;

 

(xxiii)     twenty-third,
after the Certificate Balances of the Class A, Class B, Class C, Class D, Class E and Class F Certificates have been reduced to
zero, to the Holders of the Class G Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal
Distribution Amount (or the portion thereof remaining after any distributions in respect of the Class A, Class B, Class C, Class
D, Class E and Class F

 

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Certificates on such Distribution Date), until the outstanding Certificate Balance of the Class G Certificates
has been reduced to zero;

 

(xxiv)     twenty-fourth,
to the Holders of the Class G Certificates, up to an amount equal to the unreimbursed Realized Losses previously allocated to
such Class, plus interest on that amount at the Pass-Through Rate for such Class compounded monthly from the date the related
Realized Loss was allocated to such Class; and

 

(xxv)      twenty-fifth,
to the Holders of the Class R Certificates in respect of the Class UR Interest, the amount, if any, of the Available Funds remaining
in the Upper-Tier REMIC Distribution Account with respect to such Distribution Date.

 

If, in connection with
any Distribution Date, the Certificate Administrator has reported the amount of an anticipated distribution to DTC based on the
receipt of payments as of the Determination Date and additional Periodic Payments, balloon payments or unscheduled principal payments
are subsequently received by the Master Servicer and required to be part of the Available Funds for such Distribution Date, the
Master Servicer shall promptly notify the Certificate Administrator and the Certificate Administrator will use commercially reasonable
efforts to cause DTC to make the revised distribution on a timely basis on such Distribution Date. None of the Master Servicer,
the Special Servicer or the Certificate Administrator shall be liable or held responsible for any resulting delay in the making
of such distribution to Certificateholders solely on the basis of the actions described in the preceding sentence.

 

(b)          [RESERVED].

 

(c)          On each Distribution
Date, each Lower-Tier Regular Interest shall be deemed to receive distributions in respect of principal or reimbursement of Realized
Loss in an amount equal to the amount of principal or reimbursement of Realized Loss actually distributable to the Holders of the
respective Related Certificates as provided in Sections 4.01(a), 4.01(d), 4.01(f) and 4.01(i) such
that at all times the Lower-Tier Principal Amount of each Class of Lower-Tier Regular Interests is equal to the Certificate Balance
of the Class of Related Certificates. On each Distribution Date, each Lower-Tier Regular Interest shall be deemed to receive distributions
in respect of interest in an amount equal to the Interest Distribution Amount in respect of its Related Certificates plus a pro
rata portion of the Interest Distribution Amount in respect of (i) in the case of the Class LA1, Class LA2A, Class LA2B, Class
LA3, Class LA4, Class LASB and Class LAS Lower-Tier Regular Interests, the Class X-A Certificates, (ii) in the case of the Class
LB Uncertificated Interest, the Class X-B Certificates, and (iii) in the case of the Class LD Uncertificated Interest, the Class
X-D Certificates, in each case, computed based on an interest rate equal to the excess of the Weighted Average Net Mortgage Rate
over the Pass-Through Rate of the Related Certificates and a notional amount equal to its related Lower-Tier Principal Amount,
in each case to the extent actually distributable thereon as provided in Section 4.01(a). Amounts distributable pursuant
to this paragraph are referred to herein collectively as the “Lower-Tier Distribution Amount”, and shall be
made by the Certificate Administrator by deeming such Lower-Tier Distribution Amount to be withdrawn from the Lower-Tier REMIC
Distribution Account to be deposited in the Upper-Tier REMIC Distribution Account.

 

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As of any date, the principal
balance of each Lower-Tier Regular Interest shall equal the Certificate Balance of the Related Certificates with respect thereto,
as adjusted for the allocation of Realized Losses, as provided in Sections 4.04(b) and 4.04(c). The initial principal
balance of each Lower-Tier Regular Interest shall equal the respective Original Lower-Tier Principal Amount. The pass through rate
with respect to each Lower-Tier Regular Interest shall be the rate per annum set forth in the Preliminary Statement hereto.

 

Any amount that remains
in the Lower-Tier REMIC Distribution Account on each Distribution Date after distribution of the Lower-Tier Distribution Amount
and distribution of Prepayment Premiums and Yield Maintenance Charges pursuant to Section 4.01(e) shall be distributed to
the Holders of the Class R Certificates in respect of the Class LR Interest (but only to the extent of the Available Funds for
such Distribution Date remaining in the Lower-Tier REMIC Distribution Account, if any).

 

(d)          After the Certificate
Balance of any Class of Certificates has been reduced to zero, such Class shall not be entitled to any further distributions in
respect of interest or principal other than reimbursement of Realized Losses and other amounts provided for in this Section
4.01.

 

(e)          Funds on deposit
in the Distribution Account on each Distribution Date that represent Prepayment Premiums or Yield Maintenance Charges received
by the Trust with respect to any Mortgage Loan or REO Loan during the related Collection Period, in each case net of any Liquidation
Fees payable therefrom, shall be distributable as follows: if any Yield Maintenance Charge or Prepayment Premium is collected during
any particular Collection Period with respect to any Mortgage Loan, then on the Distribution Date corresponding to that Collection
Period, the Certificate Administrator shall pay a portion of that Yield Maintenance Charge or Prepayment Premium in the following
manner: (i) to each of the Class A-1, Class A-2A, Class A-2B, Class A-3, Class A-4, Class A-SB, Class A-S, Class B, Class C and
Class D Certificates, the product of (A) such Yield Maintenance Charge or Prepayment Premium, (B) the related Base Interest Fraction
for such Class of Certificates, and (C) a fraction, the numerator of which is equal to the amount of principal distributed to such
Class of Certificates for that Distribution Date, and the denominator of which is the total amount of principal distributed to
all Principal Balance Certificates for that Distribution Date, (ii) to the Class X-A Certificates, the excess, if any, of (A) the
product of (I) such Yield Maintenance Charge or Prepayment Premium and (II) a fraction, the numerator of which is equal to the
amount of principal distributed to the Class A-1, Class A-2A, Class A-2B, Class A-3, Class A-4, Class A-SB and Class A-S Certificates
for that Distribution Date, and the denominator of which is the total amount of principal distributed to all Principal Balance
Certificates for that Distribution Date, over (B) the amount of such Yield Maintenance Charge or Prepayment Premium distributed
to the Class A-1, Class A-2A, Class A-2B, Class A-3, Class A-4, Class A-SB and Class A-S Certificates as described above, and (iii)
to the Class X-B Certificates, any remaining such Yield Maintenance Charge or Prepayment Premium not distributed as described above.

 

For purposes of the first
paragraph of this Section 4.01(e), the relevant “Base Interest Fraction” in connection with any Principal
Prepayment of any Mortgage Loan that provides for the payment of a Yield Maintenance Charge or Prepayment Premium, and with respect
to any Class of Principal Balance Certificates, shall be a fraction (A) the numerator of

 

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which is the greater of (x) zero and (y)
the difference between (i) the Pass-Through Rate on such Class for the related Distribution Date, and (ii) the applicable Discount
Rate and (B) the denominator of which is the difference between (i) the Mortgage Rate on such Mortgage Loan and (ii) the applicable
Discount Rate; provided that: (a) under no circumstances will the Base Interest Fraction be greater than 1.0; (b) if the
applicable Discount Rate is greater than or equal to the Mortgage Rate on such Mortgage Loan and is greater than or equal to the
Pass-Through Rate on such Class for the related Distribution Date, then the Base Interest Fraction will equal zero; and (c) if
the applicable Discount Rate is greater than or equal to the Mortgage Rate on such Mortgage Loan and is less than the Pass-Through
Rate on such Class for the related Distribution Date, then the Base Interest Fraction shall be equal to 1.0. If a Mortgage Loan
provides for a step-up in the Mortgage Rate, then the Mortgage Rate used in the determination of the Base Interest Fraction will
be the Mortgage Rate in effect at the time of the prepayment.

 

For purposes of the preceding
paragraph, the relevant “Discount Rate” in connection with any Prepayment Premium or Yield Maintenance Charge
collected on any prepaid Mortgage Loan or REO Loan and distributable on any Distribution Date shall be a rate per annum
equal to (i) if a discount rate was used in the calculation of the applicable Prepayment Premium or Yield Maintenance Charge pursuant
to the terms of the relevant Mortgage Loan or REO Loan, as the case may be, such discount rate (as reported by the applicable Master
Servicer), converted (if necessary) to a monthly equivalent yield, or (ii) if a discount rate was not used in the calculation of
the applicable Prepayment Premium or Yield Maintenance Charge pursuant to the terms of the relevant Mortgage Loan or REO Loan,
as the case may be, the yield calculated by the linear interpolation of the yields (as reported under the heading “U.S. Government
Securities/Treasury Constant Maturities” in Federal Reserve Statistical Release H.15 (519) published by the Federal Reserve
Board for the week most recently ended before the date of the relevant prepayment (or deemed prepayment) of U.S. Treasury constant
maturities with a maturity date, one longer and one shorter, most nearly approximating the related Stated Maturity Date (in the
case of a Mortgage Loan or REO Loan that is not related to an ARD Loan) or the related Anticipated Repayment Date (in the case
of a Mortgage Loan or REO Loan that is related to an ARD Loan), such interpolated yield converted to a monthly equivalent yield.
If Federal Reserve Statistical Release H.15 (519) is no longer published, the Certificate Administrator shall select a comparable
publication as the source of the applicable yields of U.S. Treasury constant maturities.

 

No Yield Maintenance
Charge or Prepayment Premium shall be distributed to the Holders of the Class E, Class F, Class G, Class R or Class V Certificates.
After the Certificate Balances of the Class A-1, Class A-2A, Class A-2B, Class A-3, Class A-4, Class A-SB, Class A-S, Class B,
Class C and Class D Certificates have been reduced to zero, all Yield Maintenance Charges and Prepayment Premiums with respect
to the Mortgage Loans shall be distributed to the Holder of the Class X-B Certificates.

 

All distributions of
Yield Maintenance Charges and Prepayment Premiums made in respect of the respective Classes of Regular Certificates on each Distribution
Date pursuant to Section 4.01(e) shall first be deemed to be distributed from the Lower-Tier REMIC to the Upper-Tier
REMIC in respect of the Lower-Tier Regular Interests, pro rata based upon the amount of principal distributed in respect
of each such Class of Lower-Tier Regular Interests for such Distribution Date pursuant to Section 4.01(c) above.

 

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(f)           On each Distribution
Date, the Certificate Administrator shall withdraw amounts from the Gain-on-Sale Reserve Account (other than amounts with respect
to a Non-Serviced Mortgage Loan) and shall distribute such amounts to reimburse the Holders of the Regular Certificates (in order
of distribution priority) (first deeming such amounts to be distributed with respect to the Related Lower-Tier Regular Interests)
up to an amount equal to all Realized Losses, if any, previously deemed allocated to them and unreimbursed after application of
the Available Funds for such Distribution Date. Amounts paid from the Gain-on-Sale Reserve Account will not reduce the Certificate
Balances of the Classes of Certificates receiving such distributions. Any amounts remaining in the Gain-on-Sale Reserve Account
after such distributions shall be applied to offset future Realized Losses with respect to the Principal Balance Certificates and
related Realized Losses in each case allocable to the Regular Certificates. Upon termination of the Trust, any amounts remaining
in the Gain-on-Sale Reserve Account shall be distributed to the Holders of the Class R Certificates from the Lower-Tier REMIC in
respect of the Class LR Interest.

 

(g)          All distributions
made with respect to each Class of Certificates on each Distribution Date shall be allocated pro rata among the outstanding
Certificates in such Class based on their respective Percentage Interests. Except as otherwise specifically provided in Sections
4.01(h), 4.01(i) and 9.01, all such distributions with respect to each Class on each Distribution Date shall
be made to the Certificateholders of the respective Class of record at the close of business on the related Record Date and shall
be made by wire transfer of immediately available funds to the account of any such Certificateholder at a bank or other entity
having appropriate facilities therefor, if such Certificateholder shall have provided the Certificate Administrator with wiring
instructions no less than five (5) Business Days prior to the related Record Date (which wiring instructions may be in the form
of a standing order applicable to all subsequent Distribution Dates), or otherwise by check mailed to such Certificateholder at
its address in the Certificate Register. The final distribution on each Certificate (determined without regard to any possible
future reimbursement of Realized Losses previously allocated to such Certificate) will be made in like manner, but only upon presentation
and surrender of such Certificate at the offices of the Certificate Registrar or such other location specified in the notice to
Certificateholders of such final distribution.

 

Each distribution with
respect to a Book-Entry Certificate shall be paid to the Depository, as Holder thereof, and the Depository shall be responsible
for crediting the amount of such distribution to the accounts of its Depository Participants in accordance with its normal procedures.
Each Depository Participant shall be responsible for disbursing such distribution to the Certificate Owners that it represents
and to each indirect participating brokerage firm (a ”brokerage firm” or “indirect participating firm”)
for which it acts as agent. Each brokerage firm shall be responsible for disbursing funds to the Certificate Owners that it represents.
None of the Trustee, the Certificate Administrator, the Certificate Registrar, the Depositor, the Master Servicer, the Special
Servicer or the Underwriters shall have any responsibility therefor except as otherwise provided by this Agreement or applicable
law.

 

(h)          Except as otherwise
provided in Section 9.01, whenever the Certificate Administrator expects that the final distribution with respect to any
Class of Certificates (determined without regard to any possible future reimbursement of any amount of Realized Losses previously
allocated to such Class of Certificates) will be made on the next Distribution

 

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Date, the Certificate Administrator shall, no later
than the related P&I Advance Determination Date, post on the Certificate Administrator’s Website pursuant to Section
3.13(b) a notice in electronic format to the effect that:

 

(i)           the
Certificate Administrator expects 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 offices of the Certificate Registrar or
such other location therein specified; and

 

(ii)          no
interest shall accrue on such Certificates from and after such Distribution Date.

 

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 uninvested in trust and credited to the account or accounts of the appropriate
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 in order to receive the final distribution with respect thereto. If within one year after the second notice all such
Certificates shall not have been surrendered for cancellation, the Certificate Administrator, directly or through an agent, shall
take such steps to contact the remaining non-tendering Certificateholders concerning the surrender of their Certificates as it
shall deem appropriate, such to applicable law with respect to escheatment of funds. The costs and expenses of holding such funds
in trust and of contacting such Certificateholders following the first anniversary of the delivery of such second notice to the
non-tendering Certificateholders shall be paid out of such funds. No interest shall accrue or be payable to any Certificateholder
on any amount held in trust hereunder 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).

 

(i)           Distributions
in reimbursement of Realized Losses previously allocated to the Regular Certificates shall be made in the amounts and manner specified
in Section 4.01(a) or Section 4.01(d), as applicable, to the Holders of the respective Class otherwise entitled to
distributions of interest and principal on such Class on the relevant Distribution Date; provided that all distributions
in reimbursement of Realized Losses previously allocated to a Class of Certificates which has since been retired shall be to the
prior Holders that surrendered the Certificates of such Class upon retirement thereof and shall be made by check mailed to the
address of each such prior Holder last shown in the Certificate Register. Notice of any such distribution to a prior Holder shall
be made in accordance with Section 13.05 at such last address. The amount of the distribution to each such prior Holder
shall be based upon the aggregate Percentage Interest evidenced by the Certificates surrendered thereby. If the check mailed to
any such prior Holder is returned uncashed, then the amount thereof shall be set aside and held uninvested in trust for the benefit
of such prior Holder, and the Certificate Administrator shall attempt to contact such prior Holder in the manner contemplated by
Section 4.01(h) as if such Holder had failed to surrender its Certificates.

 

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(j)           On each Distribution
Date, any Excess Interest received during the related Collection Period with respect to the Mortgage Loans shall be distributed
solely to the Holders of the Class V Certificates from the Excess Interest Distribution Account. Excess Interest will not be available
to pay any other amounts except for distributions on Class V Certificates set forth in the prior sentence.

 

(k)          On the Serviced
Whole Loan Remittance Date, with respect to any Serviced Companion Loan, the Companion Paying Agent shall make withdrawals and
payments from the Companion Distribution Account for each Companion Loan in the following order of priority:

 

(i)           to
pay to the Master Servicer any amounts deposited by the Master Servicer in the Companion Distribution Account not required to
be deposited therein;

 

(ii)          to
the extent permitted under the related Intercreditor Agreement and not otherwise previously reimbursed, to pay the Trustee or
the Certificate Administrator or any of their directors, officers, employees and agents, as the case may be, any amounts payable
or reimbursable to any such Person pursuant to Section 8.05, to the extent any such amounts relate solely to a Serviced
Whole Loan related to such Companion Loan, and such amounts are to be paid by the related Companion Holder pursuant to the related
Intercreditor Agreement;

 

(iii)         to
pay all amounts remaining in the Companion Distribution Account related to such Serviced Companion Loan to the related Companion
Holder, in accordance with the related Intercreditor Agreement; and

 

(iv)         to
clear and terminate the Companion Distribution Account at the termination of this Agreement pursuant to Section 9.01.

 

All distributions from
the Companion Distribution Account required hereunder shall be made by the Companion Paying Agent to the related Companion Holder
by wire transfer in immediately available funds on the Serviced Whole Loan Remittance Date to the account of such Companion Holder
or an agent therefor appearing on the Companion Register on the related Record Date (or, if no such account so appears or information
relating thereto is not provided at least five Business Days prior to the related Record Date, by check sent by first class mail
to the address of such Companion Holder or its agent appearing on the Companion Register). Any such account shall be located at
a commercial bank in the United States.

 

On the final Remittance
Date, the Master Servicer shall withdraw from the Collection Account and deliver to the Certificate Administrator who shall distribute
to the Mortgage Loan Sellers, any Loss of Value Payments relating to the Mortgage Loans that it is servicing and that were transferred
from the Loss of Value Reserve Fund to the Collection Account on the immediately preceding Remittance Date.

 

Section
4.02     Distribution Date Statements; CREFC® Investor Reporting Packages; Grant
of Power of Attorney. (a) On each Distribution Date, the Certificate Administrator shall make available pursuant to Section
3.13(b) on the Certificate Administrator’s Website to any Privileged Person a statement (substantially in the form
set forth as Exhibit G

 

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hereto and based in part upon information supplied to the Certificate Administrator in the
related CREFC® Investor Reporting Package in accordance with CREFC® guidelines) as to the
distributions made on such Distribution Date (each, a “Distribution Date Statement”) which shall
include:

 

(i)           the
amount of the distribution on such Distribution Date to the Holders of each Class of Certificates in reduction of the Certificate
Balance thereof;

 

(ii)          the
aggregate amount of Advances made, with respect to the pool of Mortgage Loans, during the period from but not including the previous
Distribution Date to and including such Distribution Date and details of P&I Advances as of the P&I Advance Date;

 

(iii)         the
aggregate amount of compensation paid to the Trustee and the Certificate Administrator, servicing compensation paid to the Master
Servicer and the Special Servicer, compensation paid to the Operating Advisor, compensation paid to the Asset Representations
Reviewer and CREFC® Intellectual Property Royalty License Fees paid to CREFC®, in each case, with
respect to the Collection Period for such Determination Date together with detailed calculations of servicing compensation paid
to the Master Servicer and the Special Servicer;

 

(iv)         the
aggregate Stated Principal Balance of the Mortgage Loans and any REO Loans, with respect to the pool of Mortgage Loans, outstanding
immediately before and immediately after such Distribution Date;

 

(v)          the
aggregate amount of unscheduled payments received;

 

(vi)         the
number of loans, their aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage
Rate of the Mortgage Loans, with respect to the pool of Mortgage Loans, as of the end of the related Collection Period for such
Distribution Date;

 

(vii)        the
number and aggregate principal balance of the Mortgage Loans (A) delinquent 30-59 days, (B) delinquent 60-89 days, (C) delinquent
90 days to 120 days, (D) current but specially serviced or in foreclosure but not an REO Property and (E) for which the related
Mortgagor is subject to oversight by a bankruptcy court;

 

(viii)       the
value of any REO Property (and, with respect to any Serviced Whole Loan, the trust’s interest therein) included in the Trust
Fund as of the end of the related Determination Date for such Distribution Date, on a loan-by-loan basis, based on the most recent
Appraisal or valuation;

 

(ix)         the
Available Funds for such Distribution Date;

 

(x)          the
Interest Accrual Amount in respect of such Class of Certificates for such Distribution Date, separately identifying any Interest
Accrual Amount for such Distribution Date allocated to such Class of Certificates;

 

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(xi)         the
amount of the distribution on such Distribution Date to the Holders of such Class of Certificates allocable (A) to Prepayment
Premiums and Yield Maintenance Charges, (B) (in the case of the Class V Certificates), Excess Interest and (C) prepayment premiums;

 

(xii)        the
Pass-Through Rate for such Class of Certificates for such Distribution Date and the next succeeding Distribution Date;

 

(xiii)       the
Scheduled Principal Distribution Amount and the Unscheduled Principal Distribution Amount for such Distribution Date, with respect
to the pool of Mortgage Loans;

 

(xiv)       the
Certificate Balance or Notional Amount, as the case may be, of each Class of Certificates immediately before and immediately after
such Distribution Date, separately identifying any reduction therein as a result of the allocation of any Realized Loss on such
Distribution Date and the aggregate amount of all reductions as a result of allocations of Realized Losses in respect of the Principal
Balance Certificates to date;

 

(xv)        the
Certificate Factor for each Class of Certificates (other than the Class R and Class V Certificates) immediately following such
Distribution Date;

 

(xvi)       the
amount of any Appraisal Reduction Amounts effected (including, with respect to any Serviced Whole Loan, the amount allocable to
the related Mortgage Loan and Serviced Companion Loan) in connection with such Distribution Date on a loan-by-loan basis and the
total Appraisal Reduction Amount effected in connection with such Distribution Date, together with a detailed worksheet showing
the calculation of each Appraisal Reduction Amount on a current and cumulative basis;

 

(xvii)      the
current Controlling Class;

 

(xviii)     the
number and related Stated Principal Balance of any Mortgage Loans extended or modified since the previous Determination Date (or
in the case of the first Distribution Date, as of the Cut-off Date) on a loan-by-loan basis;

 

(xix)       a
loan-by-loan listing of each Mortgage Loan which was the subject of a Principal Prepayment since the previous Determination Date
(or in the case of the first Distribution Date, as of the Cut-off Date) and the amount and the type of Principal Prepayment occurring;

 

(xx)        a
loan-by-loan listing of each Mortgage Loan which was defeased since the previous Determination Date (or in the case of the first
Distribution Date, as of the Cut-off Date);

 

(xxi)       all
deposits into, withdrawals from, and the balance of the Interest Reserve Account on the P&I Advance Date;

 

(xxii)      in
the case of the Class R Certificates, the amount of any distributions on such Certificates pursuant to Sections 4.01(a),
4.01(c) and 4.01(f);

 

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(xxiii)      the
amount of the distribution on such Distribution Date to the Holders of such Class of Certificates in reimbursement of previously
allocated Realized Loss;

 

(xxiv)      the
aggregate unpaid principal balance of the Mortgage Loans outstanding as of the close of business on the related Determination
Date, with respect to the pool of Mortgage Loans;

 

(xxv)       with
respect to any Mortgage Loan as to which a Liquidation Event occurred since the previous Determination Date (or in the case of
the first Distribution Date, as of the Cut-off Date) or prior to the related Determination Date (other than a payment in full),
(A) the loan number thereof, (B) the aggregate of all Liquidation Proceeds and other amounts received in connection with such
Liquidation Event (separately identifying the portion thereof allocable to distributions on the Certificates), and (C) the amount
of any Realized Loss allocated to the Principal Balance Certificates in connection with such Liquidation Event;

 

(xxvi)      with
respect to any REO Property (including, with respect to any Non-Serviced Whole Loan, the Trust’s interest therein) included
in the Trust as to which the Special Servicer determined, in accordance with the Servicing Standard, that all payments or recoveries
with respect to the Mortgaged Property have been ultimately recovered since the previous Determination Date, (A) the loan number
of the related Mortgage Loan, (B) the aggregate of all Liquidation Proceeds and other amounts received in connection with that
determination (separately identifying the portion thereof allocable to distributions on the Certificates), and (C) the amount
of any Realized Loss allocated to the Principal Balance Certificates in respect of the related REO Loan in connection with that
determination;

 

(xxvii)     the
aggregate amount of interest on P&I Advances paid to the Master Servicer and the Trustee since the previous Determination
Date (or in the case of the first Distribution Date, as of the Cut-off Date), with respect to the pool of Mortgage Loans;

 

(xxviii)   [RESERVED];

 

(xxix)      the
then-current credit support levels for each Class of Certificates;

 

(xxx)       the
aggregate amount of Prepayment Premiums and Yield Maintenance Charges on the Mortgage Loans (each separately identified) collected
since the previous Determination Date (or in the case of the first Distribution Date, as of the Cut-off Date);

 

(xxxi)      a
loan-by-loan listing of any material modification, extension or waiver of a Mortgage Loan;

 

(xxxii)     a
loan-by-loan listing of any material breach of the representations and warranties given with respect to a Mortgage Loan by the
applicable Mortgage Loan Seller;

 

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(xxxiii)   an
itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates, which information
will be provided to the Certificate Administrator by the Master Servicer; and

 

(xxxiv)   the
amount of any Excess Interest actually received.

 

In the case of information
furnished pursuant to clauses (i), (ix), (x), (xi), (xiv), (xxiii), (xxiv) and
(xxxiv) above, the amounts shall be expressed as a dollar amount in the aggregate for all Certificates of each applicable
Class and per Definitive Certificate.

 

The Certificate Administrator
has not obtained and shall not be deemed to have obtained actual knowledge of any information only by virtue of its receipt and
posting of such information to the Certificate Administrator’s website.

 

Within a reasonable period
of time after the end of each calendar year, the Certificate Administrator shall furnish to each Person who at any time during
the calendar year was a Holder of a Certificate, a statement containing the information set forth in clauses (i) and (x)
above as to the applicable Class, aggregated for such calendar year or applicable portion thereof during which person was a Certificateholder,
together with such other information as the Certificate Administrator deems necessary or desirable, or that a Certificateholder
or Certificate Owner reasonably requests, to enable Certificateholders to prepare their tax returns for such calendar year. Such
obligation of the Certificate Administrator shall be deemed to have been satisfied to the extent that substantially comparable
information shall be provided by the Certificate Administrator pursuant to any requirements of the Code as from time to time are
in force.

 

Upon receipt of an Asset
Review Report Summary from the Asset Representations Reviewer required to be delivered pursuant to Section 12.01(b), the
Certificate Administrator shall (i) include such Asset Review Report Summary in Item 1B on the Form 10-D for such period in which
such Asset Review Report Summary was delivered, and (ii) post such Asset Review Report Summary to the Certificate Administrator’s
Website not later than two (2) Business Days after receipt of such Asset Review Report Summary from the Asset Representations Reviewer.

 

(b)          [RESERVED].

 

(c)          Each of the Master
Servicer and the Special Servicer may, at its sole cost and expense, make available by electronic media, bulletin board service
or Internet website (in addition to making information available as provided herein) any reports or other information the Master
Servicer or the Special Servicer, as applicable, is required or permitted to provide to any party to this Agreement, the Rating
Agencies or any Certificateholder or any prospective Certificateholder that has provided the Certificate Administrator, the Master
Servicer or the Special Servicer, as applicable, with an Investor Certification or has executed a “click-through” confidentiality
agreement in accordance with Section 3.13 hereof (which may be a licensed or registered investment advisor) to the extent
such action does not conflict with the terms of this Agreement (including without limitation, any requirements to keep Privileged
Information confidential), the terms of the Mortgage Loans or applicable law. Notwithstanding this

 

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paragraph, the availability
of such information or reports on the Internet or similar electronic media shall not be deemed to satisfy any specific delivery
requirements in this Agreement except as set forth herein. In connection with providing access to the Master Servicer’s or
Special Servicer’s Internet website, the Master Servicer or the Special Servicer, as applicable, shall take reasonable measures
to ensure that only such parties listed above may access such information including, without limitation, requiring registration,
a confidentiality agreement and acceptance of a disclaimer. The Master Servicer or the Special Servicer, as applicable, shall not
be liable for dissemination of this information in accordance with this Agreement, and neither the Master Servicer nor the Special
Servicer shall be responsible for any information delivered, produced, or made available pursuant to Sections 3.13 and 4.02(b),
other than information produced by the Master Servicer or Special Servicer, as applicable; provided that such information
otherwise meets the requirements set forth herein with respect to the form and substance of such information or reports. The Master
Servicer shall be entitled to attach to any report provided pursuant to this subsection, any reasonable disclaimer with respect
to information provided, or any assumptions required to be made by such report.

 

The Special Servicer
shall from time to time (and, in any event, as may be reasonably required by the Master Servicer) provide the Master Servicer with
such information in its possession regarding the Specially Serviced Loans and REO Properties as may be necessary for the Master
Servicer to prepare each report and any supplemental information to be provided by the Master Servicer to the Certificate Administrator.
None of the Certificate Administrator, the Trustee or the Depositor shall have any obligation to recompute, verify or recalculate
the information provided thereto by the Master Servicer. Unless the Certificate Administrator has actual knowledge that any report
or file received from the Master Servicer contains erroneous information, the Certificate Administrator is authorized to rely thereon
in calculating and making distributions to Certificateholders in accordance with Section 4.01, preparing the Distribution
Date Statement required by Section 4.02(a) and allocating Realized Losses to the Certificates in accordance with Section
4.04.

 

Notwithstanding the foregoing,
the failure of the Master Servicer or Special Servicer to disclose any information otherwise required to be disclosed pursuant
to this Section 4.02(c) or Section 4.02(d) shall not constitute a breach of this Section 4.02(c) or of Section
4.02(d) to the extent the Master Servicer or the Special Servicer so fails because such disclosure, in the reasonable belief
of the Master Servicer or the Special Servicer, as the case may be, would violate any applicable law or any provision of a Mortgage
Loan document prohibiting disclosure of information with respect to the Mortgage Loans or the Mortgaged Properties. The Master
Servicer or the Special Servicer may affix to any information provided by it any disclaimer it deems appropriate in its reasonable
discretion (without suggesting liability on the part of any other party hereto).

 

(d)          Upon the written
request of a Certificateholder, any beneficial owner of a Certificate, or any prospective purchaser of a Certificate that is a
Qualified Institutional Buyer and is designated by a Certificateholder or a beneficial owner of a Certificate as such and, in any
case, has delivered an Investor Certification to the Depositor and the Certificate Administrator, as soon as reasonably practicable,
at the expense of the requesting party, the Certificate Administrator shall make available to the requesting party such information
that is in the Certificate Administrator’s possession or can reasonably be obtained by the Certificate

 

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Administrator as is
requested by such person, for purposes of satisfying applicable reporting requirements under Rule 144A under the Securities Act.
Neither the Certificate Registrar, nor the Certificate Administrator shall have any responsibility for the sufficiency under Rule
144A or any other securities laws of any available information so furnished to any person including any prospective purchaser of
a Certificate or any interest therein, nor for the content or accuracy of any information so furnished which was prepared or delivered
to them by another.

 

(e)           The information
to which any Certificateholder is entitled is limited to the information gathered and provided to the Certificateholder by the
parties hereto pursuant to this Agreement and by acceptance of any Certificate, each Certificateholder agrees that except as specifically
provided herein, no Certificateholder shall contact any Mortgagor directly with respect to any Mortgage Loan.

 

(f)           Upon the reasonable
request of the Directing Certificateholder or any Controlling Class Certificateholder that, in either case, is an Excluded Controlling
Class Holder with respect to any Excluded Controlling Class Loan identified to the Master Servicer’s (in the case of a Non-Specially
Serviced Loan) or the Special Servicer’s (in the case of a Specially Serviced Loan) reasonable satisfaction (at the expense
of the Directing Certificateholder or such Controlling Class Certificateholder) and if such information is in the Master Servicer’s
or Special Servicer’s possession, as applicable, the Master Servicer or Special Servicer, shall provide or make available
(or forward electronically) to the Directing Certificateholder or such Controlling Class Certificateholder, as applicable, (at
the expense of the Directing Certificateholder or such Controlling Class Certificateholder, as applicable) any Excluded Information
(available to Privileged Persons through the Certificate Administrator’s Website but not accessible to the Directing Certificateholder
or such Controlling Class Certificateholder, as applicable, through the Certificate Administrator’s Website because the Directing
Certificateholder or such Controlling Class Certificateholder, as applicable, is an Excluded Controlling Class Holder with respect
to another Excluded Controlling Class Loan) relating to any Excluded Controlling Class Loan with respect to which the Directing
Certificateholder or such Controlling Class Certificateholder, as applicable, is not a Borrower Party; provided that, in
connection therewith, the Master Servicer or Special Servicer may require a written confirmation executed by the requesting Person
substantially in such form as may be reasonably acceptable to the Master Servicer or Special Servicer, generally to the effect
that such Person is the Directing Certificateholder or a Controlling Class Certificateholder, will keep such Excluded Information
confidential and is not a Borrower Party, upon which the Master Servicer or Special Servicer may conclusively rely. In addition,
the Master Servicer and the Special Servicer shall be entitled to conclusively rely on delivery from the Directing Certificateholder
or a Controlling Class Certificateholder, as applicable, of an Investor Certification substantially in the form of Exhibit P-1D
that such Directing Certificateholder or Controlling Class Certificateholder is not an Excluded Controlling Class Holder with respect
to a particular Mortgage Loan. For the avoidance of doubt, the Special Servicer referenced in this Section 4.02(f) shall
include any applicable Excluded Special Servicer with respect to the related Excluded Special Servicer Loan(s).

 

Section
4.03     P&I Advances. (a) On or before 4:00 p.m., New York
City time, on each P&I Advance Date, the Master Servicer shall (i) remit to the Certificate Administrator for deposit
from its own funds into the Lower-Tier REMIC Distribution Account, an amount

 

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equal to the aggregate amount of P&I
Advances, if any, with respect to the Mortgage Loans to be made in respect of the related Distribution Date, (ii) apply
amounts held in the Collection Account, for future distribution to Certificateholders in subsequent months in discharge of
any such obligation to make P&I Advances or (iii) make P&I Advances in the form of any combination of (i) and (ii)
aggregating the total amount of P&I Advances to be made. Any amounts held in the Collection Account for future
distribution and so used to make P&I Advances shall be appropriately reflected in the Master Servicer’s records and
replaced by the Master Servicer by deposit in the Collection Account on or before the next succeeding P&I Advance Date
(to the extent not previously replaced through the deposit of Late Collections of the delinquent principal and/or interest in
respect of which such P&I Advances were made). The Master Servicer shall notify the Certificate Administrator of (i) the
aggregate amount of P&I Advances for a Distribution Date and (ii) the amount of any Nonrecoverable P&I Advances for
such Distribution Date, on or before two (2) Business Days prior to such Distribution Date. If the Master Servicer fails to
make a required P&I Advance by 4:00 p.m., New York City time, on any P&I Advance Date, the Trustee shall make such
P&I Advance pursuant to Section 7.05 by noon, New York City time, on the related Distribution Date, unless the
Master Servicer shall have cured such failure (and provided written notice of such cure to the Trustee and the Certificate
Administrator) by 11:00 a.m., New York City time, on such Distribution Date. In the event that the Master Servicer fails to
make a required P&I Advance hereunder, the Certificate Administrator shall notify the Trustee of such circumstances by
4:30 p.m., New York City time, on the related P&I Advance Date. Notwithstanding the foregoing, the portion of any P&I
Advance equal to the CREFC® Intellectual Property Royalty License Fee shall not be remitted to the Certificate
Administrator for deposit into the Lower-Tier REMIC Distribution Account but shall be deposited into the Collection Account
for payment to CREFC® on such Distribution Date.

 

(b)          Subject to Section
4.03(c) and Section 4.03(e) below, the amount of P&I Advances to be made by the Master Servicer with respect to
any Distribution Date, and each Mortgage Loan, shall be equal to: (i) the Periodic Payments (net of related Servicing Fees and,
in the case of any Non-Serviced Mortgage Loan, a fee accruing at the related Non-Serviced Primary Servicing Fee Rate) other than
Balloon Payments, that were due on the Mortgage Loan (including any Non-Serviced Mortgage Loan) and any REO Loan (other than any
portion of an REO Loan related to a Companion Loan) during the related Collection Period and were not received as of the close
of business on the Business Day preceding the related P&I Advance Date (or not advanced by any Sub-Servicer on behalf of the
Master Servicer) and (ii) with respect to each Mortgage Loan delinquent in respect of its Balloon Payment as of the P&I Advance
Date (including any REO Loan (other than any portion of an REO Loan related to a Companion Loan) as to which the related Balloon
Payment would have been past due), an amount equal to the Assumed Scheduled Payment therefor. Subject to subsection (c)
below, the obligation of the Master Servicer to make such P&I Advances is mandatory, and with respect to any Mortgage Loan
(including any Non-Serviced Mortgage Loan) or REO Loan (other than any portion of an REO Loan related to a Companion Loan), shall
continue until the Distribution Date on which the proceeds, if any, received in connection with a Liquidation Event or the disposition
of the REO Property, as the case may be, with respect thereto are to be distributed. No P&I Advances shall be made with respect
to any Companion Loan.

 

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(c)          Notwithstanding
anything herein to the contrary, no P&I Advance shall be required to be made hereunder if such P&I Advance would, if made,
constitute a Nonrecoverable P&I Advance. With respect to each Non-Serviced Mortgage Loan, the Master Servicer shall make its
determination (based on information provided by the applicable Non-Serviced Master Servicer and Non-Serviced Special Servicer)
that it has made a P&I Advance on such Non-Serviced Mortgage Loan that is a Nonrecoverable Advance or that any proposed P&I
Advance would, if made, constitute a Nonrecoverable Advance with respect to such Non-Serviced Mortgage Loan independently of any
determination made by the applicable Non-Serviced Master Servicer or the applicable Non-Serviced Special Servicer, as the case
may be, under the applicable Non-Serviced PSA in respect of the related Non-Serviced Companion Loan. If the Master Servicer or
Special Servicer determines that a proposed P&I Advance with respect to a Non-Serviced Mortgage Loan, if made, or any outstanding
P&I Advance with respect to a Non-Serviced Mortgage Loan previously made, would be, or is, as applicable, a Nonrecoverable
Advance, the Master Servicer shall provide the applicable Non-Serviced Master Servicer and Non-Serviced Special Servicer written
notice of such determination within two (2) Business Days of the date of such determination. If the Master Servicer receives written
notice from the related Non-Serviced Master Servicer or the related Non-Serviced Special Servicer, as the case may be, that either
has determined in accordance with the applicable Non-Serviced PSA with respect to a Non-Serviced Companion Loan, that any proposed
advance under the applicable Non-Serviced PSA that is similar to a P&I Advance would be, or any outstanding advance under such
Non-Serviced PSA that is similar to a P&I Advance is, a nonrecoverable advance, then the Master Servicer or the Trustee may,
based upon such determination, determine that any P&I Advance previously made or proposed to be made with respect to the related
Non-Serviced Mortgage Loan, will be a Nonrecoverable P&I Advance. Thereafter, in either case, the Master Servicer shall not
be required to make any additional P&I Advances with respect to the related Non-Serviced Mortgage Loan unless and until the
Master Servicer or the Trustee, as the case may be, determines that any such additional P&I Advances with respect to the related
Non-Serviced Mortgage Loan would not be a Nonrecoverable P&I Advance, which determination may be as a result of consultation
with the related Non-Serviced Master Servicer or the related Non-Serviced Special Servicer, as the case may be, or otherwise. For
the avoidance of doubt, the Master Servicer or the Trustee, as the case may be, shall have the sole discretion provided in this
Agreement to determine that any future P&I Advance or outstanding P&I Advance would be, or is, as applicable, a Nonrecoverable
Advance.

 

(d)          In connection
with the recovery of any P&I Advance out of the Collection Account, pursuant to Section 3.05(a), the Master Servicer
shall be entitled to pay the Trustee and itself (in that order of priority) as the case may be, out of any amounts then on deposit
in the Collection Account (but in no event from any funds allocable to a Serviced Companion Noteholder (unless related thereto),
except to the extent permitted pursuant to the terms of the related Intercreditor Agreement), interest at the Reimbursement Rate
in effect from time to time, accrued on the amount of such P&I Advance from the date made to but not including the date of
reimbursement; provided, however, that no interest will accrue on any P&I Advance (i) if the related Periodic
Payment is received on or before the related Due Date has passed and any applicable Grace Period has expired or (ii) if the related
Periodic Payment is received after the Determination Date but on or prior to the related P&I Advance Date. The Master Servicer
shall reimburse itself and/or the Trustee, as the case may be, for any outstanding P&I Advance,

 

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subject to Section 3.17
of this Agreement, as soon as practicably possible after funds available for such purpose are deposited in the Collection Account.

 

(e)          Notwithstanding
the foregoing, (i) neither the Master Servicer nor the Trustee shall make an advance for Excess Interest, Yield Maintenance Charges,
Default Interest, late payment charges, Prepayment Premiums, or Balloon Payments or make any P&I Advance with respect to any
Companion Loan and (ii) if an Appraisal Reduction Amount has been determined with respect to any Mortgage Loan (or, in the case
of a Non-Serviced Whole Loan, an “appraisal reduction amount” has been made in accordance with the related Non-Serviced
PSA and the Master Servicer has notice of such appraisal reduction amount) then in the event of subsequent delinquencies thereon,
the interest portion of the P&I Advance in respect of such Mortgage Loan for the related Distribution Date shall be reduced
(it being herein acknowledged that there shall be no reduction in the principal portion of such P&I Advance) to equal the product
of (x) the amount of the interest portion of such P&I Advance for such Mortgage Loan for such Distribution Date without regard
to this clause (ii), and (y) a fraction, expressed as a percentage, the numerator of which is equal to the Stated Principal
Balance of such Mortgage Loan immediately prior to such Distribution Date, net of the related Appraisal Reduction Amount (or, in
the case of a Serviced Whole Loan, the portion of such Appraisal Reduction Amount allocated to the related Mortgage Loan), if any,
and the denominator of which is equal to the Stated Principal Balance of such Mortgage Loan immediately prior to such Distribution
Date. For purposes of the immediately preceding sentence, the Periodic Payment due on the Maturity Date for a Balloon Mortgage
Loan will be the Assumed Scheduled Payment for the related Distribution Date.

 

(f)          In no event shall
either the Master Servicer or the Trustee be required to make a P&I Advance with respect to any Companion Loan.

 

Section
4.04    Allocation of Realized Losses. (a) On each
Distribution Date, immediately following the distributions to be made on such date pursuant to Section 4.01, the
Certificate Administrator shall calculate the amount, if any, by which (i) the aggregate Stated Principal Balance (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 3.05(a)(v) to the extent such Workout-Delayed Reimbursement Amounts are not otherwise determined to be
Nonrecoverable Advances) of the Mortgage Loans and any REO Loans (excluding any portion allocable to any related Companion
Loan, if applicable) expected to be outstanding immediately following such Distribution Date, is less than (ii) the
then-aggregate Certificate Balance of the Principal Balance Certificates after giving effect to distributions of principal on
such Distribution Date (any such deficit, the “Realized Loss”). Any allocation of Realized Losses to a
Class of Regular Certificates shall be made by reducing the Certificate Balance thereof by the amount so allocated. Any
Realized Losses so allocated to a Class of Regular Certificates shall be allocated among the respective Certificates of such
Class in proportion to the Percentage Interests evidenced thereby. The allocation of Realized Losses shall constitute an
allocation of losses and other shortfalls experienced by the Trust. Reimbursement of previously allocated Realized Losses
will not constitute distributions of principal for any purpose and will not result in an additional reduction in the
Certificate Balance of the Class of Certificates in respect of which any such reimbursement is made. With respect to any
Class of

 

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Principal Balance Certificates, to the extent any Nonrecoverable Advances (plus interest thereon) that were
reimbursed from principal collections on the Mortgage Loans and previously resulted in a reduction of the
Principal Distribution Amount are subsequently recovered on the related Mortgage Loan, the amount of such recovery will be
added to the Certificate Balance of the Class or Classes of Principal Balance Certificates that previously were allocated
Realized Losses, in sequential order, in each case up to the amount of the unreimbursed Realized Losses allocated to such
Class of Principal Balance Certificates.

 

(b)          On each Distribution
Date, the Certificate Balances of the Principal Balance Certificates will be reduced without distribution, as a write-off to the
extent of any Realized Losses, if any, allocable to such Certificates with respect to such Distribution Date. Any such write off
shall be allocated first, to the Class G Certificates, second, to the Class F Certificates, third, to the
Class E Certificates, fourth, to the Class D Certificates, fifth, to the Class C Certificates, sixth, to the
Class B Certificates; seventh, to the Class A-S Certificates and then, pro rata (based on their respective
Certificate Balances), Class A-1, Class A-2A, Class A-2B, Class A-3, Class A-4, and Class A-SB Certificates, in each case until
the remaining Certificate Balances of such Classes of Certificates have been reduced to zero.

 

(c)          With respect to
any Distribution Date, any Realized Losses allocated to a Class of Principal Balance Certificates pursuant to Section 4.04(a)
or Section 4.04(b), respectively, with respect to such Distribution Date shall reduce the Lower-Tier Principal Amount of
the Related Lower-Tier Regular Interest with respect thereto as a write-off.

 

Section
4.05     Appraisal Reduction Amounts. (a) For purposes of (x)
determining the Controlling Class (and whether a Control Termination Event has occurred and is continuing) and (y)
determining the Voting Rights of the related Classes for purposes of removal of the Special Servicer or the Operating
Advisor, Appraisal Reduction Amounts (with respect to a Serviced Whole Loan, to the extent allocated to the related Mortgage
Loan) will be allocated to each Class of Certificates in reverse sequential order to notionally reduce the related
Certificate Balances until the Certificate Balance of each such Class is reduced to zero (i.e., first, to the Class G
Certificates, second, to the Class F Certificates, third, to the Class E Certificates, fourth, to the
Class D Certificates, fifth, to the Class C Certificates, sixth, to the Class B Certificates, seventh,
to the Class A-S Certificates, and finally, pro rata based on their respective interest entitlements, to the Senior
Certificates). Following receipt from the Special Servicer, the Master Servicer shall notify the Certificate Administrator of
the amount of any Appraisal Reduction Amount with respect to each Mortgage Loan (which notification may be satisfied through
delivery of such information included in the CREFC® Loan Periodic Update File or the CREFC®
Appraisal Reduction Template included in the CREFC® Investor Reporting Package). Based on information in its
possession, the Certificate Administrator shall determine from time to time which Class of Certificates is the Controlling
Class. The Certificate Administrator shall provide notice of the identity of the Controlling Class as set forth in Section
3.23(m). With respect to any Appraisal Reduction Amount calculated for purposes of determining the Controlling Class, the
appraised value of the related Mortgaged Property will be determined on an “as-is” basis.

 

(b)          (i) The Holders
of the majority of Voting Rights of any Class of Control Eligible Certificates that is determined at any time of determination
to no longer be the

 

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Controlling Class (any such Class, an “Appraised-Out Class”) as a result of an Appraisal
Reduction Amount in respect of such Class shall have the right, at their sole expense, to require the Special Servicer to order
a second Appraisal with respect to any Mortgage Loan (or Serviced Whole Loan) for which an Appraisal Reduction Event has occurred
(such Holders, the “Requesting Holders”). The Special Servicer shall use its reasonable best efforts to ensure
that such second Appraisal is delivered within thirty (30) days from receipt of the Requesting Holders’ written request and
shall ensure that such Appraisal is prepared on an “as-is” basis by an MAI appraiser (provided that such MAI
appraiser may not be the same MAI appraiser that provided the Appraisal in respect of which the Requesting Holders are requesting
the Special Servicer to obtain an additional Appraisal).

 

(ii)          Upon
receipt of any supplemental Appraisal pursuant to clause (i) above, the Special Servicer shall determine, in accordance
with the Servicing Standard, whether, based on its assessment of such supplemental Appraisal, any recalculation of the Appraisal
Reduction Amount is warranted, and if so warranted, the Special Servicer shall recalculate the Appraisal Reduction Amount based
on such supplemental Appraisal and any information received from the Master Servicer. If required by such recalculation, the Appraised-Out
Class shall be reinstated as the Controlling Class and each other Appraised-Out Class shall, if applicable, have its related Certificate
Balance notionally restored to the extent required by such recalculation of the Appraisal Reduction Amount. The Holders of an
Appraised-Out Class requesting any supplemental Appraisal pursuant to clause (i) above shall refrain from exercising any
direction, control, consent and/or similar rights of the Controlling Class until such time, if any, as the Class is reinstated
as the Controlling Class (such period beginning upon receipt by the Special Servicer of any request to obtain a supplemental Appraisal
pursuant to clause (i) above to but excluding the date on which either (A) the Special Servicer determines that no recalculation
of the Appraisal Reduction Amount is warranted or (B) the Special Servicer recalculates the Appraisal Reduction Amount based on
the supplemental Appraisal, the “Appraisal Review Period”). The rights of the Controlling Class during each
Appraisal Review Period shall be exercised by the most senior Class of Control Eligible Certificates, if any.

 

(c)           With
respect to each Mortgage Loan (other than a Non-Serviced Mortgage Loan), and each Serviced Whole Loan as to which an Appraisal
Reduction Event has occurred (unless such Mortgage Loan or Serviced Whole Loan has become a Corrected Loan (for such purposes
taking into account any amendment or modification of such Mortgage Loan, any related Companion Loan or Serviced Whole Loan)),
the Special Servicer shall (1) within thirty (30) days of the occurrence or of each anniversary of the related Appraisal Reduction
Event, and (2) upon its determination that the value of the related Mortgaged Property has materially changed, notify the Master
Servicer of the occurrence of such anniversary or determination and order an Appraisal (which may be an update of a prior Appraisal),
the cost of which shall be paid by the Master Servicer as a Servicing Advance or to the extent it would be a Nonrecoverable Advance,
an expense of the Trust, or conduct an internal valuation, as applicable and, promptly following receipt of any such Appraisal
or performance of such valuation (or receipt of any Appraisal obtained in accordance with Section 4.05(b) above), shall
deliver a copy thereof to the Master Servicer, the Certificate Administrator, the Trustee, the Operating Advisor and ((i) prior
to the occurrence of any Consultation Termination Event and (ii) other than with respect to any Excluded Loan) the Directing Certificateholder.
Based upon such Appraisal or internal valuation

 

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(or any Appraisal obtained in accordance with Section 4.05(b) above) and
receipt of information reasonably requested by the Special Servicer from the Master Servicer necessary to calculate the Appraisal
Reduction Amount that is either in the Master Servicer’s possession or reasonably obtainable by the Master Servicer, the
Special Servicer shall determine or redetermine, as applicable, and report to the Master Servicer, the Certificate Administrator,
the Trustee, the Operating Advisor and ((i) prior to the occurrence of any Consultation Termination Event and (ii) other than
with respect to any Excluded Loan) the Directing Certificateholder, the amount and calculation or recalculation of the Appraisal
Reduction Amount with respect to such Mortgage Loan, Companion Loan or Serviced Whole Loan, as applicable, and such report shall
be delivered in the CREFC® Appraisal Reduction Template format; provided,
however, that the Special Servicer shall not be liable for failure to comply with such duties insofar as such failure results
from a failure of the Master Servicer to provide sufficient information to the Special Servicer to comply with such duties or
failure by the Master Servicer to otherwise comply with its obligations hereunder. Such report shall also be forwarded by the
Master Servicer (or the Special Servicer if the related Mortgage Loan is a Specially Serviced Loan), to the extent the related
Serviced Companion Loan has been included in an Other Securitization, to the Other Servicer of such Other Securitization into
which the related Serviced Companion Loan has been sold, or to the holder of any related Serviced Companion Loan by the Master
Servicer (or the Special Servicer if the related Mortgage Loan is a Specially Serviced Loan). If the Special Servicer is required
to redetermine the Appraisal Reduction Amount, such redetermined Appraisal Reduction Amount shall replace the prior Appraisal
Reduction Amount with respect to such Mortgage Loan, Companion Loan or Serviced Whole Loan, as applicable. Prior to the occurrence
of a Consultation Termination Event and other than with respect to any Excluded Loan, the Special Servicer shall consult with
the Directing Certificateholder with respect to any Appraisal, valuation or downward adjustment in connection with an Appraisal
Reduction Amount. Notwithstanding the foregoing but subject to Section 4.05(b), the Special Servicer will not be required
to obtain an Appraisal or conduct an internal valuation, as applicable, with respect to a Mortgage Loan or related Companion Loan
or Serviced Whole Loan as to which an Appraisal Reduction Event has occurred to the extent the Special Servicer has obtained an
Appraisal or conducted such a valuation (in accordance with requirements of this Agreement), as applicable, with respect to the
related Mortgaged Property within the twelve-month period immediately prior to the occurrence of such Appraisal Reduction Event.
Instead, the Special Servicer may use such prior Appraisal or valuation, as applicable, in calculating any Appraisal Reduction
Amount with respect to such Mortgage Loan or related Companion Loan or Serviced Whole Loan; provided that the Special Servicer
is not aware of any material change to the related Mortgaged Property having occurred and affecting the validity of such Appraisal
or valuation.

 

The Master Servicer shall
deliver by electronic mail to the Special Servicer any information in its possession that is reasonably required to determine,
calculate, redetermine or recalculate any Appraisal Reduction Amount, using reasonable efforts to deliver such information, within
four (4) Business Days following the Special Servicer’s reasonable request therefor (which request shall be made promptly,
but in no event later than ten (10) Business Days, after the Special Servicer’s receipt of the applicable Appraisal or preparation
of the applicable internal valuation); provided, the Special Servicer’s failure to timely make such request shall
not relieve the Master Servicer of its obligation to use reasonable efforts to provide such information to the Special Servicer
within four (4) Business Days following the Special Servicer’s reasonable request.

 

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(d)          Any Mortgage Loan
(other than a Non-Serviced Mortgage Loan), any related Serviced Companion Loan and any Serviced Whole Loan previously subject to
an Appraisal Reduction Amount, which has become a Corrected Loan (for such purposes taking into account any amendment or modification
of such Mortgage Loan, any related Serviced Companion Loan and any Serviced Whole Loan, as applicable), and with respect to which
no other Appraisal Reduction Event has occurred and is continuing, will no longer be subject to an Appraisal Reduction Amount.
Any Appraisal Reduction Amount in respect of a Non-Serviced Whole Loan shall be calculated by the applicable party under and in
accordance with and pursuant to the terms of the applicable Non-Serviced PSA.

 

(e)          Each Serviced
Whole Loan will be treated as a single Mortgage Loan for purposes of calculating an Appraisal Reduction Amount with respect to
the Mortgage Loan and Companion Loan(s) that comprise such Serviced Whole Loan. Any Appraisal Reduction Amount in respect of a
Serviced AB Whole Loan will be allocated in accordance with the related Intercreditor Agreement or, if no allocation is specified
in the related Intercreditor Agreement, then, first, to the related AB Subordinate Companion Loan (until its principal balance
is notionally reduced to zero by such Appraisal Reduction Amounts) and second, to the related AB Mortgage Loan. Any Appraisal Reduction
Amount in respect of any Serviced Pari Passu Whole Loan will be allocated in accordance with the related Intercreditor Agreement
or, if no allocation is specified in the related Intercreditor Agreement, then, pro rata, between the related Serviced Pari
Passu Mortgage Loan and the related Serviced Pari Passu Companion Loan, based upon their respective Stated Principal Balances.

 

Section
4.06     Grantor Trust Reporting. (a) The parties intend that the portions of the Trust Fund
constituting the Grantor Trust, shall constitute, and that the affairs of the Grantor Trust shall be conducted so as to
qualify such portion as, a “grantor trust” under subpart E, part I of subchapter J of the Code, and the
provisions hereof shall be interpreted consistently with this intention. In furtherance of such intention, neither the
Trustee nor the Certificate Administrator shall have the power to vary the investment of the Holders of the Class V
Certificates in the Grantor Trust so as to improve their rate of return. The Certificate Administrator shall prepare or cause
to be prepared, submit to the Trustee for execution (and the Trustee shall timely execute and timely return to the
Certificate Administrator) and timely file all Tax Returns in respect of the Grantor Trust. In addition, the
Certificate Administrator shall (A) file, or cause to be filed, Internal Revenue Service Form 1041, Form 1099 or such other
form as may be applicable with the Internal Revenue Service with copies of the statements in the following clause and (B)
furnish, or cause to be furnished, to the Holders of the Class V Certificates, their allocable share of income and expense
with respect to the Excess Interest and Excess Interest Distribution Account, in the time or times and in the manner required
by the Code.

 

(b)          The Grantor Trust
is a WHFIT that is a WHMT. The Certificate Administrator will report as required under the WHFIT Regulations to the extent such
information as is reasonably necessary to enable the Certificate Administrator to do so is provided to the Certificate Administrator
on a timely basis. The Certificate Administrator is hereby directed to assume that DTC is the only “middleman” as defined
by the WHFIT Regulations unless the Depositor provides the Certificate Administrator with the identities of other “middlemen”
that are Certificateholders. The Certificate Administrator shall be entitled to

 

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indemnification
in accordance with the terms of this Agreement in the event that the Internal Revenue Service makes a determination that the first
sentence of this paragraph is incorrect.

 

(c)          The Certificate
Administrator shall report required WHFIT information using the 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 its 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.

 

(d)          The Certificate
Administrator shall not be liable for failure to meet the reporting requirements of the WHFIT Regulations nor for any penalties
thereunder if such failure is due to: (i) the lack of reasonably necessary information being provided to the Certificate Administrator
or (ii) incomplete, inaccurate or untimely information being provided to the Certificate Administrator. Each Holder of a Class V
Certificate, by acceptance of its interest in such class of securities, will be deemed to have agreed to provide the Certificate
Administrator with information regarding any sale of such securities, including the price, amount of proceeds and date of sale.
Absent receipt of information regarding any sale of a Class V Certificate, 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.

 

(e)          To the extent
required by the WHFIT Regulations, the Certificate Administrator shall use reasonable efforts to publish on an appropriate website
the CUSIP for the Class V Certificates. The CUSIP so published will represent the Rule 144A CUSIP. The Certificate Administrator
shall make reasonable good faith efforts to keep the website accurate and updated to the extent such CUSIP has been received. Absent
the receipt of such CUSIP, the Certificate Administrator will use a reasonable identifier number in lieu of a CUSIP. The Certificate
Administrator shall not be liable for investor reporting delays that result from the receipt of inaccurate or untimely CUSIP information.

 

Section 4.07     Investor
Q&A Forum; Investor Registry; and Rating Agency Q&A Forum and Document Request Tool. (a) The Certificate
Administrator shall make available, only to Privileged Persons, the Investor Q&A Forum. The “Investor Q&A
Forum” shall be a service available on the Certificate Administrator’s Website, where
(i) Certificateholders and beneficial owners of Certificates that are Privileged Persons may submit questions to
(A) the Certificate Administrator relating to the Distribution Date Statement, (B) the Master Servicer or the
Special Servicer, as applicable, relating to the reports being made available pursuant to Sections 3.13(b) and (d),
the Mortgage Loans (excluding any Non-Serviced Mortgage Loan) or the related Mortgaged Properties or (C) the Operating
Advisor relating to the Operating Advisor Annual Report or other reports prepared by the Operating Advisor or actions by the
Special Servicer referenced in any Operating Advisor Annual Report (each an “Inquiry” and collectively,
“Inquiries”), and (ii) Privileged Persons may view Inquiries that have been previously submitted and
answered, together with the answers thereto. Upon receipt of an Inquiry for the Master Servicer, the Special Servicer,
Certificate Administrator or the Operating Advisor, as applicable,

 

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and in the case of any Inquiry relating to a Non-Serviced
Mortgage Loan, to the related Non-Serviced Master Servicer or related Non-Serviced Special Servicer, as applicable, the
Certificate Administrator shall forward the Inquiry to the appropriate person (in the case of the Master Servicer to the
following: REAM_InvestorRelations@wellsfargo.com), in each case within a commercially reasonable period of time following
receipt thereof. Following receipt of an Inquiry, the Master Servicer, the Special Servicer, the Certificate Administrator or
the Operating Advisor, as applicable, unless such party determines not to answer such Inquiry as provided below, shall reply
to the Inquiry, which reply of the Master Servicer, Special Servicer or the Operating Advisor, as applicable, shall be
delivered to the Certificate Administrator by electronic mail. In the case of an Inquiry relating to a Non-Serviced
Mortgage Loan, the Certificate Administrator shall make reasonable efforts to obtain an answer from the related Non-Serviced
Master Servicer or the related Non-Serviced Special Servicer, as applicable; provided that the Certificate
Administrator shall not be responsible for the content of such answer or any delay or failure to obtain such answer. The
Certificate Administrator shall post (within a commercially reasonable period of time 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 Master Servicer, the Special Servicer or the Operating Advisor determines, in its respective
sole discretion, that (i) any Inquiry is beyond the scope of the topics described above, (ii) answering any Inquiry
would not be in the best interests of the Trust and/or the Certificateholders, (iii) answering any Inquiry would be in
violation of applicable law, the applicable Mortgage Loan documents or this Agreement, (iv) answering any Inquiry would
materially increase the duties of, or result in significant additional cost or expense to, the Master Servicer, the Special
Servicer, the Certificate Administrator or the Operating Advisor, as applicable, (v) answering any Inquiry would require
the disclosure of Privileged Information (subject to the Privileged Information Exception, or (vi) answering any Inquiry
is otherwise, for any reason, not advisable, it shall not be required to answer such Inquiry and, in the case of the Master
Servicer, the Special Servicer or the Operating Advisor, shall promptly notify the Certificate Administrator of such
determination. In addition, no party shall post or otherwise disclose any direct communications with the Directing
Certificateholder as part of its response to any Inquiries. The Certificate Administrator shall notify the Person
who submitted such Inquiry in the event that the Inquiry will not be answered. Any notice by the Certificate Administrator to
the Person who submitted an Inquiry that will not be answered shall include the following statement: “Because the
Pooling and Servicing Agreement provides that the Master Servicer, the Special Servicer, the Certificate Administrator and
the Operating Advisor shall not answer an Inquiry if it determines, in its respective sole discretion, that (i) any
Inquiry is beyond the scope of the topics described in the Pooling and Servicing Agreement, (ii) answering any Inquiry
would not be in the best interests of the Trust and/or the Certificateholders, (iii) answering any Inquiry would be in
violation of applicable law or the applicable Mortgage Loan documents, (iv) answering any Inquiry would materially
increase the duties of, or result in significant additional costs or expenses to the Trustee, the Master Servicer, the
Special Servicer, the Certificate Administrator or Operating Advisor, as applicable, (v) answering any Inquiry would
require the disclosure of Privileged Information, or (vi) answering any Inquiry is otherwise, for any reason, not
advisable, no inference should or may be drawn from the fact that the Master Servicer, the Special Servicer, the Certificate
Administrator or the Operating Advisor has declined to answer the Inquiry.” Answers posted on the Investor Q&A
Forum will be attributable only to the respondent, and shall not be deemed to be answers from any of the

 

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Depositor, the
Underwriters or any of their respective Affiliates. None of the Underwriters, Depositor, the Master Servicer, the Special
Servicer, the Certificate Administrator, the Trustee or the Operating Advisor or any of their respective Affiliates will
certify to any of the information posted in the Investor Q&A Forum and no such party shall have any responsibility
or liability for the content of any such information. The Certificate Administrator shall not be required to post to the
Certificate Administrator’s Website any Inquiry or answer thereto that the Certificate Administrator determines, in its
sole discretion, is administrative or ministerial in nature. The Investor Q&A Forum will not reflect questions, answers
and other communications that are not submitted via the Certificate Administrator’s Website. Notwithstanding the
foregoing, the Operating Advisor shall not be required to respond to any Inquiries from Certificateholders for which its
response would require the Operating Advisor to provide information to such inquiring Certificateholders that they are
otherwise not entitled to receive under the terms of this Agreement.

 

(b)          The Certificate
Administrator shall make available to any Certificateholder and any Certificate Owner that is a Privileged Person, the Investor
Registry. The “Investor Registry” shall be a voluntary service available on the Certificate Administrator’s
Website, where Certificateholders and Certificate Owners that are Privileged Persons can register and thereafter obtain information
with respect to any other Certificateholder or Certificate Owner that has so registered. Any person registering to use the Investor
Registry shall certify that (a) it is a Certificateholder or a Certificate Owner and a Privileged Person and (b) it grants
authorization to the Certificate Administrator to make its name and contact information available on the Investor Registry for
at least forty-five (45) days from the date of such certification to persons entitled to access to the Investor Registry. Such
Person shall then be asked to enter certain mandatory fields such as the individual’s name, the company name and email address,
as well as certain optional fields such as address, phone, and Class(es) of Certificates owned. If any Certificateholder or Certificate
Owner notifies the Certificate Administrator that it wishes to be removed from the Investor Registry (which notice may not be within
forty-five (45) days of its registration), the Certificate Administrator shall promptly remove it from the Investor Registry. The
Certificate Administrator will not be responsible for verifying or validating any information submitted on the Investor Registry,
or for monitoring or otherwise maintaining the accuracy of any information thereon. The Certificate Administrator may require acceptance
of a waiver and disclaimer for access to the Investor Registry.

 

(c)          The 17g-5 Information
Provider shall make available, only to NRSROs, the Rating Agency Q&A Forum and Document Request Tool. The “Rating
Agency Q&A Forum and Document Request Tool” shall be a service available on the 17g-5 Information Provider’s
Website, where NRSROs may (i) submit questions to the Certificate Administrator relating to any Distribution Date Statements,
or submit questions to the Master Servicer or the Special Servicer, as applicable, relating to the reports prepared by such parties
(each such submission, a “Rating Agency Inquiry”), and (ii) view Rating Agency Inquiries that have been
previously submitted and answered, together with the responses thereto. In addition, NRSROs may use the forum to submit requests
(each such submission also, a “Rating Agency Inquiry”) to the Master Servicer for loan-level reports and other
related information. Upon receipt of a Rating Agency Inquiry for the Master Servicer or the Special Servicer, the 17g-5 Information
Provider shall forward the Rating Agency Inquiry to the appropriate person (in the case of the Master Servicer to the following:
RAInvRequests@wellsfargo.com), in each case within a

 

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commercially reasonable period of time following receipt thereof. Following
receipt of a Rating Agency Inquiry from the 17g-5 Information Provider, the Master Servicer or the Special Servicer, as applicable,
unless it determines not to answer such Rating Agency Inquiry as provided below, shall reply by email to the Certificate Administrator.
The 17g-5 Information Provider shall post (within a commercially reasonable period of time following receipt of such response)
such Rating Agency Inquiry with the related response thereto (or such reports, as applicable) to the Rating Agency Q&A Forum
and Document Request Tool. Any reports posted by the 17g-5 Information Provider in response to an inquiry may be posted on a separate
website or web page accessible by a link on the 17g-5 Information Provider’s Website. If the Certificate Administrator, the
Master Servicer or the Special Servicer determines, in its respective sole discretion, that (i) answering any Rating Agency
Inquiry would be in violation of applicable law, the Servicing Standard, this Agreement or any Mortgage Loan documents, (ii) answering
any Rating Agency Inquiry would or is reasonably expected to result in a waiver of an attorney-client privilege with, or the disclosure
of attorney work product, or (iii) (A) answering any Rating Agency Inquiry would materially increase the duties of, or
result in significant additional cost or expense to, the Certificate Administrator, the Master Servicer or the Special Servicer,
as applicable, and (B) the Certificate Administrator, the Master Servicer or the Special Servicer, as applicable, determines
in accordance with the Servicing Standard (or in good faith, in the case of the Certificate Administrator) that the performance
of such duties or the payment of such costs and expenses is beyond the scope of its duties in its capacity as Certificate Administrator,
Master Servicer or Special Servicer, as applicable, under this Agreement, it shall not be required to answer such Rating Agency
Inquiry and shall promptly notify the 17g-5 Information Provider by email of such determination. The 17g-5 Information Provider
shall promptly thereafter post the Rating Agency Inquiry with the reason it was not answered to the Rating Agency Q&A Forum
and Document Request Tool. The 17g-5 Information Provider will not be liable for the failure by any other such Person to so answer.
Questions posted on the Rating Agency Q&A Forum and Document Request Tool shall not be attributed to the submitting NRSRO.
Answers posted on the Rating Agency Q&A Forum and Document Request Tool will be attributable only to the respondent, and shall
not be deemed to be answers from any other person. None of the Underwriters, the Depositor, or any of their respective Affiliates
will certify to any of the information posted in the Rating Agency Q&A Forum and Document Request Tool and no such party shall
have any responsibility or liability for the content of any such information. The 17g-5 Information Provider shall not be required
to post to the 17g-5 Information Provider’s Website any Rating Agency Inquiry or answer thereto that the 17g-5 Information
Provider determines, in its sole discretion, is administrative or ministerial in nature. The Rating Agency Q&A Forum and Document
Request Tool will not reflect questions, answers and other communications that are not submitted via the 17g-5 Information Provider’s
Website.

 

 Section 4.08    Secure
Data Room. (a) On or before June 1, 2016, the Certificate Administrator shall create a Secure Data Room. Upon written
notice from the Certificate Administrator that the Secure Data Room has been created, the Depositor shall deliver to the Certificate
Administrator an electronic copy of the Diligence Files for the Mortgage Loans that have been uploaded by the Mortgage Loan Sellers
to the Designated Site. Upon receipt thereof, the Certificate Administrator shall promptly upload the contents of each Diligence
File actually received by it to the Secure Data Room. Access to the Secure Data Room shall be granted by the Certificate Administrator
to (i) the Asset Representations Reviewer and (ii) any other Person at the direction of the Depositor, in each case,
upon the occurrence of an Affirmative Asset Review

 

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Vote and receipt by the Certificate Administrator of a certification substantially
in the form of Exhibit RR hereto (which shall be sent via email to trustadministrationgroup@wellsfargo.com or submitted
electronically via the Certificate Administrator’s website). In no case whatsoever shall Certificateholders be permitted
to access the Secure Data Room. For the avoidance of doubt, the Certificate Administrator shall be under no obligation to post
any documents or information to the Secure Data Room other than the contents of the Diligence Files initially delivered to it
by the Depositor.

 

(b)          The Certificate
Administrator shall not have any obligation or duty to verify, review, confirm or otherwise determine whether the type, number
or contents of any Diligence File delivered to the Certificate Administrator is accurate, complete, or relates to the transaction
or confirm that all documents and information constituting any Diligence File have actually been delivered to the Certificate Administrator.
In no case shall the Certificate Administrator be deemed to have obtained actual or constructive knowledge of the contents of,
or information contained in, any Diligence File by virtue of posting such Diligence File to the Secure Data Room. In the event
that any document or information is posted in error, the Certificate Administrator may remove such document or information from
the Secure Data Room. The Certificate Administrator shall not have any obligation to produce physical or electronic copies of any
document or information provided to it for posting to the Secure Data Room. The Certificate Administrator shall not be responsible
or held liable for any other Person’s use or dissemination of the documents or information contained on the Secure Data Room;
provided that such event or occurrence is not also a result of its own negligence, bad faith or willful misconduct. The
Certificate Administrator shall not be required to restrict access to the Secure Data Room on a loan-by-loan basis and any Person
with access to the Secure Data Room shall covenant to access only the information necessary to perform its duties and responsibilities
under this Agreement.

 

(c)          Upon the resignation
or removal of the Certificate Administrator pursuant to Section 8.07, the Certificate Administrator shall transfer
electronic copies of the Diligence Files to a successor certificate administrator designated in writing by the Depositor or the
Master Servicer, and all costs and expenses associated with the transfer of the Diligence Files shall be payable as part of the
costs and expenses associated with the transfer of its responsibilities upon the resignation or removal of the Certificate Administrator
pursuant to Section 8.07. Following the date on which any Mortgage Loan is paid in full, liquidated, repurchased or
otherwise removed from the Trust, the Special Servicer may direct the Certificate Administrator in writing to delete the Diligence
File related to such Mortgage Loan from the Secure Data Room; provided that absent such direction, the Certificate Administrator
shall not be obligated to delete any Diligence File from the Secure Data Room. Following the termination of the Trust pursuant
to Section 9.01, the Certificate Administrator shall be permitted to delete all files from the Secure Data Room. Upon
deletion, in no event shall the Certificate Administrator be obligated to reproduce or retrieve such deleted files.

 

[End of Article IV]

 

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Article V

THE CERTIFICATES

 

 Section 5.01     The Certificates.
(a) The Certificates will be substantially in the respective forms annexed hereto as Exhibits A-1 through and including
A-24, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this
Agreement or as may, in the reasonable judgment of the Certificate Registrar, be necessary, appropriate or convenient to comply,
or facilitate compliance, with applicable laws, and may have such letters, numbers or other marks of identification and such legends
or endorsements placed thereon as may be required by law, or as may, consistently herewith, be determined by the officers executing
such Certificates, as evidenced by their execution thereof. The Class X Certificates will be issuable only in minimum Denominations
of authorized initial Notional Amount of not less than $1,000,000 and in integral multiples of $1.00 in excess thereof. The Offered
Certificates (other than the Class X-A Certificates and Class X-B Certificates) will be issuable only in minimum Denominations
of authorized initial Certificate Balance of not less than $10,000, and in integral multiples of $1.00 in excess thereof. The Non-Registered
Certificates (other than the Class R and Class V Certificates) will be issuable in minimum Denominations of authorized
initial Certificate Balance of not less than $100,000, and in integral multiples of $1.00 in excess thereof. If the Original Certificate
Balance or initial Notional Amount, as applicable, of any Class does not equal an integral multiple of $1.00, then a single additional
Certificate of such Class may be issued in a minimum denomination of authorized initial Certificate Balance or initial Notional
Amount, as applicable, that includes the excess of (i) the Original Certificate Balance or initial Notional Amount, as applicable,
of such Class over (ii) the largest integral multiple of $1.00 that does not exceed such amount. The Class R and Class V
Certificates shall be issued, maintained and transferred in minimum percentage interests of 10% of such Class R or Class V
Certificates and in integral multiples of 1% in excess thereof.

 

(b)          One authorized
signatory shall sign the Certificates for the Certificate Registrar by manual or facsimile signature. If an authorized signatory
whose signature is on a Certificate no longer holds that office at the time the Certificate Registrar countersigns the Certificate,
the Certificate shall be valid nevertheless. A Certificate shall not be valid until an authorized signatory of the Certificate
Registrar (who may be the same officer who executed the Certificate) manually countersigns the Certificate. The signature shall
be conclusive evidence that the Certificate has been executed and countersigned under this Agreement.

 

Section 5.02    Form and Registration.
No transfer of any Non-Registered 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 (other than one by the Depositor to an
Affiliate thereof or by the Initial Purchasers to an affiliate of Raith Capital Partners, LLC) is to be made in reliance upon an
exemption from the Securities Act, and under the applicable state securities laws, then either:

 

(a)          Each Class of
the Non-Registered Certificates sold to institutions that are non-United States Securities Persons in Offshore Transactions in
reliance on Regulation S under the Act shall initially be represented by a temporary book-entry certificate in definitive,
fully

 

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registered form without interest coupons, substantially in the applicable form set forth as an exhibit hereto (each a “Temporary
Regulation S Book-Entry Certificate”), which shall be deposited on the Closing Date on behalf of the purchasers
of the Non-Registered 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 Book-Entry Certificate may be held only through Euroclear or Clearstream. After the expiration
of the Restricted Period, a beneficial interest in a Temporary Regulation S Book-Entry Certificate may be exchanged for an
interest in the related Regulation S Book-Entry Certificate in the applicable form set forth as an exhibit hereto in accordance
with the procedures set forth in Section 5.03(f). During the Restricted Period, distributions due in respect of a beneficial
interest in a Temporary Regulation S Book-Entry 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 Book-Entry Certificate shall
not be made to the holders of such beneficial interests unless exchange for a beneficial interest in the Regulation S Book-Entry
Certificate of the same Class is improperly withheld or refused. The aggregate Certificate Balance of a Temporary Regulation S
Book-Entry Certificate or a Regulation S Book-Entry Certificate may from time to time be increased or decreased by adjustments
made on the records of the Certificate Registrar, as custodian for the Depository, as hereinafter provided.

 

On the Closing Date,
the Certificate Administrator shall execute, the Authenticating Agent shall authenticate, and the Certificate Administrator shall
deliver to the Certificate Registrar the Regulation S Book-Entry Certificates, which shall be held by the Certificate Registrar
for purposes of effecting the exchanges contemplated by the preceding paragraph. Wells Fargo Bank, National Association is hereby
initially appointed the Authenticating Agent with the power to act, on the Trustee’s behalf, in the authentication and delivery
of the Certificates in connection with transfers and exchanges as herein provided. If Wells Fargo Bank, National Association is
removed as Certificate Administrator, then Wells Fargo Bank, National Association shall be terminated as Authenticating Agent.
If the Authenticating Agent is terminated, the Trustee shall appoint a successor authenticating agent, which may be the Trustee
or an Affiliate thereof.

 

(b)          Certificates of
each Class of Non-Registered Certificates offered and sold to Qualified Institutional Buyers in reliance on Rule 144A under
the Act (“Rule 144A”) shall be represented by Rule 144A Book-Entry Certificates, which shall be deposited
with the Certificate Registrar or an agent of the Certificate Registrar, as custodian for the Depository, and registered in the
name of the Depository or a nominee of the Depository. The aggregate Certificate Balance of a Rule 144A Book-Entry Certificate
may from time to time be increased or decreased by adjustments made on the records of the Certificate Registrar, as custodian for
the Depository, as hereinafter provided.

 

(c)          Certificates of
each Class of Non-Registered Certificates that are initially offered and sold to investors that are Institutional Accredited Investors
that are not Qualified

 

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Institutional Buyers (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. For the avoidance of doubt, the Class R Certificates shall only be in the form
of Definitive Certificates.

 

(d)          Owners of beneficial
interests in Book-Entry 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 Book-Entry Certificates of such Class or ceases to be
a Clearing Agency, and the Certificate Registrar and the Depository are unable to locate a qualified successor within ninety (90)
days of such notice or (ii) the Trustee has instituted or has been directed to institute any judicial proceeding to enforce
the rights of the Holders of such Class and the Trustee has been advised by counsel that in connection with such proceeding it
is necessary or appropriate for the Certificate Registrar to obtain possession of the Certificates of such Class; provided,
however, that under no circumstances will certificated Non-Registered Certificates be issued to beneficial owners of a Temporary
Regulation S Book-Entry 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 Book-Entry Certificates and upon surrender
by the Depository of any Book-Entry Certificate of such Class and receipt from the Depository of instructions for re-registration,
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 Book-Entry Certificate, the same legends regarding transfer restrictions borne
by such Book-Entry Certificate), and thereafter the Certificate Registrar shall recognize the Holders of such Definitive Certificates
as Certificateholders under this Agreement. Unless and until Definitive Certificates are issued in respect of a Class of Book-Entry
Certificates, beneficial ownership interests in such Class of 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.

 

Section 5.03    Registration
of Transfer and Exchange of Certificates. (a) The Certificate Administrator shall keep or cause to be kept at the Corporate
Trust Office books (the “Certificate Register”) in which, subject to such reasonable regulations as it may
prescribe, the Certificate Administrator shall provide for the registration of Certificates and of transfers and exchanges of
Certificates as herein provided (the Certificate Administrator, in such capacity, being the “Certificate Registrar”).
In such capacities, the Certificate Administrator shall be responsible for, among other things, (i) maintaining the Certificate
Register and a record of the aggregate holdings of Certificates of each Class of Non-Registered Certificates represented by a
Temporary Regulation S Book-Entry Certificate, a Regulation S Book-Entry Certificate and a

 

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Rule 144A Book-Entry 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. No fee or service charge shall be imposed by the Certificate
Registrar for its services in respect of any registration of Transfer or exchange of any Certificate (other than Definitive Certificates)
referred to in this Section 5.03.

 

(b)          Subject to the
restrictions on transfer set forth in this Article V, upon surrender for registration of transfer of any Certificate,
the Certificate Registrar shall execute, authenticate and deliver, in the name of the designated transferee or transferees, one
or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

(c)          Rule 144A
Book-Entry Certificate to Temporary Regulation S Book-Entry Certificate. If a holder of a beneficial interest in the
Rule 144A Book-Entry 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 Book-Entry Certificate for an interest in the Temporary
Regulation S Book-Entry Certificate of the same Class, or to transfer its interest in such Rule 144A Book-Entry Certificate
to a Person who is required to take delivery thereof in the form of an interest in the Temporary Regulation S Book-Entry
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 Book-Entry Certificate. Upon receipt
by the Certificate Registrar, as registrar, at its office designated in Section 5.07 hereof, of (1) instructions
given in accordance with the Depository’s procedures from a Depository Participant directing the Certificate Registrar to
credit, or cause to be credited, a beneficial interest in the Temporary Regulation S Book-Entry Certificate in an amount
equal to the beneficial interest in the Rule 144A Book-Entry 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 I hereto
given by the holder of such beneficial interest stating that the transfer of such interest has been made in compliance with the
transfer restrictions applicable to the Book-Entry Certificates and pursuant to and in accordance with Regulation S, then
the Certificate Registrar shall instruct the Depository to reduce, or cause to be reduced, the Certificate Balance of the Rule 144A
Book-Entry Certificate and to increase, or cause to be increased, the Certificate Balance of the Temporary Regulation S Book-Entry
Certificate by the aggregate Certificate Balance of the beneficial interest in the Rule 144A Book-Entry 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 Book-Entry Certificate equal
to the reduction in the Certificate Balance of the Rule 144A Book-Entry 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 Book-Entry Certificate
that is being exchanged or transferred.

 

(d)          Rule 144A
Book-Entry Certificate to Regulation S Book-Entry Certificate. If a holder of a beneficial interest in the Rule 144A
Book-Entry 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 Book-Entry Certificate for an interest in the Regulation S
Book-Entry Certificate of the same Class, or to transfer its interest in such

 

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Rule 144A Book-Entry Certificate to a Person
who is required to take delivery thereof in the form of an interest in a Regulation S Book-Entry 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 Book-Entry Certificate. Upon receipt by the Certificate Registrar, as registrar,
at its office designated in Section 5.07 hereof, of (1) instructions given in accordance with the Depository’s
procedures from a Depository Participant directing the Certificate Registrar to credit or cause to be credited a beneficial interest
in the Regulation S Book-Entry Certificate in an amount equal to the beneficial interest in the Rule 144A Book-Entry
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 J hereto given by the holder of such beneficial interest stating (A) that the transfer of such interest
has been made in compliance with the transfer restrictions applicable to the Book-Entry Certificates and pursuant to and in accordance
with Regulation S, or (B) that the transferee is otherwise entitled to hold its interest in the applicable Certificates
in the form of an interest in the Regulation S Book-Entry Certificate, without any registration of such Certificates under
the Act (in which case such certificate shall enclose an Opinion of Counsel to such effect and such other documents as the Certificate
Registrar may reasonably require), then the Certificate Registrar shall instruct the Depository to reduce, or cause to be reduced,
the Certificate Balance of the Rule 144A Book-Entry Certificate and to increase, or cause to be increased, the Certificate
Balance of the Regulation S Book-Entry Certificate by the aggregate Certificate Balance of the beneficial interest in the
Rule 144A Book-Entry 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 Book-Entry Certificate equal to the reduction in the Certificate
Balance of the Rule 144A Book-Entry 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 Book-Entry Certificate that is being exchanged or transferred.

 

(e)          Temporary Regulation S
Book-Entry Certificate or Regulation S Book-Entry Certificate to Rule 144A Book-Entry Certificate. If a holder of
a beneficial interest in a Temporary Regulation S Book-Entry Certificate or Regulation S Book-Entry Certificate deposited
with the Certificate Registrar as custodian for the Depository wishes at any time to exchange its interest in such Temporary Regulation S
Book-Entry Certificate or Regulation S Book-Entry Certificate for an interest in the Rule 144A Book-Entry Certificate
of the same Class, or to transfer its interest in such Temporary Regulation S Book-Entry Certificate or Regulation S
Book-Entry Certificate to a Person who is required to take delivery thereof in the form of an interest in the Rule 144A Book-Entry
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 Book-Entry Certificate
of the same Class. Upon receipt by the Certificate Registrar, as registrar, at its office designated in Section 5.07
hereof, of (1) instructions from Euroclear or Clearstream, if applicable, and the Depository, directing the Certificate Registrar,
as registrar, to credit or cause to be credited a beneficial interest in the Rule 144A Book-Entry Certificate equal to the
beneficial interest in the Temporary Regulation S Book-Entry Certificate or Regulation S Book-Entry 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 Book-Entry Certificate, information regarding
the

 

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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 Book-Entry Certificate for an interest in the Rule 144A Book-Entry Certificate (i) during
the Restricted Period, a certificate in the form of Exhibit K hereto given by the holder of such beneficial interest
and stating that the Person transferring such interest in the Temporary Regulation S Book-Entry Certificate reasonably believes
that the Person acquiring such interest in the Rule 144A Book-Entry Certificate is a Qualified Institutional Buyer or (ii) after
the Restricted Period, an Investment Representation Letter in the form of Exhibit C attached hereto from the transferee
to the effect that such transferee is a Qualified Institutional Buyer (an “Investment Representation Letter”)
and is obtaining such beneficial interest in a transaction meeting the requirements of Rule 144A, then the Certificate Registrar
shall instruct the Depository to reduce, or cause to be reduced, the Certificate Balance of the Temporary Regulation S Book-Entry
Certificate or Regulation S Book-Entry Certificate and to increase, or cause to be increased, the Certificate Balance of the
Rule 144A Book-Entry Certificate by the aggregate Certificate Balance of the beneficial interest in the Temporary Regulation S
Book-Entry Certificate or Regulation S Book-Entry 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 Book-Entry Certificate equal to the reduction in the Certificate
Balance of the Temporary Regulation S Book-Entry Certificate or Regulation S Book-Entry 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
Book-Entry Certificate or Regulation S Book-Entry Certificate that is being transferred.

 

(f)          Temporary Regulation S
Book-Entry Certificate to Regulation S Book-Entry Certificate. Interests in a Temporary Regulation S Book-Entry
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 L hereto from the holder of a beneficial interest
in such Temporary Regulation S Book-Entry Certificate, shall be exchanged after the Restricted Period, for interests in the
Regulation S Book-Entry Certificate of the same Class. The Certificate Registrar shall effect such exchange by delivering
to the Depository for credit to the respective accounts of such holders, a duly executed and authenticated Regulation S Book-Entry
Certificate, representing the aggregate Certificate Balance of interests in the Temporary Regulation S Book-Entry Certificate
initially exchanged for interests in the Regulation S Book-Entry 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 Book-Entry Certificate. Upon any exchange
of interests in the Temporary Regulation S Book-Entry Certificate for interests in the Regulation S Book-Entry Certificate,
the Certificate Registrar shall endorse the Temporary Regulation S Book-Entry Certificate to reflect the reduction in the
Certificate Balance represented thereby by the amount so exchanged and shall endorse the Regulation S Book-Entry 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 Book-Entry Certificate, and the Certificates evidenced thereby, shall in all respects be entitled
to the same

 

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benefits under this Agreement as the Regulation S Book-Entry Certificate and Rule 144A Book-Entry Certificate
authenticated and delivered hereunder.

 

(g)          Non-Book Entry
Certificate to Book-Entry Certificate. If a holder of a Non-Book Entry 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 Book-Entry Certificate of the
same Class, or to transfer all or part of such Non-Book Entry Certificate to a Person who is entitled to take delivery thereof
in the form of an interest in a Book-Entry 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 Book-Entry Certificate of the same Class. Upon receipt by the Certificate Registrar, as registrar,
at its office designated in Section 5.07 hereof, of (1) such Non-Book Entry Certificate, duly endorsed as provided
herein, (2) instructions from such holder directing the Certificate Registrar, as registrar, to credit, or cause to be credited,
a beneficial interest in the applicable Book-Entry Certificate equal to the portion of the Certificate Balance of the Non-Book
Entry Certificate to be exchanged, such instructions to contain information regarding the participant account with the Depository
to be credited with such increase and (3) a certificate in the form of Exhibit M hereto (in the event that the
applicable Book-Entry Certificate is the Temporary Regulation S Book-Entry Certificate), in the form of Exhibit N
hereto (in the event that the applicable Book-Entry Certificate is the Regulation S Book-Entry Certificate) or in the form
of Exhibit O hereto (in the event that the applicable Book-Entry Certificate is the Rule 144A Book-Entry Certificate),
then the Certificate Registrar, as registrar, shall cancel, or cause to be canceled, all or part of such Non-Book Entry Certificate,
shall, if applicable, execute, authenticate and deliver to the transferor a new Non-Book Entry Certificate equal to the aggregate
Certificate Balance of the portion retained by such transferor and shall instruct the Depository to increase, or cause to be increased,
such Book-Entry Certificate by the aggregate Certificate Balance of the portion of the Non-Book Entry Certificate to be exchanged
and to credit, or cause to be credited, to the account of the Person specified in such instructions a beneficial interest in the
applicable Book-Entry Certificate equal to the Certificate Balance of the portion of the Non-Book Entry Certificate so canceled.
Upon the written direction of the Depositor (which may be by email to cts.cmbs.bond.admin@wellsfargo.com) or its Affiliate, the
Certificate Registrar shall execute any instrument as may be reasonably required by the Depository to effect such exchange.

 

(h)          Non-Book Entry
Certificates on Initial Issuance Only. Subject to the issuance of Definitive Certificates, if and when permitted by Section 5.02(d),
no Non-Book Entry Certificate shall be issued to a transferee of an interest in any Rule 144A Book-Entry Certificate, Temporary
Regulation S Book-Entry Certificate or Regulation S Book-Entry Certificate or to a transferee of a Non-Book Entry Certificate
(or any portion thereof).

 

(i)           Other Exchanges.
In the event that a Book-Entry Certificate is exchanged for a Definitive Certificate, such Certificates may be exchanged only
in accordance with such procedures as are substantially consistent with the provisions of subsections (c) through
(f) 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.

 

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(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 Book-Entry Certificate to U.S. persons (as defined in Regulation S) shall be limited to transfers
made pursuant to the provisions of subsection (e) above.

 

(k)          If Non-Registered
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 Non-Registered 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 or Regulation S 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)         With respect to
the ERISA Restricted Certificates, no sale, transfer, pledge or other disposition (other than any initial transfer to the Initial
Purchasers) of any such Certificate shall be made unless the Trustee and Certificate Administrator shall have received either (i) a
representation letter from the proposed purchaser or transferee of such Certificate substantially in the form of Exhibit F-1
attached hereto, to the effect that such proposed purchaser or transferee is not (A) an employee benefit plan subject to the
fiduciary responsibility provisions of ERISA or a plan subject to Section 4975 of the Code, or a governmental plan (as defined
in Section 3(32) of ERISA), a church plan (as defined in Section 3(33) of ERISA) for which no election has been made
under Section 410(d) of the Code or any other plan subject to any federal, state or local law (“Similar Law”)
which is, to a material extent, similar to the foregoing provisions of ERISA or the Code (each, a “Plan”) or
(B) a person acting on behalf of or using the assets of any such Plan (including an entity whose underlying assets include
Plan assets by reason of investment in the entity by such Plan and the application of Department of Labor Regulation § 2510.3-101,
as modified by Section 3(42) of ERISA), other than an insurance company using the assets of its general account under circumstances
whereby the purchase and holding of such Certificates by such insurance company would be exempt from the prohibited transaction
provisions of ERISA and the Code under Sections I and III of Prohibited Transaction Class Exemption 95-60 (or, in
the case of a Plan subject to Similar Law, would not result in a non-exempt violation of Similar Law) or (ii) if such Certificate
which may be held only by a person not described in clauses (A) or (B) above, is presented for registration
in the name of a purchaser or transferee that is any of the foregoing, an Opinion of Counsel in form and substance satisfactory
to the Trustee and Certificate Administrator and the Depositor to the effect that the acquisition and holding of such Certificate
by such purchaser or transferee will not constitute or result in a non-exempt “prohibited transaction” within the meaning
of ERISA, Section 4975 of the Code or a non-exempt violation of any Similar Law, and will not subject the Trustee, the Certificate
Administrator, the Master Servicer, the Special Servicer, the Initial Purchasers, the Underwriters, the Operating Advisor or the
Depositor to any obligation or liability (including obligations or liabilities under ERISA, Section 4975 of the Code or any
such

 

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Similar Law) in addition to those set forth in the Agreement. The Trustee and Certificate Administrator shall not register
the sale, transfer, pledge or other disposition of any ERISA Restricted Certificate unless the Trustee and Certificate Administrator
have received either the representation letter described in clause (i) above or the Opinion of Counsel described in
clause (ii) above. The costs of any of the foregoing representation letters or Opinions of Counsel shall not be borne
by any of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Initial Purchasers,
the Underwriters, the Operating Advisor or the Trust. Each Certificate Owner of an ERISA Restricted Certificate shall be deemed
to represent that it is not a Person specified in clauses (i)(A) or (i)(B) above. Any transfer, sale, pledge
or other disposition of any ERISA Restricted Certificates that would constitute or result in a prohibited transaction under ERISA,
Section 4975 of the Code or any Similar Law, or would otherwise violate the provisions of this Section 5.03(m)
shall be deemed absolutely null and void ab initio, to the extent permitted under applicable law.

 

(n)          No Class R
or Class V Certificate may be purchased by or transferred to any prospective purchaser or transferee that is or will be a
Plan, or any person acting on behalf of a Plan or using the assets of a Plan (including an entity whose underlying assets include
Plan assets by reason of investment in the entity by such Plan and the application of Department of Labor Regulation § 2510.3-101,
as modified by Section 3(42) of ERISA) to purchase such Class R or Class V Certificate. Each prospective transferee
of a Class R or Class V Certificate shall deliver to the transferor and the Certificate Administrator a representation
letter, substantially in the form of Exhibit F-2, stating that the prospective transferee is not a Plan or a person
acting on behalf of or using the assets of a Plan. 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.

 

Each Person who has or
acquires any Residual Ownership Interest shall be deemed by the acceptance or acquisition of such Residual Ownership Interest to
have agreed to be bound by the following provisions and the rights of each Person acquiring any Residual Ownership Interest are
expressly subject to the following provisions:

 

(i)      
    Each Person acquiring or holding any Residual Ownership Interest shall be a Permitted Transferee and
shall not acquire or hold such Residual Ownership Interest as agent (including a broker, nominee or other middleman) on
behalf of any Person that is not a Permitted Transferee. Any such Person shall promptly notify the Certificate Registrar of
any change or impending change in its status (or the status of the beneficial owner of such Residual Ownership Interest) as a
Permitted Transferee. Any acquisition 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

 

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such
proposed Transfer shall not be effective, without such consent with respect thereto. In connection with any proposed Transfer of
any Residual Ownership Interest, the Certificate Registrar shall, as a condition to such consent, (x) require the proposed
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 D-1 (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 abide by the provisions of this Section 5.03(n)
and (y) other than in connection with the initial issuance of a Class R Certificate, require a statement from the proposed
transferor substantially in the form attached as Exhibit D-2 (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 its Transferee Affidavit are false.

 

(iii)         Notwithstanding
the delivery of a Transferee Affidavit by a proposed transferee under clause (ii) above, if a Responsible Officer of
the Certificate Registrar has actual knowledge that the proposed transferee is not a Permitted Transferee, no Transfer to such
proposed transferee shall be effected and such proposed Transfer shall not be registered on the Certificate Register; provided,
however, the Certificate Registrar shall not be required to conduct any independent investigation to determine whether a
proposed transferee is a Permitted Transferee. Upon notice to the Certificate Registrar that there has occurred a Transfer to any
Person that is a Disqualified Organization or an agent thereof (including a broker, nominee or middleman) in contravention of the
foregoing restrictions, and in any event not later than sixty (60) days after a request for information from the transferor of
such Residual Ownership Interest or such agent, the Certificate Registrar agrees to furnish to the Internal Revenue Service and
the transferor of such Residual Ownership Interest or such agent such information necessary to the application of Section 860E(e)
of the Code as may be required by the Code, including, but not limited to, the present value of the total anticipated excess inclusions
with respect to such Class R Certificate (or portion thereof) for periods after such Transfer. At the election of the Certificate
Registrar, the Certificate Registrar may charge a reasonable fee for computing and furnishing such information to the transferor
or to such agent referred to above; provided, however, that such Persons shall in no event be excused from furnishing
such information.

 

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(o)          The Class R
Certificates may only be transferred to and owned by Qualified Institutional Buyers.

 

(p)          Notwithstanding
any other provision of this Agreement, the Certificate Administrator shall comply with all federal withholding requirements respecting
payments to Certificateholders and other payees of interest or original issue discount that the Certificate Administrator reasonably
believes are applicable under the Code. The consent of Certificateholders or payees shall not be required for such withholding,
and the Certificateholders shall be required to provide the Certificate Administrator with such forms and such other information
reasonably required by the Certificate Administrator. If the Certificate Administrator does withhold any amount from interest or
original issue discount payments or advances thereof to any Certificateholder or payee pursuant to federal withholding requirements,
the Certificate Administrator shall indicate the amount withheld to such Person. Such amounts shall be deemed to have been distributed
to such Persons for all purposes of this Agreement.

 

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 such security or indemnity as may be required by it to save it harmless, then, in the
absence of actual notice to the Certificate Registrar that such Certificate has been acquired by a bona fide purchaser, the Certificate
Registrar shall execute, authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen
Certificate, a new Certificate of like tenor and interest in the Trust. In connection with the issuance of any new Certificate
under this Section 5.04, the Certificate Registrar may require the payment of a sum sufficient to cover any expenses
(including the fees and expenses of the Certificate Registrar) connected therewith. Any replacement Certificate issued pursuant
to this Section 5.04 shall constitute complete and indefeasible evidence of ownership in the Trust, 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
Certificate Administrator, the Trustee and the Certificate Registrar, and any agent of any of them, may treat the Person in
whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as
provided in this Agreement and for all other purposes whatsoever, and neither the Master Servicer, the Special Servicer, the
Certificate Administrator, the Trustee, the Certificate Registrar, nor any agent of any of them shall be affected by any
notice to the contrary; provided, however, that to the extent that a party to this Agreement responsible for
distributing any report, statement or other information required to be distributed to Certificateholders has been provided an
Investor Certification, such party to this Agreement shall distribute such report, statement or other information to
such beneficial owner (or prospective transferee).

 

Section 5.06    Access to List of
Certificateholders’ Names and Addresses; Special Notices. (a) The Certificate Registrar shall maintain in as current
form as is reasonably practicable the most recent list available to it of the names and addresses of the Certificateholders. If
any Certificateholder that has provided an Investor Certification (i) requests in writing from the Certificate Registrar a
list of the names and addresses of

 

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Certificateholders, (ii) states that such Certificateholder desires to communicate with
other Certificateholders with respect to its rights under this Agreement or under the Certificates and (iii) provides a copy
of the communication which Certificateholder proposes to transmit, then the Certificate Registrar shall, within ten (10) Business
Days after the receipt of such request, furnish such Certificateholder (at such Certificateholder’s sole cost and expense)
a current list of the Certificateholders. Every Certificateholder, by receiving and holding a Certificate, agrees that the Certificate
Registrar shall not be held accountable by reason of the disclosure of any such information as to the list of the Certificateholders
hereunder, regardless of the source from which information was derived. The Master Servicer, the Special Servicer, the Trustee,
the Certificate Administrator, the Operating Advisor and the Depositor shall be entitled to a list of the names and addresses of
Certificateholders from time to time upon request therefor.

 

(b)         (i) The Certificate
Administrator shall include in any Form 10-D any written request received in accordance with Section 11.04(a)
prior to the Distribution Date to which the Form 10-D relates (and on or after the Distribution Date preceding such Distribution
Date) from a Certificateholder or Certificate Owner to communicate with other Certificateholders or Certificate Owners related
to Certificateholders or Certificate Owners exercising their rights under the terms of this Agreement. Any Form 10-D containing
such disclosure (a “Special Notice”) regarding the request to communicate shall include the following and no
more than the following (a) the name of the Certificateholder or Certificate Owner making the request, (b) the date the
request was received, (c) a statement to the effect that the Certificate Administrator has received such request, stating
that such Certificateholder or Certificate Owner is interested in communicating with other Certificateholders or Certificate Owners
with regard to the possible exercise of rights under this Agreement, and (d) a description of the method other Certificateholders
or Certificate Owners may use to contact the requesting Certificateholder or Certificate Owner.

 

(ii)          In
verifying the identity of any Certificateholder or Certificate Owner in connection with any request to communicate, (i) if
the Certificateholder or Certificate Owner is the holder of record with respect to any Certificate, the Certificate Administrator
shall not require any further verification or (ii) if the Certificateholder or Certificate Owner is not the holder of record
with respect to any Certificate, the Certificate Administrator shall require no more than (x) a written certification from
such Certificateholder or Certificate Owner that it is the beneficial owner of a Certificate and (y) one of the following
documents confirming ownership of such Certificate: a trade confirmation, an account statement, a letter from a broker-dealer or
another document acceptable to the Certificate Administrator that is similar to any of the foregoing documents). The Certificate
Administrator shall not have any obligation to verify the information provided by any Certificateholder or Certificate Owner in
any request to communicate and may rely on such information conclusively. Additionally, any expenses the Certificate Administrator
incurs in connection with any request to communicate will be paid by the Trust.

 

Section 5.07    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.

 

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The Certificate Registrar initially designates its office
at Sixth Street and Marquette Avenue, Minneapolis, Minnesota 55479-0113 as its office for such purposes. The Certificate Registrar
shall give prompt written notice to the Certificateholders and the Mortgagors of any change in the location of the Certificate
Register or any such office or agency.

 

Section 5.08    Appointment of Certificate
Administrator. (a) Wells Fargo Bank, National Association is hereby initially appointed Certificate Administrator in accordance
with the terms of this Agreement. If the Certificate Administrator resigns or is terminated, the Trustee shall appoint a successor
certificate administrator which may be the Trustee or an Affiliate thereof to fulfill the obligations of the Certificate Administrator
hereunder which must satisfy the eligibility requirements set forth in Section 8.06.

 

(b)          The Certificate
Administrator may 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.

 

(c)          The Certificate
Administrator, at the expense of the Trust (but only if such amount constitutes “unanticipated expenses of the REMIC”
within the meaning of Treasury Regulations Section 1.860G-1(b)(3)(ii)), may consult with counsel and the advice of such counsel
or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or
omitted by it hereunder in good faith and in accordance therewith.

 

(d)          The Certificate
Administrator shall not be personally liable for any action reasonably taken, suffered or omitted by it in good faith and believed
by it to be authorized or within the discretion or rights or powers conferred upon it by this Agreement.

 

(e)          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; provided, however, that the appointment of such agents or attorneys shall not relieve the Certificate
Administrator of its duties or obligations hereunder.

 

(f)          The Certificate
Administrator shall not be responsible for any act or omission of the Trustee, the Master Servicer, the Special Servicer or the
Depositor.

 

Section 5.09     [RESERVED].

 

Section 5.10     Voting Procedures.
With respect to any matters submitted to Certificateholders for a vote, the Certificate Administrator shall administer such vote
through the Depository with respect to Book-Entry Certificates and directly with registered Holders by mail with respect to Definitive
Certificates. In each case, such vote shall be administered in accordance with the following procedures, unless different procedures
are otherwise described herein with respect to a specific vote:

 

(a)          Any matter submitted
to Certificateholders for a vote shall be announced in a notice prepared by the Certificate Administrator. Such notice shall include
the record date

 

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determined by the Certificate Administrator for purposes of the vote and a voting deadline which shall be no less
than thirty (30) days and no later than sixty (60) days after the date such notice is distributed. The notice and related ballot
shall be sent to Holders of Book-Entry Certificates through the Depository and by mail to the registered Holders of Definitive
Certificates. In addition, the notice and related ballot shall be posted to the Certificate Administrator’s Website. Notices
delivered in this manner shall be considered delivered to all Holders regardless of whether any Holder actually receives the notice
and ballot.

 

(b)          In connection
with any vote administered pursuant to this Agreement, voting Holders shall be required to certify their holdings in the manner
set forth on the ballot, unless a specific manner is otherwise provided herein. Holders may only vote in accordance with their
Voting Rights. Voting Rights with respect to any outstanding Class of Certificates shall be calculated by the Certificate Administrator
in accordance with the definition of Voting Rights as of the record date for the vote. Only Classes with an outstanding Certificate
Balance greater than zero as of the record date of the vote shall be permitted to vote. Once a Holder has cast its vote, the vote
may be changed or retracted on or before the vote deadline. Any changes or retractions shall be communicated by the Certificateholder
to the Certificate Administrator in writing on a ballot. After the vote deadline has passed, votes may not be changed or retracted
by any Holder unless the Holder wishing to change or retract its vote holds a sufficient portion of the Voting Rights such that
the Holder, by its vote alone, could approve or deny the proposition subject to a vote without taking into consideration the votes
cast by any other Holder. Transferees or purchasers of any Class of Certificates are subject to and shall be bound by all votes
of Holders initiated or conducted prior to its acquisition of such Certificate.

 

(c)          The Certificate
Administrator may take up to fifteen (15) Business Days to tabulate the results of any vote. The Certificate Administrator shall
use its reasonable efforts to resolve any illegible or incomplete ballots received prior to the voting deadline. Illegible or incomplete
ballots that are received on the voting deadline or that cannot be resolved by the voting deadline shall not be counted. Promptly
after the votes are tabulated, the Certificate Administrator shall prepare a notice announcing the results of the vote. Such notice
shall include the percentage of Voting Rights in favor of the proposition, the percentage against the proposition and the percentage
abstaining. In addition, the notice will announce whether the proposition has been adopted by Certificateholders. The notice shall
be distributed in accordance with the methods described in Section 5.10(a) above. The Certificate Administrator shall
also include such notice on the Form 10-D prepared in connection with the distribution period that corresponds with the date such
notice is distributed. All vote tabulations shall be final and the Certificate Administrator shall not, absent manifest error,
re-tabulate the votes or conduct a new vote for the same proposition.

 

(d)          Any and all reasonable
expenses incurred by the Certificate Administrator in connection with administering any vote shall be borne by the Trust. The Certificate
Administrator is under no obligation to advise Holders about the matter being voted on or answer questions other than process-related
questions regarding the administration of the vote.

 

(e)          If any party to
this Agreement believes a vote of Certificateholders is needed for some matter related to the administration of the Trust that
is not specifically contemplated herein, such party may request the Certificate Administrator to conduct a vote and

 

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the Certificate
Administrator will conduct the requested vote in accordance with these procedures. Unless specifically provided herein, all such
votes require a majority of Certificateholders to carry a proposition.

 

[End of Article V]

 

Article VI

THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER, the Operating Advisor, the asset representations reviewer AND THE DIRECTING
CERTIFICATEHOLDER

 

Section 6.01     Representations, Warranties
and Covenants of the Master Servicer, Special Servicer, the Operating Advisor and the Asset Representations Reviewer. (a)
The Master Servicer hereby represents, warrants and covenants to the Trustee, for its own benefit and the benefit of the Certificateholders,
each Serviced Companion Noteholder, the Depositor, the Certificate Administrator, the Special Servicer, the Asset Representations
Reviewer and the Operating Advisor, as of the Closing Date, that:

 

(i)          The
Master Servicer is a national banking association, duly organized, validly existing and in good standing under the laws of the
United States of America, and the Master Servicer is in compliance with the laws of each State in which any Mortgaged Property
is located to the extent necessary to perform its obligations under this Agreement;

 

(ii)         The
execution and delivery of this Agreement by the Master Servicer, and the performance and compliance with the terms of this Agreement
by the Master Servicer, do not (A) violate the Master Servicer’s organizational documents, (B) constitute a default
(or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any material
agreement or other material instrument to which it is a party or which is applicable to it or any of its assets or (C) violate
any law, rule, regulation, order, judgment or decree to which the Master Servicer or its property is subject, which, in the case
of either (B) or (C), is likely to materially and adversely affect the ability of the Master Servicer to perform
its obligations under this Agreement;

 

(iii)        The
Master Servicer has the full power and authority to enter into and consummate all transactions to be performed by it contemplated
by this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly executed and delivered
this Agreement;

 

(iv)        This
Agreement, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid, legal and binding
obligation of the Master Servicer, enforceable against the Master Servicer in accordance with the terms hereof, subject to (A) applicable
bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting the enforcement of creditors’ rights
generally, and, to the extent applicable, the rights of creditors of national banks or of “financial

 

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companies” (as
defined in Section 201 of the Dodd-Frank Act) or their Affiliates, 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 will not constitute a violation of, any law, order or decree of any court or arbiter, or any order
regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the Master Servicer’s
good faith and reasonable judgment, is likely to materially and adversely affect the ability of the Master Servicer to perform
its obligations under this Agreement;

 

(vi)         No
litigation is pending or, to the best of the Master Servicer’s knowledge, threatened against the Master Servicer which would
prohibit the Master Servicer from entering into this Agreement or, in the Master Servicer’s good faith and reasonable judgment,
is likely to materially and adversely affect the ability of the Master Servicer to perform its obligations under this Agreement;

 

(vii)        The
Master Servicer has errors and omissions insurance coverage that is in full force and effect or is self-insuring with respect to
such risks, which in either case complies with the requirements of Section 3.07 hereof; and

 

(viii)       No
consent, approval, authorization or order of, registration or filing with, or notice to, any governmental authority or court is
required under federal or state law for the execution, delivery and performance by the Master Servicer of, or compliance by the
Master Servicer with, this Agreement or the Master Servicer’s consummation of any transactions contemplated hereby, other
than (A) such consents, approvals, authorizations, orders, qualifications, registrations, filings or notices as have been
obtained, made or given prior to the actual performance by the Master Servicer of its obligations under this Agreement or (B) where
the lack of such consent, approval, authorization, order, qualification, registration, filing or notice would not have a material
adverse effect on the performance by the Master Servicer under this Agreement.

 

(b)          The Special Servicer
hereby represents, warrants and covenants to the Trustee, for its own benefit and the benefit of the Certificateholders, each Serviced
Companion Noteholder, the Depositor, the Certificate Administrator, the Master Servicer, the Asset Representations Reviewer and
the Operating Advisor, as of the Closing Date, that:

 

(i)          The
Special Servicer is a limited liability company, duly organized, validly existing and in good standing under the laws of the State
of Delaware, and the Special Servicer is in compliance with the laws of each State in which any Mortgaged Property is located to
the extent necessary to perform its obligations under this Agreement;

 

(ii)          The
execution and delivery of this Agreement by the 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,

 

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(B) constitute a default
(or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any material
agreement or other material instrument to which it is a party or which is applicable to it or any of its assets, or (C) violate
any law, rule, regulation, order, judgment or decree to which the Special Servicer or its property is subject, which, in the case
of either (B) or (C), is likely to materially and adversely affect either the ability of the Special Servicer to
perform its obligations under this Agreement or its financial condition;

 

(iii)         The
Special Servicer has the full power and authority to enter into and consummate all transactions to be performed by it contemplated
by this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly executed and delivered
this Agreement;

 

(iv)         This
Agreement, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid, legal and binding
obligation of the Special Servicer, enforceable against the Special Servicer in accordance with the terms hereof, subject to (A) applicable
bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting the enforcement of creditors’ rights
generally, and (B) general principles of equity, regardless of whether such enforcement is considered in a proceeding in equity
or at law;

 

(v)          The
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 will not constitute a violation of, any law, order or decree of any court or arbiter, or any order
regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the 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;

 

(vi)         No
litigation is pending or, to the best of the Special Servicer’s knowledge, threatened against the Special Servicer, which
would prohibit the Special Servicer from entering into this Agreement or, in the Special Servicer’s good faith and reasonable
judgment, is likely to materially and adversely affect the ability of the Special Servicer to perform its obligations under this
Agreement;

 

(vii)        The
Special Servicer has errors and omissions coverage which is in full force and effect or is self-insuring with respect to such risks,
which in either case complies with the requirements of Section 3.07 hereof; and

 

(viii)       No
consent, approval, authorization or order of any court or governmental agency or body is required under federal or state law for
the execution, delivery and performance by the Special Servicer of, or compliance by the Special Servicer with, this Agreement
or the consummation of the transactions of the Special Servicer contemplated by this Agreement, except for any consent, approval,
authorization or order which has been obtained or can be obtained prior to the actual performance by the Special Servicer of its
obligations under this Agreement, or which, if not obtained would not have a

 

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materially adverse effect on the ability of the Special
Servicer to perform its obligations hereunder.

 

(c)          The Operating Advisor hereby represents, warrants and covenants to the Trustee, for its own benefit and the benefit of the
Certificateholders, each Serviced Companion Noteholder, the Depositor, the Certificate Administrator, the Master Servicer,
the Special Servicer, as of the Closing Date, that:

 

(i)           The
Operating Advisor is a limited liability company, duly organized, validly existing and in good standing under the laws of the State
of Delaware, and the Operating Advisor is in compliance with the laws of each State in which any Mortgaged Property is located
to the extent necessary to perform its obligations under this Agreement;

 

(ii)          The
execution and delivery of this Agreement by the Operating Advisor, and the performance and compliance with the terms of this Agreement
by the Operating Advisor, do not (A) violate the Operating Advisor’s organizational documents, (B) constitute a
default (or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of,
any material agreement or other material instrument to which it is a party or which is applicable to it or any of its assets, or
(C) violate any law, rule, regulation, order, judgment or decree to which the Operating Advisor or its property is subject,
which, in the case of either (B) or (C), is likely to materially and adversely affect either the ability of the Operating
Advisor to perform its obligations under this Agreement or its financial condition;

 

(iii)         The
Operating Advisor has the full power and authority to enter into and consummate all transactions to be performed by it contemplated
by this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly executed and delivered
this Agreement;

 

(iv)         This
Agreement, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid, legal and binding
obligation of the Operating Advisor, enforceable against the Operating Advisor in accordance with the terms hereof, subject to
(A) applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting the enforcement of
creditors’ rights generally, and (B) general principles of equity, regardless of whether such enforcement is considered
in a proceeding in equity or at law;

 

(v)          The
Operating Advisor is not in violation of, and its execution and delivery of this Agreement and its performance and compliance with
the terms of this Agreement will not constitute a violation of, any law, order or decree of any court or arbiter, or any order
regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the Operating Advisor’s
good faith and reasonable judgment, is likely to materially and adversely affect either the ability of the Operating Advisor to
perform its obligations under this Agreement or the financial condition of the Operating Advisor;

 

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(vi)         The
Operating Advisor has errors and omissions insurance coverage that is in full force and effect or is self-insuring with respect
to such risks, which in either case complies with the requirements of Section 3.07 hereof;

 

(vii)        No
litigation is pending or, to the best of the Operating Advisor’s knowledge, threatened against the Operating Advisor, which
would prohibit the Operating Advisor from entering into this Agreement or, in the Operating Advisor’s good faith and reasonable
judgment, is likely to materially and adversely affect the ability of the Operating Advisor to perform its obligations under this
Agreement; and

 

(viii)       No
consent, approval, authorization or order of any court or governmental agency or body is required under federal or state law for
the execution, delivery and performance by the Operating Advisor of, or compliance by the Operating Advisor with, this Agreement
or the consummation of the transactions of the Operating Advisor contemplated by this Agreement, except for any consent, approval,
authorization or order which has been obtained or can be obtained prior to the actual performance by the Operating Advisor of its
obligations under this Agreement, or which, if not obtained would not have a materially adverse effect on the ability of the Operating
Advisor to perform its obligations hereunder.

 

(d)          The Asset Representations
Reviewer hereby represents and warrants to the Trustee, for its own benefit and the benefit of the Certificateholders, and to the
Depositor, the Master Servicer, the Special Servicer and the Certificate Administrator, as of the Closing Date, that:

 

(i)          The
Asset Representations Reviewer is a limited liability company, duly organized, validly existing and in good standing under the
laws of the State of Delaware, and the Asset Representations Reviewer is in compliance with the laws of each State in which any
Mortgaged Property is located to the extent necessary to perform its obligations under this Agreement;

 

(ii)          The
execution and delivery of this Agreement by the Asset Representations Reviewer, and the performance and compliance with the terms
of this Agreement by the Asset Representations Reviewer, do not (A) violate the Asset Representations Reviewer’s organizational
documents, (B) constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default)
under, or result in the breach of, any material agreement or other material instrument to which it is a party or which is applicable
to it or any of its assets, or (C) violate any law, rule, regulation, order, judgment or decree to which the Asset Representations
Reviewer or its property is subject, which, in the case of either (B) or (C) above, is likely to materially and adversely
affect either the ability of the Asset Representations Reviewer to perform its obligations under this Agreement or its financial
condition;

 

(iii)         The
Asset Representations Reviewer has the full power and authority to enter into and consummate all transactions to be performed by
it contemplated by this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly
executed and delivered this Agreement;

 

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(iv)         This
Agreement, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid, legal and binding
obligation of the Asset Representations Reviewer, enforceable against the Asset Representations Reviewer in accordance with the
terms hereof, subject to (A) applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting
the enforcement of creditors’ rights generally, and (B) general principles of equity, regardless of whether such enforcement
is considered in a proceeding in equity or at law;

 

(v)          The
Asset Representations Reviewer is not in violation of, and its execution and delivery of this Agreement and its performance and
compliance with the terms of this Agreement will not constitute a violation of, any law, order or decree of any court or arbiter,
or any order regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the
Asset Representations Reviewer’s good faith and reasonable judgment, is likely to materially and adversely affect either
the ability of the Asset Representations Reviewer to perform its obligations under this Agreement or the financial condition of
the Asset Representations Reviewer;

 

(vi)         No
litigation is pending or, to the best of the Asset Representations Reviewer’s knowledge, threatened against the Asset Representations
Reviewer, which would prohibit the Asset Representations Reviewer from entering into this Agreement or, in the Asset Representations
Reviewer’s good faith and reasonable judgment, is likely to materially and adversely affect the ability of the Asset Representations
Reviewer to perform its obligations under this Agreement;

 

(vii)        The
Asset Representations Reviewer has errors and omissions coverage which is in full force and effect or is self-insuring with respect
to such risks, which in either case complies with the requirements of Section 3.07 hereof; and

 

(viii)       No
consent, approval, authorization or order of any court or governmental agency or body is required under federal or state law for
the execution, delivery and performance by the Asset Representations Reviewer of, or compliance by the Asset Representations Reviewer
with, this Agreement or the consummation of the transactions of the Asset Representations Reviewer contemplated by this Agreement,
except for any consent, approval, authorization or order which has been obtained or can be obtained prior to the actual performance
by the Asset Representations Reviewer of its obligations under this Agreement, or which, if not obtained would not have a materially
adverse effect on the ability of the Asset Representations Reviewer to perform its obligations hereunder; and

 

(ix)         The
Asset Representations Reviewer is an Eligible Asset Representations Reviewer.

 

(e)          The representations
and warranties set forth in paragraphs (a)-(d) above shall survive the execution and delivery of this Agreement. Upon written
notice or actual knowledge by any party to this Agreement (or upon written notice thereof from any Certificateholder or any Companion
Holder) of a breach of any of the representations and warranties set forth in this Section 6.01 which materially and
adversely affects the interests of

 

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any party to this Agreement, the Certificateholders, the party discovering such breach shall
give prompt written notice to the other parties hereto, each certifying Certificateholder, and, prior to the occurrence and continuance
of a Control Termination Event, the Directing Certificateholder.

 

Section 6.02     Liability
of the Depositor, the Master Servicer, the Operating Advisor, the Special Servicer and the Asset Representations Reviewer.
The Depositor, the Master Servicer, the Operating Advisor, the Special Servicer and the Asset Representations Reviewer shall be
liable in accordance herewith only to the extent of the respective obligations specifically imposed upon and undertaken by the
Depositor, the Master Servicer, the Operating Advisor, the Special Servicer and the Asset Representations Reviewer herein.

 

Section 6.03     Merger, Consolidation
or Conversion of the Depositor, the Master Servicer, the Operating Advisor, the Special Servicer or the Asset Representations Reviewer.
(a) Subject to subsection (b) below, the Depositor, the Master Servicer and the Special Servicer each will keep in
full effect its existence, rights and franchises as an entity under the laws of the jurisdiction of its incorporation or organization,
and each will obtain and preserve its qualification to do business as a foreign entity in each jurisdiction in which qualification
is or shall be necessary to protect the validity and enforceability of this Agreement, the Certificates or any of the Mortgage
Loans or Companion Loans and to perform its respective duties under this Agreement.

 

(b)          The Depositor,
the Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations Reviewer each 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 commercial mortgage surveillance, as the case may be) to any Person,
in which case any Person resulting from any merger or consolidation to which the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, or the Asset Representations Reviewer shall be a party, or any Person succeeding to the business of the
Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, or the Asset Representations Reviewer, shall be the
successor of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, or the Asset Representations Reviewer
(such Person, in the case of the Master Servicer or the Special Servicer, in each of the foregoing cases, the “Surviving
Entity”), as the case may be, hereunder, without the execution or filing of any paper (other than an assumption agreement
wherein the successor shall agree to perform the obligations of and serve as the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, or the Asset Representations Reviewer, as the case may be, in accordance with the terms of this Agreement)
or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided,
however, that with respect to such merger, consolidation or succession, Rating Agency Confirmation is received from each
Rating Agency with respect to the Classes of Certificates and, with respect to any class of Serviced Companion Loan Securities,
a confirmation is received from each applicable rating agency that such action will not result in the downgrade, withdrawal or
qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in
the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates as described in
Section 3.25); provided, further, 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

 

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entity under applicable law, the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, shall not, as a
result of the merger, be required to provide a Rating Agency Confirmation with respect to ratings of the Classes of Certificates
or, with respect to any class of Serviced Companion Loan Securities, a confirmation of the rating agencies that such action will
not result in the downgrade, withdrawal or qualification of its then-current ratings; provided, further, that for
so long as the Trust, and, with respect to any Serviced Companion Loan included as part of the trust in a related Other Securitization,
is subject to the reporting requirements of the Exchange Act, if the Master Servicer, the Special Servicer or the Operating Advisor
notifies the Depositor in writing (a “Merger Notice”) of any such merger, consolidation, conversion or other
change in form, and the Depositor or the depositor in such Other Securitization, as the case may be, notifies the Master Servicer,
the Special Servicer or the Operating Advisor, as applicable, in writing that the Depositor or the depositor in such Other Securitization,
as the case may be, has discovered that such successor entity has not complied with its Exchange Act reporting obligations under
any other commercial mortgage loan securitization (and specifically identifying the instance of noncompliance), then it shall be
an additional condition to such succession that the Depositor or the depositor in such Other Securitization, as the case may be,
shall have consented (which consent shall not be unreasonably withheld or delayed) to such successor entity. Notwithstanding the
foregoing, no Master Servicer, Special Servicer or Operating Advisor may remain the Master Servicer, Special Servicer or Operating
Advisor, as applicable, under this Agreement after (x) being merged or consolidated with or into any Person that is a Prohibited
Party, or (y) transferring all or substantially all of its assets to any Person if such Person is a Prohibited Party, except
to the extent (i) the Master Servicer, the Special Servicer or Operating Advisor, as applicable, is the surviving entity of
such merger, consolidation or transfer and has been and continues to be in compliance with its Regulation AB reporting obligations
hereunder or (ii) the Depositor consents to such merger, consolidation or transfer, which consent shall not be unreasonably
withheld. If, within sixty (60) days following the date of delivery of the Merger Notice to the Depositor or the depositor in such
Other Securitization, as the case may be, the Depositor or depositor in such Other Securitization, as the case may be, shall have
failed to notify the Master Servicer or the Special Servicer, as applicable, in writing of the Depositor’s determination,
or depositor’s determination, in the case of an Other Securitization, to grant or withhold such consent, such failure shall
be deemed to constitute a grant of such consent. If the conditions to the provisions in the second preceding sentence are not met,
the Trustee may terminate, and if the conditions set forth in the third proviso of the third preceding sentence are not met the
Trustee shall terminate, the applicable Surviving Entity’s servicing of the Mortgage Loans pursuant hereto, such termination
to be effected in the manner set forth in Section 7.01.

 

(i)           The
Asset Representations Reviewer shall keep in full effect its existence and rights as an entity under the laws of the jurisdiction
of its organization, and shall be in compliance with the laws of all jurisdictions to the extent necessary to perform its duties
under this Agreement.

 

(ii)         Any
Person into which the Asset Representations Reviewer may be merged or consolidated, or any Person resulting from any merger or
consolidation to which the Asset Representations Reviewer shall be a party, or any Person succeeding to the business of the Asset
Representations Reviewer, shall be the successor of the Asset Representations Reviewer hereunder, and shall be deemed to have assumed
all of the

 

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liabilities and obligations of such Asset Representations Reviewer hereunder, without the execution or filing of any
paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided,
however, that the Trustee has received a Rating Agency Confirmation with respect to such successor or surviving Person.

 

Section 6.04     Limitation
on Liability of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer
and Others. (a) None of the Depositor, the Master Servicer (including in its capacity as Companion Paying Agent), the Special
Servicer, the Operating Advisor, the Asset Representations Reviewer or any of the partners, directors, officers, shareholders,
members, managers, employees or agents of any of the foregoing shall be under any liability to the Trust, the Certificateholders
or the Companion Holders 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 (i) this provision shall not protect the Depositor, the
Master Servicer (including in its capacity as Companion Paying Agent), the Special Servicer, the Operating Advisor, the Asset
Representations Reviewer or any such Person against any breach of warranties or representations made herein or any liability which
would otherwise be imposed by reason of willful misconduct, bad faith or negligence in the performance of duties or by reason
of negligent disregard of obligations and duties hereunder. The Depositor, the Master Servicer (including in its capacity as Companion
Paying Agent), the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and any partner, director, officer,
shareholder, member, manager, employee or agent of the Depositor, the Master Servicer (including in its capacity as Companion
Paying Agent), the Special Servicer, the Operating Advisor or the Asset Representations Reviewer, and any of the partners, directors,
officers, shareholders, members, managers, employees or agents of any of the foregoing may rely on any document of any kind which,
prima facie, is properly executed and submitted by any Person respecting any matters arising hereunder. The Depositor,
the Master Servicer (including in its capacity as Companion Paying Agent), the Special Servicer, the Asset Representations Reviewer
and the Operating Advisor and any partner, director, officer, shareholder, member, manager, employee or agent of any of the foregoing
shall be indemnified and held harmless by the Trust against any and all claims, losses, penalties, fines, forfeitures, reasonable
legal fees and related costs, judgments, and any other costs, liabilities, fees and expenses incurred in connection with any actual
or threatened legal or administrative action (whether in equity or at law) or claim relating to this Agreement, the Mortgage Loans,
the Companion Loans or the Certificates, other than any loss, liability or expense: (i) specifically required to be borne
thereby pursuant to the terms hereof; (ii) incurred in connection with any breach of a representation or warranty made by
it herein; (iii) incurred by reason of bad faith, willful misconduct or negligence in the performance of its obligations
or duties hereunder, or by reason of negligent disregard of such obligations or duties; or (iv) in the case of the Depositor
and any of its partners, directors, officers, shareholders, members, managers, employees and agents, incurred in connection with
any violation by any of them of any state or federal securities law. In addition, absent actual fraud (as determined by a final
non-appealable court order), neither the Trustee nor the Certificate Administrator (including in its capacity as Custodian) shall
be liable for special, punitive, indirect or consequential loss or damage of any kind whatsoever (including but not limited to
lost profits), even if the Trustee or the Certificate Administrator has been advised of the likelihood of such loss or damage
and regardless of the form of action. Each of the Master Servicer (including in its capacity as Companion Paying Agent), the Special 

 

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Servicer,
the Asset Representations Reviewer and the Operating Advisor conclusively may rely on, 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, financial statement, agreement, appraisal, bond or other document (in electronic
or paper format) as contemplated by and in accordance with this Agreement and reasonably believed or in good faith believed by
the Master Servicer (including in its capacity as Companion Paying Agent), the Special Servicer, the Asset Representations Reviewer
or the Operating Advisor to be genuine and to have been signed or presented by the proper party or parties and each of them may
consult with counsel, in which case any written advice of counsel or Opinion of Counsel shall be full and complete authorization
and protection with respect to any action taken or suffered or omitted by it hereunder in good faith and in accordance with such
advice or Opinion of Counsel.

  

(b)          None of the Depositor,
the Master Servicer (including in its capacity as Companion Paying Agent), the Special Servicer, the Operating Advisor and the
Asset Representations Reviewer shall be under any obligation to appear in, prosecute or defend any legal or administrative action
(whether in equity or at law), proceeding, hearing or examination that is not incidental to its respective duties under this Agreement
or which in its opinion may involve it in any expense or liability not recoverable from the Trust; provided, however,
that each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer
may in its discretion undertake any such action, proceeding, hearing or examination that it may deem necessary or desirable in
respect to this Agreement and the rights and duties of the parties hereto and the interests of the Certificateholders (and, in
the case of any Serviced Whole Loan, the rights of the Certificateholders and the holders of a Serviced Companion Loan (as a collective
whole) taking into account the subordinate or pari passu nature of such Serviced Companion Loan); provided, however,
that if a Serviced Whole Loan and/or the holder of any related Companion Loan are involved, such expenses, costs and liabilities
will be payable out of funds related to the applicable Serviced Whole Loan in accordance with the related Intercreditor Agreement
and will also be payable out of the other funds in the Collection Account if amounts on deposit with respect to such Serviced Whole
Loan are insufficient therefor. If any such expenses, costs or liabilities relate to a Mortgage Loan or Companion Loan, then any
subsequent recovery on that Mortgage Loan or Companion Loan, as applicable, will be used to reimburse the Trust for any amounts
advanced for the payment of such expenses, costs or liabilities. In such event, the legal expenses and costs of such action, proceeding,
hearing or examination and any liability resulting therefrom shall be expenses, costs and liabilities of the Trust, and the Depositor,
the Master Servicer (including in its capacity as Companion Paying Agent), the Special Servicer, the Asset Representations Reviewer
and the Operating Advisor shall be entitled to be reimbursed therefor out of amounts attributable to the Mortgage Loans or the
Companion Loan on deposit in the Collection Account (including, without duplication, any subaccount thereof), as provided by Section 3.05(a)(xii).

 

(c)          Each of the Master
Servicer and the Special Servicer, as applicable, agrees to indemnify the Depositor, the Trustee, the related Serviced Companion
Noteholder, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer (including
in its capacity as Companion Paying Agent) (in the case of the Special Servicer), the Special Servicer (in the case of the Master
Servicer) and the Trust and any partner, director, officer, shareholder, member, manager, employee or agent thereof, and hold

 

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them
harmless, from and against any and all claims, losses, penalties, fines, forfeitures, reasonable legal fees and related costs,
judgments, and any other costs, liabilities, fees and expenses that any of them may sustain arising from or as a result of any
willful misconduct, bad faith or negligence of the Master Servicer or the Special Servicer, as the case may be, in the performance
of its obligations and duties under this Agreement or by reason of negligent disregard by the Master Servicer or the Special Servicer,
as the case may be, of its duties and obligations hereunder or by reason of breach of any representations or warranties made herein
by the Master Servicer or the Special Servicer, as applicable. The Trustee, the Certificate Administrator, the Depositor, the Asset
Representations Reviewer or the Operating Advisor, as the case may be, shall immediately notify the Master Servicer or the Special
Servicer, as applicable, if a claim is made by a third party with respect to this Agreement or the Mortgage Loans entitling the
Trust to indemnification hereunder, whereupon the Master Servicer or the Special Servicer, as the case may be, shall assume the
defense of such claim (with counsel reasonably satisfactory to the Trustee, the Certificate Administrator or the Depositor) and
pay all expenses in connection therewith, including counsel fees, and promptly pay, discharge and satisfy any judgment or decree
which may be entered against it or them in respect of such claim. Any failure to so notify the Master Servicer or the Special Servicer,
as the case may be, shall not affect any rights any of the foregoing Persons may have to indemnification under this Agreement or
otherwise, unless the Master Servicer’s or the Special Servicer’s, as the case may be, defense of such claim is materially
prejudiced thereby.

 

(d)          Each of the Trustee
and the Certificate Administrator (including in its role as Custodian), respectively agrees to indemnify the Depositor, the Master
Servicer (including in its capacity as Companion Paying Agent), the Special Servicer, the Certificate Administrator (in the case
of the Trustee), the Trustee (in the case of the Certificate Administrator), the Operating Advisor, the Asset Representations Reviewer
and the Trust and any partner, director, officer, shareholder, member, manager employee or agent thereof, and hold them harmless,
from and against any and all claims, losses, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments,
and any other costs, liabilities, fees and expenses that any of them may sustain arising from or as a result of any willful misconduct,
bad faith or negligence of the Trustee or the Certificate Administrator, respectively, in the performance of its obligations and
duties under this Agreement or by reason of negligent disregard by the Trustee or the Certificate Administrator, respectively,
of its duties and obligations hereunder or by reason of breach of any representations or warranties made herein; provided
that such indemnity shall not cover indirect or consequential damages. The Depositor, the Master Servicer, the Special Servicer,
the Asset Representations Reviewer or the Operating Advisor, as the case may be, shall immediately notify the Trustee and the Certificate
Administrator, respectively, if a claim is made by a third party with respect to this Agreement or the Mortgage Loans entitling
the Trust to indemnification hereunder, whereupon the Trustee or the Certificate Administrator shall assume the defense of such
claim (with counsel reasonably satisfactory to the Depositor, the Master Servicer (including in its capacity as Companion Paying
Agent), the Special Servicer, the Asset Representations Reviewer or the Operating Advisor) and pay all expenses in connection therewith,
including counsel fees, and promptly pay, discharge and satisfy any judgment or decree which may be entered against it or them
in respect of such claim. Any failure to so notify the Trustee or the Certificate Administrator shall not affect any rights any
of the foregoing Persons may have to indemnification under this Agreement or otherwise, unless the Trustee’s or the Certificate
Administrator’s defense of such claim is materially prejudiced thereby.

 

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(e)          The Depositor
agrees to indemnify the Master Servicer (including in its capacity as Companion Paying Agent), the Special Servicer, the Trustee,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trust and any partner, director,
officer, shareholder, member, manager, employee or agent thereof, and hold them harmless, from and against any and all claims,
losses, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs, liabilities, fees
and expenses that any of them may sustain arising from or as a result of any willful misconduct, bad faith or negligence of the
Depositor, in the performance of its obligations and duties under this Agreement or by reason of negligent disregard by the Depositor
of its duties and obligations hereunder or by reason of breach of any representations or warranties made herein; provided
that such indemnity shall not cover indirect or consequential damages. The Master Servicer, the Special Servicer, the Trustee,
the Certificate Administrator, the Asset Representations Reviewer or the Operating Advisor, as the case may be, shall immediately
notify the Depositor if a claim is made by a third party with respect to this Agreement, whereupon the Depositor shall assume the
defense of such claim (with counsel reasonably satisfactory to the Master Servicer (including in its capacity as Companion Paying
Agent) or the Special Servicer) and pay all expenses in connection therewith, including counsel fees, and promptly pay, discharge
and satisfy any judgment or decree which may be entered against it or them in respect of such claim. Any failure to so notify the
Depositor shall not affect any rights any of the foregoing Persons may have to indemnification under this Agreement or otherwise,
unless the Depositor’s defense of such claim is materially prejudiced thereby.

 

(f)          The Operating
Advisor agrees to indemnify the Master Servicer (including in its capacity as Companion Paying Agent), the Special Servicer, the
Trustee, the Certificate Administrator, the Depositor, the Asset Representations Reviewer and the Trust and any partner, director,
officer, shareholder, member, manager, employee or agent thereof, and hold them harmless, from and against any and all claims,
losses, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs, liabilities, fees
and expenses that any of them may sustain arising from or as a result of any willful misconduct, bad faith or negligence of the
Operating Advisor, in the performance of its obligations and duties under this Agreement or by reason of negligent disregard by
the Operating Advisor of its duties and obligations hereunder or by reason of breach of any representations or warranties made
herein; provided that such indemnity shall not cover indirect or consequential damages. The Master Servicer, the Special
Servicer, the Trustee, the Certificate Administrator, the Asset Representations Reviewer or the Depositor, as the case may be,
shall immediately notify the Operating Advisor if a claim is made by a third party with respect to this Agreement or the Mortgage
Loans entitling the Trust to indemnification hereunder, whereupon the Operating Advisor shall assume the defense of such claim
(with counsel reasonably satisfactory to the Master Servicer (including in its capacity as Companion Paying Agent), the Special
Servicer, the Trustee, the Certificate Administrator, the Asset Representations Reviewer or the Depositor) and pay all expenses
in connection therewith, including counsel fees, and promptly pay, discharge and satisfy any judgment or decree which may be entered
against it or them in respect of such claim. Any failure to so notify the Operating Advisor shall not affect any rights any of
the foregoing Persons may have to indemnification under this Agreement or otherwise, unless the Operating Advisor’s defense
of such claim is materially prejudiced thereby.

 

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(g)          Neither the Operating
Advisor nor its Affiliates or any of the partners, directors, officers, shareholders, members, managers, employees or agents of
the Operating Advisor shall be under any liability to any Certificateholder 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 Operating Advisor against any liability which would otherwise be imposed by reason of willful misconduct,
bad faith or negligence in the performance of duties or by reason of negligent disregard of obligations and duties hereunder.

 

(h)          The Asset Representations
Reviewer agrees to indemnify the Master Servicer (including in its capacity as Companion Paying Agent), the Special Servicer, the
Trustee, the Certificate Administrator, the Depositor, the Operating Advisor and the Trust and any partner, director, officer,
shareholder, member, manager, employee or agent thereof, and hold them harmless, from and against any and all claims, losses, penalties,
fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs, liabilities, fees and expenses that
any of them may sustain arising from or as a result of any willful misconduct, bad faith or negligence of the Asset Representations
Reviewer, in the performance of its obligations and duties under this Agreement or by reason of negligent disregard by the Asset
Representations Reviewer of its duties and obligations hereunder or by reason of breach of any representations or warranties made
herein; provided that such indemnity shall not cover indirect or consequential damages. The Master Servicer, the Special
Servicer, the Trustee, the Certificate Administrator, the Operating Advisor or the Depositor, as the case may be, shall immediately
notify the Asset Representations Reviewer if a claim is made by a third party with respect to this Agreement or the Mortgage Loans
entitling the Trust to indemnification hereunder, whereupon the Asset Representations Reviewer shall assume the defense of such
claim (with counsel reasonably satisfactory to the Master Servicer (including in its capacity as Companion Paying Agent), the Special
Servicer, the Trustee, the Certificate Administrator, the Operating Advisor or the Depositor) and pay all expenses in connection
therewith, including counsel fees, and promptly pay, discharge and satisfy any judgment or decree which may be entered against
it or them in respect of such claim. Any failure to so notify the Asset Representations Reviewer shall not affect any rights any
of the foregoing Persons may have to indemnification under this Agreement or otherwise, unless the Asset Representations Reviewer’s
defense of such claim is materially prejudiced thereby.

 

(i)          The applicable
Non-Serviced Master Servicer, Non-Serviced Special Servicer, Non-Serviced Paying Agent, Non-Serviced Operating Advisor, Non-Serviced
Depositor and Non-Serviced Trustee, and any of their respective partners, directors, officers, shareholders, members, managers,
employees or agents (collectively, the “Non-Serviced Indemnified Parties”), shall be indemnified by the Trust
and held harmless against the Trust’s pro rata share (subject to the applicable Non-Serviced Intercreditor Agreement)
of any and all 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 a Non-Serviced Mortgage Loan and the related
Non-Serviced Mortgaged Property under the applicable Non-Serviced PSA (as and to the same extent the applicable Non-Serviced Trust
is required to indemnify such parties in respect of other mortgage loans in the applicable Non-Serviced Trust pursuant to the terms
of the related Non-Serviced PSA).

 

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The indemnification provided
herein shall survive the termination of this Agreement and the termination or resignation of the Master Servicer (including in
its capacity as Companion Paying Agent), the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor
or the Asset Representations Reviewer.

 

(j)          For purposes of
this Section 6.04 and Section 11.12, the Master Servicer or Special Servicer, as the case may be, will
be deemed not to have engaged in willful misconduct or committed bad faith or negligence in the performance of their respective
obligations and duties hereunder or acted in negligent disregard of such obligations and duties if the Master Servicer or Special
Servicer, as applicable, fails to follow any terms of any Mortgage Loan documents because the Master Servicer or Special Servicer,
as applicable, in accordance with the Servicing Standard, determines that compliance with such terms would or potentially would
cause any Trust REMIC to fail to qualify as a REMIC or cause a tax to be imposed on the Trust or cause the Grantor Trust to fail
to qualify as a grantor trust under the relevant provisions of the Code (for which determination the Master Servicer and Special
Servicer will be entitled to rely on advice of counsel, the cost of which will be reimbursed as an additional expense of the Trust).

 

 Section 6.05
   Depositor, Master Servicer and Special Servicer Not to Resign. Subject to the provisions of Section 6.03,
neither the Master Servicer nor the Special Servicer shall resign from their respective obligations and duties hereby imposed
on each of them except upon (a) determination that such party’s duties hereunder are no longer permissible under
applicable law or (b) in the case of the Master Servicer or the Special Servicer, upon the appointment of, and the
acceptance of such appointment by, a successor (which may be appointed by the resigning Master Servicer or Special Servicer,
as applicable), and receipt by the Certificate Administrator and the Trustee of Rating Agency Confirmation from each Rating
Agency and a confirmation of any applicable rating agencies that such action will not result in the downgrade, withdrawal or
qualification of its then-current ratings of any class of Serviced Companion Loan Securities (if any) (provided that
such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be
considered satisfied with respect to the Certificates pursuant to Section 3.25). Any such
determination permitting the resignation of the Master Servicer or the Special Servicer pursuant to clause (a)
above shall be evidenced by an Opinion of Counsel (at the expense of the resigning party) to such effect delivered to the
Trustee and (prior to the occurrence of a Consultation Termination Event) the Directing Certificateholder. Unless applicable
law requires the resignation of the Master Servicer or the Special Servicer (as the case may be) to be effective immediately,
and the Opinion of Counsel delivered pursuant to the prior sentence so states, no such resignation by the Master Servicer or
the Special Servicer under clause (a) above shall become effective until the Trustee or a successor master servicer or
successor special servicer, as applicable, shall have assumed the Master Servicer’s or Special Servicer’s, as
applicable, responsibilities and obligations in accordance with Section 7.02 and no such resignation by the
Master Servicer or the Special Servicer shall become effective until the Certificate Administrator shall have filed any
required Form 8-K pursuant to Section 11.07 hereof and any other Form 8-K filings have been completed with
respect to any related Companion Loan. Upon any termination (as described in Section 7.01(c)) or resignation
of the Master Servicer or the Special Servicer, pursuant to this Section 6.05, the Master Servicer or the Special
Servicer, as applicable, shall have the right and opportunity to appoint any successor master servicer or special servicer
with

 

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respect to
this Section 6.05; provided that, such successor master servicer or special servicer shall not be the Asset
Representations Reviewer, the Operating Advisor or one of their respective Affiliates and (prior to the occurrence and continuance
of a Control Termination Event) such successor special servicer is approved by the Directing Certificateholder, such approval not
to be unreasonably withheld. The resigning party shall pay all reasonable out-of-pocket costs and expenses (including reasonable
out-of-pocket costs and expenses incurred by the Trustee and the Certificate Administrator) associated with a transfer of its duties
pursuant to this Section 6.05. Except as provided in Section 7.01(c), in no event shall the Master Servicer
or the Special Servicer have the right to appoint any successor master servicer or special servicer if such Master Servicer or
Special Servicer, as applicable, is terminated or removed pursuant to Section 7.01.

 

 Section 6.06    Rights of the Depositor
in Respect of the Master Servicer and the Special Servicer. The Depositor may, but is not obligated to, enforce the obligations
of the Master Servicer and the Special Servicer hereunder and may, but is not obligated to, perform, or cause a designee to perform,
any defaulted obligation of the Master Servicer and the Special Servicer hereunder or exercise the rights of the Master Servicer
or Special Servicer, as applicable, hereunder; provided, however, that the Master Servicer and the Special Servicer
shall not be relieved of any of their respective obligations hereunder by virtue of such performance by the Depositor or its designee.
The Depositor shall not have any responsibility or liability for any action or failure to act by the Master Servicer or the Special
Servicer and is not obligated to supervise the performance of the Trustee, the Master Servicer, the Operating Advisor or the Special
Servicer under this Agreement or otherwise.

 

Section 6.07     The Master Servicer
and the Special Servicer as Certificate Owner. The Master Servicer, the Special Servicer or any Affiliate thereof may become
the Holder of (or, in the case of a Book-Entry Certificate, Certificate Owner with respect to) any Certificate with (except as
otherwise set forth in the definition of “Certificateholder”) the same rights it would have if it were not the
Master Servicer, the Special Servicer or an Affiliate thereof.

 

Section 6.08     The Directing Certificateholder.
(a) Other than with respect to any Serviced AB Whole Loan for which the related holder of an AB Subordinate Companion Loan is not
subject to an AB Control Appraisal Period, for so long as no Control Termination Event has occurred and is continuing, the Directing
Certificateholder shall be entitled to advise (1) the Special Servicer with respect to all Specially Serviced Loans other
than any Excluded Loan, (2) the Special Servicer with respect to Non-Specially Serviced Loans other than any Excluded Loan,
as to all matters for which the Master Servicer must obtain the consent or deemed consent of the Special Servicer, and (3) the
Special Servicer with respect to all Mortgage Loans other than any Excluded Loan, for which an extension of maturity is being considered
by the Special Servicer or by the Master Servicer subject to consent or deemed consent of the Special Servicer, and notwithstanding
anything herein to the contrary, except as set forth in, and in any event subject to the second and third paragraphs of this Section 6.08,
(i) with respect to a Mortgage Loan (other than a Specially Serviced Loan or a Non-Serviced Mortgage Loan), the Master Servicer,
shall not be permitted to take any of the following actions (each a “Major Decision”), irrespective of whether
any such Major Decision constitutes a “Major Decision” under, and as defined in, the related Intercreditor Agreement,
unless it has obtained the consent or deemed consent of the Special Servicer (provided that such consent shall be deemed
given (unless earlier objected to by the Special Servicer) fifteen (15) Business Days after the Special

 

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Servicer’s receipt
of the Master Servicer’s written recommendation and analysis with respect to such Major Decision and all information reasonably
requested by the Special Servicer, and reasonably available to the Master Servicer, in order to grant or withhold such consent
and (ii) with respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan or any Excluded Loan) or any Serviced
Whole Loan, for so long as no Control Termination Event has occurred and is continuing, the Special Servicer shall not be permitted
to take any of the following actions (and shall not be permitted to consent to the Master Servicer’s taking any of the following
actions as to which the Directing Certificateholder has objected in writing within ten (10) Business Days (or thirty (30) days
with respect to clause (x) below) after the Directing Certificateholder’s receipt of the Special Servicer’s
written recommendation and analysis and all information reasonably requested by the Directing Certificateholder, and reasonably
available to the Special Servicer, in order to grant or withhold such consent (provided that if such written objection has
not been received by the Special Servicer within such ten (10) Business Day (or thirty (30) day) period, then the Directing Certificateholder
will be deemed to have approved such action):

 

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

 

(ii)          any modification, consent to a modification or waiver of any monetary term (other than late fees and Default Interest) or
material non-monetary term (including, without limitation, the timing of payments and acceptance of discounted payoffs) of a Mortgage
Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan or any extension of the maturity date of such Mortgage Loan;

 

(iii)         following a default or an event of default with respect to a Mortgage Loan or Serviced Whole Loan, any exercise of remedies,
including the acceleration of the Mortgage Loan or Serviced Whole Loan or initiation of any proceedings, judicial or otherwise,
under the related Mortgage Loan documents;

 

 (iv)        any sale of a Defaulted Loan and any related defaulted Companion Loan, or any REO Property (other than in connection with
the termination of the Trust) or a defaulted Non-Serviced Mortgage Loan that the Special Servicer is permitted to sell in accordance
with this Agreement, in each case, for less than the applicable Purchase Price;

 

(v)         any determination to bring an REO Property into compliance with applicable environmental laws or to otherwise address hazardous
material located at an REO Property;

 

(vi)        any requests for release of material collateral or any acceptance of substitute or additional collateral for a Mortgage
Loan or Serviced Whole Loan or any consent to either of the foregoing, other than (A) grants of easements or rights of way that
do not materially affect the use or value of a Mortgaged Property or the Mortgagor’s ability to make any payments with respect
to a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or any Serviced Whole Loan, (B) releases of non-material

 

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parcels
of a Mortgaged Property, (C) releases that the related Mortgage Loan documents expressly require the mortgagee thereunder
to make upon the satisfaction of certain conditions (and the conditions to the release that are set forth in the related Mortgage
Loan documents do not include the approval of the lender or the exercise of lender discretion (other than confirming the satisfaction
of the other conditions to the release set forth in the related Mortgage Loan documents that do not include any other approval
or exercise)) and such release is made as required by the related Mortgage Loan documents, (D) releases that are related to
any condemnation action that is pending, or threatened in writing, and would affect a non-material portion of the Mortgaged Property,
or (E) releases of collateral securing any Mortgage Loan in connection with a defeasance of such collateral;

 

(vii)       any waiver of a “due-on-sale” or “due-on-encumbrance” clause with respect to a Mortgage Loan (other
than a Non-Serviced Mortgage Loan) or a Serviced Whole Loan or any consent to such a 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;

 

(viii)      any property management company changes (with respect to a Mortgage Loan with a Stated Principal Balance greater than $2,500,000)
or franchise changes (with respect to a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan for which
the lender is required to consent or approve under the Mortgage Loan documents);

 

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

 

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

 

(xi)        any determination of an Acceptable Insurance Default;

 

(xii)       any modification, waiver or amendment of any lease, the execution of any new lease or the granting of a subordination and non-disturbance
or attornment agreement in connection with any lease, at a Mortgaged Property if (A) the lease involves a ground lease or lease
of an outparcel or affects an area greater than or equal to the lesser of (I) 30% of the net rentable area of the improvements
at the Mortgaged Property and (II) 30,000 square feet of the improvements at the Mortgaged Property and (B) such transaction either
is not a routine leasing matter or such transaction relates to a Specially Serviced Loan; provided that if lender consent
is not required for such transaction

 

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pursuant to the Mortgage Loan documents, such transaction will not constitute a Major Decision;

 

(xiii)       any modification, consent to a modification or waiver of any material term of any Intercreditor Agreement or similar agreement
related to a Mortgage Loan, or any action to enforce rights (or decision not to enforce rights) with respect thereto; and

 

(xiv)       any consent to incurrence of additional debt by a Mortgagor or mezzanine debt by a direct or indirect parent of a Mortgagor, to
the extent the mortgagee’s approval is required under the related Mortgage Loan documents;

 

provided, however, that,
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 the foregoing matters, or any other matter
requiring consent of the Directing Certificateholder prior to the occurrence and continuance of a Control Termination Event in
this Agreement (or any matter requiring consultation with the Directing Certificateholder or the Operating Advisor), is necessary
to protect the interests of the Certificateholders (or, with respect to any Serviced Whole Loan, the interest of the Certificateholders
and the holders of any related Serviced Companion Loan) (as a collective whole (taking into account the subordinate or pari
passu nature of any Companion Loans)), the Special Servicer or Master Servicer, as applicable, may take any such action without
waiting for the Special Servicer’s (in the case of the Master Servicer) or the Directing Certificateholder’s response
(or without waiting to consult with the Directing Certificateholder or the Operating Advisor, as the case may be), provided
that the Special Servicer or Master Servicer, as applicable, provides the Special Servicer (in the case of the Master Servicer)
or the Directing Certificateholder (or the Operating Advisor, if applicable) with prompt written notice following such action including
a reasonably detailed explanation of the basis therefor. The Special Servicer is not required to obtain the consent of the Directing
Certificateholder for any of the foregoing actions after the occurrence and during the continuance of a Control Termination Event;
provided, however, that, after the occurrence and during the continuance of a Control Termination Event but, with
respect to the Directing Certificateholder only, prior to the occurrence of a Consultation Termination Event, the Special Servicer
shall consult with the Directing Certificateholder in connection with any Major Decision not relating to any Excluded Loan (and
any other actions which otherwise require consultation with the Directing Certificateholder prior to a Consultation Termination
Event hereunder) and consider alternative actions recommended by the Directing Certificateholder, in respect thereof. In the event
the Special Servicer receives no response from the Directing Certificateholder within 10 Business Days following its written request
for input on any required consultation, the Special Servicer shall not be obligated to consult with the Directing Certificateholder
on the specific matter; provided, however, that the failure of the Directing Certificateholder to respond
shall not relieve the Special Servicer from consulting with the Directing Certificateholder on any future matters with respect
to the applicable Mortgage Loan (other than a Non-Serviced Mortgage Loan or an Excluded Loan) or Serviced Whole Loan. In addition,
after a Control Termination Event, the Special Servicer will also be required to consult with the Operating Advisor in connection
with any proposed Major Decision (and any other actions which otherwise require consultation with the Operating Advisor after the
occurrence and during the continuance of a Control Termination Event hereunder) and consider alternative actions recommended by
the Operating Advisor, in

 

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respect thereof, provided that such consultation is on a non-binding basis. In the event that
the Special Servicer receives no response from the Operating Advisor within 10 Business Days following the later of (i) its
written request for input on any required consultation and (ii) delivery of all such additional information reasonably requested
by the Operating Advisor related to the subject matter of such consultation, the Special Servicer shall not be obligated to consult
with the Operating Advisor on the specific matter; provided, however, that the failure of the Operating Advisor to
respond on any specific matters shall not relieve the Special Servicer from its obligation to consult with the Operating Advisor
on any future matter with respect to the applicable Mortgage Loan or any other Mortgage Loan. Notwithstanding anything herein to
the contrary, with respect to any Excluded Loan (regardless of whether a Control Termination Event has occurred and is continuing),
the Special Servicer shall consult with the Operating Advisor, on a non-binding basis, in connection with the related transactions
involving proposed Major Decisions and consider alternative actions recommended by the Operating Advisor, in respect thereof, in
accordance with the procedures set forth in this Section 6.08 for consulting with the Operating Advisor.

 

In addition, with respect
to any Mortgage Loan other than an Excluded Loan, for so long as no Control Termination Event has occurred and is continuing, the
Directing Certificateholder subject to any rights, if any, of the related Companion Holder to advise the Special Servicer with
respect to the related Serviced Whole Loan, pursuant to the terms of the related Intercreditor Agreement, may direct the Special
Servicer to take, or to refrain from taking, such other actions with respect to a Mortgage Loan, as the Directing Certificateholder
may deem advisable or as to which provision is otherwise made herein; provided that notwithstanding anything herein to the
contrary, no such direction or objection contemplated by the preceding paragraph or this paragraph, may require or cause the Master
Servicer or Special Servicer to violate any provision of any Mortgage Loan or related Intercreditor Agreement or mezzanine intercreditor
agreement, applicable law, this Agreement, or the REMIC Provisions (and, with respect to a Serviced Whole Loan, subject to the
rights of the holders of the related Companion Loan), including without limitation the obligation of the Master Servicer and the
Special Servicer to act in accordance with the Servicing Standard, or expose the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer, the Trust or the Trustee to liability, or materially
expand the scope of the responsibilities of the Master Servicer or the Special Servicer, as applicable, hereunder or cause the
Master Servicer or the Special Servicer, as applicable, to act, or fail to act, in a manner which in the reasonable judgment of
the Master Servicer or the Special Servicer, as applicable, is not in the best interests of the Certificateholders.

 

In the event the Special
Servicer or Master Servicer, as applicable, determines that a refusal to consent by the Directing Certificateholder or any advice
from the Directing Certificateholder, would cause the Special Servicer or Master Servicer, as applicable, to violate the terms
of any Mortgage Loan, applicable law 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 the Directing Certificateholder,
the Trustee and the Rating Agencies of its determination, including a reasonably detailed explanation of the basis therefor. The
taking of, or refraining from taking, any action by the Master Servicer or Special Servicer in accordance with the direction of
or approval of the Directing Certificateholder that does not violate the terms of any Mortgage Loan, applicable law or the Servicing
Standard or

 

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any other provisions of this Agreement, will not result in any liability on the part of the Master Servicer or the
Special Servicer.

 

The Directing Certificateholder
shall have no liability to the Trust or the Certificateholders for any action taken, or for refraining from the taking of any action,
or for errors in judgment; provided, however, that the Directing Certificateholder shall not be protected against
any liability to a Controlling Class Certificateholder that would otherwise be imposed by reason of willful misconduct, bad faith
or negligence in the performance of duties owed to the Controlling Class Certificateholders or by reason of reckless disregard
of obligations or duties owed to the Controlling Class Certificateholders. By its acceptance of a Certificate, each Certificateholder
acknowledges and agrees that the Directing Certificateholder may take actions that favor the interests of one or more Classes of
the Certificates including the Holders of the Controlling Class over other Classes of the Certificates, and that the Directing
Certificateholder may have special relationships and interests that conflict with those of Holders of some Classes of the Certificates,
that the Directing Certificateholder may act solely in the interests of the Holders of the Controlling Class, including the Holders
of the Controlling Class, that the Directing Certificateholder does not have any duties or liability to the Holders of any Class
of Certificates other than the Controlling Class, that the Directing Certificateholder shall not be liable to any Certificateholder,
by reason of its having acted solely in the interests of the Holders of the Controlling Class, and that the Directing Certificateholder
shall have no liability whatsoever for having so acted, and no Certificateholder may take any action whatsoever against the Directing
Certificateholder or any director, officer, employee, agent or principal thereof for having so acted.

 

Any Non-Serviced Whole
Loan Controlling Holder, with respect to a Non-Serviced Whole Loan, shall have no liability to the Trust or the Certificateholders
for any action taken, or for refraining from the taking of any action, or for errors in judgment. By its acceptance of a Certificate,
each Certificateholder acknowledges and agrees that any such Non-Serviced Whole Loan Controlling Holder, with respect to the related
Non-Serviced Whole Loan, may take actions that favor the interests of one or more classes of the certificates issued under the
related Non-Serviced PSA including the Holders of the controlling class under such Non-Serviced PSA over other Classes of the Certificates,
and that such Non-Serviced Whole Loan Controlling Holder, with respect to such Non-Serviced Whole Loan, may have special relationships
and interests that conflict with those of Holders of some Classes of the Certificates, that such Non-Serviced Whole Loan Controlling
Holder, with respect to such Non-Serviced Whole Loan, may act solely in the interests of the Holders of the controlling class under
the related Non-Serviced PSA, that such Non-Serviced Whole Loan Controlling Holder, shall not be liable to any Certificateholder,
by reason of its having acted solely in the interests of the Holders of the controlling class under the related Non-Serviced PSA,
and that the Non-Serviced Whole Loan Controlling Holder, with respect to such Non-Serviced Whole Loan, shall have no liability
whatsoever for having so acted, and no Certificateholder may take any action whatsoever against such Non-Serviced Whole Loan Controlling
Holder, with respect to such Non-Serviced Whole Loan, or any director, officer, employee, agent or principal thereof for having
so acted.

 

(b)          
Notwithstanding anything to the contrary contained herein (i) after the occurrence and during the continuance of a
Control Termination Event (and at any time with respect to any Excluded Loan), the Directing Certificateholder shall have no right
to consent to

 

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or direct 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 of a Consultation Termination Event, the Directing Certificateholder
shall remain entitled to receive any notices, reports or information to which it is entitled pursuant to this Agreement, and the
Master Servicer, Special Servicer and any other applicable party shall consult with the Directing Certificateholder (other than
with respect to any Excluded Loan) in connection with any action to be taken or refrained from taking to the extent set forth herein;
and (iii) after the occurrence of a Consultation Termination Event (and at any time with respect to any Excluded Loan), the
Directing Certificateholder shall have no direction, 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 Directing Certificateholder.

 

[End of Article VI]

 

Article VII

SERVICER TERMINATION EVENTS

 

Section 7.01     
Servicer Termination Events; Master Servicer and Special Servicer Termination. (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 required to be made by the Master Servicer to the Collection Account, or remit
to the Companion Paying Agent for deposit into the related Companion Distribution Account, on the day and by the time such deposit
or remittance is first 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,
any 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 the REO Account, within one (1) Business Day after such deposit is required to
be made or to remit to the Master Servicer for deposit into the Collection Account or any other required account hereunder, any
amount required to be so deposited or remitted by the Special Servicer pursuant to, and at 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 the case may be, 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 thirty (30) days (or (A) with respect to any year that a report on Form 10-K
is required to be filed, five (5) Business Days in the case of the Master Servicer’s or Special Servicer’s
obligations, as applicable, contemplated by Article XI, (B) fifteen (15) days in the case of the Master
Servicer’s failure to make a Servicing Advance or (C) fifteen (15) days in the case of a failure to pay the
premium for any property insurance policy

 

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required to be maintained) after the date on which written notice of such failure,
requiring the same to be remedied, shall have been given (A) to the Master Servicer or the Special Servicer, as the case
may be, by any other party hereto, or (B) 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 evidencing not less than 25% of all Voting Rights
or, solely as it relates to the servicing of a Serviced Pari Passu Whole Loan if affected by that failure, by the related
Serviced Companion Noteholder; provided, however, if such failure is capable of being cured and the Master
Servicer or Special Servicer, as applicable, is diligently pursuing such cure, such period will be extended an
additional thirty (30) days; provided, further, however, that such extended period will not apply to the
obligations regarding Exchange Act reporting; or

 

(iv)         any breach on the part of the Master Servicer or the Special Servicer, as the case may be, of any representation or warranty
contained in Section 6.01(a) or Section 6.01(b), as applicable, which materially and adversely affects
the interests of any Class of Certificateholders or Companion Holders (excluding the holder of any Non-Serviced Companion Loan)
and which continues unremedied for a period of thirty (30) days after the date on which notice of such breach, requiring the same
to be remedied, shall have 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 evidencing not less than 25% of all Voting Rights or, as it relates to the servicing
of a Serviced Pari Passu Whole Loan affected by such breach, by the related Serviced Companion Noteholder; provided, however,
that 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 thirty (30) days; 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 and such decree or order shall have remained in force undischarged, undismissed or unstayed for a period
of sixty (60) days; or

 

(vi)         the Master Servicer or the Special Servicer shall consent to the appointment of a conservator, receiver, liquidator, trustee
or similar official in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings
of or relating to the 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 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

 

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the benefit of its creditors, voluntarily suspend payment of its obligations or take any corporate action in furtherance of the
foregoing; or

 

(viii)       either
of Moody’s or KBRA (or, in the case of Serviced Pari Passu 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 classes of Serviced
Pari Passu Companion Loan Securities, or (B) placed one or more Classes of Certificates or classes of Serviced Pari Passu Companion
Loan Securities on “watch status” in contemplation of a ratings downgrade or withdrawal (and such qualification, downgrade,
withdrawal or “watch status” placement shall not have been withdrawn within sixty (60) days) and, in the case of either
of clauses (A) or (B), publicly citing servicing concerns with the Master Servicer or Special Servicer, as applicable, as
the sole or a material factor in such rating action; or

 

(ix)         the Master Servicer or the Special Servicer, as the case may be, is no longer rated at least “CMS3” or “CSS3”,
respectively, by Fitch and such Master Servicer or Special Servicer is not reinstated to at least that rating within sixty (60)
days of the delisting.

 

(b)          If
any Servicer Termination Event with respect to the Master Servicer or the Special Servicer (in either case, for purposes of this
Section 7.01(b), the “Affected Party”) shall occur and be continuing, then, and in each and every
such case, so long as such Servicer Termination Event shall not have been remedied, the Trustee may, and at the written direction
of ((i) prior to the occurrence and continuance of a Control Termination Event and (ii) other than with respect to any
Excluded Loan) the Directing Certificateholder (solely with respect to the Special Servicer) or the Holders of Certificates entitled
to more than 50% of the Voting Rights, the Trustee shall, terminate (and the Depositor may direct the Trustee to terminate each
of the Master Servicer or the Special Servicer, as applicable, upon five Business Days’ written notice if there is a Servicer
Termination Event under clause (iii)(A) above), by notice in writing to the Affected Party, with a copy of such notice
to the Depositor and the Operating Advisor, all of the rights (subject to Section 3.11 and Section 6.04)
and obligations of the Affected Party under this Agreement and in and to the Mortgage Loans and the proceeds thereof (other than
as a Certificateholder or Companion Holder, if applicable); provided, however, that the Affected Party shall be
entitled to the payment of accrued and unpaid compensation and reimbursement through the date of such termination as provided
for under this Agreement for services rendered and expenses incurred. From and after the receipt by the Affected Party of such
written notice except as otherwise provided in this Article VII, all authority and power of the Affected Party under
this Agreement, whether with respect to the Certificates (other than as a Holder of any Certificate) or the Mortgage Loans or
otherwise, shall pass to and be vested in the Trustee with respect to a termination of the Master Servicer or the Special Servicer
pursuant to and under this Section 7.01, and, without limitation, the Trustee is hereby authorized and empowered to
execute and deliver, on behalf of and at the expense of the Affected Party, as attorney-in-fact or otherwise, any and all documents
and other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such
notice of termination, whether to complete the transfer and endorsement or assignment of the Mortgage Loans and related documents,
or otherwise. The Master Servicer and Special Servicer each agree that if it is terminated pursuant to this Section 7.01(b),
it shall promptly (and in any event no later than

 

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twenty
(20) Business Days subsequent to its receipt of the notice of termination) provide the Trustee with all documents and records
requested by it to enable it to assume the Master Servicer’s or the Special Servicer’s, as the case may be, functions
hereunder, and shall cooperate with the Trustee in effecting the termination of the Master Servicer’s or the Special Servicer’s,
as the case may be, responsibilities and rights (subject to Section 3.11 and Section 6.04) hereunder,
including, without limitation, the transfer within five (5) Business Days to the Trustee for administration by it of all cash
amounts which shall at the time be or should have been credited by the Master Servicer to the Collection Account or any Servicing
Account (if it is the Affected Party), by the Special Servicer to the REO Account (if it is the Affected Party) or thereafter
be received with respect to the Mortgage Loans or any REO Property (provided, however, that the Master Servicer
and the Special Servicer each shall, if terminated pursuant to this Section 7.01(b) or pursuant to Section 7.01(d)
(with respect to the Special Servicer), continue to be entitled to receive all amounts accrued or owing to it under this Agreement
on or prior to the date of such termination, whether in respect of Advances (in the case of the Special Servicer or the Master
Servicer) or otherwise, and it and its Affiliates and the directors, managers, officers, members, employees and agents of it and
its Affiliates shall continue to be entitled to the benefits of Section 3.11 and Section 6.04 notwithstanding
any such termination).

 

(c)          If the Master Servicer receives notice of termination under Section 7.01(b) solely due to a Servicer Termination
Event under Section 7.01(a)(viii) or (ix), the Master Servicer shall have a forty-five (45) day period after
such notice in which to find a successor master servicer qualified to act as Master Servicer hereunder in accordance with Section 6.03
and Section 7.02 and to which the Master Servicer can sell its rights to service the Mortgage Loans under this Agreement.
During such forty-five (45) day period the Master Servicer may continue to serve as Master Servicer hereunder. In the event that
the Master Servicer is unable, within such forty-five (45) day period, to cause a qualified successor master servicer to assume
the duties of the Master Servicer hereunder, then and in such event, the Trustee shall assume the obligations of the Master Servicer
hereunder.

 

Notwithstanding Section 7.01(b),
if any Servicer Termination Event on the part of the Special Servicer shall occur and be continuing that affects the Holder of
a Serviced Pari Passu Companion Loan, then, so long as the Special Servicer is not otherwise terminated, the Holder of such Serviced
Pari Passu Companion Loan or the Other Trustee appointed under the related Other Pooling and Servicing Agreement, as applicable,
shall be entitled to direct the Trustee to terminate the Special Servicer with respect to the related Serviced Pari Passu Whole
Loan. Any Special Servicer appointed to replace the Special Servicer with respect to a Serviced Pari Passu Mortgage Loan cannot
at any time be (without the prior written consent of the holder of such Serviced Pari Passu Companion Loan) the person (or Affiliate
thereof) that was terminated at the direction of the holder of the related Serviced Pari Passu Companion Loan. Any such Special
Servicer under this paragraph shall meet the eligibility requirements of Section 7.02 and the eligibility requirements
of the related Other Pooling and Servicing Agreement, and the appointment thereof shall comply with the provisions of Section 7.02.
Any appointment of a replacement Special Servicer in accordance with this paragraph shall be subject to the receipt of Rating Agency
Confirmation and confirmation from the applicable rating agencies that such appointment or replacement will not result in the downgrade,
withdrawal or qualification of the then-current ratings of any class of any related Serviced Companion Loan Securities (provided
that such rating agency confirmation may be considered satisfied in the

 

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same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25).

 

(d)        
Subject to the rights of the holder of a related AB Subordinate Companion Loan pursuant to the related Intercreditor Agreement
at any time prior to the occurrence and continuance of a Control Termination Event and other than with respect to any Excluded
Loan, the Directing Certificateholder shall be entitled to terminate the rights (subject to Section 3.11 and Section 6.04)
and obligations of the Special Servicer under this Agreement, with or without cause, upon ten (10) Business Days’ notice
to the Special Servicer, the Master Servicer, the Certificate Administrator, the Trustee and the Operating Advisor; such termination
to be effective upon the appointment of a successor special servicer meeting the requirements of this Section 7.01(d).
Upon a termination of such Special Servicer, the Directing Certificateholder (other than with respect to any Excluded Loan) shall
appoint a successor special servicer; provided, however, that (i) such successor will meet the requirements
set forth in Section 7.02, (ii) each Rating Agency delivers Rating Agency Confirmation and, in the case of any
class of any Serviced Companion Loan Securities the applicable rating agencies deliver a confirmation that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.25) and (iii) no replacement of the Special Servicer shall be effective until
the Certificate Administrator shall have filed any required Form 8-K pursuant to Section 11.07 hereof and any other
Form 8-K filings have been completed with respect to any related Companion Loan.

 

After the occurrence
and during the continuance of a Control Termination Event and upon (a) the written direction of Holders of Principal Balance
Certificates evidencing not less than 25% of the Voting Rights (taking into account the application of any Appraisal Reduction
Amounts to notionally reduce the Certificate Balances pursuant to Section 4.05 hereof) of the Principal Balance Certificates
requesting a vote to replace the Special Servicer with a new special servicer designated in such written direction, (b) payment
by such Holders to the Certificate Administrator of the reasonable fees and expenses (including any legal fees and any Rating Agency
fees and expenses) to be incurred by the Certificate Administrator in connection with administering such vote and which will not
be additional expenses of the Trust and (c) delivery by such Holders to the Certificate Administrator and Trustee of Rating
Agency Confirmation from each Rating Agency (which Rating Agency Confirmation shall be obtained at the expense of such Holders),
the Certificate Administrator shall promptly post notice to all Certificateholders of such request on the Certificate Administrator’s
Website in accordance with Section 3.13(b) and concurrently by mail, and conduct the solicitation of votes of all Certificates
in such regard, which vote shall occur within one hundred-eighty (180) days of the posting of such notice. Upon the written direction
of Holders of Certificates evidencing at least 75% of a Certificateholder Quorum of Certificates, the Trustee shall terminate all
of the rights and obligations of the Special Servicer under this Agreement and appoint the successor special servicer (which must
be a Qualified Replacement Special Servicer) designated by such Certificateholders. The Certificate Administrator shall include
on each Distribution Date Statement a statement that each Certificateholder may (i) access such notices via the Certificate
Administrator’s Website and (ii) register to receive electronic mail notifications when such notices are posted thereon.
Notwithstanding the foregoing, the Certificateholder’s direction to

 

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remove the Special Servicer shall not apply to any Serviced
AB Whole Loan for which the holder of the related AB Subordinate Companion Loan is not subject to an AB Control Appraisal Period.

 

An AB Whole Loan Controlling
Holder shall have the right, prior to the occurrence and continuance of an AB Control Appraisal Period, to replace the Special
Servicer solely with respect to the related AB Whole Loan, so long as (A) each Rating Agency delivers a Rating Agency Confirmation;
(B) the successor special servicer has assumed in writing (from and after the date such successor special servicer becomes
the Special Servicer) all of the responsibilities, duties and liabilities of the Special Servicer under this Agreement from and
after the date it becomes the Special Servicer as they relate to any AB Whole Loan pursuant to an assumption agreement reasonably
satisfactory to the Certificate Administrator; and (C) the Certificate Administrator shall have received an opinion of counsel
reasonably satisfactory to the Certificate Administrator to the effect that (x) the designation of such replacement to serve
as Special Servicer is in compliance with this Agreement, (y) such replacement will be bound by the terms of this Agreement
with respect to any AB Whole Loan and (z) subject to customary qualifications and exceptions, this Agreement will be enforceable
against such replacement in accordance with the terms hereof.

 

The parties hereto acknowledge
that, notwithstanding anything to the contrary contained in this section, in accordance with the related Intercreditor Agreement,
if a servicer termination event on the part of a Non-Serviced Special Servicer under a Non-Serviced PSA remains unremedied and
affects the holder of the related Non-Serviced Mortgage Loan, and the related Non-Serviced Special Servicer has not otherwise been
terminated, the holder of the related Non-Serviced Mortgage Loan (or the Trustee, acting at the direction of the Directing Certificateholder)
will be entitled to direct the related Non-Serviced Trustee to terminate the related Non-Serviced Special Servicer solely with
respect to the related Non-Serviced Whole Loan. The appointment (or replacement) of a special servicer with respect to a Non-Serviced
Whole Loan will in any event be subject to Rating Agency Confirmation from each Rating Agency. A replacement special servicer will
be selected by the related Non-Serviced Trustee or, prior to a consultation termination event under the related Non-Serviced PSA,
by the related Non-Serviced Whole Loan Controlling Holder; provided, however, that any successor special servicer
appointed to replace the special servicer with respect to such Non-Serviced Whole Loan cannot at any time be the Person (or an
Affiliate thereof) that was terminated at the direction of the holder of such Non-Serviced Mortgage Loan, without the prior written
consent of the Directing Certificateholder.

 

Following the occurrence
of a Consultation Termination Event, subject to the immediately succeeding paragraph, if the Operating Advisor determines that
the Special Servicer is not performing its duties as required hereunder or is otherwise not acting in accordance with the Servicing
Standard, the Operating Advisor shall deliver to the Trustee and the Certificate Administrator, with a copy to the Special Servicer,
a written report in the form of Exhibit W 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, further, 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 recommendation
(along with

 

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relevant information justifying its recommendation) and recommending a suggested replacement special servicer, which
shall be a Qualified Replacement Special Servicer. In such event, the Certificate Administrator shall promptly post notice to all
Certificateholders of such recommendation and the related report on the Certificate Administrator’s Website in accordance
with Section 3.13(b), and by mail conduct the solicitation of votes of all Certificates in such regard. Upon (i) the
affirmative vote of Holders of Principal Balance Certificates evidencing at least a majority of the aggregate Voting Rights (taking
into account the application of any Appraisal Reduction Amounts to notionally reduce the respective Certificate Balances of such
Certificates) of all Principal Balance Certificates on an aggregate basis 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 (i) terminate all of the rights and obligations of the Special Servicer under this Agreement and appoint a successor
special servicer approved by the Certificateholders and (ii) promptly notify such outgoing Special Servicer of the effective
date of such termination. The reasonable out-of-pocket costs and expenses (including reasonable legal fees and expenses of outside
counsel) associated with obtaining such Rating Agency Confirmations and administering such vote and the Operating Advisor’s
identification of a Qualified Replacement Special Servicer shall be an additional expense of the Trust. In the event that the Trustee
does not receive at least a majority of the requested votes, then the Trustee shall have no obligation to remove the Special Servicer.
Prior to the appointment of any replacement special servicer, such replacement special servicer shall have agreed to succeed to
the obligations of the Special Servicer under this Agreement and to act as the Special Servicer’s successor hereunder. Notwithstanding
the foregoing, the Operating Advisor shall not be permitted to recommend the replacement of the Special Servicer with respect to
an AB Whole Loan so long as the related Serviced Companion Noteholder is not subject to an AB Control Appraisal Period under the
related Intercreditor Agreement.

 

No penalty or fee shall
be payable to the terminated Special Servicer with respect to any termination pursuant to this Section 7.01(d). All
costs of any such termination made by the Directing Certificateholder without cause shall be paid by the Holders of the Controlling
Class.

 

For the avoidance of
doubt, the indemnification of the Operating Advisor in Section 6.04 shall include, subject to the limitations set forth
in Section 6.04, any action or claim arising from, or relating to, the Operating Advisor’s determination under
this Section 7.01(d) (regarding removal of the Special Servicer), or the result of the vote of the Certificateholders
(regarding removal of the Special Servicer).

 

(e)          The Master Servicer and Special Servicer shall, as the case may be, from time to time, take all such reasonable actions
as are required by it in accordance with the related Servicing Standard in order to prevent the Certificates from being placed
on “watch” status or downgraded due to servicing or special servicing, as applicable, concerns by any Rating Agency.
In no event shall the remedy for a breach of the foregoing covenant extend beyond termination pursuant to Section 7.01(a)(viii)
and (ix) and the resulting operation of Section 7.01(b) and (c). The operation of this subsection (e)
shall not be construed to limit the effect of Section 7.01(a)(viii) or (ix).

 

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(f)           Notwithstanding the foregoing, (1) if any Servicer Termination Event on the part of the Master Servicer affects a Serviced
Companion Loan, the related holder of a Serviced Companion Loan or the rating on any class of certificates backed, wholly or partially,
by any Serviced Companion Loan, and if the Master Servicer is not otherwise terminated, or (2) if a Servicer Termination Event
on the part of the Master Servicer affects only a Serviced Companion Loan, the related holder of a Serviced Companion Loan or the
rating on any class of certificates backed, wholly or partially, by any Serviced Companion Loan, then the Master Servicer may not
be terminated by or at the direction of the related holder of such Serviced Companion Loan or the holders of any certificates backed,
wholly or partially, by such Serviced Companion Loan, but upon the written direction of the related holder of such Serviced Companion
Loan, the Master Servicer shall be required to appoint a sub-servicer that will be responsible for servicing the related Serviced
Whole Loan.

 

(g)          Notwithstanding anything to the contrary contained in this Section 7.01, with respect to any Excluded Special
Servicer Loan, if any, the Special Servicer shall resign as Special Servicer of that Excluded Special Servicer Loan. Prior to the
occurrence and continuance of a Control Termination Event, if the applicable Excluded Special Servicer Loan is not also an Excluded
Loan, the Directing Certificateholder shall select an Excluded Special Servicer, as successor to the resigning Special Servicer,
for the related Excluded Special Servicer Loan in accordance with this Agreement. After the occurrence and during the continuance
of a Control Termination Event or if at any time the applicable Excluded Special Servicer Loan is also an Excluded Loan, the resigning
Special Servicer shall select the related Excluded Special Servicer. The Special Servicer shall not have any liability with respect
to the actions or inactions of the applicable Excluded Special Servicer or with respect to the identity of the applicable Excluded
Special Servicer so long as the selected Excluded Special Servicer is a Qualified Replacement Special Servicer. It shall be a condition
to any such appointment that (i) the Rating Agencies confirm that the appointment would not result in a qualification, downgrade
or withdrawal of any of their then-current ratings of the Certificates and each NRSRO hired to provide ratings with respect to
any Serviced Companion Loan Securities makes the equivalent confirmation, (ii) the related Excluded Special Servicer is a
Qualified Replacement Special Servicer and (iii) the related Excluded Special Servicer delivers to the Depositor and the Certificate
Administrator and any applicable Other Depositor and Other Certificate Administrator, the information, if any, required under Item 6.02
of Form 8-K pursuant to the Exchange Act regarding itself in its role as Excluded Special Servicer.

 

If at any time the Special
Servicer is no longer a Borrower Party with respect to an Excluded Special Servicer Loan, (1) the related Excluded Special
Servicer shall resign, (2) the related Mortgage Loan or Serviced Whole Loan shall no longer be an Excluded Special Servicer
Loan, (3) the Special Servicer shall become the Special Servicer again for such related Mortgage Loan or Serviced Whole Loan
and (4) the Special Servicer shall be entitled to all special servicing compensation with respect to such Mortgage Loan or
Serviced Whole Loan earned during such time on and after such Mortgage Loan or Serviced Whole Loan is no longer an Excluded Special
Servicer Loan.

 

The applicable Excluded
Special Servicer shall perform all of the obligations of the Special Servicer for the related Excluded Special Servicer Loan and
shall be entitled to all special servicing compensation with respect to such Excluded Special Servicer Loan earned

 

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during such
time as the related Mortgage Loan or Serviced Whole Loan is an Excluded Special Servicer Loan.

 

If a Servicing Officer
of the Master Servicer, a related Excluded Special Servicer, or the Special Servicer, as applicable, has actual knowledge that
a Mortgage Loan is no longer an Excluded Loan, an Excluded Controlling Class Loan or an Excluded Special Servicer Loan, as applicable,
the Master Servicer, the related Excluded Special Servicer or Special Servicer, as applicable, shall provide prompt written notice
thereof to each of the other parties to this Agreement.

 

Section 7.02     Trustee
to Act; Appointment of Successor. On and after the time the Master Servicer or the Special Servicer, as the case may be, either
resigns pursuant to subsection (a) of the first sentence of Section 6.05 or receives a notice of termination
for cause pursuant to Section 7.01(b), and provided that no acceptable successor has been appointed within
the time period specified in Section 7.01(c), the Trustee shall be the successor to such party, until such successor
to the Master Servicer or the Special Servicer, as applicable, is appointed as provided in this Section 7.02 or by
the Directing Certificateholder as provided in Section 7.01(d), as applicable, in all respects in its capacity as
Master Servicer or Special Servicer, as applicable, under this Agreement and the transactions set forth or provided for herein
and shall be subject to, and have the benefit of, all of the rights, (subject to Section 3.11 and Section 6.04)
benefits, responsibilities, duties, liabilities and limitations on liability relating thereto and that arise thereafter placed
on or for the benefit of the Master Servicer or Special Servicer, as applicable, by the terms and provisions hereof; provided,
however, that any failure to perform such duties or responsibilities caused by the terminated party’s failure under
Section 7.01 to provide information or moneys required hereunder shall not be considered a default by such successor
hereunder. The appointment of a successor master servicer shall not affect any liability of the predecessor Master Servicer which
may have arisen prior to its termination as Master Servicer, and the appointment of a successor special servicer shall not affect
any liability of the predecessor Special Servicer which may have arisen prior to its termination as Special Servicer. The Trustee
in its capacity as successor to the Master Servicer or the Special Servicer, as the case may be, shall not be liable for any of
the representations and warranties of the Master Servicer or the Special Servicer, respectively, herein or in any related document
or agreement, for any acts or omissions of the predecessor Master Servicer or Special Servicer or for any losses incurred by the
predecessor Master Servicer pursuant to Section 3.06 hereunder, nor shall the Trustee be required to purchase any
Mortgage Loan hereunder solely as a result of its obligations as successor master servicer or special servicer, as the case may
be. Subject to Section 3.11, as compensation therefor, the Trustee as successor master servicer shall be entitled
to the Servicing Fees and all fees relating to the Mortgage Loans or the Companion Loans which the Master Servicer would have
been entitled to if the Master Servicer had continued to act hereunder, including but not limited to any income or other benefit
from any Permitted Investment pursuant to Section 3.06, and subject to Section 3.11, and the Trustee as
successor to the Special Servicer shall be entitled to the Special Servicing Fees to which the Special Servicer would have been
entitled if the Special Servicer had continued to act hereunder. Should the Trustee succeed to the capacity of the Master Servicer
or the Special Servicer, as the case may be, the Trustee shall be afforded the same standard of care and liability as the Master
Servicer or the Special Servicer, as applicable, hereunder notwithstanding anything in Section 8.01 to the contrary,
but only with respect to actions taken by it in its role as successor master servicer or successor special servicer,

 

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as the case may be, and not with
respect to its role as Trustee hereunder. Notwithstanding the above, the Trustee may, if it shall be unwilling to act as successor
to the Master Servicer or the Special Servicer, as applicable, or shall, if it is unable to so act, or if the Trustee is not approved
as a servicer by each Rating Agency, or if the Directing Certificateholder (solely with respect to the Special Servicer) ((i) prior
to the occurrence and continuance of a Control Termination Event and (ii) other than with respect to any Excluded Loan) or the
Holders of Certificates entitled to more than 50% of the Voting Rights so request in writing to the Trustee, promptly appoint,
or petition a court of competent jurisdiction to appoint, any established mortgage loan servicing institution which meets the criteria
set forth in Section 6.05 and otherwise herein, 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. No appointment of a successor to the Master Servicer or the Special Servicer hereunder shall be
effective until (i) the assumption in writing by the successor to the Master Servicer or the Special Servicer of all its responsibilities,
duties and liabilities hereunder that arise thereafter, (ii) receipt of Rating Agency Confirmation from each Rating Agency
and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.25), (iii) such appointment (solely with respect to the Special Servicer) has
been approved (prior to the occurrence and continuance of a Control Termination Event) by the Directing Certificateholder, such
approval not to be unreasonably withheld and (iv) the Certificate Administrator shall have filed any required Form 8-K
pursuant to Section 11.07 hereof and any other Form 8-K filings have been completed with respect to any related Companion
Loan. Pending appointment of a successor to the Master Servicer or the Special Servicer hereunder, unless the Trustee shall be
prohibited by law from so acting, the Trustee shall act in such capacity as herein above provided. In connection with such appointment
and assumption of a successor to the Master Servicer or Special Servicer as described herein, the Trustee may make such arrangements
for the compensation of such successor out of payments on the Mortgage Loans as it and such successor shall agree; provided,
however, that no such compensation with respect to a successor master servicer or successor special servicer, as the case
may be, shall be in excess of that permitted the terminated Master Servicer or Special Servicer, as the case may be, hereunder.
The Trustee, the Master Servicer or the Special Servicer (whichever is not the terminated party) and such successor shall take
such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. Any reasonable out-of-pocket
costs and expenses associated with the transfer of the servicing function (other than with respect to a termination without cause)
under this Agreement shall be borne by the predecessor Master Servicer or Special Servicer, as applicable. If such predecessor
Master Servicer or Special Servicer (as the case may be) has not reimbursed the party requesting such termination 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; provided that the terminated Master Servicer or Special Servicer shall not thereby
be relieved of its liability for such expenses. If and to the extent that the terminated Master Servicer or Special Servicer has
not reimbursed such costs and expenses, the party requesting such termination shall have an affirmative obligation to take all
reasonable actions to collect such expenses on behalf of the Trust. In the event of a termination without cause, such costs and

 

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expenses shall be borne by the party requesting such termination, or as otherwise set forth herein; provided that the Certificate
Administrator and the Trustee shall not bear any such costs and expenses. For the avoidance of doubt, if the Trustee is terminating
the Master Servicer or Special Servicer in accordance with this Agreement at the direction of any party or parties permitted to
direct the Trustee to so terminate the Master Servicer or Special Servicer pursuant to this Agreement, the Trustee shall not have
any liability for such expenses pursuant to this paragraph.

 

Section 7.03    
Notification to Certificateholders. (a)  Upon any resignation of the Master Servicer or the Special Servicer
pursuant to Section 6.05, any termination of the Master Servicer or the Special Servicer pursuant to Section 7.01
or any appointment of a successor to the Master Servicer or the Special Servicer pursuant to Section 7.02, the Certificate
Administrator shall give prompt written notice thereof to Certificateholders at their respective addresses appearing in the Certificate
Register.

 

(b)          Not later than the later of (i) sixty (60) days after the occurrence of any event which constitutes or, with notice or lapse
of time or both, would constitute a Servicer Termination Event and (ii) five (5) days after the Certificate Administrator
would be deemed to have notice of the occurrence of such an event in accordance with Section 8.02(vii), the Certificate
Administrator shall transmit by mail to the Depositor and all Certificateholders (and, if a Serviced Whole Loan is affected, the
related Serviced Companion Noteholder) notice of such occurrence, unless such default shall have been cured.

 

Section 7.04     Waiver
of Servicer Termination Events. The Holders of Certificates representing at least 66-2/3% of the Voting Rights allocated to
each Class of Certificates affected by any Servicer Termination Event hereunder may waive such Servicer Termination Event; provided,
however, that a Servicer Termination Event under clause (i), (ii) or (viii) of Section 7.01(a)
may be waived only with the consent of all of the Certificateholders of the affected Classes, and a Servicer Termination Event
under clause (iii) of Section 7.01(a) (with respect to obligations under Article XI) may be
waived only with the consent of the Depositor. Upon any such waiver of a Servicer Termination Event, such Servicer Termination
Event shall cease to exist and shall be deemed to have been remedied for every purpose hereunder. Upon any such waiver of a Servicer
Termination Event by Certificateholders, the Trustee and the Certificate Administrator shall be entitled to recover all costs
and expenses incurred by it in connection with enforcement action taken with respect to such Servicer Termination Event prior
to such waiver from the Trust. No such waiver shall extend to any subsequent or other Servicer Termination Event or impair any
right consequent thereon except to the extent expressly so waived. Notwithstanding any other provisions of this Agreement, for
purposes of waiving any Servicer Termination Event pursuant to this Section 7.04, Certificates registered in the name
of the Depositor or any Affiliate of the Depositor shall be entitled to the same Voting Rights with respect to the matters described
above as they would if any other Person held such Certificates.

 

Section 7.05    
Trustee as Maker of Advances. In the event that the Master Servicer fails to fulfill its obligations hereunder to
make any Advances and such failure remains uncured, the Trustee shall perform such obligations (x) within five (5) Business
Days following such failure by the Master Servicer with respect to Servicing Advances resulting in a Servicer Termination Event
under Section 7.01(a)(iii) hereof to the extent a Responsible Officer of the

 

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Trustee has actual knowledge of such failure with respect to such Servicing Advances and (y) by noon,
New York City time, on the related Distribution Date with respect to P&I Advances pursuant to the Certificate Administrator’s
notice of failure pursuant to Section 4.03(a) unless such failure has been cured. With respect to any such Advance
made by the Trustee, the Trustee shall succeed to all of the Master Servicer’s rights with respect to Advances hereunder,
including, without limitation, the Master Servicer’s rights of reimbursement and interest on each Advance at the Reimbursement
Rate, and rights to determine that a proposed Advance is a Nonrecoverable P&I Advance or Servicing Advance, as the case may
be, (without regard to any impairment of any such rights of reimbursement caused by such Master Servicer’s default in its
obligations hereunder); provided, however, that if Advances made by the Trustee and the Master Servicer shall at
any time be outstanding, or any interest on any Advance shall be accrued and unpaid, all amounts available to repay such Advances
and the interest thereon hereunder shall be applied entirely to the Advances outstanding to the Trustee, until such Advances shall
have been repaid in full, together with all interest accrued thereon, prior to reimbursement of the Master Servicer for such Advances.
The Trustee shall be entitled to conclusively rely on any notice given with respect to a Nonrecoverable Advance hereunder.

 

[End of Article VII]

 

Article VIII

CONCERNING THE TRUSTEE AND THE CERTIFICATE ADMINISTRATOR

 

Section 8.01     Duties of the Trustee and the Certificate Administrator. (a)  The Trustee and the Certificate Administrator,
prior to the occurrence of a Servicer Termination Event and after the curing or waiving of all Servicer Termination Events which
may have occurred, undertake to perform such duties and only such duties as are specifically set forth in this Agreement. If a
Servicer Termination Event occurs and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this
Agreement, and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances
in the conduct of his own affairs. Any permissive right of the Trustee and the Certificate Administrator contained in this Agreement
shall not be construed as a duty.

 

(b)           The Trustee or the Certificate Administrator, upon receipt of all resolutions, certificates, statements, opinions, reports,
documents, orders or other instruments furnished to the Trustee or the Certificate Administrator which are specifically required
to be furnished pursuant to any provision of this Agreement (other than the Mortgage Files, the review of which is specifically
governed by the terms of Article II, the Diligence Files, any CREFC® reports and any information delivered for
posting to the Certificate Administrator’s Website or the 17g-5 Information Provider’s Website), shall examine them
to determine whether they conform to the requirements of this Agreement. If any such instrument is found not to conform to the
requirements of this Agreement in a material manner, the Trustee or the Certificate Administrator shall notify the party providing
such instrument and requesting the correction thereof. The Trustee or the Certificate Administrator shall not be responsible for
the accuracy or content of any resolution, certificate, statement, opinion, report, document, order or other instrument furnished
by the Depositor, the Master Servicer or the Special Servicer or another

 

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Person,
and accepted by the Trustee or the Certificate Administrator in good faith, pursuant to this Agreement.

 

(c)           No provision of this Agreement shall be construed to relieve the Trustee or the Certificate Administrator from liability
for its own negligent action, its own negligent failure to act or its own willful misconduct or bad faith; provided, however,
that: 

 

(i)            Prior
to the occurrence of a Servicer Termination Event, and after the curing of all such Servicer Termination Events which may have
occurred, the duties and obligations of the Trustee and the Certificate Administrator shall be determined solely by the express
provisions of this Agreement, the Trustee and the Certificate Administrator shall not 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 and the Certificate Administrator and, in the absence of bad faith on the part of the
Trustee and the Certificate Administrator, the Trustee and the Certificate Administrator may conclusively rely, as to the truth
of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee
or the Certificate Administrator and conforming to the requirements of this Agreement;

 

(ii)           Neither
the Trustee nor the Certificate Administrator, as applicable, shall be liable for an error of judgment made in good faith by a
Responsible Officer or Responsible Officers of the Trustee or the Certificate Administrator, respectively, unless it shall be
proved that the Trustee or the Certificate Administrator, as applicable, was negligent in ascertaining the pertinent facts; and

 

(iii)          Neither
the Trustee nor the Certificate Administrator, as applicable, shall be liable with respect to any action taken, suffered or omitted
to be taken by it in good faith in accordance with the direction of Holders of Certificates entitled to greater than 25% (i) of
the Percentage Interest of each affected Class, or (ii) if each Class is an affected Class 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, or exercising any trust or power conferred upon the Trustee or the Certificate Administrator,
under this Agreement (unless a higher percentage of Voting Rights is required for such action).

 

(d)           The Certificate Administrator shall make available via its internet website initially located at www.ctslink.com to the
Serviced Companion Noteholders all reports that the Certificate Administrator has made available to Certificateholders under this
Agreement to the extent such reports relate to the related Serviced Companion Loan and upon the submission of an Investor Certification
pursuant to this Agreement.

 

Section 8.02     Certain Matters Affecting the Trustee and the Certificate Administrator. Except as otherwise provided in Section 8.01:

 

(i)            The
Trustee and the Certificate Administrator may rely upon and shall be protected in acting or refraining from acting upon any resolution,
direction of the

 

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Depositor,
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;

 

(ii)           The Trustee and the Certificate Administrator may consult with counsel and the advice of such counsel or any Opinion of
Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted by it hereunder
in good faith and in accordance therewith;

 

(iii)          Neither the Trustee nor the Certificate Administrator shall be under any obligation to exercise any of the trusts or powers
vested in it by this Agreement or the Certificates or to make any investigation of matters arising hereunder or to institute,
conduct or defend any litigation hereunder or in relation hereto at the request, order or direction of any of the Certificateholders,
pursuant to the provisions of this Agreement, unless such Certificateholders shall have offered to the Trustee or the Certificate
Administrator, as applicable, security or indemnity reasonably satisfactory to it, against the costs, expenses and liabilities
which may be incurred therein or thereby; neither the Trustee nor the Certificate Administrator shall be required to expend or
risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise
of any of its rights or powers, unless repayment of such funds or indemnity reasonably satisfactory to it against such risk or
liability is reasonably assured to it; nothing contained herein shall, however, relieve the Trustee of the obligation, upon the
occurrence of a Servicer Termination Event which has not been cured, 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 man would exercise or use under the
circumstances in the conduct of his own affairs;

 

(iv)          Neither the Trustee nor the Certificate Administrator shall be liable for any action reasonably taken, suffered or omitted
by it in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this
Agreement;

 

(v)           Prior to the occurrence of a Servicer Termination Event hereunder and after the curing of all Servicer Termination Events
which may have occurred, 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 more than
50% of the Voting Rights; provided, however, that if the payment within a reasonable time to the Trustee or the
Certificate Administrator 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, respectively, not reasonably assured to the Trustee or the
Certificate Administrator by the security afforded to it by the terms of this Agreement, the Trustee or the Certificate Administrator,
respectively, may require indemnity reasonably satisfactory to it from such requesting Holders against such expense or

 

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liability
as a condition to taking any such action. The reasonable expense of every such reasonable examination shall be paid by the requesting
Holders;

 

(vi)          The Trustee or 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; provided, however, that the appointment of such agents or
attorneys shall not relieve the Trustee or the Certificate Administrator of its duties or obligations hereunder; provided,
further, that the Trustee or the Certificate Administrator, as the case may be, may not perform any duties hereunder through
any Person that is a Prohibited Party;

 

(vii)         For all purposes under this Agreement, none of the Trustee, the Custodian or the Certificate Administrator shall be deemed
to have actual knowledge or notice of any Servicer Termination Event or Asset Representations Reviewer Termination Event or any
act, failure or breach of any Person upon the occurrence of which the Trustee or Certificate Administrator may be required to
act unless a Responsible Officer of the Trustee or the Certificate Administrator, as applicable, has actual knowledge thereof
or unless written notice of any event, act, failure or breach, as applicable, which is in fact such a default is received by the
Trustee or the Certificate Administrator at the respective Corporate Trust Office, and such notice references the Certificates
or this Agreement;

 

(viii)        Neither the Trustee nor the Certificate Administrator shall be responsible for any act or omission of the Master Servicer
or the Special Servicer (unless the Trustee is acting as Master Servicer or Special Servicer, as the case may be, in which case
the Trustee shall only be responsible for its own actions as Master Servicer or Special Servicer) or of the Depositor, the Operating
Advisor or the Asset Representations Reviewer; and

 

(ix)           Neither the Trustee nor the Certificate Administrator shall in any way be liable by reason of any insufficiency in the
Trust Fund unless it is determined by a court of competent jurisdiction that the Trustee’s or Certificate Administrator’s,
as applicable, negligence or willful misconduct was the primary cause of such insufficiency;

 

(x)            In no event shall the Trustee or the Certificate Administrator be liable for any failure or delay in the performance of
its obligations hereunder due to force majeure or acts of God; provided that such failure or delay is not also a
result of its own negligence, bad faith or willful misconduct; and

 

(xi)           Except as otherwise expressly set forth in this Agreement, knowledge or information acquired by (i) Wells Fargo Bank, National
Association, as applicable, in any of its respective capacities hereunder or under any other document related to this transaction
shall not be imputed to Wells Fargo Bank, National Association in any of its other capacities hereunder or under such other documents,
and (ii) any Affiliate of Wells Fargo Bank, National Association shall not be imputed to Wells Fargo Bank, National Association
in any of its respective capacities hereunder and vice versa.

 

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(xii)          Nothing herein shall require the Trustee or the Certificate Administrator to act in any manner that is contrary to applicable
law.

 

Each
of the Trustee and the Certificate Administrator shall be entitled to all of the same rights, protections, immunities and indemnities
afforded to it as Trustee and Certificate Administrator, as the case may be, in each capacity for which it serves hereunder (including,
without limitation, as Custodian, Certificate Registrar, 17g-5 Information Provider and Authenticating Agent).

 

Section 8.03     Trustee and Certificate Administrator Not Liable for Validity or Sufficiency of Certificates or Mortgage Loans. The
recitals contained herein and in the Certificates, other than the acknowledgments of the Trustee or the Certificate Administrator
in Sections 2.01(h) and 2.04 and the signature, if any, of the Certificate Registrar and Authenticating Agent
set forth on any outstanding Certificate, shall not be taken as the statements of the Trustee or the Certificate Administrator,
and the Trustee or the Certificate Administrator assume no responsibility for their correctness. Neither the Trustee nor the Certificate
Administrator makes any representations as to the validity or sufficiency of this Agreement or of any Certificate (other than as
to the signature, if any, of the Trustee or the Certificate Administrator set forth thereon) or of any Mortgage Loan or related
document. Neither the Trustee nor the Certificate Administrator shall be accountable for the use or application by the Depositor
of any of the Certificates issued to it or of the proceeds of such Certificates, or for the use or application of any funds paid
to the Depositor in respect of the assignment of the Mortgage Loans to the Trust, or any funds deposited in or withdrawn from the
Collection Account or any other account by or on behalf of the Depositor, the Master Servicer, the Special Servicer or in the case
of the Trustee, the Certificate Administrator. The Trustee and the Certificate Administrator shall not be responsible for and may
rely upon the accuracy or content of any resolution, certificate, statement, opinion, report, document, order or other instrument
furnished by the Depositor, the Master Servicer or the Special Servicer and accepted by the Trustee or the Certificate Administrator,
in good faith, pursuant to this Agreement.

 

Section 8.04     Trustee or Certificate Administrator May Own Certificates. The Trustee or the Certificate Administrator, each in
its individual capacity, not as Trustee or Certificate Administrator, may become the owner or pledgee of Certificates, and may
deal with the Depositor, the Master Servicer, the Special Servicer or the Underwriters in banking transactions, with the same rights
it would have if it were not Trustee or the Certificate Administrator.

 

Section 8.05     Fees and Expenses of Trustee and Certificate Administrator; Indemnification of Trustee and Certificate Administrator.
(a)  As compensation for the performance of their respective duties hereunder, the Trustee will be paid the Trustee Fee,
which shall cover recurring and otherwise reasonably anticipated expenses of the Trustee, and the Certificate Administrator will
be paid the Certificate Administrator Fee equal to the Certificate Administrator’s portion of one month’s interest
at the Certificate Administrator Fee Rate, which shall cover recurring and otherwise reasonably anticipated expenses of the Certificate
Administrator. The Trustee Fee and Certificate Administrator Fee shall be paid monthly on a Mortgage Loan-by-Mortgage Loan basis.
As to each Mortgage Loan and REO Loan (other than the portion of an REO Loan related to any Companion Loan), the Certificate Administrator
shall

 

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pay
to the Trustee monthly the Trustee Fee from the Certificate Administrator Fee, which Certificate Administrator Fee shall accrue
from time to time at the Certificate Administrator Fee Rate and the Certificate Administrator Fee shall be computed in the same
manner as interest is calculated thereon and for the same period respecting which any related interest payment due or deemed thereon
is computed. The Trustee Fee (which shall not be limited to any provision of law in regard to the compensation of a trustee of
an express trust) shall constitute the Trustee’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 Trustee hereunder, except
for the reimbursement of expenses specifically provided for herein. The Certificate Administrator Fee shall constitute the Certificate
Administrator’s sole form of compensation for the exercise and performance of its powers and duties hereunder, except for
the reimbursement of expenses specifically provided for herein. No Trustee Fee or Certificate Administrator Fee shall be payable
with respect to any Companion Loan.

 

(b)           The Trustee, the Certificate Administrator (in each case, including in its capacity as Custodian and in its individual capacity)
and any director, officer, employee, representative or agent of the Trustee and the Certificate Administrator, respectively, shall
be entitled to be indemnified and held harmless by the Trust (to the extent of amounts on deposit in the Collection Account or
the Lower-Tier REMIC Distribution Account, as applicable, from time to time) against any loss, liability or expense (including,
without limitation, costs and expenses of litigation, and of investigation, counsel fees, damages, judgments and amounts paid in
settlement, and expenses incurred in becoming successor master servicer or successor special servicer, to the extent not otherwise
paid hereunder) arising out of, or incurred in connection with, any act or omission of the Trustee or the Certificate Administrator,
respectively, relating to the exercise and performance of any of the powers, rights and duties of the Trustee or the Certificate
Administrator, respectively (including in any capacities in which they serve, such as paying agent, REMIC Administrator, Authenticating
Agent, Custodian, Certificate Registrar, and 17g-5 Information Provider) hereunder; provided, however, that none
of the Trustee or the Certificate Administrator, nor any of the other above specified Persons shall be entitled to indemnification
pursuant to this Section 8.05(b) for (i) allocable overhead, (ii) expenses or disbursements incurred or made
by or on behalf of the Trustee or the Certificate Administrator, respectively, in the normal course of the Trustee or the Certificate
Administrator, respectively, performing its duties in accordance with any of the provisions hereof, which are not “unanticipated
expenses of the REMIC” within the meaning of Treasury Regulations Section 1.860G-1(b)(3)(ii), (iii) any expense
or liability specifically required to be borne thereby pursuant to the terms hereof or (iv) any loss, liability or expense
incurred by reason of willful misconduct, bad faith or negligence in the performance of the Trustee’s or the Certificate
Administrator’s, respectively, obligations and duties hereunder, or by reason of negligent disregard of such obligations
or duties, or as may arise from a breach of any representation or warranty of the Trustee specified in Section 8.12
or the Certificate Administrator specified in Section 8.14, respectively, made herein. The provisions of this Section 8.05(b)
shall survive the termination of this Agreement and any resignation or removal of the Trustee or the Certificate Administrator,
respectively, and appointment of a successor thereto. The foregoing indemnity shall also apply to the Certificate Administrator
in all of its capacities hereunder, including Custodian, Certificate Registrar and Authenticating Agent.

 

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(c)           The Certificate Administrator shall indemnify and hold harmless the Depositor and Mortgage Loan Sellers from and against
any claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments and other costs
and expenses incurred by the Depositor, any Mortgage Loan Seller or its Affiliates that arise out of or are based upon (i) a
breach by the Certificate Administrator, in its capacity as 17g-5 Information Provider or in any other capacity in which the Certificate
Administrator is required to make available information to a Privileged Person that is an NRSRO, of its obligations under this
Agreement or (ii) negligence, bad faith or willful misconduct on the part of the Certificate Administrator, in its capacity
as 17g-5 Information Provider or in any other capacity in which the Certificate Administrator is required to make available information
to a Privileged Person that is an NRSRO, in the performance of such obligations or its negligent disregard of its obligations and
duties under this Agreement.

 

Section 8.06     Eligibility Requirements for Trustee and Certificate Administrator. Each of the Trustee and the Certificate Administrator
hereunder shall at all times be, and will be required to resign if it fails to be, (i) a corporation, national bank, national
banking association or a trust company, organized and doing business under the laws of any state or the United States of America,
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 $100,000,000 and subject to supervision or examination by federal or state authority and
in the case of the Trustee, shall not be an Affiliate of the Master Servicer or the Special Servicer (except during any period
when the Trustee is acting as, or has become successor to, the Master Servicer or the Special Servicer, as the case may be, pursuant
to Section 7.02), (ii) an institution insured by the Federal Deposit Insurance Corporation, (iii) an institution
whose long-term senior unsecured debt is rated at least “A2” by Moody’s, “A” by Fitch and, if rated
by KBRA, “A” by KBRA; provided that the Trustee will not become ineligible to serve based on a failure to satisfy
such rating requirements as long as (a) it maintains a long-term unsecured debt rating of no less than “Baa2” by Moody’s
and “A-” by Fitch, (b) its short-term debt obligations have a short-term rating of not less than “P-2”
from Moody’s and “F1” by Fitch and (c) the Master Servicer maintains a long-term unsecured rating of at least
“A2” by Moody’s and “A+” by Fitch; provided that nothing in this proviso shall impose on the
Master Servicer any obligation to maintain such rating; provided, further, that if any such institution is not rated
by KBRA, it maintains an equivalent (or higher) rating by any two other NRSROs (which may include Moody’s and/or Fitch),
or such other rating with respect to which the Rating Agencies have provided a Rating Agency Confirmation and (iv) an entity
that is not a Prohibited Party.

 

If such corporation,
national bank or national banking association publishes reports of condition at least annually, pursuant to law or to the requirements
of the aforesaid supervising or examining authority, then for the purposes of this Section 8.06 the combined capital
and surplus of such corporation, national bank or national banking association 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 the place of business from which the Certificate
Administrator administers the Trust REMICs or in which the Trustee’s office is located is in a state or local jurisdiction
that imposes a tax on the Trust on the net income of a REMIC (other than a tax corresponding to a tax imposed under the REMIC Provisions),
the Certificate Administrator or the Trustee, as applicable shall elect either to (i) resign immediately in the manner and
with the

 

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effect
specified in Section 8.07, (ii) pay such tax at no expense to the Trust or (iii) administer the Trust REMICs
from a state and local jurisdiction that does not impose such a tax.

 

Section 8.07     Resignation and Removal of the Trustee and Certificate Administrator. (a)  The Trustee and the Certificate
Administrator may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor,
the Master Servicer, the Special Servicer and the Trustee or the Certificate Administrator, as applicable, the Operating Advisor,
the Asset Representations Reviewer, 17g-5 Information Provider and to all Certificateholders. The Certificate Administrator shall
post such notice to the Certificate Administrator’s Website in accordance with Section 3.13(b) and provide notice
of such event to the Master Servicer, the Special Servicer, the Depositor and the 17g-5 Information Provider, which shall promptly
post such notice to the 17g-5 Information Provider’s Website in accordance with Section 3.13(c). Upon receiving
such notice of resignation, the Depositor shall use its reasonable best efforts to promptly appoint a successor trustee or successor
certificate administrator acceptable to the Master Servicer and, prior to the occurrence and continuance of a Control Termination
Event, the Directing Certificateholder by written instrument, in duplicate, which instrument shall be delivered to the resigning
Trustee or Certificate Administrator and to the successor trustee or certificate administrator. A copy of such instrument shall
be delivered to the Master Servicer, the Special Servicer, the Certificateholders and the Trustee or Certificate Administrator,
as applicable, by the Depositor. If no successor trustee or certificate administrator shall have been so appointed and have accepted
appointment within ninety (90) days after the giving of such notice of resignation, the resigning Trustee or Certificate Administrator
may petition any court of competent jurisdiction for the appointment of a successor trustee or certificate administrator, as applicable,
and such petition will be an expense of the Trust.

 

(b)           If at any time the Trustee or Certificate Administrator shall cease to be eligible in accordance with the provisions of
Section 8.06 (and in the case of the Certificate Administrator, Section 5.08) and shall fail to resign
after written request therefor by the Depositor or the Master Servicer, or if at any time the Trustee or Certificate Administrator
shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee or the Certificate Administrator
or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or Certificate Administrator
or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or if the Trustee or Certificate
Administrator (if different than the Trustee) shall fail to timely publish any report to be delivered, published or otherwise made
available by the Certificate Administrator pursuant to Section 4.02 and such failure shall continue unremedied for
a period of five (5) days, or if the Certificate Administrator fails to make distributions required pursuant to Section 4.01
or Section 9.01, then the Depositor may remove the Trustee or Certificate Administrator, as applicable, and appoint
a successor trustee or certificate administrator acceptable to the Master Servicer, by written instrument, in duplicate, which
instrument shall be delivered to the Trustee or Certificate Administrator so removed and to the successor trustee or certificate
administrator in the case of the removal of the Trustee or Certificate Administrator. A copy of such instrument shall be delivered
to the Master Servicer, the Special Servicer and the Certificateholders by the Depositor. If no successor trustee or certificate
administrator shall have been so appointed and have accepted appointment within ninety (90) days after the giving of such notice
of removal, the removed Trustee or Certificate Administrator may petition any court of competent jurisdiction

 

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for
the appointment of a successor trustee or certificate administrator, as applicable, at the expense of the Trust.

 

(c)           The Holders of Certificates entitled to at least 75% of the Voting Rights may, upon thirty (30) days’ prior written
notice, with or without cause, remove the Trustee or Certificate Administrator and appoint a successor trustee or certificate administrator
by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete
set of which instruments shall be delivered to the Master Servicer, one complete set to the Trustee or Certificate Administrator
so removed and one complete set to the successor so appointed. A copy of such instrument shall be delivered to the Depositor, the
Special Servicer and the remaining Certificateholders by the Master Servicer. In the event of any such termination without cause
pursuant to this Section 8.07(c), the successor trustee or certificate administrator, as applicable, shall be responsible
for all costs and expenses necessary to effect the transfer of responsibilities from its predecessor.

 

(d)           Any resignation or removal of the Trustee or Certificate Administrator and appointment of a successor trustee or certificate
administrator pursuant to any of the provisions of this Section 8.07 shall not become effective until (i) acceptance
of appointment by the successor trustee or certificate administrator as provided in Section 8.08 and (ii) the
Certificate Administrator shall have filed any required Form 8-K pursuant to Section 11.07 hereof and any other Form
8-K filings have been completed with respect to any related Companion Loan. Further, the resigning Trustee or Certificate Administrator,
as the case may be, shall pay all costs and expenses associated with the transfer of its duties.

 

If the same party
is acting as Trustee and Certificate Administrator pursuant to this Agreement, any removal of either such party in its capacity
as Trustee or Certificate Administrator, as applicable, shall also result in such party’s removal in its capacity as Trustee
or Certificate Administrator, as applicable, and the Depositor shall appoint a successor certificate administrator and a successor
trustee, in each instance meeting the eligibility requirements set forth hereunder.

 

Upon any succession
of the Trustee or Certificate Administrator under this Agreement, the predecessor Trustee or Certificate Administrator shall be
entitled to the payment of accrued and unpaid compensation and reimbursement as provided for under this Agreement for services
rendered and expenses incurred (including without limitation, unreimbursed Advances). No Trustee or Certificate Administrator shall
be personally liable for any action or omission of any successor trustee or certificate administrator.

 

(e)           Upon the resignation, assignment, merger, consolidation, or transfer of the Trustee or its business to a successor, or upon
the termination of the Trustee, (a) the outgoing Trustee shall (i) endorse the original executed Mortgage Note for each
Mortgage Loan (to the extent that the original executed Mortgage Note for each Mortgage Loan was endorsed to the outgoing trustee),
without recourse, representation or warranty, express or implied, to the order of the successor, as trustee for the registered
Holders of Wells Fargo Commercial Mortgage Trust 2015-P2, Commercial Mortgage Pass-Through Certificates, Series 2015-P2 or in blank,
and (ii) in the case of the other assignable Mortgage Loan documents (to the extent such other Mortgage Loan documents were
assigned to the outgoing trustee), assign such Mortgage Loan

 

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documents
to such successor, and such successor shall review the documents delivered to it or to the Custodian with respect to each Mortgage
Loan, and certify in writing that, as to each Mortgage Loan then subject to this Agreement, such endorsement and assignment has
been made; (b) if any original executed Mortgage Note for a Mortgage Loan was not endorsed to the outgoing trustee, the Custodian
shall, upon its receipt of a Request for Release, deliver such Mortgage Note to the Depositor or the successor trustee, as requested,
and the Master Servicer and the Depositor shall cooperate with any successor trustee to ensure that such Mortgage Note is endorsed
(without recourse, representation or warranty, express or implied) to the order of the successor, as trustee for the registered
Holders of Wells Fargo Commercial Mortgage Trust 2015-P2, Commercial Mortgage Pass-Through Certificates, Series 2015-P2 or in
blank; provided, however, that, notwithstanding anything to the contrary herein, to the extent any such endorsement
of such Mortgage Note requires the signature of the related Mortgage Loan Seller in order to comply with the foregoing, then the
Master Servicer shall use reasonable efforts to cause the related Mortgage Loan Seller to execute such endorsement; (c) if
any other assignable Mortgage Loan document was not assigned to the outgoing trustee, the Custodian shall, upon its receipt of
a Request for Release, deliver such Mortgage Loan document to the Depositor or the successor trustee, as requested, and the Master
Servicer and the Depositor shall cooperate with any successor trustee to ensure that such Mortgage Loan document is assigned to
such successor trustee; and (d) in any case, such successor trustee shall review the documents delivered to it or to the
Custodian with respect to each Mortgage Loan, and certify in writing that, as to each Mortgage Loan then subject to this Agreement,
such endorsements and assignments have been made or, in the event such endorsement or assignment cannot be made for any reason,
to note the same in such certification.

 

(f)            Neither the Asset Representations Reviewer nor any of its Affiliates may be appointed as successor trustee or certificate
administrator.

 

Section 8.08     Successor Trustee or Certificate Administrator. (a)  Any successor trustee or certificate administrator
appointed as provided in Section 8.07 shall execute, acknowledge and deliver to the Depositor, the Master Servicer,
the Special Servicer and to its predecessor Trustee or Certificate Administrator an instrument accepting such appointment hereunder,
and thereupon the resignation or removal of the predecessor Trustee or Certificate Administrator shall become effective and such
successor trustee or certificate administrator without any further act, deed or conveyance, shall become fully vested with all
the rights, powers, duties and obligations of its predecessor hereunder, with the like effect as if originally named as Trustee
or Certificate Administrator herein. The predecessor Trustee shall deliver to the successor trustee all Mortgage Files and related
documents and statements held by it hereunder (other than any Mortgage Files at the time held on its behalf by the Custodian, which
Custodian, at Custodian’s option shall become the agent of the successor trustee), and the Depositor, the Master Servicer,
the Special Servicer and the predecessor Trustee shall execute and deliver such instruments and do such other things as may reasonably
be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations,
and to enable the successor trustee to perform its obligations hereunder.

 

(b)           No successor trustee or successor certificate administrator shall, as applicable, accept appointment as provided in this
Section 8.08 unless at the time of such

 

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acceptance
such successor trustee or successor certificate administrator, as applicable, shall be eligible under the provisions of Section 8.06.

 

(c)           Upon acceptance of appointment by a successor trustee or successor certificate administrator as provided in this Section 8.08,
the Master Servicer shall deliver notice of the succession of such Trustee or Certificate Administrator, as applicable, to the
Depositor and the Certificateholders. If the Master Servicer fails to deliver such notice within ten (10) days after acceptance
of appointment by the successor trustee or successor certificate administrator, as applicable, such successor trustee or successor
certificate administrator shall cause such notice to be delivered at the expense of the Master Servicer.

 

Section 8.09     Merger or Consolidation of Trustee or Certificate Administrator. Any Person into which the Trustee or the Certificate
Administrator may be merged or converted or with which it may be consolidated or any Person resulting from any merger, conversion
or consolidation to which the Trustee or the Certificate Administrator shall be a party, or any Person succeeding to all or substantially
all of the corporate trust business of the Trustee or the Certificate Administrator shall be the successor of the Trustee or the
Certificate Administrator, as applicable, hereunder; provided that, in the case of the Trustee, such successor person shall
be eligible under the provisions of Section 8.06, without the execution or filing of any paper or any further act on
the part of any of the parties hereto, anything herein to the contrary notwithstanding. The Certificate Administrator shall post
such notice to the Certificate Administrator’s Website in accordance with Section 3.13(b) and shall provide notice
of such event to the Master Servicer, the Special Servicer, the Depositor and the 17g-5 Information Provider, which shall post
such notice to the 17g-5 Information Provider’s Website in accordance with Section 3.13(c).

 

Section 8.10     Appointment of Co-Trustee or Separate Trustee. (a)  Notwithstanding any other provisions hereof, at any time, for the purpose of meeting any legal requirements of any
jurisdiction in which any part of the Trust Fund or property securing the same may at the time be located, the Master Servicer
and the Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons
approved by the Trustee to act 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, or any
part thereof, and, subject to the other provisions of this Section 8.10, such powers, duties, obligations, rights and
trusts as the Master Servicer and the Trustee may consider necessary or desirable. If the Master Servicer shall not have joined
in such appointment within fifteen (15) days after the receipt by it of a request to do so, or in case a Servicer Termination Event
shall have occurred and be continuing, the Trustee alone shall have the power to make such appointment. 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. All co-trustee fees shall be payable out of the Trust Fund.

 

(b)           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, except to the extent that under any law of any jurisdiction in

 

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which
any particular act or acts are to be performed (whether as Trustee hereunder or as successor to the Master Servicer or the Special
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 or any portion thereof in any such jurisdiction) shall
be exercised and performed by such separate trustee or co-trustee at the direction of the Trustee.

 

(c)           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. 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. Every such instrument shall be filed with the Trustee.

 

(d)           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.

 

(e)           The appointment of a co-trustee or separate trustee under this Section 8.10 shall not relieve the Trustee of
its duties and responsibilities hereunder.

 

Section 8.11     Appointment of Custodians. The Certificate Administrator is hereby appointed as the Custodian to hold all or a portion
of the Mortgage Files. The Custodian shall be a depository institution subject to supervision by federal or state authority, shall
have combined capital and surplus of at least $15,000,000 and shall be qualified to do business in the jurisdiction in which it
holds any Mortgage File. The Custodian shall be subject to the same obligations and standard of care as would be imposed on the
Certificate Administrator hereunder in connection with the retention of Mortgage Files directly by the Certificate Administrator.
Upon termination or resignation of the Custodian, the Certificate Administrator may appoint another Custodian meeting the foregoing
requirements. The appointment of one or more Custodians by the Certificate Administrator 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
any Custodian other than the initial Custodian. Any Custodian appointed hereunder must maintain a fidelity bond and errors and
omissions policy in an amount customary for Custodians which serve in such capacity in commercial mortgage loan securitization
transactions, or may self-insure.

 

Section 8.12     Representations and Warranties of the Trustee. The Trustee hereby represents and warrants to the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, each Serviced Companion Noteholder

 

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and
the Certificate Administrator for the benefit of the Certificateholders, as of the Closing Date, that:

 

(i)            The Trustee is a national banking association, duly organized, validly existing and in good standing under the laws of
the United States of America;

 

(ii)           The execution and delivery of this Agreement by the Trustee, and the performance and compliance with the terms of this
Agreement by the Trustee, will not violate the Trustee’s charter and by-laws 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 agreement or
other instrument to which it is a party or which is applicable to it or any of its assets;

 

(iii)          The Trustee 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 Trustee, enforceable against the Trustee in accordance with the terms hereof, subject to (a) applicable
bankruptcy, insolvency, reorganization, moratorium and other laws affecting the enforcement of creditors’ rights generally
and the rights of creditors of national banking associations specifically and (b) general principles of equity, regardless
of whether such enforcement is considered in a proceeding in equity or at law;

 

(v)           The Trustee is not in violation of, and its execution and delivery of this Agreement and its performance and compliance
with the terms of this Agreement will not constitute a violation of, any law, 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 Trustee’s
good faith and reasonable judgment, is likely to affect materially and adversely the ability of the Trustee to perform its obligations
under this Agreement;

 

(vi)          No litigation is pending or, to the best of the Trustee’s knowledge, threatened against the Trustee which would prohibit
the Trustee from entering into this Agreement or, in the Trustee’s good faith and reasonable judgment, is likely to materially
and adversely affect the ability of the Trustee to perform its obligations under this Agreement; and

 

(vii)         No consent, approval, authorization or order of any court or governmental agency or body is required for the execution,
delivery and performance by the Trustee, or compliance by the Trustee with, this Agreement or the consummation of the transactions
contemplated by this Agreement, except for any consent, approval, authorization or order which has not been obtained or cannot
be obtained prior to the actual performance by the Trustee of its obligations under this Agreement, and which, if not obtained
would not

 

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have
a materially adverse effect on the ability of the Trustee to perform its obligations hereunder.

 

Section 8.13     Provision of Information to Certificate Administrator, Master Servicer and Special Servicer. The Master Servicer
shall promptly, upon request, provide the Special Servicer and the Certificate Administrator with notice of any change in the identity
and/or contact information of any Serviced Companion Noteholder (to the extent it receives written notice of such change). The
Certificate Administrator, Master Servicer and Special Servicer may each conclusively rely on the information provided to them
regarding identity and/or contact information regarding any Serviced Companion Noteholder, and the Certificate Administrator, Master
Servicer and Special Servicer, as applicable, shall have no liability for notices not sent to the correct Serviced Companion Noteholders
or any obligation to determine the identity and/or contact information of the Serviced Companion Noteholders to the extent updated
or correct information regarding the holders of any of the Serviced Companion Noteholders or the most recent identity and/or contact
information regarding any of the Serviced Companion Noteholders has not been provided to the Certificate Administrator, Master
Servicer or Special Servicer, as applicable.

 

Section 8.14     Representations and Warranties of the Certificate Administrator. The Certificate Administrator hereby represents
and warrants to the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer,
each Serviced Companion Noteholder, and the Trustee, for the benefit of the Certificateholders, as of the Closing Date, that:

 

(i)            The Certificate Administrator is a national banking association duly organized under the laws of the United States of America,
duly organized, validly existing and in good standing under the laws thereof;

 

(ii)           The execution and delivery of this Agreement by the Certificate Administrator, and the performance and compliance with
the terms of this Agreement by the Certificate Administrator, will not violate the Certificate Administrator’s charter and
by-laws 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 agreement or other instrument to which it is a party or which is applicable to it or
any of its assets;

 

(iii)          The Certificate Administrator 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 Certificate Administrator, enforceable against the Certificate Administrator in accordance
with the terms hereof, subject to (a) applicable bankruptcy, insolvency, reorganization, moratorium and other laws affecting
the enforcement of creditors’ rights generally and the rights of creditors of national banking associations specifically
and (b) general

 

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principles
of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law;

 

(v)           The Certificate Administrator is not in violation of, and its execution and delivery of this Agreement and its performance
and compliance with the terms of this Agreement will not constitute a violation of, any law, 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 Certificate Administrator’s good faith and reasonable judgment, is likely to affect materially and adversely either
the ability of the Certificate Administrator to perform its obligations under this Agreement or the financial condition of the
Certificate Administrator;

 

(vi)          No litigation is pending or, to the best of the Certificate Administrator’s knowledge, threatened against the Certificate
Administrator which would prohibit the Certificate Administrator from entering into this Agreement or, in the Certificate Administrator’s
good faith and reasonable judgment, is likely to materially and adversely affect either the ability of the Certificate Administrator
to perform its obligations under this Agreement or the financial condition of the Certificate Administrator; and

 

(vii)         No consent, approval, authorization or order of any court or governmental agency or body is required for the execution,
delivery and performance by the Certificate Administrator, or compliance by the Certificate Administrator with, this Agreement
or the consummation of the transactions contemplated by this Agreement, except for any consent, approval, authorization or order
which has not been obtained or cannot be obtained prior to the actual performance by the Certificate Administrator of its obligations
under this Agreement, and which, if not obtained would not have a materially adverse effect on the ability of the Certificate
Administrator to perform its obligations hereunder.

 

Section 8.15     Compliance with the PATRIOT Act. In order to comply with the laws, rules, regulations and executive orders in effect
from time to time applicable to banking institutions, including those relating to the funding of terrorist activities and money
laundering (“Applicable Laws”), each of the Trustee, the Certificate Administrator, the Special Servicer and
the Master Servicer is required to obtain, verify and record certain information relating to individuals and entities which maintain
a business relationship with the Trustee, the Certificate Administrator, the Special Servicer or the Master Servicer, as applicable,
arising out of the Trust or this Agreement. Accordingly, each of the parties to this Agreement agrees to provide to the Trustee,
the Certificate Administrator, the Special Servicer and the Master Servicer, upon its respective reasonable request from time to
time such identifying information and documentation as may be available for such party in order to enable the Trustee, the Certificate
Administrator, the Special Servicer and the Master Servicer to comply with Applicable Laws.

 

[End of Article VIII]

 

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Article IX

TERMINATION

 

Section 9.01     Termination upon Repurchase or Liquidation of All Mortgage Loans. Subject to this Section 9.01 and Section 9.02,
the Trust and the respective obligations and responsibilities under this Agreement of the Certificate Administrator (other than
the obligations of the Certificate Administrator to provide for and make payments to Certificateholders as hereafter set forth),
the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and the Trustee,
shall terminate upon payment (or provision for payment) to the Certificateholders of all amounts held by the Certificate Administrator
and required hereunder to be so paid on the Distribution Date following the earlier to occur of (i) the final payment (or
related Advance) or other liquidation of the last Mortgage Loan and REO Property (as applicable) subject hereto, (ii) the
purchase or other liquidation by the Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer
or the Holders of the Class R Certificates, in that order of priority, of all the Mortgage Loans and the Trust’s portion
of each REO Property remaining in the Trust Fund at a price equal to (a) the sum of (1) the aggregate Purchase Price
of all the Mortgage Loans (exclusive of REO Loans) included in the Trust Fund, (2) the Appraised Value of the Trust’s
portion of each REO Property, if any, included in the Trust Fund (such Appraisals in clause (a)(2) to be conducted
by an Independent MAI-designated appraiser selected by the Special Servicer and approved by the Master Servicer and the Controlling
Class), (3) the reasonable out-of-pocket expenses of the Master Servicer with respect to such termination, unless the Master
Servicer is the purchaser of such Mortgage Loans and (4) if a Mortgaged Property secures a Non-Serviced Mortgage Loan and
is an “REO property” under the terms of the related Non-Serviced PSA, the pro rata portion of the fair market value
of the related Mortgaged Property, as determined by the related Non-Serviced Master Servicer in accordance with clauses (2) and
(3) above, minus (b) solely in the case where the Master Servicer is exercising such purchase right, the aggregate
amount of unreimbursed Advances, together with any interest accrued and payable to the Master Servicer in respect of such Advances
in accordance with Sections 3.03(d) and 4.03(d) and any unpaid Servicing Fees, remaining outstanding and payable
solely to the Master Servicer (which items shall be deemed to have been paid or reimbursed to the Master Servicer in connection
with such purchase) or (iii) so long as the Class A-1, Class A-2A, Class A-2B, Class A-3, Class A-4, Class A-SB,
Class A-S, Class B, Class C and Class D Certificates are no longer outstanding, the voluntary exchange by the Sole Certificateholder
of all the outstanding Certificates (other than the Class V and Class R Certificates) for the remaining Mortgage Loans
and REO Properties in the Trust Fund pursuant to the terms of the immediately succeeding paragraph; provided, however,
that in no event shall the trust created hereby continue beyond the expiration of twenty-one (21) years from the death of the last
survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the Court of St. James’s, living
on the date hereof.

 

Following the date
on which the Class A-1, Class A-2A, Class A-2B, Class A-3, Class A-4, Class A-SB, Class A-S, Class B,
Class C and Class D Certificates are no longer outstanding (and provided that there is only one Holder (or multiple
Holders acting in unanimity) of the then outstanding Certificates (other than the Class V and Class R Certificates)),
the Sole Certificateholder shall have the right, with the consent of the Master Servicer, to exchange all of

 

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its
Certificates (other than the Class V and Class R Certificates) for all of the Mortgage Loans and each REO Property remaining
in the Trust Fund as contemplated by clause (iii) of the first paragraph of this Section 9.01 by giving
written notice to all the parties hereto no later than sixty (60) days prior to the anticipated date of exchange. In the event
that the Sole Certificateholder elects to exchange all of its Certificates (other than the Class V and Class R Certificates)
for all of the Mortgage Loans and the Trust’s portion of each REO Property remaining in the Trust in accordance with the
preceding sentence, such Sole Certificateholder, not later than the Distribution Date on which the final distribution on the Certificates
is to occur, shall deposit in the Collection Account an amount in immediately available funds equal to all amounts due and owing
to the Depositor, the Master Servicer, the Special Servicer, the Trustee and the Certificate Administrator hereunder through the
date of the liquidation of the Trust that may be withdrawn from the Collection Account, or an escrow account acceptable to the
respective parties hereto, pursuant to Section 3.05(a) or that may be withdrawn from the Distribution Account pursuant
to Section 3.05(a), but only to the extent that such amounts are not already on deposit in the Collection Account.
In addition, the Master Servicer shall transfer all amounts required to be transferred to the Lower-Tier REMIC Distribution Account
and Excess Interest Distribution Account on the P&I Advance Date related to such Distribution Date in which the final distribution
on the Certificates is to occur from the Collection Account pursuant to the first paragraph of Section 3.04(b) (provided,
however, that if a Serviced Whole Loan is secured by REO Property, the portion of the above-described purchase price allocable
to such Trust’s portion of REO Property shall initially be deposited into the related REO Account). Upon confirmation that
such final deposits have been made and following the surrender of all its Certificates (other than the Class V and Class R
Certificates) on the applicable Distribution Date, the Custodian shall, upon receipt of a Request for Release from the Master
Servicer, release or cause to be released to the Sole Certificateholder or any designee thereof, the Mortgage Files for the remaining
Mortgage Loans and shall execute all assignments, endorsements and other instruments furnished to it by the Sole Certificateholder
as shall be necessary to effectuate transfer of the Mortgage Loans and REO Properties remaining in the Trust Fund, and the Trust
shall be liquidated in accordance with Section 9.02. Solely for federal income tax purposes, the Sole Certificateholder
shall be deemed to have purchased the assets of the Lower-Tier REMIC for an amount equal to the remaining Certificate Balance
of the Principal Balance Certificates, plus accrued, unpaid interest with respect thereto, and the Certificate Administrator shall
credit such amounts against amounts distributable in respect of such Certificates and Related Lower-Tier Regular Interests.

 

The obligations and
responsibilities under this Agreement of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate
Administrator and the Companion Paying Agent shall terminate with respect to any Companion Loan to the extent (i) its related
Serviced Mortgage Loan has been paid in full or is no longer part of the Trust Fund and (ii) no amounts payable by the related
Companion Holder to or for the benefit of the Trust or any party hereto in accordance with the related Intercreditor Agreement
remain due and owing.

 

The Holders of the
majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates, in
that order of priority, may, at their option, elect to purchase all of the Mortgage Loans (and all property acquired through exercise
of remedies in respect of any related Mortgage Loan) and the Trust’s portion of each REO Property remaining in the Trust
Fund as contemplated by clause (ii) of the first paragraph of this

 

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Section 9.01 by giving written notice to the Trustee, the Certificate Administrator, and the other parties hereto no later than sixty (60)
days prior to the anticipated date of purchase; provided, however, that the Holders of the Controlling Class, the
Special Servicer, the Master Servicer, or the Holders of the Class R Certificates may so elect to purchase all of the Mortgage
Loans and the Trust’s portion of each REO Property remaining in the Trust Fund only on or after the first Distribution Date
on which the aggregate Stated Principal Balances of the Mortgage Loans and the portion of any REO Loans held by the Trust is less
than 1.0% of the aggregate Cut-off Date Balance of the Mortgage Loans as set forth in the Preliminary Statement. This purchase
shall terminate the Trust and retire the then-outstanding Certificates. In the event that the Master Servicer or the Special Servicer
purchases, or the Holders of the majority of the Controlling Class or the Holders of the Class R Certificates purchase, all
of the Mortgage Loans and the Trust’s portion of each REO Property remaining in the Trust Fund in accordance with the preceding
sentence, the Master Servicer, the Special Servicer, the Holders of the majority of the Controlling Class or the Holders of the
Class R Certificates, as applicable, shall deposit in the Lower-Tier REMIC Distribution Account not later than the P&I
Advance Date relating to the Distribution Date on which the final distribution on the Certificates is to occur, an amount in immediately
available funds equal to the above-described purchase price (exclusive of any portion thereof payable to any Person other than
the Certificateholders pursuant to Section 3.05(a), which portion shall be deposited in the Collection Account). In
addition, the Master Servicer shall transfer to the Lower-Tier REMIC Distribution Account all amounts required to be transferred
thereto on such P&I Advance Date from the Collection Account pursuant to the first paragraph of Section 3.04(b),
together with any other amounts on deposit in the Collection Account that would otherwise be held for future distribution. Upon
confirmation that such final deposits and payments have been made, the Custodian shall release or cause to be released to the
Master Servicer, the Special Servicer, the Holders of the majority of the Controlling Class or the Holders of the Class R
Certificates, as applicable, the Mortgage Files for the remaining Mortgage Loans and shall execute all assignments, endorsements
and other instruments furnished to it by the Master Servicer, the Special Servicer, the Holders of the majority of the Controlling
Class or the Holders of the Class R Certificates, as applicable, as shall be necessary to effectuate transfer of the Mortgage
Loans is an asset of the Trust) and REO Properties remaining in the Trust Fund.

 

For purposes of this
Section 9.01, the Holders of the majority of the Controlling Class shall have the first option to terminate the Upper-Tier
REMIC and Lower-Tier REMIC, then the Special Servicer, then the Master Servicer, and then the Holders of the Class R Certificates.
For purposes of this Section 9.01, the Directing Certificateholder with the consent of the Holders of the Controlling
Class, shall act on behalf of the Holders of the Controlling Class in purchasing the assets of the Trust and terminating the Trust.

 

Notice of any termination
pursuant to this Section 9.01 shall be given promptly by the Certificate Administrator by letter to the Certificateholders,
each Serviced Companion Noteholder and the 17g-5 Information Provider in accordance with the provisions of Section 3.13(c)
(who shall promptly post a copy of such additional notice on the 17g-5 Information Provider’s Website in accordance with
the provisions of Section 3.13(c)) and, if not previously notified pursuant to this Section 9.01, to the
other parties hereto mailed (a) in the event such notice is given in connection with the purchase of all of the Mortgage Loans
is an asset of the Trust) and each REO Property remaining in the Trust Fund, not earlier than the 15th

 

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day
and not later than the 25th day of the month next preceding the month of the final distribution on the Certificates, or (b) otherwise
during the month of such final distribution on or before the P&I Advance Determination Date in such month, in each case specifying
(i) the Distribution Date upon which the Trust will terminate and final payment of the Certificates will be made, (ii) the
amount of any such final payment and (iii) that the Record Date otherwise applicable to such Distribution Date is not applicable,
payments being made only upon presentation and surrender of the Certificates at the offices of the Certificate Registrar or such
other location therein designated.

 

After transferring
the Lower-Tier Distribution Amount and the amount of any Prepayment Premiums and Yield Maintenance Charges distributable to the
Regular Certificates pursuant to Section 4.01(e) to the Upper-Tier REMIC Distribution Account, in each case pursuant
to Section 3.04(b) and upon presentation and surrender of the Certificates by the Certificateholders on the final Distribution
Date, the Certificate Administrator shall distribute to each Certificateholder so presenting and surrendering its Certificates
(i) such Certificateholder’s Percentage Interest of that portion of the amounts then on deposit in the Upper-Tier REMIC
Distribution Account that are allocable to payments on the Class of Certificates so presented, (ii) to Holders of the Class V
Certificates so presented, any amounts remaining on deposit in the Excess Interest Distribution Account, and (iii) any remaining
amount shall be distributed to the Class R Certificates in respect of the Class LR Interest or the Class UR Interest,
as applicable. Amounts transferred from the Lower-Tier REMIC Distribution Account to the Upper-Tier REMIC Distribution Account
as of the final Distribution Date, shall be distributed in termination and liquidation of the Lower-Tier Regular Interests and
the Class LR Interest in accordance with Sections 4.01(a), 4.01(c), 4.01(e) and 4.01(f).
Any funds not distributed on such Distribution Date shall be set aside and held uninvested in trust for the benefit of the Certificateholders
not presenting and surrendering their Certificates in the aforesaid manner and shall be disposed of in accordance with this Section 9.01
and Section 4.01(h).

 

Section 9.02     Additional Termination Requirements. (a)  In the event the Master Servicer or the Special Servicer purchases,
or the Holders of the Controlling Class or the Holders of the Class R Certificates purchase, all of the Mortgage Loans and
the Trust’s portion of each REO Property remaining in the Trust Fund as provided in Section 9.01, the Upper-Tier
REMIC and Lower-Tier REMIC, as applicable, shall be terminated in accordance with the following additional requirements, which
meet the definition of a “qualified liquidation” in Section 860F(a)(4) of the Code:

 

(i)            the
Certificate Administrator shall specify the date of adoption of the plan of complete liquidation (which shall be the date of mailing
of the notice specified in Section 9.01) in a statement attached to each of the related Trust REMICs’ final
Tax Returns pursuant to Treasury Regulations Section 1.860F-1;

 

(ii)           during the 90-day liquidation period and at or prior to the time of the making of the final payment on the Certificates,
the Certificate Administrator on behalf of the Trustee shall sell all of the assets of the related Trust REMICs to the Master
Servicer, the Special Servicer, the Holders of the Controlling Class or the Holders of the Class R Certificates, as applicable,
for cash; and

 

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(iii)          within such 90-day liquidation period and immediately following the making of the final payment on the Lower-Tier Regular
Interests and the Certificates, the Certificate Administrator shall distribute or credit, or cause to be distributed or credited,
to the Holders of the Class R Certificates in respect of the Class LR Interest (in the case of the Lower-Tier REMIC)
and in respect of the Class UR Interest (in the case of the Upper-Tier REMIC) all cash on hand (other than cash retained
to meet claims), and the Trust (if applicable) or the related Trust REMIC(s) shall terminate at that time.

 

[End of Article IX]

 

Article X

ADDITIONAL REMIC PROVISIONS

 

Section 10.01     REMIC Administration. (a)  The Certificate Administrator shall make elections or cause elections to be
made to treat each Trust REMIC as a REMIC under the Code and, if necessary, under Applicable State and Local Tax Law. Each such
election will be made on Form 1066 or other appropriate federal tax return for the taxable year ending on the last day of
the calendar year in which the Lower-Tier Regular Interests and the Certificates are issued. For the purposes of the REMIC election
in respect of the Upper-Tier REMIC, each Class of the Regular Certificates shall be designated as the “regular interests”
and the Class UR Interest shall be designated as the sole class of “residual interests” in the Upper-Tier REMIC.
For purposes of the REMIC election in respect of the Lower-Tier REMIC, each Class of Lower-Tier Regular Interests shall be designated
as a class of “regular interests” and the Class LR Interest shall be designated as the sole class of “residual
interests” in the Lower-Tier REMIC. None of the Special Servicer, the Master Servicer or the Trustee shall permit the creation
of any “interests” (within the meaning of Section 860G of the Code) in any Trust REMIC other than the foregoing
interests.

 

(b)           The Closing Date is hereby designated as the “startup day” (“Startup Day”) of each Trust
REMIC within the meaning of Section 860G(a)(9) of the Code.

 

(c)           The Certificate Administrator shall act on behalf of each Trust REMIC in relation to any tax matter or controversy involving
either such REMIC and shall represent each such REMIC in any administrative or judicial proceeding relating to an examination or
audit by any governmental taxing authority with respect thereto. The legal expenses, including without limitation attorneys’
or accountants’ fees, and costs of any such proceeding and any liability resulting therefrom shall be expenses of the Trust
and the Certificate Administrator shall be entitled to reimbursement therefor out of amounts attributable to the Mortgage Loans
and any REO Properties on deposit in the Collection Account as provided by Section 3.05(a) unless such legal expenses
and costs are incurred by reason of the Certificate Administrator’s willful misconduct, bad faith or negligence. The Holder
of the largest Percentage Interest in the Class R Certificates shall be designated, in the manner provided under Treasury
Regulations Section 1.860F-4(d) and temporary Treasury Regulations Section 301.6231(a)(7)-1T, as the “tax matters
person” of each Trust REMIC. By their acceptance thereof, the Holder of the largest Percentage Interest in the Class R
Certificates hereby agrees to irrevocably appoint the

 

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Certificate
Administrator as its agent to perform all of the duties of the “tax matters person” for the Trust REMICs.

 

(d)           The Certificate Administrator shall prepare or cause to be prepared and shall file, or cause to be filed, all of the Tax
Returns that it determines are required with respect to each Trust REMIC created hereunder, and shall cause the Trustee to sign
(and the Trustee shall timely sign) such Tax Returns in a timely manner. The ordinary expenses of preparing such returns shall
be borne by the Certificate Administrator without any right of reimbursement therefor.

 

(e)           The Certificate Administrator shall provide or cause to be provided (i) to any Transferor of a Class R Certificate
such information as is necessary for the application of any tax relating to the transfer of such Class R Certificate to any
Person who is a Disqualified Organization, or in the case of a Transfer to an agent thereof, to such agent, (ii) to the Certificateholders
such information or reports as are required by the Code or the REMIC Provisions including reports relating to interest, original
issue discount and market discount or premium (using the Prepayment Assumption) and (iii) to the Internal Revenue Service
on Form 8811, within thirty (30) days after the Closing Date, the name, title, address and telephone number of the “tax
matters person” who will serve as the representative of each of the Trust REMICs created hereunder.

 

(f)            The
Certificate Administrator shall take such actions and shall cause the Trust to take such actions as are reasonably within the
Certificate Administrator’s control and the scope of its duties more specifically set forth herein as shall be necessary
to maintain the status of each Trust REMIC as a REMIC under the REMIC Provisions and the Trustee shall assist the Certificate
Administrator to the extent reasonably requested by the Certificate Administrator to do so. Neither the Master Servicer nor the
Special Servicer shall knowingly or intentionally take any action, cause the Trust to take any action or fail to take (or fail
to cause to be taken) any action reasonably within its control and the scope of duties more specifically set forth herein, that,
under the REMIC Provisions, if taken or not taken, as the case may be, could (i) cause any Trust REMIC to fail to qualify
as a REMIC or (ii) result in the imposition of a tax upon any Trust REMIC or the Trust (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”)
(either such event, an “Adverse REMIC Event”) unless the Certificate Administrator receives an Opinion of Counsel
(at the expense of the party seeking to take such action or, if such party fails to pay such expense, and the Certificate Administrator
determines that taking such action is in the best interest of the Trust and the Certificateholders, at the expense of the Trust,
but in no event at the expense of the Certificate Administrator or the Trustee) to the effect that the contemplated action will
not, with respect to the Trust, any Trust REMIC created hereunder, endanger such status or, unless the Certificate Administrator
determines in its sole discretion to indemnify the Trust against such tax, result in the imposition of such a tax (not including
a tax on “net income from foreclosure property”). The Trustee shall not take or fail to take any action (whether or
not authorized hereunder) as to which the Certificate Administrator has advised it in writing that it has received an Opinion
of Counsel to the effect that an Adverse REMIC Event could occur with respect to such action. The Certificate Administrator may
consult with counsel to make such written advice, and the cost of same shall be borne by the

 

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party
seeking to take the action not expressly permitted by this Agreement, but in no event at the expense of the Certificate Administrator
or the Trustee. At all times as may be required by the Code, the Certificate Administrator will to the extent within its control
and the scope of its duties more specifically set forth herein, maintain substantially all of the assets of each Trust REMIC as
“qualified mortgages” as defined in Section 860G(a)(3) of the Code and “permitted investments” as
defined in Section 860G(a)(5) of the Code.

 

(g)           In the event that any applicable federal, state or local tax, including interest, penalties or assessments, additional amounts
or additions to tax, is imposed on any Trust REMIC, such tax shall be charged against amounts otherwise distributable to the Holders
of the Certificates, except as provided in the last sentence of this Section 10.01(g); provided that with respect
to the estimated amount of tax imposed on any “net income from foreclosure property” pursuant to Section 860G(c)
of the Code or any similar tax imposed by a state or local tax authority, the Special Servicer shall retain in the related REO
Account a reserve for the payment of such taxes in such amounts and at such times as it shall deem appropriate (or as advised by
the Certificate Administrator in writing), and shall remit to the Master Servicer such reserved amounts as the Master Servicer
shall request in order to pay such taxes. Except as provided in the preceding sentence, the Master Servicer shall withdraw from
the Collection Account sufficient funds to pay or provide for the payment of, and to actually pay, such tax as is estimated to
be legally owed by any Trust REMIC (but such authorization shall not prevent the Certificate Administrator from contesting, at
the expense of the Trust (other than as a consequence of a breach of its obligations under this Agreement), 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, into a separate non-interest bearing account, the net income from any
“prohibited transaction” under Section 860F(a) of the Code or the amount of any taxable contribution to any Trust
REMIC after the Startup Day that is subject to tax under Section 860G(d) of the Code and use such income or amount, to the
extent necessary, to pay such prohibited transactions tax. To the extent that any such tax (other than any such tax paid in respect
of “net income from foreclosure property”) is paid to the Internal Revenue Service or applicable state or local tax
authorities, the Certificate Administrator shall retain an equal amount from future amounts otherwise distributable to the Holders
of Class R Certificates (as applicable) and shall distribute such retained amounts, (x) in the case of the Lower-Tier
Regular Interests, to the Upper-Tier REMIC to the extent they are fully reimbursed for any Realized Losses arising therefrom and
then to the Holders of the Class R Certificates in respect of the Class LR Interest in the manner specified in Section 4.01(c)
and (y) in the case of the Upper-Tier REMIC, to the Holders of the Principal Balance Certificates in the manner specified
in Section 4.01(a), to the extent they are fully reimbursed for any Realized Losses arising therefrom and then to the
Holders of the Class R Certificates in respect of the Class UR Interest. None of the Trustee, the Certificate Administrator,
the Master Servicer or the Special Servicer shall be responsible for any taxes imposed on any Trust REMIC except to the extent
such taxes arise as a consequence of a breach of their respective obligations under this Agreement which breach constitutes willful
misconduct, bad faith, or negligence by such party.

 

(h)           The Certificate Administrator shall, for federal income tax purposes, maintain or cause to be maintained books and records
with respect to each Trust REMIC on a calendar year and on an accrual basis or as otherwise may be required by the REMIC Provisions.

 

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(i)            Following the Startup Day, neither the Certificate Administrator nor the Trustee shall accept any contributions of assets
to any Trust REMIC unless the Certificate Administrator and the Trustee shall have received an Opinion of Counsel (at the expense
of the party seeking to make such contribution) to the effect that the inclusion of such assets in such Trust REMIC will not cause
an Adverse REMIC Event.

 

(j)            Neither the Certificate Administrator nor the Trustee shall enter into any arrangement by which the Trust or any Trust REMIC
will receive a fee or other compensation for services nor permit the Trust or any Trust REMIC to receive any income from assets
other than “qualified mortgages” as defined in Section 860G(a)(3) of the Code or “permitted investments”
as defined in Section 860G(a)(5) of the Code.

 

(k)           Solely for the purposes of Treasury Regulations Section 1.860G-1(a)(4)(iii), the “latest possible maturity date”
by which the Certificate Balance or Notional Amount of each Class of Regular Certificates and by which the Lower-Tier Principal
Amount of each Class of Lower-Tier Regular Interests would be reduced to zero is the date that is the Rated Final Distribution
Date.

 

(l)            None of the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer, as applicable, shall sell,
dispose of or substitute for any of the Mortgage Loans (except in connection with (i) the default, imminent default or foreclosure
of a Mortgage Loan, including but not limited to, the acquisition or sale of a Mortgaged Property acquired by foreclosure or deed
in lieu of foreclosure, (ii) the bankruptcy of the Trust, (iii) the termination of the Trust pursuant to Article IX
of this Agreement or (iv) a purchase of Mortgage Loans pursuant to Article II or Article III of this
Agreement) or acquire any assets for the Trust or any Trust REMIC or sell or dispose of any investments in the Collection Account
or the REO Account for gain unless it has received an Opinion of Counsel that such sale, disposition or substitution will not (a) affect
adversely the status of any Trust REMIC as a REMIC or (b) unless the Trustee, the Certificate Administrator, the Master Servicer
or the Special Servicer, as applicable, has determined in its sole discretion to indemnify the Trust against such tax, cause the
Trust or any Trust REMIC to be subject to a tax on “prohibited transactions” pursuant to the REMIC Provisions.

 

(m)          The Certificate Administrator’s authority under this Agreement includes the authority to make, and the Certificate
Administrator is hereby directed to make, any elections allowed under the Code (i) to avoid the application of Section 6221
of the Code (or successor provisions) to either Trust REMIC and (ii) to avoid payment by either Trust REMIC under Section 6225
of the Code (or successor provisions) of any tax, penalty, interest or other amount imposed under the Code that would otherwise
be imposed on any Class R Certificateholder, past or present. Each Class R Certificateholder agrees, by acquiring such Certificate,
to any such elections.

 

Section 10.02     Use of Agents. (a)  The Trustee shall execute all of its obligations and duties under this Article X
through its Corporate Trust Office. The Trustee may execute any of its obligations and duties under this Article X
either directly or by or through agents or attorneys. The Trustee shall not be relieved of any of its duties or obligations under
this Article X by virtue of the appointment of any such agents or attorneys.

 

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(b)           The Certificate Administrator may execute any of its obligations and duties under this Article X either directly
or by or through agents or attorneys. The Certificate Administrator shall not be relieved of any of its duties or obligations under
this Article X by virtue of the appointment of any such agents or attorneys.

 

Section 10.03    
Depositor, Master Servicer and Special Servicer to Cooperate with Certificate Administrator. (a)  The Depositor
shall provide or cause to be provided to the Certificate Administrator within ten (10) days after the Depositor receives a request
from the Certificate Administrator, all information or data that the Certificate Administrator reasonably determines to be relevant
for tax purposes as to the valuations and issue prices of the Certificates, including, without limitation, the price, yield, Prepayment
Assumptions and projected cash flow of the Certificates.

 

(b)           The Master Servicer and the Special Servicer shall each furnish such reports, certifications and information, and upon reasonable
notice and during normal business hours, access to such books and records maintained thereby, as may relate to the Certificates
or the Trust and as shall be reasonably requested by the Certificate Administrator in order to enable it to perform its duties
hereunder.

 

Section 10.04    
Appointment of REMIC Administrators. (a)  The Certificate Administrator may appoint at the Certificate
Administrator’s expense, one or more REMIC Administrators, which shall be authorized to act on behalf of the Certificate
Administrator in performing the functions set forth in Section 10.01 herein. The Certificate Administrator shall cause
any such REMIC Administrator to execute and deliver to the Certificate Administrator an instrument in which REMIC Administrator
shall agree to act in such capacity, with the obligations and responsibilities herein. The appointment of a REMIC Administrator
shall not relieve the Certificate Administrator from any of its obligations hereunder, and the Certificate Administrator shall
remain responsible and liable for all acts and omissions of the REMIC Administrator. Each REMIC Administrator must be acceptable
to the Certificate Administrator and must be organized and doing business under the laws of the United States of America or of
any State and be subject to supervision or examination by federal or state authorities. In the absence of any other Person appointed
in accordance herewith acting as REMIC Administrator, the Certificate Administrator hereby agrees to act in such capacity in accordance
with the terms hereof. If Wells Fargo Bank, National Association is removed as Certificate Administrator, then Wells Fargo Bank,
National Association shall be terminated as REMIC Administrator.

 

(b)           Any Person into which any REMIC Administrator may be merged or converted or with which it may be consolidated, or any Person
resulting from any merger, conversion, or consolidation to which any REMIC Administrator shall be a party, or any Person succeeding
to the corporate agency business of any REMIC Administrator, shall continue to be the REMIC Administrator without the execution
or filing of any paper or any further act on the part of the Certificate Administrator or the REMIC Administrator.

 

(c)           Any REMIC Administrator may at any time resign by giving at least thirty (30) days’ advance written notice of resignation
to the Trustee, the Certificate Registrar, the Certificate Administrator, the Master Servicer, the Special Servicer and the Depositor.
The Certificate Administrator may at any time terminate the agency of any REMIC Administrator by

 

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giving
written notice of termination to such REMIC Administrator, the Master Servicer, the Certificate Registrar and the Depositor. Upon
receiving a notice of resignation or upon such a termination, or in case at any time any REMIC Administrator shall cease to be
eligible in accordance with the provisions of this Section 10.04, the Certificate Administrator may appoint a successor
REMIC Administrator, in which case the Certificate Administrator shall give written notice of such appointment to the Master Servicer,
the Trustee and the Depositor and shall mail notice of such appointment to all Certificateholders; provided, however,
that no successor REMIC Administrator shall be appointed unless eligible under the provisions of this Section 10.04.
Any successor REMIC Administrator 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 REMIC Administrator. No REMIC
Administrator shall have responsibility or liability for any action taken by it as such at the direction of the Certificate Administrator.

 

[End of Article X]

 

Article XI

EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE

 

Section 11.01    
Intent of the Parties; Reasonableness. The parties hereto acknowledge and agree that the purpose of Article XI
of this Agreement is to facilitate compliance by the Depositor (and any Other Depositor of any Other Securitization that includes
a Serviced Companion Loan) with the provisions of Regulation AB and the related rules and regulations of the Commission. The
Depositor shall not exercise its rights to request delivery of information or other performance under these provisions other than
in reasonable good faith, or for purposes other than compliance with the Securities Act, the Exchange Act, the Sarbanes-Oxley Act
and, in each case, the rules and regulations of the Commission thereunder. The parties 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 requests made by the Depositor (or any Other Depositor or Other Trustee of any Other Securitization
that includes a Serviced Companion Loan) in good faith for delivery of information under these provisions on the basis of such
evolving interpretations of Regulation AB (to the extent such interpretations require compliance and are not “grandfathered”).
In connection with the Wells Fargo Commercial Mortgage Trust 2015-P2, Commercial Mortgage Pass-Through Certificates, Series 2015-P2,
and any Other Securitization subject to Regulation AB that includes a Serviced Companion Loan, each of the Master Servicer, the
Special Servicer, the Operating Advisor, the Trustee, the Custodian and the Certificate Administrator shall cooperate fully with
the Depositor and the Certificate Administrator, and any Other Depositor, Other Trustee and Other Certificate Administrator of
any Other Securitization that includes a Serviced Companion Loan, as applicable, to deliver or make available to the Depositor
or the Certificate Administrator, and any such Other Depositor, Other Trustee or Other Certificate Administrator, as applicable
(including any of its assignees or designees), any and all statements, reports, certifications, records and any other information
(in its possession or reasonably attainable) necessary in the reasonable good faith determination of the Depositor or such Other
Depositor, as applicable, to permit the Depositor or such Other Depositor, as

 

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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 Trustee, the Custodian, the Asset Representations Reviewer and the Certificate Administrator,
as applicable, and any Sub-Servicer, or the servicing of the Mortgage Loans (and the related Serviced Companion Loan, if applicable),
reasonably believed by the Depositor or the related Other Depositor to be necessary in order to effect such compliance. Each party
to this Agreement shall have a reasonable period of time to comply with any written request made under this Section 11.01,
but in any event, shall, upon reasonable advance written request, provide information in sufficient time to allow the Depositor
to satisfy any related filing requirements. For purposes of this Article XI, to the extent any party has an obligation
to exercise commercially reasonable efforts to cause a third party to perform, such party hereunder shall not be required to bring
any legal action against such third party in connection with such obligation.

 

Section 11.02    
Succession; Subcontractors. (a)  As a condition to the succession to the Master Servicer and Special Servicer
or to any Sub-Servicer (but only if such Sub-Servicer is a Servicing Function Participant and a servicer as contemplated by Item 1108(a)(2))
as servicer or sub-servicer or succession to the Certificate Administrator under this Agreement by any Person (i) into which
the Master Servicer and Special Servicer, such Sub Servicer or Certificate Administrator may be merged or consolidated, or (ii) which
may be appointed as a successor to the Master Servicer and Special Servicer or to any such Sub-Servicer or Certificate Administrator,
the person removing and replacing the Master Servicer and Special Servicer or Certificate Administrator shall provide to the Depositor,
the Master Servicer and Special Servicer and the Certificate Administrator, as applicable, at least fifteen (15) calendar days
prior to the effective date of such succession or appointment (or such shorter period as is agreed to by the Depositor), (x) written
notice to the Depositor of such succession or appointment and (y) in writing and in form and substance reasonably satisfactory
to the Depositor, all information relating to such successor reasonably requested by the 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); provided, however that if disclosing such information prior to
such effective date would violate any applicable law or confidentiality agreement, the Master Servicer, the Special Servicer, any
Additional Servicer or the Certificate Administrator, as the case may be, shall submit such disclosure to the Depositor no later
than the first Business Day after the effective date of such succession or appointment.

 

(b)           Each of the Master Servicer, the Special Servicer, the Sub-Servicer, the Trustee, the Operating Advisor and the Certificate
Administrator (each of the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor and the Certificate Administrator
and each Sub-Servicer, for purposes of this Section 11.02, a “Servicer”) is permitted to utilize
one or more Subcontractors to perform certain of its obligations hereunder. If such Subcontractor will be a Servicing Function
Participant, such Servicer shall promptly upon written request provide to the Depositor or any Mortgage Loan Seller (and, subject
to the reimbursement of any applicable expenses under Section 11.15, any Other Trustee, Other Certificate Administrator
and Other Depositor related to any Other Securitization that includes a related Serviced Companion Loan) a written description
(in form and substance satisfactory to the Depositor, such Mortgage Loan Seller or such Other Trustee, Other Certificate Administrator
or Other Depositor, as applicable) of the role and function of each Subcontractor utilized by such Servicer, specifying (i) the
identity of such Subcontractor and (ii) the elements of the Servicing Criteria that will be

 

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addressed
in assessments of compliance provided by each such Subcontractor. As a condition to the utilization by such Servicer of any Subcontractor
determined to be a Servicing Function Participant, such Servicer shall (i) with respect to any such Subcontractor engaged
by such Servicer that is an Initial Sub-Servicer, use commercially reasonable efforts to cause, and (ii) with respect to
any other subcontractor with which it has entered into a servicing relationship, cause such Subcontractor used by such Servicer
for the benefit of the Depositor and the Trustee (and, subject to the reimbursement of any applicable expenses under Section 11.15,
any Other Trustee, Other Certificate Administrator and Other Depositor related to any Other Securitization that includes a related
Serviced Companion Loan) to comply with the provisions of Section 11.10 and Section 11.11 of this Agreement
to the same extent as if such Subcontractor were such Servicer. With respect to any Servicing Function Participant engaged by
such Servicer that is an Initial Sub-Servicer, such Servicer shall be responsible for using commercially reasonable efforts to
obtain, and with respect to each other Servicing Function Participant engaged by such Servicer, such Servicer shall obtain from
each such Servicing Function Participant and deliver to the applicable Persons any assessment of compliance report and related
accountant’s attestation required to be delivered by such Subcontractor under Section 11.10 and Section 11.11,
in each case, as and when required to be delivered. For the avoidance of doubt, the Custodian shall not be permitted to utilize
any Subcontractor to perform any of its obligations hereunder.

 

(c)           Notwithstanding the foregoing, if a Servicer engages a Subcontractor, other than an Initial Sub-Servicer 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 any 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 such Subcontractor shall be deemed to be a Sub-Servicer
for purposes of this Agreement, the engagement of such Sub-Servicer shall not be effective unless and until notice is given to
the Depositor and the Certificate Administrator of any such Sub-Servicer and Sub-Servicing Agreement. Other than with respect to
the Initial Sub-Servicer, no Sub-Servicing Agreement shall be effective until fifteen (15) days after such written notice is received
by the Depositor and the Certificate Administrator (or such shorter period as is agreed to by the Depositor). Such notice shall
contain all information reasonably necessary to enable the Certificate Administrator to accurately and timely report the event
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).

 

(d)           In connection with the succession to the Trustee under this Agreement by any Person (i) into which the Trustee may
be merged or consolidated, or (ii) which may be appointed as a successor to the Trustee, the Trustee shall deliver written
notice to the Depositor, the Certificate Administrator and the 17g-5 Information Provider, which shall promptly post such notice
to the 17g-5 Information Provider’s Website pursuant to Section 3.13(c), in each case at least thirty (30) calendar
days prior to the effective date of such succession or appointment (or if such prior notice is violative of applicable law or any
applicable confidentiality agreement, no later than one (1) Business Day after such effective date of succession) and shall furnish
to the Depositor and the Certificate Administrator, in writing and in form and substance reasonably

 

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satisfactory
to the Depositor and the Certificate Administrator, all information reasonably necessary for the Certificate Administrator to
accurately and timely report, pursuant to Section 11.07, the event 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).

 

(e)           Notwithstanding anything to the contrary contained in this Article XI, in connection with any Sub-Servicer and/or
any Mortgage Loan that is the subject of an Initial Sub-Servicing Agreement, with respect to all matters related to Regulation AB,
the Master Servicer shall not have any obligation other than to use commercially reasonable efforts to cause such Sub-Servicer
to comply with its obligations under such Initial Sub-Servicing Agreement.

 

(f)            Any information furnished pursuant to this Section 11.02 shall also be provided, and subject to the reimbursement
of any applicable expenses under Section 11.15, to each Other Depositor and each Other Certificate Administrator (to
the extent the information relates to a party that services, specially services or is trustee for a Serviced Companion Loan) in
the same time frame as set forth in this Section 11.02.

 

Section 11.03    
Filing Obligations. (a)  The Master Servicer, the Special Servicer, the Certificate Administrator, the
Operating Advisor, the Asset Representations Reviewer and the Trustee shall reasonably cooperate with the Depositor in connection
with the satisfaction of the Trust’s reporting requirements under the Exchange Act. Pursuant to Sections 11.04,
11.05, 11.06 and 11.07 of this Agreement, the Certificate Administrator shall prepare for execution by the
Depositor any Forms 8-K, 10-D and 10-K required by the Exchange Act, in order to permit the timely filing thereof, and the
Certificate Administrator shall file (via the Commission’s Electronic Data Gathering and Retrieval System (“EDGAR”))
such Forms executed by the Depositor.

 

Each party hereto
shall be entitled to rely on the information in the Prospectus or this Agreement with respect to the identity of any “sponsor”,
credit enhancer, derivative provider or “significant obligor” as of the Closing Date other than with respect to itself
or any information required to be provided by it or indemnified for by it pursuant to any separate agreement.

 

(b)           In the event that the Certificate Administrator is unable to timely file with the Commission 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 Agreement, the Certificate Administrator will
promptly notify the Depositor. In the case of Forms 10-D and 10-K, the Depositor, the Master Servicer, the Certificate Administrator,
the Operating Advisor and the Trustee 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 and upon the approval and direction of the
Depositor, 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, Form 10-D or Form 10-K needs to be amended, the Certificate Administrator will notify
the Depositor, and such other parties as needed and the parties hereto will cooperate with the Certificate Administrator to prepare
any necessary Form 8-K/A, Form 10-D/A or Form 10-K/A. Any Form 15, Form 12b-25 or any amendment to Form 8-K,

 

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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 11.03 related to the timely preparation and filing
of Form 15, a Form 12b-25 or any amendment to Form 8-K, Form 10-D or Form 10-K is contingent upon the
parties observing all applicable deadlines in the performance of their duties under Sections 11.03, 11.04,
11.05, 11.06, 11.07, 11.08, 11.09, 11.10, 11.11 and 11.15 of this Agreement.
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 such Form 15, 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 15, 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 11.04    
Form 10-D Filings. (a)  Within fifteen (15) days after each Distribution Date (subject to permitted
extensions under the Exchange Act), the Certificate Administrator shall prepare and file on behalf of the Trust any Form 10-D
required by the Exchange Act, in form and substance as 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. 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 reported by the parties set forth on Exhibit BB to the Depositor and the Certificate
Administrator and approved by the 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.

 

For so long as the
Trust is subject to the reporting requirements of the Exchange Act, as set forth on Exhibit BB hereto, within five
(5) calendar days after the related Distribution Date, (i) certain parties to this Agreement identified on Exhibit BB
hereto shall be required to provide to the Certificate Administrator and the Depositor (and in the case of any Servicing Function
Participant, with a copy to the Master Servicer), to the extent a Regulation AB Servicing Officer or Responsible Officer,
as the case may be, has actual knowledge, in EDGAR-Compatible Format, or in such other format as otherwise agreed upon by the Certificate
Administrator, the Depositor and such providing parties, the form and substance of any Additional Form 10-D Disclosure, if
applicable; provided that information relating to any REO Account to be reported under “Item 8: Other Information”
on Exhibit BB shall be reported by the Special Servicer to the Master Servicer within four (4) calendar days after
the related Distribution Date on Exhibit MM; (ii) the parties listed on Exhibit BB hereto shall include
with such Additional Form 10-D Disclosure, an Additional Disclosure Notification in the form attached hereto as Exhibit EE
(except with respect to the reporting of REO Account balances which shall be delivered in the form of Exhibit MM hereto)
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. Information delivered to the Certificate Administrator hereunder should be delivered by
email to cts.sec.notifications@wellsfargo.com (or such other e-mail address as the Certificate Administrator may instruct) or by
facsimile to 410-715-2380, Attn: CTS SEC Notifications. Neither the Trustee nor the Certificate Administrator has any duty under
this Agreement to monitor or enforce the performance by the parties listed on

 

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Exhibit BB 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 expenses incurred by the Trustee or Certificate Administrator
in connection with including any Additional Form 10-D Disclosure on Form 10-D pursuant to this paragraph.

 

The Certificate Administrator
shall include in any Form 10-D filed by it (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(b), (ii) a reference to the most recent Form ABS-15G
filed by the Depositor and the Mortgage Loan Sellers, if applicable, and the SEC’s assigned “Central Index Key”
for each such filer and (iii) to the extent such information is provided to the Certificate Administrator by the Master Servicer
in the form of Exhibit MM hereto for inclusion therein within the time period described in this Section 11.04,
the balances of the REO Account (to the extent the related information has been received from the Special Servicer within the time
period specified in this Section 11.04) and the Collection Account as of the related Distribution Date and as of the
immediately preceding Distribution Date and (iv) the balances of the Distribution Accounts, the Gain-on-Sale Reserve Account
and the Interest Reserve Account, in each case as of the related Distribution Date and as of the immediately preceding Distribution
Date. The Depositor and the Mortgage Loan Sellers, in accordance with Section 5(f) of the applicable Mortgage Loan Purchase
Agreement, shall deliver such information as described in clause (i) and clause (ii) of this paragraph.

 

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 twelve (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
ninety (90) days.” The Depositor hereby represents to the Certificate Administrator that the Depositor has filed all such
required reports during the preceding twelve (12) months and that it has been subject to such filing requirement for the past ninety
(90) days. The Depositor shall notify the Certificate Administrator in writing, no later than the 5th calendar day after the related
Distribution Date with respect to the filing of a report on Form 10-D if the answer to the questions should be “no.”
The Certificate Administrator shall be entitled to rely on such representations in preparing, executing and/or filing any such
report.

 

With respect to any
Mortgage Loan that permits Additional Debt or mezzanine debt in the future, the Certificate Administrator shall include as part
of any applicable Form 10-D filed by it (to the extent it receives such information from the applicable Servicer) the identity
of such Mortgage Loan and, to the extent such information is received by the Certificate Administrator from the Master Servicer
or the Special Servicer, as applicable, substantially in the form of Exhibit KK (A) the amount of any such Additional
Debt or mezzanine debt, as applicable, that is incurred during the related Collection Period, (B) the total debt service coverage
ratio calculated on the basis of such Mortgage Loan and such Additional Debt or mezzanine debt, as applicable, and (C) the
aggregate LTV Ratio calculated on the basis of such Mortgage Loan and such Additional Debt or mezzanine debt, as applicable.

 

The Depositor hereby
directs the Certificate Administrator to include the following individual’s name and phone number on the cover of Form 10-D
for each reporting

 

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period:
Name: A.J. Sfarra, Telephone: (212) 214-5613. The Certificate Administrator may rely without further investigation that this
information remains correct unless and until the Depositor provides the Certificate Administrator with a new individual’s
name and phone number in writing.

 

Upon receipt of the
Asset Review Report Summary from the Asset Representations Reviewer required to be delivered pursuant to Section 12.01(b),
the Certificate Administrator shall (i) include such Asset Review Report Summary in Item 1B on the Form 10-D in
accordance with Section 11.04 for such period in which such Asset Review Report Summary was delivered, and (ii) post
such Asset Review Report Summary to the Certificate Administrator’s Website not later than two (2) Business Days after receipt
of such Asset Review Report Summary from the Asset Representations Reviewer.

 

To the extent the
Certificate Administrator receives a request from any Certificateholder or Certificate Owner to communicate with other Certificateholders
or Certificate Owners pursuant to Section 5.06, the Certificate Administrator shall include on the Form 10-D relating
to the reporting period in which such request was received (a “Special Notice”) disclosure regarding the request
to communicate, and such disclosure is required to include the following and no more than the following: (a) the name of the
Certificateholder or Certificate Owner making the request, (b) the date the request was received, (c) a statement to
the effect that the Certificate Administrator has received such request, stating that such Certificateholder or Certificate Owner
is interested in communicating with other Certificateholders or Certificate Owners with regard to the possible exercise of rights
under this Agreement, and (d) a description of the method other Certificateholders or Certificate Owners may use to contact
the requesting Certificateholder or Certificate Owner.

 

(b)           After preparing the Form 10-D, the Certificate Administrator shall forward electronically a copy of the Form 10-D
to the Depositor for review no later than ten (10) calendar days after the related Distribution Date or, if the 10th calendar day
after the related Distribution Date is not a Business Day, the immediately preceding Business Day. Within two (2) Business Days
after receipt of such copy, but no later than the two (2) Business Days prior to the 15th calendar day after the Distribution Date,
the Depositor shall notify the Certificate Administrator in writing (which may be furnished electronically) of any changes to or
approval of such Form 10-D and, a duly authorized officer of the Depositor shall sign the Form 10-D and return an electronic
or fax copy of such signed Form 10-D (with an original executed hard copy to follow by overnight mail) to the Certificate
Administrator. Alternatively, if the Certificate Administrator agrees in its sole discretion, the Depositor may deliver to the
Certificate Administrator manually signed copies of a power of attorney meeting the requirements of Item 601(b)(24) of Regulation S-K
under the Securities Act, and certified copies of a resolution of the Depositor’s board of directors authorizing such power
of attorney, each to be filed with each Form 10-D, in which case the Certificate Administrator shall sign such Forms 10-D
as attorney in fact for the Depositor. If a Form 10-D cannot be filed on time or if a previously filed Form 10-D needs
to be amended, the Certificate Administrator will follow the procedures set forth in Section 11.03(b). 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 filed by the Certificate Administrator. The signing party at the Depositor can be contacted at c/o Wells Fargo
Securities, LLC, 375 Park Avenue, 2nd Floor, J0127 023, New

 

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York,
New York 10152, Attention: A.J. Sfarra, with a copy to: Jeff D. Blake, Esq., Wells Fargo Law Department, D1053 300, 301 South
College St., Charlotte, North Carolina 28288. The parties to this Agreement acknowledge that the performance by the Certificate
Administrator of its duties under this Section 11.04(b) related to the timely preparation and filing of Form 10-D
is contingent upon such parties observing all applicable deadlines in the performance of their duties under this Section 11.04(b).
Neither the Trustee nor the Certificate Administrator shall have any 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 such Form 10-D, where
such failure results from the Certificate Administrator’s inability or failure to receive, on a timely basis, any information
from any party to this Agreement needed to prepare, arrange for execution or file such Form 10-D, not resulting from its
own negligence, bad faith or willful misconduct.

 

(c)            Any notice and/or information furnished pursuant to this Section 11.04 shall also be provided, and subject to
the reimbursement of any applicable expenses under Section 11.15, to each Other Depositor and each Other Certificate
Administrator (to the extent the notice and/or information relates to a Serviced Companion Loan or a party that services, specially
services or is trustee or custodian for a Serviced Companion Loan) in the same time frame as set forth in this Section 11.04.

 

Section 11.05    
Form 10-K Filings. (a)  Within ninety (90) days after the end of each fiscal year of the Trust (it
being understood that the fiscal year for 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 in March 2016, the Certificate Administrator shall
prepare and file on behalf of the Trust a Form 10-K, in form and substance as required by the Exchange Act. Each such Form 10-K
shall include the following items, in each case to the extent they have been delivered to the Certificate Administrator within
the applicable time frames set forth in this Agreement:

 

(i)            an annual compliance statement for the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator,
the Custodian and each Additional Servicer, as described under Section 11.09, including disclosure regarding any material
instance of noncompliance and the nature and status thereof;

 

(ii)           (A)  the annual reports on assessment of compliance with servicing criteria for the Trustee, the Master Servicer,
the Special Servicer, the Certificate Administrator, the Custodian, the Operating Advisor, each Additional Servicer and each other
Servicing Function Participant utilized by the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating
Advisor, the Custodian or Trustee, as described under Section 11.10; and

 

 (B)           if any such report on assessment of compliance with servicing criteria described under Section 11.10 identifies
any material instance of noncompliance, disclosure identifying such instance of noncompliance (including whether such instance
of noncompliance involved the servicing of the assets backing the Certificates issued pursuant to this Agreement and any steps
taken to remedy such instance of noncompliance), or if such report on assessment of compliance with servicing criteria described
under Section 11.10 is not included

 

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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 the Trustee, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Custodian, the Operating Advisor, each Additional Servicer and each Servicing Function Participant utilized
by the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Custodian or the Trustee,
as described under Section 11.11; and

 

 (B)           if any registered public accounting firm attestation report described under Section 11.11 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 hereto as Exhibit Y, 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 following paragraph be reported by the parties set forth on Exhibit CC to the Depositor and
the Certificate Administrator and approved by the 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.
Information delivered to the Certificate Administrator hereunder should be delivered by email to cts.sec.notifications@wellsfargo.com
or by facsimile to (410) 715 2380, Attn: CTS SEC Notifications.

 

As set forth on Exhibit CC
hereto, no later than March 1st of each year that the Trust is subject to the Exchange Act reporting requirements, commencing
in 2016 (or, solely with respect to the Master Servicer and its obligation in 2016, March 15th), (i) the parties listed on
Exhibit CC shall be required to provide to the Certificate Administrator and the Depositor, to the extent a Regulation AB
Servicing Officer or Responsible Officer, as the case may be, has actual knowledge, in EDGAR-Compatible Format or in such other
format as otherwise agreed upon by the Certificate Administrator, the Depositor and such providing parties, the form and substance
of any Additional Form 10-K Disclosure, if applicable, (ii) the parties listed on Exhibit CC hereto shall
include with such Additional Form 10-K Disclosure, an Additional Disclosure Notification in the form attached hereto as Exhibit EE
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. Neither the Trustee nor the Certificate Administrator has any duty under this Agreement
to monitor or enforce the performance by the parties listed on Exhibit CC 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

 

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responsible
for any reasonable expenses incurred by the Trustee and the Certificate Administrator in connection with including any Additional
Form 10-K Disclosure on Form 10-K pursuant to this paragraph.

 

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 twelve (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
ninety (90) days.” The Depositor hereby represents to the Certificate Administrator that the Depositor has filed all such
required reports during the preceding twelve (12) months and that it has been subject to such filing requirement for the past ninety
(90) days. The Depositor shall notify the Certificate Administrator in writing, no later than March 1st with respect to the filing
of a report on Form 10-K, if the answer to the questions should be “no.” The Certificate Administrator shall be
entitled to rely on such representations in preparing, executing and/or filing any such report.

 

(b)           After preparing the Form 10-K, the Certificate Administrator shall forward electronically a copy of the Form 10-K
to the Depositor for review no later than six (6) Business Days prior to the 10-K Filing Deadline. Within three (3) Business Days
after receipt of such copy, but no later than March 25th, the Depositor shall notify the Certificate Administrator in writing (which
may be furnished electronically) of any changes to or approval of such Form 10-K and the senior officer in charge of securitization
for the Depositor shall sign the Form 10-K and return an electronic or fax copy of such signed Form 10-K (with an original
executed hard copy to follow by overnight mail) to the Certificate Administrator at such time. If a Form 10-K cannot be filed
on time or if a previously filed Form 10-K needs to be amended, the Certificate Administrator shall follow the procedures
set forth in Section 11.03(b). Promptly after filing with the Commission, the Certificate Administrator will make available
on its Internet website a final executed copy of each Form 10-K filed by the Certificate Administrator. The signing party
at the Depositor can be contacted at c/o Wells Fargo Securities, LLC, 375 Park Avenue, 2nd Floor, J0127 023, New York, New York
10152, Attention: A.J. Sfarra, with a copy to: Jeff D. Blake, Esq., Wells Fargo Law Department, D1053 300, 301 South College St.,
Charlotte, North Carolina 28288. The parties to this Agreement acknowledge that the performance by the Certificate Administrator
of its duties under this Section 11.05 related to the timely preparation and filing of Form 10-K 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 11.05.
Neither the Trustee nor the Certificate Administrator shall have any liability for any loss, expense, damage, claim arising out
of or with respect to any failure to properly prepare, arrange for execution and/or timely file such Form 10-K, where such
failure results from the Certificate Administrator’s failure to receive, on a timely basis, any information from the parties
to this Agreement (or any Sub-Servicer or Servicing Function Participant engaged by any such parties) needed to prepare, arrange
for execution or file such Form 10-K, not resulting from its own negligence, bad faith or willful misconduct.

 

(c)           Upon written request from any Mortgage Loan Seller, Other Depositor, the Master Servicer or the Special Servicer, the Certificate
Administrator shall confirm to such Mortgage Loan Seller, Other Depositor, Master Servicer or Special Servicer whether it has received
notice that any party to this Agreement has changed since the Closing Date and will

 

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provide
to such Mortgage Loan Seller or Other Depositor, the Master Servicer or the Special Servicer, if known to the Certificate Administrator,
the identity of the new party.

 

(d)           Any notice and/or information furnished pursuant to this Section 11.05 shall also be provided, and subject to
the reimbursement of any applicable expenses under Section 11.15, to each Other Depositor and each Other Certificate
Administrator (to the extent the notice and/or information relates to a Serviced Companion Loan or a party that services, specially
services or is trustee or custodian for a Serviced Companion Loan) in the same time frame as set forth in this Section 11.05.

 

Section 11.06    
Sarbanes-Oxley Certification. Each Form 10-K shall include a Sarbanes-Oxley Certification in the form attached
as Exhibit Y required to be included therewith pursuant to the Sarbanes-Oxley Act. For so long as the Trust or the
trust for any Other Securitization is subject to the reporting requirements of the Exchange Act, the Master Servicer, the Special
Servicer, the Trustee, the Certificate Administrator, the Custodian and the Operating Advisor shall provide, and (i) with
respect to each Initial Sub-Servicer engaged by the Master Servicer or the Special Servicer, as applicable, that is a Servicing
Function Participant use commercially reasonable efforts to cause such Initial Sub-Servicer to provide, and (ii) with respect
to each other Servicing Function Participant with which the Master Servicer, the Special Servicer, the Trustee, the Certificate
Administrator, the Custodian or the Operating Advisor has entered into a servicing relationship with respect to the Mortgage Loans,
shall cause such Servicing Function Participant to provide, to each Person who signs the Sarbanes-Oxley Certification for the Trust
or, subject to the reimbursement of any applicable expenses under Section 11.15, any Other Securitization that includes
a Serviced Companion Loan (individually and collectively, the “Certifying Person”), on or before March 1st
of each year commencing in March 2016 (or, solely with respect to the Master Servicer and its obligation in 2016, March 15th),
a certification in the form attached hereto as Exhibits Z-1, Z-2, Z-3, Z-4, Z-5, Z-6
or Z-7 (each, a “Performance Certification”), as applicable, on which each Certifying Person, the entity
for which such Certifying Person acts as an officer (if the Certifying Person is an individual), and such entity’s officers,
directors and Affiliates (collectively with the Certifying Person, “Certification Parties”) can reasonably rely.
In addition, in the event that any Companion Loan (other than a Non-Serviced Companion Loan) is deposited into a commercial mortgage
securitization (an “Other Securitization”) and the Reporting Servicer is provided with timely and complete contact
information for the parties to such Other Securitization, each Reporting Servicer, upon not less than thirty (30) days prior written
request, shall provide to the Person who signs the Sarbanes-Oxley Certification with respect to such Other Securitization a certification
in form and substance similar to applicable Performance Certification (which shall address the matters contained in the applicable
Performance Certification, but solely with respect to the related Companion Loan) on which such Person, the entity for which the
Person acts as an officer (if the Person is an individual), and such entity’s officers, directors and Affiliates can reasonably
rely. With respect to any Non-Serviced Companion Loan, the Certificate Administrator will use its reasonable efforts to procure
a Sarbanes-Oxley Certification from the applicable Non-Serviced Master Servicer, Non-Serviced Special Servicer and Non-Serviced
Trustee in form and substance similar to a Performance Certification. The senior officer in charge of securitization for the Depositor
shall serve as the Certifying Person on behalf of the Trust. In addition, each Reporting Servicer shall execute a reasonable reliance
certificate (which may be included as part of such other certifications being delivered by such Reporting Servicer)

 

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to
enable the Certification Parties to rely upon each (i) annual compliance statement provided pursuant to Section 11.09,
if applicable, (ii) annual report on assessment of compliance with servicing criteria provided pursuant to Section 11.10
and (iii) accountant’s report provided pursuant to Section 11.11, and shall include a certification
that each such annual compliance statement or report discloses any deficiencies or defaults described to the registered public
accountants of such Reporting Servicer to enable such accountants to render the certificates provided for in Section 11.11.
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 each affected
Certifying Person pursuant to this Section 11.06 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. Each such Performance Certification shall
be provided in EDGAR-Compatible Format, or in such other format agreed upon by the Depositor, the Certificate Administrator and
such providing parties. Notwithstanding the foregoing, nothing in this Section 11.06 shall require any Reporting Servicer
(i) to certify or verify the accurateness or completeness of any information provided to such Reporting Servicer by third
parties (including a “significant obligor”, but other than an Additional Servicer or a Sub-Servicer appointed pursuant
to Section 3.20), (ii) to certify information other than to such Reporting Servicer’s knowledge and in
accordance with such Reporting Servicer’s responsibilities hereunder or (iii) with respect to completeness of information
and reports, to certify anything other than that all fields of information called for in written reports prepared by such Reporting
Servicer have been completed except as they have been left blank on their face.

 

Notwithstanding anything
to the contrary contained in this Section 11.06, with respect to each year in which the Trust and the trust for each
Other Securitization is not subject to the reporting requirements of the Exchange Act, none of the parties required to deliver
any certification under this Section 11.06 shall be obligated to do so.

 

Section 11.07    
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 and to the extent it receives the
Form 8-K Disclosure Information described below, the Certificate Administrator shall prepare and file on behalf of the Trust
any Form 8-K, as required by the Exchange Act and shall provide notice thereof to Form10K.Compliance@cwt.com, provided
that the Depositor shall file the initial Form 8-K in connection with the issuance of the Certificates. Any disclosure or
information related to a Reportable Event or that is otherwise required to be included on Form 8-K (“Form 8-K
Disclosure Information”) shall, pursuant to the following paragraph be reported by the parties set forth on Exhibit DD
to the Depositor and the Certificate Administrator and approved by the Depositor, and the Certificate Administrator 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,
absent such reporting, direction and approval.

 

As set forth on Exhibit DD
hereto, for so long as the Trust is subject to the Exchange Act reporting requirements, no later than close of business, New York
City time, on the 2nd Business Day after the occurrence of a Reportable Event (i) the parties set forth on Exhibit DD
hereto shall be required to provide to the Depositor and the Certificate Administrator, to the extent a Regulation AB Servicing
Officer or Responsible Officer, as the

 

    	-376-

    	 

    

 

case
may be, has actual knowledge, in EDGAR-Compatible Format or in such other format agreed upon by the Depositor, the Certificate
Administrator and such providing parties any Form 8-K Disclosure Information, if applicable, (ii) the parties listed
on Exhibit DD hereto shall include with such Form 8-K Disclosure Information, an Additional Disclosure Notification
in the form attached hereto as Exhibit EE 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. Neither the Trustee
nor the Certificate Administrator has any duty under this Agreement to monitor or enforce the performance by the parties listed
on Exhibit DD 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 expenses incurred by the Trustee and the Certificate
Administrator in connection with including any Form 8-K Disclosure Information on Form 8-K pursuant to this paragraph.
Information delivered to the Certificate Administrator hereunder should be delivered by email to cts.sec.notifications@wellsfargo.com
or by facsimile to 410-715-2380, Attn: CTS SEC Notifications.

 

After preparing the
Form 8-K, the Certificate Administrator shall forward electronically a copy of the Form 8-K to the Depositor for review
no later than noon, New York City time, on the 3rd Business Day after the Reportable Event, but in no event earlier than 24 hours
after having received the Form 8-K Disclosure Information pursuant to the immediately preceding paragraph. Promptly, but no
later than the close of business on the 3rd Business Day after the 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, New York City time, on the 4th Business Day after the Reportable Event, a duly authorized officer of the Depositor shall
sign the Form 8-K and return an electronic or fax copy of such signed Form 8-K (with an original executed hard copy to
follow by overnight mail) to the Certificate Administrator. If a Form 8-K cannot be filed on time or if a previously filed
Form 8-K needs to be amended, the Certificate Administrator will follow the procedures set forth in Section 11.03(b).
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 filed by the Certificate Administrator. The signing party at the Depositor can be contacted at c/o Wells
Fargo Securities, LLC, 375 Park Avenue, 2nd Floor, J0127-023, New York, New York 10152, Attention: A.J. Sfarra, with a copy to:
Jeff D. Blake, Esq., Wells Fargo Law Department, D1053-300, 301 South College St., Charlotte, North Carolina 28288. The parties
to this Agreement acknowledge that the performance by the Certificate Administrator of its duties under this Section 11.07
related to the timely preparation and filing of Form 8-K is contingent upon such parties observing all applicable deadlines
in the performance of their duties under this Section 11.07. Neither the Trustee nor the Certificate Administrator
shall have any liability for any loss, expense, damage, claim arising out of or with respect to any failure to properly prepare,
arrange for execution and/or timely file such Form 8-K, where such failure results from the Certificate Administrator’s
inability or failure to receive, 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.

 

The Master Servicer,
the Special Servicer, the Certificate Administrator and the Trustee shall promptly notify (and the Master Servicer and the Special
Servicer, as applicable, shall (i) with respect to each Initial Sub-Servicer that is an Additional Servicer engaged by such

 

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Master
Servicer or Special Servicer, as applicable, use commercially reasonable efforts to cause such Additional Servicer to promptly
notify and (ii) with respect to each other Additional Servicer with which it has entered into a servicing relationship with
respect to the Mortgage Loans (other than a party to this Agreement) cause such Additional Servicer to promptly notify) the Depositor
and the Certificate Administrator, but in no event later than noon, New York City time, on the 2nd Business Day after its occurrence,
of any Reportable Event applicable to such party to the extent a Regulation AB Servicing Officer or Responsible Officer,
as the case may be, has actual knowledge, in EDGAR-Compatible Format.

 

Notwithstanding anything
to the contrary in this Section 11.07, with respect to each year in which the Trust and the trust for each Other Securitization
is not subject to the reporting requirements of the Exchange Act, none of the parties hereto are required to deliver Form 8-K
Disclosure Information.

 

Any notice and/or
information furnished pursuant to this Section 11.07 shall also be provided, and subject to the reimbursement of any
applicable expenses under Section 11.15, to each Other Depositor and each Other Certificate Administrator (to the extent
the notice and/or information relates to a Serviced Companion Loan or a party that services, specially services or is trustee or
custodian for a Serviced Companion Loan) in the same time frame as set forth in this Section 11.07.

 

Section 11.08    
Form 15 Filing. 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, the Certificate Administrator
shall prepare and file a notification relating to the automatic suspension of reporting in respect of the Trust under the Exchange
Act (the “Form 15 Suspension Notification”) or any form necessary to be filed with the Commission to suspend
such reporting obligations. With respect to any reporting period occurring after the filing of such form, the obligations of the
parties to this Agreement under Section 11.04, Section 11.05 and Section 11.07 shall be suspended
and reports or certifications due under Section 11.09, 11.10 and 11.11 shall not be due until April 15th
of each year. 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, the Depositor shall provide notice
to the Certificate Administrator that it is required to resume its Exchange Act filings, the Certificate Administrator shall recommence
preparing and filing reports on Forms 10-K, 10-D and 8-K as required pursuant to Section 11.04, Section 11.05
and Section 11.07, and all parties’ obligations under this Article XI shall recommence.

 

Section 11.09    
Annual Compliance Statements. The Master Servicer, the Special Servicer (regardless of whether the Special Servicer
has commenced special servicing of a Mortgage Loan), the Custodian, the Trustee (provided, however, that the Trustee
shall not be required to deliver an assessment of compliance with respect to any period during which there was no Relevant Servicing
Criteria applicable to it) and the Certificate Administrator (each, a “Certifying Servicer”) shall (and each
such party shall (i) with respect to each Additional Servicer engaged by the Certifying Servicer that is an Initial Sub-Servicer,
use commercially reasonable efforts to cause such Additional Servicer to deliver to and (ii) with respect to each other Additional
Servicer that is also a Servicing Function Participant with which it has entered

 

    	-378-

    	 

    

 

into
a servicing relationship with respect to the Mortgage Loans, cause such Additional Servicer to deliver to), on or before March 1st
of each year, commencing in March 2016 (or, solely with respect to the Master Servicer and its obligation in 2016, March
15th), deliver to the Trustee, the Certificate Administrator (which copy shall be deemed furnished by the Certificate Administrator
when made available on its Internet website), the Depositor and the 17g-5 Information Provider (who shall post to the 17g-5 Information
Provider’s Website), an Officer’s Certificate, in the form attached hereto as Exhibit HH (or such other
form, similar in substance, as may be reasonably acceptable to the Depositor) 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. Such Officer’s Certificate shall be provided
in EDGAR-Compatible Format, or in such other format agreed upon by the Depositor, the Certificate Administrator and such providing
parties. Each Certifying Servicer shall (i) with respect to each Additional Servicer engaged by such Certifying Servicer
that is an Initial Sub-Servicer, use commercially reasonable efforts to cause such Additional Servicer, and (ii) with respect
to each other Additional Servicer with which it has entered into a servicing relationship with respect to the Mortgage Loans,
cause such Additional Servicer to forward a copy of each such statement (or, in the case of the Certificate Administrator, make
a copy of each such statement available on its Internet website) to the Directing Certificateholder and the 17g-5 Information
Provider. With respect to any Non-Serviced Companion Loan, the Certificate Administrator will use its reasonable efforts to procure
such Officer’s Certificate from the applicable Non-Serviced Master Servicer, Non-Serviced Special Servicer and Non-Serviced
Trustee in form and substance similar to the form attached hereto as Exhibit HH. Promptly after receipt of each such
Officer’s Certificate, the Depositor may review each such Officer’s Certificate and, if applicable, consult with the
Certifying Servicer as to the nature of any failures by the Certifying Servicer or any related Additional Servicer with which
the Certifying Servicer has entered into a servicing relationship with respect to the Mortgage Loans in the fulfillment of any
of the Certifying Servicer’s or Additional Servicer’s obligations hereunder or under the applicable sub-servicing
or primary servicing agreement. The obligations of the Certifying Servicer and each Additional Servicer under this Section 11.09
apply to the Certifying Servicer and each Additional Servicer that serviced a Mortgage Loan during the applicable period,
whether or not such Certifying Servicer or Additional Servicer is acting as the Master Servicer, the Special Servicer, the Trustee,
the Certificate Administrator or Additional Servicer at the time such Officer’s Certificate is required to be delivered.
None of the Master Servicer, Special Servicer or Additional Servicer shall be required to cause the delivery of any such statement
until April 15 in any given year so long as it has received written confirmation from the Depositor (or, in the case of an
Other Securitization, the related Other Depositor) that a report on Form 10-K is not required to be filed in respect of the
Trust or the trust for any Other Securitization for the preceding calendar year.

 

    	-379-

    	 

    

 

In the event the Master
Servicer, the Special Servicer, the Trustee or the Certificate Administrator is terminated or resigns pursuant to the terms of
this Agreement, such party shall provide, and each of the Master Servicer and the Special Servicer shall (i) with respect
to an Initial Sub-Servicer engaged by such party that is an Additional Servicer that resigns or is terminated under any applicable
servicing agreement, use its reasonable efforts to cause such Additional Servicer to provide and (ii) with respect to any
other Additional Servicer engaged by such party that resigns or is terminated under any applicable servicing agreement, cause such
Additional Servicer to provide, an annual statement of compliance pursuant to this Section 11.09 with respect to the
period of time that the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator was subject to this
Agreement or the period of time that such Additional Servicer was subject to such other servicing agreement.

 

Any certificate, statement,
report, notice and/or information furnished pursuant to this Section 11.09 shall also be provided, and subject to the
reimbursement of any applicable expenses under Section 11.15, to each Other Depositor and each Other Certificate Administrator
(to the extent such item and/or information relates to a party that services, specially services or is trustee or custodian for
a Serviced Companion Loan) in the same time frame as set forth in this Section 11.09.

 

Section 11.10    
Annual Reports on Assessment of Compliance with Servicing Criteria. (a)  On or before March 1st of
each year, commencing in March 2016 (or, solely with respect to the Master Servicer and its obligation in 2016, March 15th),
the Master Servicer, the Special Servicer (regardless of whether the Special Servicer has commenced special servicing of the Mortgage
Loans), the Trustee (provided, however, that the Trustee shall be required to deliver an assessment of compliance
only if an Advance was made by the Trustee in such calendar year), the Custodian, the Operating Advisor, the Certificate Administrator
and each Additional Servicer, each at its own expense, shall furnish (and each such party shall (i) with respect to each Initial
Sub-Servicer engaged by such Master Servicer, Special Servicer, Trustee, Operating Advisor, Custodian, or Certificate Administrator
that is a Servicing Function Participant, use commercially reasonable efforts to cause such Servicing Function Participant to furnish
and (ii) with respect to each other Servicing Function Participant with which it has entered into a servicing relationship
with respect to the Mortgage Loans, cause such Servicing Function Participant to furnish) to the Trustee, the Certificate Administrator,
the Depositor (which copy shall be deemed furnished by the Certificate Administrator when made available on its Internet website)
(and, with respect to the Special Servicer, also to the Operating Advisor), and the 17g-5 Information Provider, a report substantially
in the form of Exhibit II or such other form provided by such Reporting Servicer that complies in all material respects
with the requirements of Item 1122 of Regulation AB, on an assessment of compliance with the Servicing Criteria applicable
to it 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 Relevant Servicing Criteria to assess compliance
with the Relevant Servicing Criteria, (C) such Reporting Servicer’s assessment of compliance with the Relevant Servicing
Criteria as of and for the period ending the end of the fiscal year covered by the Form 10-K required to be filed pursuant
to Section 11.05, 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

 

    	-380-

    	 

    

 

compliance
with the Relevant Servicing Criteria as of and for such period. With respect to any Non-Serviced Companion Loan, the Certificate
Administrator will use its reasonable efforts to procure such report from the applicable Non-Serviced Master Servicer, Non-Serviced
Special Servicer and Non-Serviced Trustee in form and substance similar to the form attached hereto as Exhibit II.
Such report shall be provided in EDGAR-Compatible Format, or in such other format agreed upon by the Depositor, the Certificate
Administrator and the Reporting Servicer.

 

Each such report shall
be addressed to the Depositor and signed by an authorized officer of the applicable company, and shall address the Relevant Servicing
Criteria specified on a certification substantially in the form of Exhibit AA hereto delivered to the Depositor on
the Closing Date. Promptly after receipt of each such report, (i) the Depositor may review each such report and, if applicable,
consult with each Reporting Servicer as to the nature of any material instance of noncompliance with the Relevant Servicing Criteria
applicable to it (and each Servicing Function Participant engaged or utilized by each Reporting Servicer, as applicable), 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 AA and notify the Depositor of any exceptions. None of the Master Servicer, the Special
Servicer, the Certificate Administrator, the Trustee or any Servicing Function Participant shall be required to cause the delivery
of any such assessments until April 15th in any given year so long as it has received written confirmation from the Depositor
(or, in the case of an Other Securitization, the related Other Depositor) that a report on Form 10-K is not required to be
filed in respect of the Trust or the trust for any Other Securitization for the preceding calendar year.

 

Notwithstanding the
foregoing, at any time that the Certificate Administrator and the Trustee are the same entity, the Certificate Administrator and
Trustee may provide a combined assessment of compliance required pursuant to this Section 11.10(a) in respect of their
combined Relevant Servicing Criteria as set forth on Exhibit AA hereto.

 

(b)           The Master Servicer, the Special Servicer, the Trustee, the Operating Advisor and the Certificate Administrator hereby acknowledge
and agree that the Relevant Servicing Criteria set forth on Exhibit AA is appropriately set forth with respect to such
party and any Servicing Function Participant with which the Master Servicer, Special Servicer, Trustee, Operating Advisor or Certificate
Administrator has entered into a servicing relationship.

 

(c)           No later than ten (10) Business Days after the end of each fiscal year for the Trust, the Master Servicer and the Special
Servicer shall notify the Certificate Administrator, the Depositor and each Mortgage Loan Seller as to the name of each Additional
Servicer engaged by it and each Servicing Function Participant utilized by it, in each case other than with respect to any Initial
Sub-Servicer, and the Trustee, the Operating Advisor and the Certificate Administrator shall notify the Depositor and each Mortgage
Loan Seller as to the name of each Servicing Function Participant utilized by it, in each case by providing an updated Exhibit GG,
and each such notice (except to a Mortgage Loan Seller) 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 Trustee, the Certificate Administrator and the Operating Advisor submit their assessments pursuant to Section 11.10(a),
the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator and the Operating Advisor, as applicable,
will also at such time include the

 

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assessment
(and related attestation pursuant to Section 11.11) of each Servicing Function Participant engaged by it.

 

In the event the Master
Servicer, the Special Servicer, the Trustee, the Operating Advisor, the Custodian or the Certificate Administrator is terminated
or resigns pursuant to the terms of this Agreement, such party shall provide, and each such party shall cause any Servicing Function
Participant engaged by it to provide (and each of the Master Servicer and the Special Servicer shall (i) with respect to an
Initial Sub-Servicer engaged by such Master Servicer or Special Servicer that is an Additional Servicer that resigns or is terminated
under any applicable servicing agreement, use its reasonable efforts to cause such Additional Servicer and (ii) with respect
to any other Additional Servicer that resigns or is terminated under any applicable servicing agreement, cause such Additional
Servicer to provide) an annual assessment of compliance pursuant to this Section 11.10, coupled with an attestation
as required in Section 11.11 with respect to the period of time that the Master Servicer, the Special Servicer, the
Trustee, the Operating Advisor, the Custodian or the Certificate Administrator was subject to this Agreement or the period of time
that the Additional Servicer was subject to such other servicing agreement.

 

(d)           The Operating Advisor may at any time request from the Certificate Administrator confirmation of whether a Control Termination
Event or Consultation Termination Event occurred during the previous calendar year, and upon such request the Certificate Administrator
shall deliver such confirmation to the Operating Advisor within fifteen (15) days of such request.

 

(e)           Any certificate, statement, report, assessment, attestation, notice and/or information furnished pursuant to this Section 11.10
shall also be provided, and subject to the reimbursement of any applicable expenses under Section 11.15, to each Other
Depositor and each Other Certificate Administrator (to the extent such item and/or information relates to a party that services,
specially services or is trustee or custodian for a Serviced Companion Loan) in the same time frame as set forth in this Section 11.10.

 

Section 11.11    
Annual Independent Public Accountants’ Attestation Report. On or before March 1st of each year, commencing
in March 2016 (or, solely with respect to the Master Servicer and its obligation in 2016, March 15th), the Master Servicer, the
Special Servicer, the Trustee (provided, however, that the Trustee shall not be required to deliver an assessment
of compliance with respect to any period during which there was no Relevant Servicing Criteria applicable to it), the Custodian,
the Operating Advisor and the Certificate Administrator, each at its own expense, shall cause (and each such party shall (i) with
respect to each Initial Sub-Servicer engaged by such Master Servicer, Special Servicer, Trustee, Operating Advisor or Certificate
Administrator that is a Servicing Function Participant use commercially reasonable efforts to cause such Servicing Function Participant
to cause and (ii) with respect to each other Servicing Function Participant with which it has entered into a servicing relationship
with respect to the Mortgage Loans, 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 Trustee, the Certificate Administrator, the Custodian,
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 to the

 

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Trustee,
the Certificate Administrator (who will promptly post such report on the Certificate Administrator’s Website pursuant to
Section 3.13(b)) and the Depositor, the 17g-5 Information Provider and, prior to the occurrence of a Consultation
Termination Event, the Directing Certificateholder, and, promptly, but not earlier than the second Business Day following the
delivery of such report to the 17g-5 Information Provider, to the Rating Agencies, 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 applicable to it and (ii) on the basis of an examination
conducted by such firm in accordance with standards for attestation engagements issued or adopted by the PCAOB, it is issuing
an opinion as to whether such Reporting Servicer’s assessment of compliance with the Relevant Servicing Criteria applicable
to it was fairly stated in all material respects. In the event that an overall opinion cannot be expressed, such registered public
accounting firm shall state in such report why it was unable to express such an opinion. Each 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 Securities
Act and the Exchange Act. Such report must be available for general use and not contain restricted use language. With respect
to any Non-Serviced Companion Loan, the Certificate Administrator will use its reasonable efforts to procure such report from
the applicable Non-Serviced Master Servicer, Non-Serviced Special Servicer and Non-Serviced Trustee. Copies of such statement
will be provided by the Certificate Administrator in accordance with Section 3.13(b). Such report shall be provided
in EDGAR-Compatible Format, or in such other format agreed upon by the Depositor, the Certificate Administrator and the providing
parties.

 

Promptly after receipt
of such report from the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor,
the Custodian or any Servicing Function Participant, (i) the Depositor may review the report and, if applicable, consult with
the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor, the Custodian or the Certificate Administrator as
to the nature of any defaults by the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor, the Custodian,
the Certificate Administrator or any Servicing Function Participant with which it has entered into a servicing relationship with
respect to the Mortgage Loans, as the case may be, in the fulfillment of any of the Master Servicer’s, the Special Servicer’s,
the Trustee’s, the Certificate Administrator’s, the Operating Advisor’s, the Custodian’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 11.11 relates to an assessment of compliance meeting the requirements of Section 11.10 and
notify the Depositor of any exceptions. None of the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator,
the Operating Advisor, the Custodian nor any Additional Servicer shall be required to deliver, or shall be required to cause the
delivery of such reports until April 15th in any given year so long as it has received written confirmation from the Depositor
that a Form 10-K is not required to be filed with respect to the Trust for the preceding fiscal year.

 

Section 11.12    
Indemnification. Each of the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the
Custodian, the Operating Advisor and the Asset Representations Reviewer shall indemnify and hold harmless each Certification Party
from and against any claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses and

 

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related
costs, judgments and other costs and expenses incurred by such Certification Party arising out of (i) an actual breach by
the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor, the Asset Representations Reviewer, the Custodian
or the Certificate Administrator, as the case may be, of its obligations under this Article XI, (ii) negligence,
bad faith or willful misconduct on the part of the Master Servicer, the Special Servicer, the Trustee, the Asset Representations
Reviewer, the Operating Advisor, the Custodian or the Certificate Administrator in the performance of such obligations, or (iii) delivery
of any Deficient Exchange Act Deliverable by, or on behalf of, such party.

 

The Master Servicer,
the Special Servicer, the Trustee, the Operating Advisor and the Certificate Administrator shall (i) with respect to any Initial
Sub-Servicer engaged by the Master Servicer, Special Servicer, Trustee or Certificate Administrator that is a Servicing Function
Participant or Additional Servicer, use commercially reasonable efforts to cause such party to, and (ii) with respect to each
other Additional Servicer and each Servicing Function Participant with which, in each case, it has entered into a servicing relationship
with respect to the Mortgage Loans, cause such party to, in each case, indemnify and hold harmless each Certification Party 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 Certification Party arising out of (a) a breach of its obligations
to provide any of the annual compliance statements or annual assessment of compliance with the servicing criteria or attestation
reports pursuant to the applicable sub-servicing or primary servicing agreement, (b) negligence, bad faith or willful misconduct
on its part in the performance of such obligations, (c) any failure by it, as a Servicer (as defined in Section 11.02(b))
to identify a Servicing Function Participant pursuant to Section 11.02(c), or (d) delivery of any Deficient Exchange
Act Deliverable.

 

In addition, each
of the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian, the Certificate
Administrator and the Trustee shall cooperate (and require each Servicing Function Participant and Additional Servicer retained
by it to cooperate under the applicable Sub-Servicing Agreement) with the Depositor as necessary for the Depositor to conduct any
reasonable due diligence necessary to evaluate and assess any material instances of non-compliance disclosed in any of the deliverables
required by the applicable reporting requirements under the Securities Act, the Exchange Act, the Sarbanes-Oxley Act and the rules
and regulations promulgated thereunder (“Reporting Requirements”).

 

In connection with
comments provided to the Depositor from the Commission or its staff regarding information (x) delivered by the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian, the Certificate Administrator,
the Trustee, a Servicing Function Participant or an Additional Servicer, as applicable (“Affected Reporting Party”),
(y) regarding such Affected Reporting Party, and (z) prepared by such Affected Reporting Party or any registered public accounting
firm, attorney or other agent retained by such Affected Reporting Party to prepare such information, which information is contained
in a report filed by the Depositor under the Reporting Requirements and which comments are received subsequent to the Depositor’s
filing of such report, the Depositor shall promptly provide to such Affected Reporting Party any such comments which relate to
such Affected Reporting Party. Such Affected Reporting Party shall be responsible for timely

 

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preparing
a written response to the Commission or its staff for inclusion in the Depositor’s response to the Commission or its staff,
unless such Affected Reporting Party elects, with the consent of the Depositor (which consent shall not be unreasonably denied,
withheld or delayed), to directly communicate with the Commission or its staff and negotiate a response and/or resolution with
the Commission or its staff; provided, however, if an Affected Reporting Party is a Servicing Function Participant
or Additional Servicer retained by the Master Servicer, the Master Servicer shall receive copies of all material communications
pursuant to this Section 11.12. If such election is made, the applicable Affected Reporting Party shall be responsible
for directly negotiating such response and/or resolution with the Commission or its staff in a timely manner; provided
that (i) such Affected Reporting Party shall use reasonable efforts to keep the Depositor informed of its progress with the
Commission or its staff and copy the Depositor on all correspondence with the Commission or its staff and provide the Depositor
with the opportunity to participate (at the Depositor’s expense) in any telephone conferences and meetings with the Commission
or its staff and (ii) the Depositor shall cooperate with any Affected Reporting Party in order to authorize such Affected
Reporting Party and its representatives to respond to and negotiate directly with the Commission or its staff with respect to
any comments from the Commission or its staff relating to such Affected Reporting Party and to notify the Commission or its staff
of such authorization. The Depositor and the Affected Reporting Party shall cooperate and coordinate with one another with respect
to any requests made to the Commission or its staff for extension of time for submitting a response or compliance. All respective
reasonable out-of-pocket costs and expenses incurred by the Depositor (including reasonable legal fees and expenses of outside
counsel to the Depositor) in connection with the foregoing (other than those costs and expenses required to be at the Depositor’s
expense as set forth above) and any amendments to any reports filed with the Commission or its staff related thereto shall be
promptly paid by the applicable Affected Reporting Party upon receipt of an itemized invoice from the Depositor. Each of the Master
Servicer, the Special Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee shall (i) with
respect to any Initial Sub-Servicer engaged by it that is a Servicing Function Participant or Additional Servicer, use commercially
reasonable efforts to cause such party to, and (ii) with respect to each other Additional Servicer and each Servicing Function
Participant with which, in each case, it has entered into a servicing relationship with respect to the Mortgage Loans, cause such
party to, comply with the foregoing by inclusion of similar provisions in the related sub-servicing or similar agreement. Upon
resolution with the Commission, and subject to the reimbursement of any applicable expenses under Section 11.15, the
Affected Reporting Party shall promptly provide, to each Other Depositor the appropriate revised reports, updated or revised information
contained in any report filed by the Other Depositor under the Reporting Requirements, or any updated or revised material communications
in connection with the response and/or resolution with the Commission or its staff, if and to the extent such reports, information
and/or communications relate to information that was previously provided to the Other Depositor and would reasonably be expected
to be contained in a report filed by the Other Depositor under the Reporting Requirements of an Other Pooling and Servicing Agreement.

 

If the indemnification
provided for herein is unavailable or insufficient to hold harmless any Certification Party, then the Master Servicer, the Special
Servicer, the Trustee, the Certificate Administrator, the Custodian or the Operating Advisor (the “Performing Party”)
shall contribute to the amount paid or payable to the Certification Party as a result of the losses,

 

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claims,
damages or liabilities of the Certification Party in such proportion as is appropriate to reflect the relative fault of the Certification
Party on the one hand and the Performing Party on the other in connection with a breach of the Performing Party’s obligations
pursuant to Sections 11.06, 11.09 (if applicable), 11.10, 11.11 (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, bad faith or willful
misconduct in connection therewith. The Master Servicer, the Special Servicer, the Trustee, the Operating Advisor and the Certificate
Administrator shall (i) with respect to any Initial Sub-Servicer engaged by the Master Servicer, Special Servicer, Trustee
or Certificate Administrator that is a Servicing Function Participant or Additional Servicer, use commercially reasonable efforts
to cause such party to, and (ii) with respect to each other Additional Servicer or Servicing Function Participant, in each
case, with which it has entered into a servicing relationship with respect to the Mortgage Loans cause such party, in each case,
to agree to the foregoing indemnification and contribution obligations. This Section 11.12 shall survive the termination
of this Agreement or the earlier resignation or removal of the Master Servicer, the Special Servicer, the Trustee, the Operating
Advisor, the Custodian or the Certificate Administrator.

 

Section 11.13    
Amendments. This Article XI may be amended with the written consent of the parties hereto pursuant to
Section 13.01 for purposes of complying with Regulation AB and/or to conform to standards developed within the
commercial mortgage-backed securities market and the Sarbanes-Oxley Act without any Opinions of Counsel, Officer’s Certificates,
Rating Agency Confirmation with respect to the Certificates or, with respect to any Serviced Companion Loan Securities, a confirmation
of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25), or the consent
of any Certificateholder, notwithstanding anything to the contrary contained in this Agreement; provided that the reports
and certificates required to be prepared pursuant to Sections 3.13, 11.09, 11.10 and 11.11 shall
not be eliminated without Rating Agency Confirmation with respect to the Certificates or, with respect to any Serviced Companion
Loan Securities, without a confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25).

 

Section 11.14    
Regulation AB Notices. Any notice, report or certificate required to be delivered by any of the Master Servicer,
the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the Custodian or
the Trustee, as the case may be, to the Depositor pursuant to this Article XI may be delivered via email (and additionally
delivered via phone or telecopy), notwithstanding the provisions of Section 13.05, to cts.sec.notifications@wellsfargo.com
and Form10K.compliance@cwt.com.

 

Section 11.15   
Certain Matters Relating to the Future Securitization of the Serviced Pari Passu Companion Loans. (a) Each of the
Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer shall, and the Master Servicer and the Special

 

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Servicer
shall use commercially reasonable efforts to cause any sub-servicer appointed with respect to any Serviced Pari Passu Companion
Loan to, upon written request or notice from a Mortgage Loan Seller (or a permitted transferee of such Mortgage Loan Seller pursuant
to the related Intercreditor Agreement), reasonably cooperate with the Mortgage Loan Seller (or such permitted transferee) selling
any Serviced Pari Passu Companion Loan into a securitization that is required to comply with Regulation AB (a “Regulation
AB Companion Loan Securitization”) and, to the extent needed in order to comply with Regulation AB, provide to the Mortgage
Loan Seller (or such permitted transferee) information about itself that such Mortgage Loan Seller reasonably requires to meet
the requirements of Items 1117 and 1119 and paragraphs (b), (c)(3), (c)(4) and (c)(5) of Item 1108 of Regulation AB and shall
reasonably cooperate with such Mortgage Loan Seller to provide such other information as may be reasonably necessary to comply
with the requirements of Regulation AB. Each of the Trustee, the Certificate Administrator, the Master Servicer and the Special
Servicer understands that such information may be included in the offering material related to a Regulation AB Companion Loan
Securitization and agrees to negotiate in good faith an agreement (subject to the final sentence of this sub-section) to indemnify
and hold the related depositor and underwriters involved in the offering of the related Certificates harmless for any costs, liabilities,
fees and expenses incurred by the depositor or such underwriters as a result of any material misstatements or omissions or alleged
material misstatements or omissions in any such offering material to the extent that such material misstatement or omission was
made in reliance upon any such information provided by the Trustee (where such information pertains to the Trustee individually
and not to any specific aspect of the Trustee’s duties or obligations under this Agreement), the Certificate Administrator
(where such information pertains to the Certificate Administrator individually and not to any specific aspect of the Certificate
Administrator’s duties or obligations under this Agreement), the Master Servicer (where such information pertains to the
Master Servicer individually and not to any specific aspect of the Master Servicer’s duties or obligations under this Agreement)
and the Special Servicer (where such information pertains to the Special Servicer individually and not to any specific aspect
of the Special Servicer’s duties or obligations under this Agreement), as applicable, to such depositor, underwriters or
Mortgage Loan Seller (or permitted transferee) as required by this Section 11.15(a) and (ii) deliver such securities
law opinion(s) of counsel, certifications and/or indemnification agreement(s) (to the extent the cost thereof is paid by the related
Mortgage Loan Seller) with respect to such information that are substantially similar to those delivered with respect to the offering
material for this securitization by the Master Servicer or the Special Servicer, Trustee and Certificate Administrator, as the
case may be, or their respective counsel, in connection with the information concerning such party in the offering material related
to a Regulation AB Companion Loan Securitization. Notwithstanding the foregoing, to the extent that the information provided by
the Trustee, the Certificate Administrator the Master Servicer or the Special Servicer, as applicable, for inclusion in the offering
materials related to such Regulation AB Companion Loan Securitization is substantially and materially similar to the information
provided by such party with respect to the offering materials related to this transaction, subject to any required changes due
to any amendments to Regulation AB or any changes in the interpretation of Regulation AB, such party shall be deemed to be in
compliance with this Section 11.15(a). Any indemnification agreement executed by the Trustee, the Certificate Administrator
the Master Servicer or Special Servicer in connection with the Regulation AB Companion Loan Securitization shall be substantially
similar to the related indemnification agreement executed in connection with this Agreement. It shall be

 

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a condition precedent
to any party’s obligations otherwise set forth above and/or elsewhere in Article XI that the applicable Mortgage
Loan Seller (or permitted transferee) shall have (a) provided reasonable advance notice (and, in any event, not less than
10 Business Days) of the exercise of its rights hereunder and (b) paid, or entered into reasonable agreement to cause to
be paid, the reasonable out-of-pocket expenses (including reasonable fees and expenses of counsel) incurred by such party in reviewing
and/or causing the delivery of any disclosure, opinion of counsel or indemnification agreement.

 

(b)           Each of the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer shall, and the Master Servicer
and the Special Servicer shall use commercially reasonable efforts to cause any Servicing Function Participant appointed with respect
to a Serviced Securitized Companion Loan to, upon request or notice from such parties (which request or notice may be given once
at the closing of such Regulation AB Companion Loan Securitization instead of each time a filing is required), cooperate with the
depositor, trustee, certificate administrator, master servicer or special servicer for any Regulation AB Companion Loan Securitization
in preparing each Form 10-D and Form 10-K required to be filed by such Regulation AB Companion Loan Securitization (until January
30 of the first year in which the trustee or other applicable party for such Regulation AB Companion Loan Securitization files
a Form 15 Suspension Notification with respect to the related trust) and shall provide to such depositor, trustee, certificate
administrator or master servicer within the time period set forth in the Other Pooling and Servicing Agreement (so long as such
time period is no earlier than the time periods set forth herein) for such Regulation AB Companion Loan Securitization such information
relating to a Serviced Securitized Companion Loan as may be reasonably necessary for the depositor, trustee, certificate administrator
and master servicer of the Regulation AB Companion Loan Securitization to comply with the reporting requirements of Regulation
AB and the Exchange Act; provided, however, that any parties to any Regulation AB Companion Loan Securitization shall
consult with the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer (and Master Servicer shall
consult with any sub-servicer appointed by it with respect to the related Serviced Whole Loan), and the Trustee, the Certificate
Administrator, such Master Servicer and the Special Servicer shall cooperate with such parties in respect of establishing the time
periods for preparation of the Form 10-D reports in the documentation for such Regulation AB Companion Loan Securitization. Notwithstanding
the foregoing, to the extent the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer, as the case
may be, complies in all material respects with the timing, reporting and attestation requirements imposed on such party in Article XI
of this Agreement (other than this Section 11.15) with respect to the comparable timing, reporting and attestation
requirements contemplated in this Section 11.15(b) with respect to such Regulation AB Companion Loan Securitization,
such party shall be deemed to be in compliance with the provisions of this Section 11.15(b).

 

(c)           Each of the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer shall, and the Master Servicer
and the Special Servicer shall use commercially reasonable efforts to cause any Servicing Function Participant appointed with respect
to a Serviced Securitized Companion Loan to, upon request or notice from such trustee or certificate administrator (which request
or notice may be given once at the closing of such Regulation AB Companion Loan Securitization instead of each time a filing is
required), provide the trustee or certificate administrator, as applicable, under a Regulation AB Companion Loan

 

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Securitization
(until January 30 of the first year in which the trustee or certificate administrator, as applicable, for such Regulation AB Companion
Loan Securitization files a Form 15 Suspension Notification with respect to the related trust) information with respect to
any event that is required to be disclosed under Form 8-K with respect to a Serviced Securitized Companion Loan within two (2)
Business Days after the occurrence of such event of which it has knowledge. Notwithstanding the foregoing, to the extent the Trustee,
the Certificate Administrator, the Master Servicer or the Special Servicer, as the case may be, complies in all material respects
with the timing, reporting and attestation requirements imposed on such party in Article XI of this Agreement (other
than this Section 11.15) with respect to the comparable timing, reporting and attestation requirements contemplated
in this Section 11.15(c) with respect to such Regulation AB Companion Loan Securitization, such party shall be deemed
to be in compliance with the provisions of this Section 11.15(c).

 

(d)           On or before March 1st of each year during which a Regulation AB Companion Loan Securitization is required to file
an annual report on Form 10-K (or, solely with respect to the Master Servicer and its obligation in 2016, March 15th) (and not
in respect of any year in which such Regulation AB Companion Loan Securitization is not required to file an annual report
on Form 10-K because a Form 15 Suspension Notification with respect to the related trust was filed), each of the Trustee,
the Master Servicer and the Special Servicer shall, and the Master Servicer and the Special Servicer shall use commercially reasonable
efforts to cause any Servicing Function Participant appointed with respect to a Serviced Securitized Companion Loan to, upon request
or notice from such trustee or certificate administrator (which request or notice may be given once at the closing of such Regulation
AB Companion Loan Securitization instead of each time a filing is required), provide, with respect to itself, to the trustee or
certificate administrator, as applicable, under such Regulation AB Companion Loan Securitization, to the extent required pursuant
to Item 1122 of Regulation AB, (i) a report on an assessment of compliance with the servicing criteria to the extent required
pursuant to Item 1122(a) of Regulation AB, (ii) a registered accounting firm’s attestation report on such Person’s
assessment of compliance with the applicable servicing criteria to the extent required pursuant to Item 1122(b) of Regulation AB
and (iii) such other information as may be required pursuant to Item 1122(c) of Regulation AB. Notwithstanding the foregoing,
to the extent the Master Servicer or the Special Servicer, as the case may be, complies in all material respects with the timing,
reporting and attestation requirements imposed on such party in Article XI of this Agreement (other than this Section 11.15)
with respect to the comparable timing, reporting and attestation requirements contemplated in this Section 11.15(d)
with respect to such Regulation AB Companion Loan Securitization, such party shall be deemed to be in compliance with the provisions
of this Section 11.15(d).

 

(e)           On or before March 1st of each year during which a Regulation AB Companion Loan Securitization is required to file
an annual report on Form 10-K (or, solely with respect to the Master Servicer and its obligation in 2016, March 15th) (and not
in respect of any year in which such Regulation AB Companion Loan Securitization is not required to file an annual report on Form
10-K because a Form 15 Suspension Notification with respect to the related trust was filed), each of the Trustee, the Certificate
Administrator, the Master Servicer and the Special Servicer shall, and the Master Servicer and the Special Servicer shall use commercially
reasonable efforts to cause any Servicing Function Participant appointed with respect to a Serviced Securitized Companion Loan
to, to the extent required pursuant to Item

 

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1123
of Regulation AB, deliver, with respect to itself, to the trustee or certificate administrator under the such Regulation AB Companion
Loan Securitization, upon request or notice from such trustee (which request or notice may be given once at the closing of such
Regulation AB Companion Loan Securitization instead of each time a filing is required), under such Regulation AB Companion Loan
Securitization a servicer compliance statement signed by an authorized officer of such Person that satisfies the requirements
of Item 1123 of Regulation AB. Notwithstanding the foregoing, to the extent the Trustee, the Certificate Administrator, the Master
Servicer or the Special Servicer, as the case may be, complies in all material respects with the timing, reporting and attestation
requirements imposed on such party in Article XI of this Agreement (other than this Section 11.15) with
respect to the comparable timing, reporting and attestation requirements contemplated in this Section 11.15(e) with
respect to such Regulation AB Companion Loan Securitization, such party shall be deemed to be in compliance with the provisions
of this Section 11.15(e).

 

(f)            Each of the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer shall use commercially
reasonable efforts to cause a Servicing Function Participant to agree (severally but not jointly) to indemnify (such indemnity
limited to each such parties respective failure described below) and hold the related Mortgage Loan Seller (or permitted transferee),
depositor, sponsor(s), trustee, certificate administrator or master servicer under a Regulation AB Companion Loan Securitization
harmless for any costs, liabilities, fees and expenses incurred by such Mortgage Loan Seller, depositor, sponsor(s), trustee, certificate
administrator or master servicer as a result of any failure by the Servicing Function Participant to comply with the reporting
requirements to the extent applicable set forth under Sections 11.15(b), (c), (d) or (e) above.

 

Any subservicing agreement
related to a Serviced Securitized Companion Loan shall contain a provision requiring the related Sub-Servicer to provide to the
Master Servicer or Special Servicer, as applicable, information, reports, statements and certificates with respect to itself and
such Serviced Securitized Companion Loan comparable to any information, reports, statements or certificates required to be provided
by the Master Servicer or Special Servicer pursuant to this Section 11.15, even if such Sub-Servicer is not otherwise
required to provide such information, reports or certificates to any Person in order to comply with Regulation AB. Such information,
reports or certificates shall be provided to the Master Servicer or Special Servicer, as applicable, no later than two Business
Days prior to the date on which the Master Servicer or Special Servicer, as applicable, is required to deliver its comparable information,
reports, statements or certificates pursuant to this Section 11.15.

 

(g)           With respect to any Mortgaged Property that secures a Serviced Pari Passu Companion Loan that 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) (together with notification of the relevant Distribution Date) with respect to an Other Securitization that
includes such Serviced Companion Loan, to the extent that the Master Servicer 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) from the Mortgagor, beginning with the first calendar quarter following receipt of such notice from
the Other Depositor, or the updated financial statements of such “significant obligor” for any calendar year, beginning
for the calendar year following such notice from the Other

 

    	-390-

    	 

    

 

Depositor,
as applicable, the Master Servicer or the Special Servicer, as applicable, shall deliver to the Other Depositor, on or prior to
the day that occurs two (2) Business Days prior to the related Significant Obligor NOI Quarterly Filing Deadline or seven (7)
Business Days prior to the related Significant Obligor NOI Yearly Filing Deadline, as applicable, (A) if such financial statement
receipt occurs twelve (12) or more Business Days prior to the related Significant Obligor NOI Quarterly Filing Deadline or seventeen
(17) or more Business Days prior to the related Significant Obligor NOI Yearly Filing Deadline, as applicable, the 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 or the Special Servicer, as applicable, in accordance with CREFC®
guidelines and (B) if such financial statement receipt occurs less than twelve (12) Business Day prior to the related Significant
Obligor NOI Quarterly Filing Deadline or less than seventeen (17) Business Days prior to the related Significant Obligor NOI Yearly
Filing Deadline, as applicable, such financial statements of the “significant obligor”, together with the net operating
income of such “significant obligor” for the applicable period as reported by the related Mortgagor in such financial
statements.

 

If the Master Servicer
or the Special Servicer, as applicable, does not receive such financial information satisfactory to comply with Item 6 of Form
10-D or Item 1112(b)(1) of Form 10-K, as the case may be, of such “significant obligor” within ten (10) Business Days
after the date such financial information is required to be delivered under the related Mortgage Loan documents, the Master Servicer
or the Special Servicer, as applicable, shall notify the Other Depositor with respect to such Other Securitization that includes
the related Serviced Pari Passu Companion Loan (and shall cause each applicable Sub-Servicing Agreement entered into after receipt
of written notice from the Other Depositor that such Serviced Pari Passu Companion Loan is a significant obligor to require the
related Sub-Servicer to notify such Other Depositor) that it has not received such financial information. The Master Servicer or
the Special Servicer, as applicable, shall use efforts consistent with the Servicing Standard (taking into account, in addition,
the ongoing reporting obligations of such Other Depositor under the Exchange Act) to obtain the periodic financial statements required
to be delivered by the related Mortgagor under the related Mortgage Loan documents.

 

The Master Servicer or
the Special Servicer, as applicable, shall (and shall cause each applicable Sub-Servicing Agreement entered into after receipt
of written notice from the Other Depositor that such Serviced Pari Passu Companion Loan is a significant obligor to require the
related Sub-Servicer to) retain written evidence of each instance in which it (or a Sub-Servicer) attempts to contact the related
Mortgagor related to any such “significant obligor” (identified to it as such by the Other Depositor in accordance
with the second preceding paragraph) to obtain the required financial information and is unsuccessful and, within five (5) Business
Days prior to the date in which a Form 10-D or Form 10-K, as applicable, is required to be filed with respect to the Other Securitization,
shall forward an Officer’s Certificate evidencing its attempts to obtain this information to the Other Exchange Act Reporting
Party and Other Depositor related to such Other Securitization. This Officer’s Certificate should be addressed to the certificate
administrator at its corporate trust office, as specified in the related Other Pooling and Servicing Agreement.

 

(h)          If any Other Securitization
includes a Serviced Companion Loan and is subject to the reporting requirements of the Exchange Act, then the obligations of the
parties

 

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hereto
set forth in this Article XI with respect such Other Securitization shall remain in full force and effect notwithstanding
that the Trust may cease to be subject to the reporting requirements of the Exchange Act.

 

Section 11.16     [RESERVED].

 

Section 11.17     Impact of Cure Period.
For the avoidance of doubt, neither the Master Servicer nor the Special Servicer shall be subject to a Servicer Termination Event
pursuant to clause (iii) of the definition thereof prior to the expiration of the Grace Period applicable to such party’s
obligations under this Article XI as provided for in such clause (iii) nor shall any such party be deemed to not
be in compliance under this Agreement, during any Grace Period provided for in this Article XI; provided that if
any such party fails to comply with the delivery requirements of this Article XI by the expiration of any applicable Grace
Period such failure shall constitute a Servicer Termination Event. Neither the Master Servicer nor the Special Servicer shall be
subject to a Servicer Termination Event pursuant to clause (iii) of the definition thereof prior to the expiration of the
Grace Period applicable to such party’s obligations under this Article XI as provided for in such clause (iii)
nor shall any such party be deemed to not be in compliance under this Agreement, for failing to deliver any item required under
this Article XI by the time required hereunder with respect to any reporting period for which the Trust (or any trust in
a related Other Securitization) is not required to file Exchange Act reports.

 

[End of Article XI]

 

Article
XII

the asset representations reviewer

 

Section 12.01     Asset
Review.

 

(a)          On or prior to
each Distribution Date, based either on the CREFC® Delinquent Loan Status Report and/or the CREFC® Loan
Periodic Update File delivered by the Master Servicer for such Distribution Date, the Certificate Administrator shall determine
if an Asset Review Trigger has occurred. If an Asset Review Trigger is determined to have occurred, the Certificate Administrator
shall promptly provide notice to all Certificateholders and each other party to this Agreement. Any notice required to be delivered
to the Certificateholders pursuant to this Article XII shall be delivered by the Certificate Administrator by posting such
notice on the Certificate Administrator’s Website, by mailing such notice to the Certificateholders’ addresses appearing
in the Certificate Register in the case of Definitive Certificates and by delivering such notice via the Depository in the case
of Book-Entry Certificates. The Certificate Administrator shall include in the Form 10-D relating to the reporting period in which
the Asset Review Trigger occurred the following statement describing the events that caused the Asset Review Trigger to occur:
“As of the [Date of Distribution], the following Mortgage Loans identified below are 60 or more days delinquent and an Asset
Review Trigger as defined in the Pooling and Servicing Agreement has occurred.”. On each Distribution Date occurring after
providing such notice to Certificateholders, the Certificate Administrator, based on information provided to it by the Master Servicer
or the Special Servicer, as applicable,

 

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shall
determine whether (1) any additional Mortgage Loan has become a Delinquent Loan, (2) any Mortgage Loan has ceased to be a Delinquent
Loan and (3) whether an Asset Review Trigger has ceased to exist, and, if there is an occurrence of any of the events or circumstances
identified in clauses (1), (2) and/or (3), deliver such information in a written notice (which may be via
email) in the form of Exhibit SS within two (2) Business Days to the Master Servicer, the Special Servicer, the Operating
Advisor and the Asset Representations Reviewer.

 

If Certificateholders
evidencing not less than 5% of the Voting Rights of the Certificates deliver to the Certificate Administrator, within 90 days after
the filing of the Form 10-D reporting the occurrence of an Asset Review Trigger, a written direction requesting a vote to commence
an Asset Review (an “Asset Review Vote Election”), then the Certificate Administrator shall promptly provide
written notice thereof to all Certificateholders and conduct a solicitation of votes in accordance with Section 5.10 to
authorize an Asset Review. Upon the affirmative vote to authorize an Asset Review by Holders of Certificates evidencing at least
a majority of an Asset Review Quorum within 150 days of receipt of the Asset Review Vote Election (an “Affirmative Asset
Review Vote”), the Certificate Administrator shall promptly provide written notice thereof to all parties to this Agreement,
the Underwriters, the Mortgage Loan Sellers, the Directing Certificateholder and the other Certificateholders (the “Asset
Review Notice”). Upon receipt of an Asset Review Notice, the Asset Representations Reviewer shall request access to the
Secure Data Room by providing the Certificate Administrator with a certification substantially in the form attached hereto as Exhibit
RR (which shall be sent via email to trustadministrationgroup@wellsfargo.com or submitted electronically via the Certificate
Administrator’s Website). Upon receipt of such certification, the Certificate Administrator shall grant the Asset Representations
Reviewer access to the Secure Data Room. In the event an Affirmative Asset Review Vote has not occurred within such 150-day period
following the receipt of the Asset Review Vote Election, no Certificateholder may request a vote or cast a vote for an Asset Review
and the Asset Representations Reviewer will not be required to review any Delinquent Loan unless and until (A) an additional Mortgage
Loan has become a Delinquent Loan after the expiration of such 150-day period, (B) a new Asset Review Trigger has occurred as a
result or an Asset Review Trigger is otherwise in effect, (C) the Certificate Administrator has timely received any Asset Review
Vote Election after the occurrence of the events described in clauses (A) and (B) in this sentence and (D) an Affirmative Asset
Review Vote has occurred within 150 days after the Asset Review Vote Election described in clause (C) in this sentence. After the
occurrence of any Asset Review Vote Election or an Affirmative Asset Review Vote, no Certificateholder may make any additional
Asset Review Vote Election except as described in the immediately preceding sentence. Any reasonable out-of-pocket expenses incurred
by the Certificate Administrator in connection with administering such vote will be paid as an expense of the Trust from the Collection
Account. The Certificate Administrator shall be entitled to administer any vote in connection with the foregoing through an agent.

 

(b)          (i) Upon receipt
of an Asset Review Notice, the Custodian (with respect to clauses (1) - (5) below for Non-Specially Serviced Loans),
the Master Servicer (with respect to clause (6) below for Non-Specially Serviced Loans) and the Special Servicer (with respect
to Specially Serviced Loans) shall promptly, but in no event later than ten (10) Business Days, provide the following materials
to the extent in their possession to the Asset Representations Reviewer (collectively, with the Diligence Files posted on the Secure
Data Room by the Certificate Administrator pursuant to Section 4.08, copies of all Asset Status Reports and Final

 

    	-393-

    	 

    

 

Asset
Status Reports related to each Delinquent Loan, a copy of the Prospectus, a copy of each related Mortgage Loan Purchase Agreement
and a copy of this Agreement, the “Review Materials”):

 

(1)            an assignment
of the Mortgage in favor of the Trustee, with evidence of recording thereon, for each Delinquent Loan that is subject to an Asset
Review;

 

(2)            an assignment
of any related assignment of leases (if such item is a document separate from the Mortgage) in favor of the Trustee, with evidence
of recording thereon, related to each Delinquent Loan that is subject to an Asset Review;

 

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

 

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

 

(5)        
   an assignment in favor of the Trustee of any financing statement executed and filed in the relevant
jurisdiction related to each Delinquent Loan that is subject to an Asset Review; and

 

(6)            any
other related documents and information that are required of the Master Servicer (with respect to Non-Specially Serviced Loans)
and the Special Servicer (with respect to Specially Serviced Loans) to be delivered to the Asset Representations Reviewer pursuant
to clause (ii) hereof.

 

(ii)          In
addition, in the event that the Asset Representations Reviewer determines that the Review Materials provided to it with respect
to any Mortgage Loan are missing any documents or information required to complete any Test in connection with an Asset Review
of such Mortgage Loan, the Asset Representations Reviewer shall promptly, but in no event later than ten (10) Business Days after
receipt of the Review Materials, notify the Master Servicer (with respect to Non-Specially Serviced Loans) or the Special Servicer
(with respect to Specially Serviced Loans), as applicable, of such missing documents and information, and request that the Master
Servicer or the Special Servicer, as applicable, promptly, but in no event later than ten (10) Business Days after receipt of notification
from the Asset Representations Reviewer, deliver to the Asset Representations Reviewer such missing documents and information in
its possession. In the event any missing documents or information are not provided by the Master Servicer or Special Servicer,
as applicable, within such ten (10) Business Day period, the Asset Representations Reviewer shall request such documents or information
from the related Mortgage Loan Seller; provided that the Mortgage Loan Seller shall be required under the related Mortgage
Loan Purchase Agreement to deliver such additional documents and information only to the extent such information is in the possession
of such party.

 

    	-394-

    	 

    

 

(iii)         The
Asset Representations Reviewer may, but is under no obligation to, consider and rely upon information furnished to it by a Person
that is not a party to this Agreement or the applicable Mortgage Loan Seller, and shall do so only if such information can be independently
verified (without unreasonable effort or expense to the Asset Representations Reviewer) and is determined by the Asset Representations
Reviewer in its good faith and sole discretion to be relevant to the Asset Review conducted pursuant to this Section 12.01
(any such information, “Unsolicited Information”).

 

(iv)         Upon
receipt by the Asset Representations Reviewer of the Asset Review Notice and access to the Review Materials with respect to a Delinquent
Loan, the Asset Representations Reviewer, as an independent contractor, shall commence a review of the compliance of each Delinquent
Loan with the representations and warranties related to that Delinquent Loan (such review, the “Asset Review”).
The Asset Representations Reviewer shall perform an Asset Review with respect to each representation and warranty made by the related
Mortgage Loan Seller with respect to such Delinquent Loan in accordance with the procedures set forth on Exhibit QQ (each
such procedure, a “Test”). Once an Asset Review of a Mortgage Loan is completed, no further Asset Review shall
be required in respect of, or performed on, such Mortgage Loan notwithstanding that such Mortgage Loan may continue to be a Delinquent
Loan or again become a Delinquent Loan at a time when a new Asset Review Trigger occurs and a new Affirmative Asset Review Vote
is obtained subsequent to the occurrence of such new Asset Review Trigger.

 

(v)          No
Certificateholder shall have the right to change the scope of the Asset Review, and the Asset Representations Reviewer shall not
be required to review any information other than (1) the Review Materials and (2) if applicable, Unsolicited Information.

 

(vi)         The
Asset Representations Reviewer may, absent manifest error and subject to the Asset Review Standard, (i) assume, without independent
investigation or verification, that the Review Materials are accurate and complete in all material respects and (ii) conclusively
rely on such Review Materials.

 

(vii)        The
Asset Representations Reviewer shall prepare a preliminary report with respect to each Delinquent Loan within forty-five (45) Business
Days after the date on which access to the Secure Data Room is provided. In the event that the Asset Representations Reviewer determines
that the Review Materials are insufficient to complete a Test and such missing information and documentation is not delivered to
the Asset Representations Reviewer by the Master Servicer (with respect to Non-Specially Serviced Loans), the Special Servicer
(with respect to Specially Serviced Loans) or from the related Mortgage Loan Seller within fifteen (15) Business Days following
the request by the Asset Representations Reviewer to the Master Servicer or Special Servicer, as applicable, as described in Section
12.01(b)(ii), the Asset Representations Reviewer shall list such missing information and documents in such preliminary report
setting forth the preliminary results of the application of the Tests and the reasons why such missing information and documents
are necessary to complete a Test and (if the Asset

 

    	-395-

    	 

    

 

Representations
Reviewer has so concluded) that the absence of such information and documents will be deemed to be a failure of such Test. The
Asset Representations Reviewer shall provide such preliminary report to the Master Servicer (with respect to Non-Specially Serviced
Loans) or the Special Servicer (with respect to Specially Serviced Loans), who shall promptly, but in no event later than ten
(10) Business Days of receipt of such preliminary report, provide such results to the related Mortgage Loan Seller. If the preliminary
report indicates that any of the representations and warranties fails or is deemed to fail any Test, the related Mortgage Loan
Seller shall have ninety (90) days (the “Cure/Contest Period”) to remedy or otherwise refute the failure. Any
information and documents provided or explanations given to support a Test pass conclusion shall be sent to the Master Servicer
(with respect to Non-Specially Serviced Loans) or the Special Servicer (with respect to Specially Serviced Loans), and the Master
Servicer and the Special Servicer, as applicable, shall promptly, but in no event later than ten (10) Business Days after receipt
from the related Mortgage Loan Seller, deliver to the Asset Representations Reviewer any information and documents received from
the Mortgage Loan Seller or explanations given to support the Mortgage Loan Seller’s claim that the representation and warranty
has not failed a Test or the Mortgage Loan Seller’s claim that any missing information and documents in the Review Materials
are not required to complete a Test. For avoidance of doubt, the Asset Representations Reviewer shall not be required to prepare
a preliminary report in the event the Asset Representations Reviewer determines that there is no Test failure with respect to
the related Mortgage Loan.

 

(viii)       The
Asset Representations Reviewer shall, within sixty (60) days after the date on which access to the Secure Data Room is provided
to the Asset Representations Reviewer by the Certificate Administrator or within the ten (10) days after the expiration of the
Cure/Contest Period (whichever is later), complete an Asset Review with respect to each Delinquent Loan and deliver (i) a report
setting forth the Asset Representations Reviewer’s findings and conclusions as to whether or not it has determined there
is any evidence of a failure of any Test based on the Asset Review and a statement that the Asset Representations Reviewer’s
findings and conclusions set forth in such report were not influenced by any third party (an “Asset Review Report”)
to each party to this Agreement, the related Mortgage Loan Seller for each Delinquent Loan and the Directing Certificateholder
and (ii) a summary of the Asset Representations Reviewer’s conclusions included in such Asset Review Report (an “Asset
Review Report Summary”) to the Trustee and the Certificate Administrator. The period of time by which the Asset Review
Report must be completed and delivered may be extended by up to an additional thirty (30) days, upon written notice to the parties
to this Agreement and the applicable Mortgage Loan Seller, if the Asset Representations Reviewer determines pursuant to the Asset
Review Standard that such additional time is required due to the characteristics of the Mortgage Loan and/or the Mortgaged Property
or Mortgaged Properties. In no event may the Asset Representations Reviewer determine whether any Test failure constitutes a Material
Defect, or whether the Trust should enforce any rights it may have against the applicable Mortgage Loan Seller, which, in each
case, shall be a responsibility of the Special Servicer pursuant to Section 2.03(f) of this Agreement.

 

    	-396-

    	 

    

 

(ix)         In
addition, in the event that the Asset Representations Reviewer does not receive any information or documentation that it requested
from the Master Servicer (with respect to Non-Specially Serviced Loans), the Special Servicer (with respect to Specially Serviced
Loans) or the related Mortgage Loan Seller in sufficient time to allow the Asset Representations Reviewer to complete its Asset
Review and deliver an Asset Review Report, the Asset Representations Reviewer shall prepare the Asset Review Report solely based
on the information received by the Asset Representations Reviewer with respect to the related Delinquent Loan, and the Asset Representations
Reviewer shall have no responsibility to independently obtain any such information from any party to this Agreement or otherwise.

 

(x)          Within
thirty (30) days after receipt of an Asset Review Report with respect to any Mortgage Loan, the Special Servicer shall determine,
based on the Servicing Standard, whether there exists a Material Defect with respect to such Mortgage Loan. If the Special Servicer
determines that a Material Defect exists, the Special Servicer shall enforce the obligations of the related Mortgage Loan Seller
with respect to such Material Defect in accordance with Section 2.03(b).

 

(c)          The Asset Representations
Reviewer and its affiliates shall keep confidential any information appropriately labeled as “Privileged Information”
received from any party to this Agreement or any Sponsor (including, without limitation, in connection with the review of the Mortgage
Loans) and not disclose such Privileged Information to any Person (including Certificateholders), other than (1) to the extent
expressly required by this Agreement in an Asset Review Report or otherwise, to the other parties to this Agreement with a notice
indicating that such information is Privileged Information or (2) pursuant to a Privileged Information Exception. Each party to
this Agreement that receives Privileged Information from the Asset Representations Reviewer with a notice stating that such information
is Privileged Information shall not disclose such Privileged Information to any Person without the prior written consent of the
Special Servicer other than pursuant to a Privileged Information Exception.

 

(d)          The Asset Representations
Reviewer may delegate its duties to agents or subcontractors so long as the related agreements or arrangements with such agents
or subcontractors are consistent with the provisions of this Section 12.01; provided that no agent or subcontractor
may (i) be affiliated with any Mortgage Loan Seller, Master Servicer, Special Servicer, the Depositor, the Certificate Administrator,
the Trustee, the Directing Certificateholder or any of their respective Affiliates or (ii) have been paid any fees, compensation
or other remuneration by an Underwriter, Master Servicer, Special Servicer, the Depositor, the Certificate Administrator, the Trustee,
the Directing Certificateholder or any of their respective Affiliates in connection with due diligence or other services with respect
to any Mortgage Loan prior to the Closing Date. Notwithstanding the foregoing sentence, the Asset Representations Reviewer shall
remain obligated and primarily liable for any Asset Review required hereunder in accordance with the provisions of this Agreement
without diminution of such obligation or liability or related obligation or liability by virtue of such delegation or arrangements
or by virtue of indemnification from any Person acting as its agents or subcontractor to the same extent and under the same terms
and conditions as if the Asset Representations Reviewer alone were performing its obligations under this Agreement. The

 

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Asset
Representations Reviewer shall be entitled to enter into an agreement with any agent or subcontractor providing for indemnification
of the Asset Representations Reviewer by such agent or subcontractor, and nothing contained in this Agreement shall be deemed
to limit or modify such indemnification.

 

Section 12.02     Payment
of Asset Representations Reviewer Fees and Expenses; Limitation of Liability.

 

(a)          As compensation
for the performance of its routine duties, the Asset Representations Reviewer shall be paid a fee (the “Asset Representations
Reviewer Fee”), payable monthly from amounts received in respect of the Mortgage Loans and shall be equal to the product
of a rate equal to 0.00083% per annum (the “Asset Representations Reviewer Fee Rate”) and the Stated
Principal Balance of the Mortgage Loans and any REO Loans (including any Non-Serviced Mortgage Loan, but not any Companion Loan)
and shall be calculated in the same manner as interest is calculated on such Mortgage Loans.

 

(b)          Upon the commencement
of an Asset Review with respect to a Delinquent Loan, the Asset Representations Reviewer shall be paid a fee of (i) $15,000 plus
$1,000 per additional Mortgaged Property with respect to a Delinquent Loan with a Cut-off Date Balance less than $15,000,000, (ii)
$20,000 plus $1,000 per additional Mortgaged Property with respect to a Delinquent Loan with a Cut-off Date Balance greater than
or equal to $15,000,000, but less than $30,000,000 or (iii) $25,000 plus $1,000 per additional Mortgaged Property with respect
to a Delinquent Loan with a Cut-off Date Balance greater than or equal to $30,000,000 (the “Asset Representations Reviewer
Asset Review Fee”), which shall cover recurring and otherwise reasonably anticipated expenses of the Asset Representations
Reviewer. The Asset Representations Reviewer Asset Review Fee with respect to each Delinquent Loan shall be paid by the related
Mortgage Loan Seller; provided, however, that if the related Mortgage Loan Seller is insolvent or fails to pay such
amount within ninety (90) days of written request by the Asset Representations Reviewer, such fee shall be paid by the Trust Fund
following delivery by the Asset Representations Reviewer of evidence reasonably satisfactory to the Master Servicer or the Special
Servicer, as applicable, of such insolvency or failure to pay such amount; provided, however, that a statement of
non-payment by the Asset Representations Reviewer ninety (90) days after an itemized invoice is delivered by registered mail to
the address listed in this Agreement for the related Mortgage Loan Seller, or to such other address as shall be provided by such
Mortgage Loan Seller for delivery of notice in accordance with this Agreement, together with evidence of delivery or attempted
delivery of such invoice and reasonable follow up by phone or email, shall constitute satisfactory evidence delivered by the Asset
Representations Reviewer of such failure to pay such amount; and provided, further, that notwithstanding any payment
of such fee by the Trust to the Asset Representations Reviewer, such fee will remain an obligation of the related Mortgage Loan
Seller and the Special Servicer shall pursue remedies against such Mortgage Loan Seller to recover any such amounts to the extent
paid by the Trust.

 

(c)          Notwithstanding
the foregoing, the Asset Representations Reviewer Asset Review Fee with respect to a Delinquent Loan shall be included in the Purchase
Price for any Mortgage Loan that was the subject of a completed Asset Review that is repurchased by a Mortgage Loan Seller, and
such portion of the Purchase Price received shall be used to reimburse

 

    	-398-

    	 

    

 

the
Asset Representations Reviewer or the Trust, as the case may be, for such fees pursuant to Section 12.02(b).

 

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

 

Section 12.03     Resignation of
the Asset Representations Reviewer. The Asset Representations Reviewer may resign and be discharged from its
obligations hereunder by giving written notice thereof to the other parties to this Agreement and each Rating Agency. Upon
such notice of resignation, the Depositor shall promptly appoint a successor asset representations reviewer that is an
Eligible Asset Representations Reviewer. If no successor asset representations reviewer shall have been so appointed and have
accepted appointment within 30 days after the giving of such notice of resignation, the resigning Asset Representations
Reviewer may petition any court of competent jurisdiction for the appointment of a successor asset representations reviewer
that is an Eligible Asset Representations Reviewer. The Asset Representations Reviewer will bear all reasonable costs and
expenses of each party hereto and each Rating Agency in connection with its resignation.

 

Section 12.04     Restrictions of the
Asset Representations Reviewer. Neither the Asset Representations Reviewer nor any of its Affiliates shall make any investment
in any Class of Certificates; provided, however, that such prohibition shall not apply to (i) riskless principal
transactions effected by a broker dealer Affiliate of the Asset Representations Reviewer or (ii) investments by an Affiliate of
the Asset Representations Reviewer if the Asset Representations Reviewer and such Affiliate maintain policies and procedures that
(A) segregate personnel involved in the activities of the Asset Representations Reviewer under this Agreement from personnel involved
in such Affiliate’s investment activities and (B) prevent such Affiliate and its personnel from gaining access to information
regarding the Trust and the Asset Representations Reviewer and its personnel from gaining access to such Affiliate’s information
regarding its investment activities.

 

Section 12.05     Termination
of the Asset Representations Reviewer.

 

(a)          An “Asset
Representations Reviewer Termination Event” means any one of the following events whether it shall be voluntary or involuntary
or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of
any administrative or governmental body:

 

(i)           any
failure by the Asset Representations Reviewer to observe or perform in any material respect any of its covenants or agreements
or the material breach of any of its representations or warranties under this Agreement, which failure shall continue unremedied
for a period of 30 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been
given to the Asset Representations Reviewer by the Trustee or to the Asset Representations Reviewer and the Trustee by the Holders
of Certificates having greater than 25% of the aggregate Voting Rights;

 

(ii)          any
failure by the Asset Representations Reviewer to perform its obligations hereunder in accordance with the Asset Review Standard
in any material

 

    	-399-

    	 

    

 

respect,
which failure shall continue unremedied for a period of thirty (30) days after the date written notice of such failure, requiring
the same to be remedied, is given to the Asset Representations Reviewer by any party to this Agreement;

 

(iii)          any
failure by the Asset Representations Reviewer to be an Eligible Asset Representations Reviewer, which failure shall continue unremedied
for a period of thirty (30) days after the date written notice of such failure, requiring the same to be remedied, is given to
the Asset Representations Reviewer by any party to this Agreement;

 

(iv)          a
decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator or receiver or
liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the winding-up
or liquidation of its affairs, shall have been entered against the Asset Representations Reviewer, and such decree or order shall
have remained in force undischarged or unstayed for a period of sixty (60) days;

 

(v)           the
Asset Representations Reviewer shall consent to the appointment of a conservator or receiver or liquidator or liquidation committee
in any insolvency, readjustment of debt, marshaling of assets and liabilities, voluntary liquidation, or similar proceedings of
or relating to the Asset Representations Reviewer or of or relating to all or substantially all of its property; or

 

(vi)          the
Asset Representations Reviewer shall admit in writing its inability to pay its debts generally as they become due, file a petition
to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors,
or voluntarily suspend payment of its obligations.

 

Upon receipt by the Certificate
Administrator of written notice of the occurrence of any Asset Representations Reviewer Termination Event, the Certificate Administrator
shall promptly provide written notice to all Certificateholders in accordance with the notice distribution procedures described
in Section 12.01(a), unless the Certificate Administrator has received written notice that such Asset Representations Reviewer
Termination Event has been remedied. If an Asset Representations Reviewer Termination Event shall occur then, and in each and every
such case, so long as such Asset Representations Reviewer Termination Event shall not have been remedied, either the Trustee (i)
may or (ii) upon the written direction of holders of Certificates evidencing not less than 25% of the Voting Rights (without regard
to the application of any Appraisal Reduction Amounts), shall, terminate all of the rights and obligations of the Asset Representations
Reviewer under this Agreement, other than rights and obligations accrued prior to such termination (including the right to receive
all amounts accrued and owing to it under this Agreement) and other than indemnification rights (arising out of events occurring
prior to such termination), by notice in writing to the Asset Representations Reviewer. The Asset Representations Reviewer is required
to bear all reasonable costs and expenses of itself and of each other party to this Agreement in connection with its termination
due to an Asset Representations Reviewer Termination Event. Notwithstanding anything herein to the contrary, the Depositor and
each Mortgage Loan Seller shall have the right, but not the obligation, to

 

    	-400-

    	 

    

 

notify
the Certificate Administrator and the Trustee of any Asset Representations Reviewer Termination Event of which it becomes aware.

 

(b)          Upon (i) the written
direction of holders of Certificates evidencing not less than 25% of the Voting Rights (without regard to the application of any
Appraisal Reduction Amounts) requesting a vote to terminate and replace the Asset Representations Reviewer with a proposed successor
asset representations reviewer that is an Eligible Asset Representations Reviewer and (ii) payment by such Holders to the Certificate
Administrator of the reasonable fees and expenses to be incurred by the Certificate Administrator in connection with administering
such vote, the Certificate Administrator shall promptly provide written notice thereof to the Asset Representations Reviewer and
to all Certificateholders by (i) posting such notice on its internet website, and (ii) mailing such notice to all Certificateholders
at their addresses appearing in the Certificate Register and to the Asset Representations Reviewer. Upon the written direction
of holders of Certificates evidencing more than 75% of a Certificateholder Quorum (without regard to the application of any Appraisal
Reduction Amounts), the Trustee shall terminate all of the rights and obligations of the Asset Representations Reviewer under this
Agreement (other than any rights or obligations that accrued prior to the date of such termination and other than indemnification
rights arising out of events occurring prior to such termination) by notice in writing to the Asset Representations Reviewer and
appoint the proposed successor. As between the Asset Representations Reviewer, on the one hand, and the Certificateholders, on
the other, the Certificateholders shall be entitled in their sole discretion to vote for the termination or not vote for the termination
of the Asset Representations Reviewer. In the event that holders of the Certificates entitled to at least 75% of the Voting Rights
elect to remove the Asset Representations Reviewer without cause and appoint a successor, the successor asset representations reviewer
will be responsible for all expenses necessary to effect the transfer of responsibilities from its predecessor.

 

(c)          On or after the
receipt by the Asset Representations Reviewer of written notice of termination, subject to this Section 12.05, all of its
authority and power under this Agreement shall be terminated and, without limitation, the terminated Asset Representations Reviewer
shall execute any and all documents and other instruments, and do or accomplish all other acts or things reasonably necessary or
appropriate to effect the purposes of such notice of termination. As soon as practicable, but in no event later than 30 days after
(1) the Asset Representations Reviewer resigns pursuant to Section 12.03 of this Agreement or (2) the Trustee delivers such
written notice of termination to the Asset Representations Reviewer, the Trustee shall appoint a successor asset representations
reviewer that is an Eligible Asset Representations Reviewer. The Trustee shall provide written notice of the appointment of an
Asset Representations Reviewer to the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator,
the Directing Certificateholder and each Certificateholder within one Business Day of such appointment.

 

The Asset Representations
Reviewer shall at all times be an Eligible Asset Representations Reviewer and if the Asset Representations Reviewer ceases to be
an Eligible Asset Representations Reviewer, the Asset Representations Reviewer shall immediately notify the Master Servicer, the
Special Servicer, the Trustee, the Operating Advisor, the Certificate Administrator and the Directing Holder of such disqualification
and immediately resign under Section 12.03 of this Agreement and the Trustee shall appoint a successor asset representations

 

    	-401-

    	 

    

 

reviewer
subject to and in accordance with this Section 12.05. Notwithstanding the foregoing, if the Trustee is unable to find a
successor asset representations reviewer within thirty (30) days of the termination of the Asset Representations Reviewer, the
Depositor shall be permitted to find a replacement. The Trustee shall not be liable for any failure to identify and appoint a
successor asset representations reviewer so long as the Trustee uses commercially reasonable efforts to conduct a search for a
successor asset representations reviewer and such failure is not a result of the Trustee’s negligence, bad faith or willful
misconduct in the performance of its obligations hereunder.

 

(d)          Upon any termination
of the Asset Representations Reviewer and appointment of a successor to the Asset Representations Reviewer, the Trustee shall,
as soon as possible, give written notice thereof to the Special Servicer, the Master Servicer, the Certificate Administrator (who
shall, as soon as possible, give written notice thereof to the Certificateholders), the Operating Advisor, the Mortgage Loan Sellers,
the Depositor and, prior to the occurrence and continuance of a Consultation Termination Event, the Directing Certificateholder
and each Rating Agency. In the event that the Asset Representations Reviewer is terminated, all of its rights and obligations under
this Agreement shall terminate, other than any rights or obligations that accrued prior to the date of such termination (including
the right to receive all amounts accrued and owing to it under this Agreement) and other than indemnification rights (arising out
of events occurring prior to such termination).

 

[End of Article XII]

 

Article
XIII

MISCELLANEOUS PROVISIONS

 

Section 13.01     Amendment. (a)
This Agreement may be amended from time to time by the parties hereto, without the consent of any of the Certificateholders or
the Companion Holders:

 

(i)           to
correct any defect or ambiguity in this Agreement in order to address any manifest error in any provision of this Agreement;

 

(ii)          to
cause the provisions in this Agreement to conform or be consistent with or in furtherance of the statements made in the Prospectus
(or in an offering document for any related non-offered certificates) with respect to the Certificates, the Trust or this Agreement
or to correct or supplement any of its provisions which may be defective or inconsistent with any other provisions therein or to
correct any error;

 

(iii)         to
change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the P&I Advance Date shall in no event be later than the Business Day prior to the related Distribution Date and (b)
such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced in writing
by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

    	-402-

    	 

    

 

(iv)         to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust or any Trust REMIC or the Grantor Trust;
provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party
requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid
or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the
interests of any Certificateholder or Companion Holder;

 

(v)          to
modify, eliminate or add to the provisions of Section 5.03(n) or any other provision hereof restricting transfer of the
Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel,
cause the Trust, any Trust REMIC or any of the Certificateholders (other than the Transferor) to be subject to a federal tax caused
by a Transfer to a Person that is a Disqualified Organization or a Disqualified Non-U.S. Tax Person;

 

(vi)         to
revise or add any other provisions with respect to matters or questions arising under this Agreement or any other change; provided
that the required action shall not adversely affect in any material respect the interests of any Certificateholder or any holder
of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced in writing by an Opinion of Counsel,
at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any
(provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation
may be considered satisfied with respect to the Certificates pursuant to Section 3.25);

 

(vii)        to
amend or supplement any provision hereof to the extent necessary to maintain the then-current ratings assigned to each Class of
Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and confirmation
of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant
to Section 3.25); provided that such amendment or supplement shall not adversely affect in any material respect the
interests of any Certificateholder not consenting to such amendment or supplement, as evidenced by an Opinion of Counsel;

 

(viii)       to
modify the provisions of Sections 3.05 and 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed
Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has
not occurred and is not continuing and with respect to the

 

    	-403-

    	 

    

 

Mortgage Loans other than any Excluded Loan, the Directing Certificateholder,
determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform
to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC or the status
of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c)
each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities,
the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25);

 

(ix)         to
modify the procedures of this Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment
shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an Opinion of
Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates;
and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information
Provider for posting to the 17g-5 Information Provider’s Website pursuant to Section 3.13(c) and the Certificate Administrator
shall post such notice to the Certificate Administrator’s Website; or

 

(x)          to
modify, eliminate or add to any of its provisions to such extent as will be necessary to comply with the requirements for use of
Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv).

 

Notwithstanding the foregoing, no such
amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any
Mortgage Loan Seller under any Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as
a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller or (B) may materially and adversely affect
the holders of a Companion Loan without such Companion Holder’s consent.

 

(b)          This Agreement
may also be amended from time to time by the parties hereto with the consent of the Holders of Certificates of each Class affected
by such amendment evidencing in the aggregate not less than a majority of the aggregate Percentage Interests constituting the Class
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or
of modifying in any manner the rights of the Holders of Certificates of such Class; provided, however, that no such
amendment shall:

 

(i)           reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to be distributed
on a Certificate of any class without the consent of the Holder of the Certificate or which are required to be distributed to a
Companion Holder without the consent of such Companion Holder; or

 

    	-404-

    	 

    

 

(ii)          reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all Certificates
of such Class then-outstanding or such Companion Holders, as applicable; or

 

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

 

(iv)         change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations or rights of any Mortgage Loan Seller
under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
hereunder, without the consent of such Mortgage Loan Seller; or

 

(v)          amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates pursuant to Section 3.25) and, if required under the related Intercreditor Agreement, the
consent of the holder of any AB Subordinate Companion Loan for each Serviced AB Whole Loan.

 

(c)          Notwithstanding
the foregoing, none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator, the
Depositor, the Master Servicer nor the Special Servicer shall consent to any amendment hereto without having first received an
Opinion of Counsel (at the Trust’s expense) to the effect that such amendment is permitted hereunder, that all conditions
precedent have been satisfied and that such amendment or the exercise of any power granted to the Master Servicer, the Special
Servicer, the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
or any other specified person in accordance with such amendment will not result in the imposition of a tax on any portion of the
Trust Fund or any Trust REMIC, or cause any Trust REMIC to fail to qualify as a REMIC or cause the Grantor Trust to fail to qualify
as a grantor trust under the relevant provisions of the Code. Furthermore, no amendment to this Agreement may be made that changes
any provision specifically required to be included in this Agreement by (i) any Non-Serviced Intercreditor Agreement, (ii) the
Empire Mall Intercreditor Agreement (prior to the securitization of the related Companion Loan) or (iii) the Heritage Industrial
Portfolio Intercreditor Agreement, without in each case the consent of the holder of the related Non-Serviced Companion Loan(s).

 

(d)          Promptly after
the execution of any amendment to this Agreement, the Certificate Administrator shall post a copy of the same to the Certificate
Administrator’s Website, deliver a copy of the same to the 17g-5 Information Provider who shall post a copy of the same on
the 17g-5 Information Provider’s Website pursuant to Section 3.13(b) and Section 3.13(c), as applicable, and
thereafter, the Certificate Administrator shall furnish written

 

    	-405-

    	 

    

 

notification
of the substance of such amendment to each Certificateholder and each Serviced Companion Noteholder, the Depositor, the Master
Servicer, the Special Servicer, the Mortgagors, the Underwriters and the Rating Agencies.

 

(e)          It shall not be
necessary for the consent of Certificateholders under this Section 13.01 to approve the particular form of any proposed
amendment, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents
and of evidencing the authorization of the execution thereof by Certificateholders shall be subject to such reasonable regulations
as the Certificate Administrator may prescribe.

 

(f)           The Trustee and
the Certificate Administrator shall not be obligated to enter into any amendment pursuant to this Section 13.01 that affects
its rights, duties and immunities under this Agreement or otherwise.

 

(g)          The cost of any
Opinion of Counsel to be delivered pursuant to Section 13.01(a) or (c) and the cost of any amendment entered into
hereunder shall be borne by the Person seeking the related amendment, except that if the Master Servicer, the Certificate Administrator
or the Trustee requests any amendment of this Agreement in furtherance of the rights and interests of Certificateholders, the cost
of any Opinion of Counsel required in connection therewith pursuant to Section 13.01(a) or (c) shall be payable out
of the Collection Account.

 

(h)          The Servicing
Standard shall not be amended unless each Rating Agency provides Rating Agency Confirmation and, with respect to any class of Serviced
Companion Loan Securities, the applicable rating agencies provide a confirmation that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant
to Section 3.25).

 

(i)           To the extent
the Operating Advisor, the Trustee, Certificate Administrator, Master Servicer, Special Servicer, the Asset Representations Reviewer
or Depositor obtains an Opinion of Counsel as provided for in Section 13.01(c) in connection with executing any amendment
to this Agreement, such party shall be deemed not to have acted negligently in connection with entering into such amendment for
purposes of availing itself of any indemnity provided to such party under this Agreement.

 

(j)           Notwithstanding
any other provision of this Agreement, for purposes of the giving or withholding of consents pursuant to this Section 13.01,
Certificates registered in the name of the Depositor or any Affiliate of the Depositor shall be entitled to the same Voting Rights
with respect to matters described above as they would if any other Person held such Certificates, so long as neither the Depositor
nor any of its Affiliates is performing servicing duties with respect to any of the Mortgage Loans.

 

(k)          This Agreement
may not be amended without the consent of any holder of an AB Subordinate Companion Loan if such amendment would materially and
adversely affect the rights of such Companion Holder hereunder.

 

    	-406-

    	 

    

 

Section 13.02     Recordation
of Agreement; Counterparts. (a) To the extent permitted by applicable law, this Agreement is subject to recordation in all
appropriate public offices for real property records in all the counties or other comparable jurisdictions in which any or all
of the properties subject to the Mortgages are situated, and in any other appropriate public recording office or elsewhere, such
recordation to be effected by the Certificate Administrator at the expense of the Depositor on direction by the Special Servicer
and with the consent of the Depositor (which may not be unreasonably withheld), but only upon direction accompanied by an Opinion
of Counsel (the cost of which shall be paid by the Depositor) to the effect that such recordation materially and beneficially
affects the interests of the Certificateholders.

 

(b)          For the purpose
of facilitating the recordation of this Agreement as herein provided and for other purposes, this Agreement may be executed simultaneously
in any number of counterparts, each of which counterparts shall be deemed to be an original, and such counterparts shall constitute
but one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement in Portable Document
Format (PDF) or by facsimile transmission shall be as effective as delivery of a manually executed original counterpart of this
Agreement.

 

(c)          The Trustee shall
make any filings required under the laws of the state of its place of business required solely by virtue of the fact of the location
of the Trustee’s place of business, the costs of which, if any, to be at the Trustee’s expense.

 

Section 13.03     Limitation on Rights
of Certificateholders. (a) The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or
the Trust, 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, nor otherwise affect the rights, obligations and liabilities
of the parties hereto or any of them.

 

(b)          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, 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 party by reason of any action taken by the parties to this Agreement pursuant
to any provision hereof.

 

(c)          No Certificateholder
shall have any right by virtue of any provision of this Agreement to institute any suit, action or proceeding in equity or at law
upon or under or with respect to this Agreement, any Intercreditor Agreement, any Mortgage Loan, or with respect to the Certificates,
unless, with respect to any suit, action or proceeding upon or under or with respect to this Agreement, such Holder previously
shall have given to the Trustee and the Certificate Administrator a written notice of default, and of the continuance thereof,
as herein before provided, or of the need to institute such suit, action or proceeding on behalf of the Trust and unless also (except
in the case of a default by the Trustee) the Holders of Certificates of any Class evidencing not less than 25% of the related Percentage
Interests in such Class shall have made written request upon the Trustee to institute such action, suit or proceeding in its own
name as Trustee hereunder and shall have offered to the Trustee such indemnity reasonably

 

    	-407-

    	 

    

 

satisfactory
to it as it may require against the costs, expenses and liabilities to be incurred therein or thereby, and the Trustee, for sixty
(60) days after its receipt of such notice, request and offer of such indemnity, shall have neglected or refused to institute
any such action, suit or proceeding. The Trustee shall be under no obligation to exercise any of the trusts or powers vested in
it hereunder or to institute, conduct or defend any litigation hereunder or in relation hereto at the request, order or direction
of any of the Holders of Certificates unless such Holders have offered to the Trustee indemnity reasonably satisfactory to it
against the costs, expenses and liabilities which may be incurred therein or hereby. It is understood and intended, and expressly
covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates
shall have any right in any manner whatsoever by virtue of any provision of this Agreement or the Certificates to affect, disturb
or prejudice the rights of the Holders of any other of such Certificates, or to obtain or seek to obtain priority over or preference
to any other such Holder, which priority or preference is not otherwise provided for herein, or to enforce any right under this
Agreement or the Certificates, except in the manner herein or therein provided and for the equal, ratable and common benefit of
all Certificateholders. For the protection and enforcement of the provisions of this Section 13.03(c), each and every Certificateholder
and the Trustee shall be entitled to such relief as can be given either at law or in equity.

 

Section 13.04     Governing Law; Submission
to Jurisdiction; Waiver of Jury Trial. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS
AGREEMENT, THE RELATIONSHIP OF THE PARTIES TO THIS AGREEMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES
OF THE PARTIES TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE
OF NEW YORK, WITHOUT REGARD TO THE CHOICE OF LAW RULES THEREOF. THE PARTIES HERETO INTEND THAT THE PROVISIONS OF SECTION 5-1401
OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AGREEMENT.

 

EACH OF THE PARTIES HERETO
IRREVOCABLY (I) SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE FEDERAL COURTS OF THE UNITED
STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK FOR THE PURPOSE OF ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT;
(II) WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE DEFENSE OF AN INCONVENIENT FORUM IN ANY ACTION OR PROCEEDING IN ANY SUCH
COURT; (III) AGREES THAT A FINAL JUDGMENT IN ANY ACTION OR PROCEEDING IN ANY SUCH COURT SHALL BE CONCLUSIVE AND MAY BE ENFORCED
IN ANY OTHER JURISDICTION BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW; AND (IV) CONSENTS TO SERVICE OF PROCESS
UPON IT BY MAILING A COPY THEREOF BY CERTIFIED MAIL ADDRESSED TO IT AS PROVIDED FOR NOTICES HEREUNDER.

 

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

 

    	-408-

    	 

    

 

OTHERWISE,
RELATING DIRECTLY OR INDIRECTLY TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Section 13.05     Notices. (a) 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 personally delivered at or couriered, sent by facsimile transmission (other than with respect
to the Mortgage Loan Sellers) or mailed by registered mail, postage prepaid (except for notices to the Mortgage Loan Sellers, the
Master Servicer the Certificate Administrator and the Trustee which shall be deemed to have been duly given only when received),
to:

 

In the case of the Depositor:

c/o Wells Fargo Securities, LLC

375 Park Avenue, 2nd Floor, J0127 023

New York, New York 10152

Attention: A.J. Sfarra

 

with a copy to:

Jeff D. Blake, Esq.

Wells Fargo Law Department, D1053 300

301 South College St.

Charlotte, North Carolina 28288

 

In the case of the Master Servicer:

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086-120, 550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: WFCM 2015-P2 Asset Manager

Telecopy Number: (704) 715-0036

 

with a copy to:

Wells Fargo Bank, National Association Legal Department

301 S. College St., TW-30

Charlotte, North Carolina 28202

Attention: Commercial Mortgage Servicing Legal Support

Reference: WFCM 2015-P2

 

    	-409-

    	 

    

 

with a copy to:

Mayer Brown LLP

214 North Tryon Street, Suite 3800

Charlotte, North Carolina 28202

Attention: Christopher J. Brady, Esq.

 

In the case of the Special Servicer:

C-III Asset Management LLC

5221 N. O’Connor Blvd., Suite 600

Irving, Texas 75039

Fax number: (972) 868-5490

Attention: Lindsey Wright

 

with a copy to:

C-III Asset Management LLC

5221 N. O’Connor Blvd., Suite 600

Irving, Texas 75039

Fax number: (972) 868-5490

Attention: Jenna Unell

 

In the case of the Directing
Certificateholder:

Raith Capital Partners, LLC

295 Madison Avenue, 42nd Floor

New York, New York 10017

Fax number: (212) 938-6995

Attention:

 

In the case of the Trustee:

Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee WFCM 2015-P2

Telecopy number: (302) 636-4140

Email: CMBSTrustee@wilmingtontrust.com

 

In the case of the Certificate
Administrator:

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Administration Group – WFCM 2015-P2

Email: cts.cmbs.bond.admin@wellsfargo.com

 

    	-410-

    	 

    

 

with a copy to: trustadministratorgroup@wellsfargo.com

 

In the case of the Mortgage Loan
Sellers:

 

		1.	Wells Fargo Bank, National Association

301 South College St.

Charlotte, North Carolina 28288

Attention: Wells Fargo Commercial Mortgage Trust 2015-P2, 

Commercial Mortgage Pass-Through Certificates, Series 2015-P2

 

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:

Brigid Mattingly

Wells Fargo Bank, National Association

10 South Wacker Drive, 32nd Floor

Chicago, IL 60606

Telephone number: (312) 269-3062

Email: brigid.mattingly@wellsfargo.com

 

		2.	Citigroup Global Markets Realty Corp.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice

Telephone number: (212) 723-6156

Fax number: (212) 723 8599

Email: paul.t.vanderslice@citi.com

 

388 Greenwich Street, 19th Floor

New York, New York 10013

Attention: Richard Simpson

Fax number: (646) 328 2943

 

with copies by electronic mail to:

Richard Simpson (richard.simpson@citi.com)

Ryan M. O’Connor (ryan.m.oconnor@citi.com) and

in the case of each 15Ga-1 Notice, cmbs.notice@citi.com

 

    	-411-

    	 

    

 

		3.	Ladder Capital Finance LLC or Ladder Capital Finance Holdings LLLP

345 Park Avenue, 8th Floor

New York, New York 10154

Attention: Pamela McCormack

Telephone number: (212) 715-3174

 

with electronic copies to:

Pamela McCormack (pamela.mccormack@laddercapital.com)

Robert Perelman (robert.perelman@laddercapital.com)

David Traitel (david.traitel@laddercapital.com)

 

		4.	Macquarie US Trading LLC d/b/a Principal Commercial Capital

125 West 55th Street

New York, New York 10019

Attention: Joshua Karlin

Telephone number: (212) 231-1548

Email: Joshua.Karlin@macquarie.com

 

		5.	Société Générale

245 Park Avenue

New York, New York 10167

Attention: Jim Barnard

Telephone number: (212) 278-6263

Email: Jim.Barnard@sgcib.com

 

with a copy to:

Société Générale

245 Park Avenue, 11th Floor

New York, New York 10167

Attention: General Counsel

Fax number: (212) 278-2074

 

    	-412-

    	 

    

 

In the case of the Asset Representations
Reviewer and the Operating Advisor:

Pentalpha Surveillance LLC

375 N. French Road, Suite 100

Amherst, New York, 14228,

Attention: Don Simon, Chief Operating Officer

With a copy sent via email to: don.simon@pentalphasurveillance.com and 

notices@pentalphasurveillance.com

with a copy to:

Bass, Berry & Sims PLC

150 Third Avenue South

Suite 2800

Nashville, Tennessee 37201

Attention: Jay H. Knight

Email: jknight@bassberry.com

 

In the case of any mezzanine
lender:

The address set forth in the related Intercreditor Agreement.

 

To each such Person, such other 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 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.

 

(b)          Any party required
to deliver any notice or information pursuant to the terms of this Agreement to the Rating Agencies shall deliver such written
notice of the events or information specified in Section 3.13(c) to the Rating Agencies at the address listed below, promptly
following the occurrence thereof. The Master Servicer or Special Servicer, as applicable, the Certificate Administrator, and Trustee
also shall furnish such other information regarding the Trust as may be reasonably requested by the Rating Agencies to the extent
such party has or can obtain such information without unreasonable effort or expense; provided, however, that such
other information is first provided to the 17g-5 Information Provider in accordance with the procedures set forth in Section
3.13(c); provided, further, that the 17g-5 Information Provider shall not disclose which Rating Agency has requested
such information. Notwithstanding the foregoing, the failure to deliver such notices or copies shall not constitute a Servicer
Termination Event, as the case may be, under this Agreement. Any confirmation of the rating by the Rating Agencies required hereunder
shall be in writing.

 

    	-413-

    	 

    

 

Any notices to the Rating Agencies
shall be sent to the following addresses:

Moody’s Investors Service, Inc.

7 World Trade Center

250 Greenwich Street

New York, New York 10007

Attention: Commercial Mortgage Surveillance Group

E-mail: CMBSSurveillance@moodys.com

 

Fitch Ratings, Inc.

33 Whitehall Street

New York, New York 10004

Attention: Commercial Mortgage Backed Securities Surveillance

Facsimile No.: (212) 635-0295

E-mail: info.cmbs@fitchratings.com

 

Kroll Bond Rating Agency, Inc.

845 Third Avenue, 4th Floor

New York, New York 10022

Attention: CMBS Surveillance

Facsimile No.: (646) 731-2395

 

Section 13.06     Severability
of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any
reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the
remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement or of the Certificates or the rights of the Holders thereof.

 

Section 13.07     Grant of a Security
Interest. 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, the Distribution Accounts, the Gain-on-Sale Reserve Account, the Interest Reserve Account
and, if established, the REO Account, and all reinvestment earnings on such amounts, and all of the Depositor’s right, title
and interest in and to the proceeds of any title, hazard or other Insurance Policies related to such Mortgage Loans and (ii) this
Agreement shall constitute a security agreement under applicable law. This Section 13.07 shall constitute notice to the
Trustee pursuant to any of the requirements of the applicable UCC.

 

    	-414-

    	 

    

 

Section 13.08     Successors and Assigns;
Third Party Beneficiaries. (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the respective
successors and assigns of the parties hereto, and all such provisions shall inure to the benefit of the Certificateholders. Each
Mortgage Loan Seller (and its respective agents), each Companion Holder (and its respective agents), each Underwriter, each depositor
of a Regulation AB Companion Loan Securitization and each Initial Purchaser is an intended third-party beneficiary to this Agreement
in respect of the respective rights afforded it hereunder. No other person, including, without limitation, any Mortgagor, shall
be entitled to any benefit or equitable right, remedy or claim under this Agreement.

 

(b)          Each Serviced
Companion Noteholder shall be a third-party beneficiary to this Agreement in respect to the rights afforded it hereunder. Each
of the Other Servicers and the Other Trustees shall be a third-party beneficiary to this Agreement in respect to all provisions
herein expressly relating to compensation, reimbursement or indemnification of such Other Servicer and Other Trustee, and any provisions
regarding reimbursement or advances or interest thereon to such Other Servicer or Other Trustee.

 

(c)          Each of the applicable
Non-Serviced Trustee, Non-Serviced Master Servicer, Non-Serviced Special Servicer and any Non-Serviced Trust holding a related
Non-Serviced Companion Loan, shall be a third-party beneficiary to this Agreement in respect to its rights as specifically provided
for herein and under the applicable Non-Serviced Intercreditor Agreement.

 

(d)          Subject to Section
2.03(k), Section 2.03(l)(iii) and Section 2.03(l)(v), any Requesting Certificateholder shall be an express third-party
beneficiary to this Agreement for purposes of exercising rights under Section 2.03(k) through Section 2.03(o).

 

Section 13.09     Article and Section
Headings. The article and section headings herein are for convenience of reference only, and shall not limit or otherwise affect
the meaning hereof.

 

Section 13.10     Notices to the Rating
Agencies. (a) The Certificate Administrator shall use reasonable efforts promptly to provide notice to the 17g-5 Information
Provider for posting on the 17g-5 Information Provider’s Website pursuant to Section 3.13(c), (and the related 17g-5
information provider for any class of Serviced Companion Loan Securities to the extent applicable to any Serviced Whole Loan) with
respect to each of the following of which it has actual knowledge:

 

(i)           any
material change or amendment to this Agreement;

 

(ii)          the
occurrence of a Servicer Termination Event that has not been cured;

 

(iii)         the
resignation or termination of the Certificate Administrator, the Master Servicer, the Asset Representations Reviewer or the Special
Servicer; and

 

(iv)         the
repurchase or substitution of Mortgage Loans by the related Mortgage Loan Seller pursuant to Section 5 of the related Mortgage
Loan Purchase Agreement.

 

    	-415-

    	 

    

 

(b)          The Master Servicer
shall use reasonable efforts to promptly provide notice to the 17g-5 Information Provider for posting on the 17g-5 Information
Provider’s Website pursuant to Section 3.13(c), with respect to each of the following of which it has actual knowledge:

 

(i)           the
resignation or removal of the Trustee or the Certificate Administrator;

 

(ii)          any
change in the location of the Collection Account;

 

(iii)         any
event that would result in the voluntary or involuntary termination of any insurance of the accounts of the Trustee;

 

(iv)         any
change in the lien priority of any Mortgage Loan with respect to an assumption of the Mortgage Loan or additional encumbrance described
in Section 3.08;

 

(v)          any
additional lease to an anchor tenant or termination of any existing lease to an anchor tenant at retail properties for any Mortgage
Loan with a Stated Principal Balance that is equal to or greater than the lesser of (1) an amount greater than 5% of the then-aggregate
outstanding principal balances of the Mortgage Loans and (2) $35,000,000;

 

(vi)         any
material damage to any Mortgaged Property;

 

(vii)        any
assumption with respect to a Mortgage Loan; and

 

(viii)       any
release or substitution of any Mortgaged Property.

 

(c)          The Certificate
Administrator shall promptly furnish notice to the 17g-5 Information Provider for posting on the 17g-5 Information Provider’s
Website pursuant to Section 3.13(c), and thereafter to the Rating Agencies of (i) any change in the location of the Distribution
Accounts and (ii) the final payment to any Class of Certificateholders.

 

(d)          The Trustee, the
Certificate Administrator, the Master Servicer and the Special Servicer, as applicable, shall furnish to the 17g-5 Information
Provider for posting on the 17g-5 Information Provider’s Website pursuant to Section 3.13(c), and thereafter to each
Rating Agency (and any rating agency for any class of Serviced Companion Loan Securities to the extent applicable to any Serviced
Whole Loan) with respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan) such information as any Rating Agency
shall reasonably request and which the Trustee, the Certificate Administrator, the Master Servicer or Special Servicer, can reasonably
provide in accordance with applicable law and without waiving any attorney-client privilege relating to such information or violating
the terms of this Agreement or any Mortgage Loan documents. The Trustee, the Certificate Administrator, the Master Servicer and
Special Servicer, as applicable, may include any reasonable disclaimer it deems appropriate with respect to such information. Notwithstanding
anything to the contrary herein, nothing in this Section 13.10 shall require a party to provide duplicative notices or copies
to the Rating Agencies with respect to any of the above listed items. In connection with the delivery by the Master Servicer or
Special Servicer to the 17g-5 Information Provider of any information, report, notice or document for posting to the 17g-5 Information
Provider’s Website, the 17g-5

 

    	-416-

    	 

    

 

Information
Provider shall notify the Master Servicer or Special Servicer when such information, report, notice or document has been posted.
The Master Servicer or Special Servicer, as applicable, may, but shall not be obligated to send such information, report, notice
or document to the applicable Rating Agency following the earlier of (a) receipt of such notice from the 17g-5 Information Provider
and (b) two Business Days following delivery to the 17g-5 Information Provider.

 

[End of Article XIII]

 

[SIGNATURES COMMENCE ON FOLLOWING PAGE]

 

    	-417-

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have caused their names to be signed hereto by their respective officers thereunto duly authorized, in each
case as of the day and year first above written.

	 	 	 
	 	WELLS FARGO COMMERCIAL 

       MORTGAGE SECURITIES, INC., 

       Depositor
	 	 	 
	 	By:	/s/ Anthony J. Sfarra
	 	 	Name:  Anthony J. Sfarra
	 	 	Title: President
	 	 	 
	 	WELLS FARGO BANK, NATIONAL 

       ASSOCIATION, 

       Master Servicer
	 	 	 
	 	By:	/s/ Marcus Thomas
	 	 	Name:  Marcus Thomas
	 	 	Title: Director
	 	 	 
	 	C-III Asset Management LLC, 

       Special Servicer
	 	 	 
	 	By:	/s/ Kevin C. Donahue
	 	 	Name:  Kevin C. Donahue
	 	 	Title: President
	 	 	 
	 	WELLS FARGO BANK, NATIONAL 

       ASSOCIATION, 

       Certificate Administrator, Tax Administrator 

       and Custodian
	 	 	 
	 	By:	/s/ Michael Baker
	 	 	Name:  Michael Baker
	 	 	Title: Assistant Vice President

 

 

Pooling and Servicing Agreement 

 

    	 

    	 

    

 

	 	 	 
	 	WILMINGTON TRUST, NATIONAL 

       ASSOCIATION, 

       Trustee
	 	 	 
	 	By:	/s/ Adam B. Scozzafava
	 	 	Name: Adam B. Scozzafava
	 	 	Title: Vice President
	 	 	 
	 	PENTALPHA SURVEILLANCE LLC, 
        Asset Representations Reviewer
	 	 	 
	 	By:	/s/ James Callahan
	 	 	Name:  James Callahan
	 	 	Title: Executive Director and Solely as an Authorized

          Signatory for Pentalpha Surveillance LLC
	 	 	 
	 	PENTALPHA SURVEILLANCE LLC, 

       Operating Advisor
	 	 	 
	 	By:	/s/ James Callahan
	 	 	Name:  James Callahan
	 	 	Title: Executive Director and Solely as an Authorized

          Signatory for Pentalpha Surveillance LLC

 

 

Pooling and Servicing Agreement

    	 

    	 

    

 

	STATE OF New York	)	 
	 	)	ss.:
	COUNTY OF Kings County	)	 

On the 14  day of December
2015, before me, a notary public in and for said State, personally appeared Anthony Sfarra, personally known to me to be a
President of, Wells Fargo Commercial Mortgage Securities, one of the entities that executed the within instrument and also
known to me to be the person who executed it on behalf of such entity, and acknowledged to me that such entity executed the
within instrument.

IN WITNESS WHEREOF, I have hereunto
set my hand and affixed my official seal the day and year in this certificate first above written.

	 	/s/ Lillian Calcaterra
	
        LILLIAN CALCATERRA

        NOTARY PUBLIC, State of New York

        No. 01CA4971671

        Qualified in Kings County

        Commission Expires Sept. 10, 2018
	Notary Public
	 	 
	[SEAL]	 
	 	 
	My commission expires:	 
	9/10/2018	 
	 	 
	 	 

 

 

 

Pooling and Servicing Agreement

    	 

    	 

    

 

	STATE OF North Carolina	)	 
	 	)	ss.:
	COUNTY OF Mecklenburg	)	 

On the 17
day of December 2015, before me, a notary public in and for said State, personally appeared Marcus Thomas, personally known to
me to be a Director of Well Fargo, one of the entities that executed the within instrument, and also known to me to be the person
who executed it on behalf of such entity, and acknowledged to me that such entity executed the within instrument.

IN WITNESS
WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

 

	 	 
	 	/s/
    Erica L. Smith
	
        ERICA L. SMITH

        NOTARY PUBLIC

        Gaston County

        North Carolina

        My Commission Expires 7/15/2017
	Notary Public
	 	 
	[SEAL]	 
	 	 
	My commission expires:  	 
	 	 
	 	 

 

 

Pooling and Servicing Agreement

    	 

    	 

    

 

	STATE OF New York	)	 
	 	)	ss.:
	COUNTY OF  New York	)	 

 

On the 16th day
of December 2015, before me, a notary public in and for said State, personally appeared Kevin Donahue, personally known to me
to be a President of C-III Asset Management LLC, one of the entities that executed the within instrument, and also known to
me to be the person who executed it on behalf of such entity, and acknowledged to me that such entity executed the within
instrument.

 

IN WITNESS WHEREOF, I
have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

 

	 	 	/s/ Maria Alejandra Gonzalez
	 	 	Notary Public
	 	 	 
	[SEAL]	 	 
	 	 	 
	My commission expires:	 	 
	 	 	 
	1/12/19	 	 
	 

                               MARIA ALEJANDRA GONZALEZ

                               Notary Public, State of New York

                               No. 01GO6317757

                               Qualified in Kings County

                               My Commission Expires January 12, 2019

                                
	 

         
	

 

 

 

Pooling and Servicing Agreement 

    	 

    	 

    

  

	STATE OF Maryland	)	 
	 	)	ss.:
	COUNTY OF Howard	)	 

 

On the 14th day of
December 2015, before me, a notary public in and for said State, personally appeared Michael Baker personally known to me to
be a AVP of Wells Fargo Bank, NA, one of the entities that executed the within instrument, and also known to me to be
the person who executed it on behalf of such entity, and acknowledged to me that such entity executed the within instrument.

 

IN WITNESS WHEREOF, I
have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

 

	 	 	/s/
                                     AMY MARTIN
	 	 	Notary Public
	 	 	 
	[SEAL]	 	 
	 	 	 
	My commission expires:	 	AMY
                                         MARTIN

NOTARY
PUBLIC

ANNE
ARUNDEL COUNTY

MARYLAND

My Commission Expires 2-22-2017

	 	 	 
		 	 

 

 

Pooling and Servicing Agreement

    	 

    	 

    

 

 

	STATE OF DELAWARE	)	 
	 	)	ss.:
	COUNTY OF NEW CASTLE  	)	 

 

On the 14th day
of December 2015, before me, a notary public in and for said State, personally appeared Adam B. Scozzafava, personally known
to me to be a Vice President of Wilmington Trust, National Association, one of the entities that executed the within
instrument, and also known to me to be the person who executed it on behalf of such entity, and acknowledged to me that such
entity executed the within instrument.

 

IN WITNESS WHEREOF, I
have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

 

	 	/s/ Christina M. Bader
	
        CHRISTINA M BADER

        NOTARY PUBLIC

        STATE OF DELAWARE

        My Commission Expires 04-15-2016
	Notary Public
	 	 
	[SEAL]	 
	 	 
	My commission expires:	 
	 

                                                                                 
	 
	 	 
	 	 

 

Pooling and Servicing Agreement

    	 

    	 

    

 

	STATE OF CONNECTICUT  	)	 
	 	)	ss.:
	COUNTY OF FAIRFIELD	)	 

 

On the 17th day
of December 2015, before me, a notary public in and for said State, personally appeared James Callahan, personally known to
me to be an Executive of Pentalpha Surveillance LLC, one of the entities that executed the within instrument, and also known
to me to be the person who executed it on behalf of such entity, and acknowledged to me that such entity
executed the within instrument.

 

IN WITNESS WHEREOF, I
have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

 

	 	 	/s/ Melonie S. Williams
	 	 	Notary Public
	 	 	 
	[SEAL]	 	 
	 	 	 
	My commission expires: 7-31-2019	 	 
	 	 	 
	MELONIE S. WILLIAMS

Notary Public

Connecticut

My Commission Expires July 31, 2019

	 	 

 

 

Pooling and Servicing Agreement

    	 

    	 

    

 

 

EXHIBIT A-1

 

FORM OF CLASS [__] CERTIFICATE

 

CLASS [__]

 

WELLS FARGO COMMERCIAL MORTGAGE TRUST
2015-P2

 

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES 2015-P2, CLASS [__]

 

[FOR BOOK-ENTRY CERTIFICATES: 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

 

[FOR PRIVATELY OFFERED CERTIFICATES
(CERTIFICATES OTHER THAN CLASSES A-1, A-2A, A-2B, A-3, A-4, A-SB, A-S, X-A, X-B, B AND C): THIS CERTIFICATE IS A TEMPORARY REGULATION
S BOOK-ENTRY CERTIFICATE FOR PURPOSES OF REGULATION S (“REGULATION S”) UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION S BOOK-ENTRY 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 BOOK-ENTRY 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.]2

 

[TRANSFERS OF THIS BOOK-ENTRY CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A

 

 

 

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

 

2     Temporary Regulation
S Book-Entry Certificate legend.

 

    	A-1-1

    	 

    

 

SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS BOOK-ENTRY 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 BORROWERS, THE SPONSORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
THE CERTIFICATE ADMINISTRATOR, THE ASSET REPRESENTATIONS REVIEWER, THE OPERATING ADVISOR, THE UNDERWRITERS, THE INITIAL PURCHASERS,
THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE
INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

[FOR PRINCIPAL BALANCE CERTIFICATES:
PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH
BELOW.]

 

[FOR PRIVATELY OFFERED CERTIFICATES
(CERTIFICATES OTHER THAN CLASSES A-1, A-2A, A-2B, A-3, A-4, A-SB, A-S, X-A, X-B, B AND C): THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER”, WITHIN THE MEANING OF RULE 144A (A “QIB”),
OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”
AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) TO AN INSTITUTION
THAT IS AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES
ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS COME WITHIN SUCH PARAGRAPHS, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.]

 

 

 

3     Book-Entry Certificate
legend.

 

    	A-1-2

    	 

    

 

[FOR CLASS E, CLASS F AND CLASS G CERTIFICATES:
THIS CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE
BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY
ACT OF 1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”), OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY
FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (“SIMILAR
LAW”), OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE,
UNLESS (A)(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 PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING
AND DISPOSITION BY SUCH 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 CODE.

 

[FOR PRINCIPAL BALANCE CERTIFICATES:
THE PORTION OF THE CERTIFICATE BALANCE OF THE CERTIFICATES EVIDENCED BY THIS CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL
DISTRIBUTIONS ON THE CERTIFICATES AND THE PORTION OF REALIZED LOSSES ALLOCABLE TO THIS CERTIFICATE AND WILL BE INCREASED BY RECOVERIES
ON THE RELATED MORTGAGE LOANS FOR NONRECOVERABLE ADVANCES (PLUS INTEREST THEREON) THAT WERE PREVIOUSLY REIMBURSED FROM PRINCIPAL
COLLECTIONS ON THE MORTGAGE LOANS THAT RESULTED IN A REDUCTION OF THE PRINCIPAL DISTRIBUTION AMOUNT. ACCORDINGLY, THE CERTIFICATE
BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THAT SET FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT
CERTIFICATE BALANCE BY INQUIRY OF THE CERTIFICATE ADMINISTRATOR.] 

 

[FOR CLASS X CERTIFICATES: THIS [CLASS
X-A][CLASS X-B][CLASS X-D] CERTIFICATE HAS NO PRINCIPAL BALANCE AND WILL NOT RECEIVE ANY DISTRIBUTIONS OF PRINCIPAL.]

 

[FOR CLASS X-A CERTIFICATES: THE NOTIONAL
AMOUNT OF THIS CERTIFICATE WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF

 

    	A-1-3

    	 

    

 

THE CERTIFICATE BALANCE OF THE CLASS A-1, CLASS
A-2A, CLASS A-2B, CLASS A-3, CLASS A-4, CLASS A-SB AND CLASS A-S CERTIFICATES. ACCORDINGLY, THE NOTIONAL AMOUNT OF THIS CERTIFICATE
AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT SET FORTH BELOW.]

 

[FOR CLASS X-B CERTIFICATES: THE NOTIONAL
AMOUNT OF THIS CERTIFICATE WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE CERTIFICATE BALANCE OF THE CLASS B CERTIFICATES.
ACCORDINGLY, THE NOTIONAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT SET FORTH BELOW.]

 

[FOR CLASS X-D CERTIFICATES: THE NOTIONAL
AMOUNT OF THIS CERTIFICATE WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE CERTIFICATE BALANCES 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.]

 

[FOR CLASS X CERTIFICATES: THE NOTIONAL
AMOUNT ON WHICH THE INTEREST PAYABLE TO THE HOLDERS OF THE CLASS [X-A][X-B][X-D] CERTIFICATES IS BASED WILL BE REDUCED AS A RESULT
OF PRINCIPAL PAYMENTS AND LOSSES ON THE MORTGAGE LOANS. ACCORDINGLY, THE INTEREST PAYABLE PURSUANT TO THIS CERTIFICATE MAY BE LESS
THAN THAT SET FORTH BELOW.]

 

[FOR SUBORDINATE CERTIFICATES (CLASS
A-S, CLASS B, CLASS C, CLASS D, CLASS E, CLASS F AND CLASS G): THIS CERTIFICATE IS SUBORDINATE TO ONE OR MORE CLASSES OF CERTIFICATES
OF THE SAME SERIES AS AND TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.]

 

    	A-1-4

    	 

    

 

	
        PASS-THROUGH RATE: [____% per annum] [FOR CLASS X-A,
        X-B OR X-D: VARIABLE IN ACCORDANCE WITH THE POOLING AND SERVICING AGREEMENT]

         

        INITIAL [CERTIFICATE BALANCE][NOTIONAL AMOUNT]
OF THIS CERTIFICATE AS OF THE CLOSING DATE: $[            ]

         

        DATE OF POOLING AND SERVICING AGREEMENT: AS OF DECEMBER 1, 2015

         

        CUT-OFF DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT
        (AS DEFINED HEREIN)

         

        CLOSING DATE: DECEMBER 23, 2015

         

        FIRST DISTRIBUTION DATE:

        JANUARY 15, 2016

         

        APPROXIMATE AGGREGATE

        [CERTIFICATE BALANCE][NOTIONAL AMOUNT] OF THE CLASS [__] CERTIFICATES

        AS OF THE CLOSING DATE: $[_________]

         
	 	
        MASTER SERVICER: WELLS FARGO
        BANK, NATIONAL ASSOCIATION

         

        SPECIAL SERVICER: C-III ASSET
        MANAGEMENT LLC

         

        TRUSTEE: WILMINGTON TRUST, NATIONAL
        ASSOCIATION

         

        CERTIFICATE ADMINISTRATOR:
        WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        OPERATING
        Advisor:  PENTALPHA SURVEILLANCE LLC

         

        ASSET REPRESENTATIONS REVIEWER:
        PENTALPHA SURVEILLANCE LLC

         

        CUSIP NO.: [            ]

         

        ISIN NO.: [            ]

         

        COMMON CODE NO.: [            ]

         

        CERTIFICATE NO.: [_] - ______

 

    	A-1-5

    	 

    

 

CLASS [__] CERTIFICATE

 

evidencing a beneficial ownership interest
in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage Loans”), all payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties and revenues received in respect
thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases, and any guaranties or other collateral
as security for the Mortgage Loans and such amounts as shall from time to time be held in the Collection Account, the Distribution
Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account and the REO Accounts, formed and sold by

 

WELLS FARGO COMMERCIAL MORTGAGE SECURITIES,
INC.

 

THIS CERTIFIES THAT [FOR BOOK-ENTRY CERTIFICATES:
CEDE & CO.] [FOR DEFINITIVE CERTIFICATES: [______]] is the registered owner of the interest evidenced by this Certificate in
the Class [__] Certificates issued by the Trust created pursuant to the Pooling and Servicing Agreement, dated as of December 1,
2015 (the “Pooling and Servicing Agreement”), among WELLS FARGO COMMERCIAL MORTGAGE SECURITIES, INC. (hereinafter
called the “Depositor”, which term includes any successor entity under the Pooling and Servicing Agreement),
the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator, the Asset Representations Reviewer and the
Operating Advisor. A summary of certain of the pertinent provisions of the Pooling and Servicing Agreement is set forth hereafter.
To the extent not defined herein, the capitalized terms used herein shall have the meanings assigned thereto in the Pooling and
Servicing Agreement.

 

This Certificate is one
of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof (herein called
the “Certificates”) and representing an interest in the Class of Certificates specified on the face hereof equal
to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified on the face hereof,
by the aggregate initial [Certificate Balance][Notional Amount] of the Class [__] Certificates. The Certificates are designated
as the WELLS FARGO COMMERCIAL MORTGAGE TRUST 2015-P2, Commercial Mortgage Pass-Through Certificates, Series 2015-P2 and are
issued in the classes as specifically set forth in the Pooling and Servicing Agreement. The Certificates will evidence in the aggregate
100% of the beneficial ownership of the Trust Fund.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement and reference is made to that agreement for information with respect
to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and obligations of
the Trustee and the Certificate Administrator. This Certificate is issued under and is subject to the terms, provisions and conditions
of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time, the Certificateholder
by virtue of the acceptance hereof assents and by which the Certificateholder is bound. In the case of any conflict between terms
specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of the Pooling and Servicing
Agreement shall govern.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D

 

    	A-1-6

    	 

    
 

of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

Pursuant to
the terms of the Pooling and Servicing Agreement, the Certificate Administrator shall distribute 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 [FOR PRINCIPAL
BALANCE CERTIFICATES (CLASS A-1, A-2A, A-2B, A-3, A-4, A-SB, A-S, B, C, D, E, F and G: principal and] interest then
distributable, if any, allocable to the Class of Certificates of the same Class as this Certificate for such Distribution
Date, all as more fully described in the Pooling and Servicing Agreement. [FOR CLASS A-1, A-2, A-3, A-4, A-SB, A-S, B, C, D,
X-A AND X-B CERTIFICATES: Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges
as provided in the Pooling and Servicing Agreement.] All sums distributable on this Certificate are payable in the coin
or currency of the United States of America as at the time of payment is legal tender for the payment of public and
private debts.

 

Interest on this Certificate
will accrue (computed as if each year consisted of 360 days and each month consisted of 30 days) during the Interest Accrual Period
relating to such Distribution Date at the Class [__] Pass-Through Rate specified above on the Certificate Balance of this Certificate
immediately prior to each Distribution Date. [FOR CLASS X CERTIFICATES: Interest][FOR PRINCIPAL BALANCE CERTIFICATES (CLASS A-1,
A-2A, A-2B, A-3, A-4, A-SB, A-S, B, C, D, E, F and G: Principal and interest] allocated to this Certificate on any Distribution
Date will be in an amount equal to this Certificate’s pro rata share of the Available Funds to be distributed on the
Certificates of this Class as of such Distribution Date, with a final distribution to be made upon retirement of this Certificate
as set forth in the Pooling and Servicing Agreement.

 

Realized Losses and certain
other amounts on the Mortgage Loans shall be allocated on the applicable Distribution Date to Certificateholders in the manner
set forth in the Pooling and Servicing Agreement. All Realized Losses on the Mortgage Loans allocated to any Class of Certificates
will be allocated pro rata among the outstanding Certificates of such Class.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries respecting the Mortgage Loans, all as more specifically
set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement, the Collection Account and
the Distribution Accounts will be held on behalf of the Trustee for the benefit of the Holders of Certificates specified in the
Pooling and Servicing Agreement and the Master Servicer (with respect to the Collection Account) or the Certificate Administrator
(with respect to the Distribution Accounts) will be authorized to make withdrawals therefrom. Amounts on deposit in such accounts
may be invested in Permitted Investments. Interest or other investment income earned on funds in the Collection Account will be
paid to the Master Servicer as set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement,
withdrawals from the Collection Account shall be made from time to time for purposes other than distributions to Certificateholders,
such purposes including

 

    	A-1-7

    	 

    

 

reimbursement of certain expenses incurred with respect to the servicing of the Mortgage Loans and administration
of the Trust.

 

All distributions under
the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other than the final distribution
on any Certificate) to Certificateholders of record on the related Record Date by check mailed to the address set forth therefor
in the Certificate Register or, provided that such Certificateholder has provided the Certificate Administrator with wire
instructions at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately available funds
to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor. The final distribution
on this Certificate (determined without regard to any possible future reimbursement of Realized Losses previously allocated to
this Certificate) shall be made in like manner, but only upon presentment and surrender of this Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.

 

Any funds not distributed
to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure of such Certificateholders
to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited to the account or accounts
of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been given pursuant to Section 4.01(h)
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 non-tendering Certificateholders to surrender
their Certificates for cancellation in order to receive the final distribution with respect thereto. If within one year after the
second notice all such Certificates shall not have been surrendered for cancellation, the Certificate Administrator, directly or
through an agent, shall take such steps to contact the remaining non-tendering Certificateholders concerning the surrender of their
Certificates as it shall deem appropriate. The costs and expenses of holding such funds in trust and of contacting such Certificateholders
following the first anniversary of the delivery of such second notice to the non-tendering Certificateholders shall be paid out
of such funds. No interest shall accrue or be payable to any Certificateholder on any amount held in trust under the Pooling and
Servicing Agreement by the Certificate Administrator as a result of such Certificateholder’s failure to surrender its Certificate(s)
for final payment thereof in accordance with Section 4.01(h) of the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registerable
in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office of the Certificate
Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the form below or other
written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Holder hereof or such Holder’s
attorney-in-fact duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized Denominations
will be issued to the designated transferee or transferees.

 

Subject to the terms
of the Pooling and Servicing Agreement, the Class [__] Certificates will be issued in book-entry form through the facilities of
DTC in minimum denominations of $[FOR PRINCIPAL BALANCE CERTIFICATES (CLASS A-1, A-2A, A-2B,

 

    	A-1-8

    	 

    

 

A-3, A-4, A-SB, A-S, B, C, D, E, F
and G: 10,000][FOR CLASS X CERTIFICATES: 1,000,000 initial Notional Amount], and in integral multiples of $1 in excess thereof,
with one Certificate of each such Class evidencing an additional amount equal to the remainder of the initial Certificate Balance
of such Class.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange of any Certificate
(other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement. In connection with any
transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust for any costs (including the cost of
the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted by the transferor or
transferee to the Certificate Registrar as provided in Section 5.03 of the Pooling and Servicing Agreement) incurred by the Certificate
Registrar in connection with such transfer. The Certificate Registrar may require payment by each transferor of a sum sufficient
to cover any tax, expense or other governmental charge payable in connection with any such transfer or exchange.

 

The Trustee, the Certificate
Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, and any agent of any of them, may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee, the Certificate
Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, nor any agent of any of them, shall be affected
by any notice to the contrary.

 

The Pooling and Servicing
Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders or the
Companion Holders:

 

(i)         to
correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error in any provision
of the Pooling and Servicing Agreement;

 

(ii)        to
cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may be defective or inconsistent
with any other provisions therein or to correct any error;

 

(iii)       to
change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the P&I Advance Date shall in no event be later than the Business Day prior to the related Distribution Date
and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

(iv)       to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary to maintain
the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code
at all times that any Certificate is outstanding, or to avoid or minimize the

 

    	A-1-9

    	 

    

 

risk of imposition of any tax on the Trust or any
Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion of
Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable
to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will
not adversely affect in any material respect the interests of any Certificateholder or Companion Holder;

 

(v)        to
modify, eliminate or add to the provisions of Section 5.03(n) of the Pooling and Servicing Agreement or any other provision of
the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined
that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Disqualified Non-U.S. Tax Person;

 

(vi)       to
revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any
other change; provided that the required action shall not adversely affect in any material respect the interests of any
Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25 of 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 then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement); provided that such amendment or supplement
shall not adversely affect in any material respect the interests of any Certificateholder not consenting to such amendment or supplement,
as evidenced by an Opinion of Counsel;

 

(viii)     to
modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as
a Control Termination Event has not occurred and is not continuing and with respect to the Mortgage Loans other than any Excluded
Loan, the Directing Certificateholder, determine that the commercial mortgage backed securities

 

    	A-1-10

    	 

    

 

industry standard for such provisions
has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any Trust
REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced
by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of
Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result
in the downgrade, withdrawal or qualification of its then current ratings (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement);

 

(ix)        to
modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided
that such amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by
(x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating
Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any
such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website pursuant to Section
3.13(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; or

 

(x)         to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as will be necessary to comply
with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv).

 

Notwithstanding the foregoing,
no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under any Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller
as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller or (B)
may materially and adversely affect the holders of a Companion Loan without such Companion Holder’s consent.

 

The Pooling and Servicing
Agreement may also be amended from time to time by the parties thereto with the consent of the Holders of Certificates of each
Class affected by such amendment evidencing in the aggregate not less than a majority of the aggregate Percentage Interests constituting
the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling
and Servicing Agreement or of modifying in any manner the rights of the Holders of Certificates of such Class; provided,
however, that no such amendment shall:

 

(i)         reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to be distributed
on a Certificate of any class without the consent of the Holder of the Certificate or which are required to be distributed to a
Companion Holder without the consent of such Companion Holder; or

 

    	A-1-11

    	 

    
 

(ii)        reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all Certificates
of such Class then-outstanding or such Companion Holders, as applicable; or

 

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

 

(iv)       change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations or rights of any Mortgage Loan Seller
under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller; or

 

(v)        amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement) and, if required under the related
Intercreditor Agreement, the consent of the holder of any AB Subordinate Companion Loan for each Serviced AB Whole Loan.

 

Notwithstanding the foregoing,
none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator, the Depositor, the
Master Servicer nor the Special Servicer shall consent to any amendment to the Pooling and Servicing Agreement without having first
received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment is permitted under the Pooling
and Servicing Agreement, that all conditions precedent have been satisfied and that such amendment or the exercise of any power
granted to the Master Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer or any other specified person in accordance with such amendment will not result in
the imposition of a tax on any portion of the Trust Fund or any Trust REMIC, or cause any Trust REMIC to fail to qualify as a REMIC
or cause the Grantor Trust to fail to qualify as a grantor trust under the relevant provisions of the Code.

 

The Holders of the majority
of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates, in that order of
priority, may, at their option, elect to purchase all of the Mortgage Loans (and all property acquired through exercise of remedies
in respect of any related Mortgage Loan) and the Trust’s portion of each REO Property remaining in the Trust Fund as contemplated
by clause (ii) of the first paragraph of Section 9.01 in the Pooling and Servicing Agreement by giving written notice to the Trustee,
The Certificate Administrator and the other parties to the Pooling and Servicing Agreement no later than sixty (60) days prior
to the anticipated date of purchase; provided, however, that the Holders of the Controlling Class, the Special Servicer,
the Master Servicer, or the Holders of the Class R

 

    	A-1-12

    	 

    

 

Certificates may so elect to purchase all of the Mortgage Loans and the Trust’s
portion of each REO Property remaining in the Trust Fund only on or after the first Distribution Date on which the aggregate Stated
Principal Balances of the Mortgage Loans and the portion of any REO Loans held by the Trust is less than 1.0% of the aggregate
Cut-off Date Balance of the Mortgage Loans as set forth in the Pooling and Servicing Agreement.

 

Following the date on
which the Class A-1, Class A-2A, Class A-2B, Class A-3, Class A-4, Class A-SB, Class A-S, Class B, Class C and Class D Certificates
are no longer outstanding (and provided that there is only one Holder (or multiple Holders acting in unanimity) of the then-outstanding
Certificates (other than the Class V and Class R Certificates)), the Sole Certificateholder shall have the right, with the consent
of the Master Servicer, to exchange all of its Certificates (other than the Class V and Class R Certificates) for all of the Mortgage
Loans and each REO Property remaining in the Trust
Fund pursuant to the terms of the Pooling and Servicing Agreement.

 

The obligations created
by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate Administrator
to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate upon reduction
of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment resulting from
a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement. In no event,
however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death
of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court of St. James,
living on the date hereof.

 

Unless the certificate
of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. The Certificate Registrar has executed this
Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and 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.

 

THIS CERTIFICATE AND
THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

    	A-1-13

    	 

    

 

IN WITNESS WHEREOF,
the Certificate Registrar has caused this Certificate to be duly executed under this official seal.

 

	 	
        WELLS FARGO BANK, NATIONAL
ASSOCIATION, not in its individual capacity but solely as Certificate Registrar under the Pooling and Servicing Agreement

	 	 	 
	 	By:	 
	 	 	AUTHORIZED SIGNATORY

 

Dated: December 23, 2015

  

CERTIFICATE OF AUTHENTICATION

 

THIS IS ONE OF THE
CLASS [__] CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

 

	 	
        WELLS FARGO BANK, NATIONAL
ASSOCIATION, as Authenticating Agent

	 	 	 
	 	By:	 
	 	 	AUTHORIZED SIGNATORY

 

    	A-1-14

    	 

    

  

ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:  

	 	 	 	 
	TEN COM   	-   	as tenant in common	UNIF
                                         GIFT MIN ACT __________ Custodian
	TEN
        ENT	-	as tenants by the entireties	     (Cust)
	JT TEN	-	as joint tenants with rights of 	Under
        Uniform Gifts to Minors
	 	 	survivorship and not as tenants in	 
	 	 	 common	Act
        __________________________
	 	 		
(State)

 

Additional
abbreviations may also be used though not in the above list. 

 

FORM
OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ____________________________________________

 

 

(Please
insert Social Security or other identifying number of Assignee)

 

 

(Please
print or typewrite name and address of assignee)

 

 

 

the
within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register
of the within-named Trust, with full power of substitution in the premises.

  

	Dated:  _______________	NOTICE:  The
    signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular
    without alteration or enlargement or any change whatever.

 

	 	 
	SIGNATURE GUARANTEED	 

 

The
signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another
national securities exchange. Notarized or witnessed signatures are not acceptable.  

 

    	A-1-15

    	 

    

 

DISTRIBUTION INSTRUCTIONS

 

The assignee should include
the following for purposes of distribution:

 

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to_____________ for the account of
_________________________________________________ account number ______________ or, if mailed by check, to _________________
______________________. Statements should be mailed to ____________________. This information is provided by assignee named
above, or _______________________, as its agent.

 

    	A-1-16

    	 

    

 

EXHIBIT A-2

 

FORM OF CLASS R CERTIFICATE

 

CLASS R

 

WELLS FARGO
COMMERCIAL MORTGAGE TRUST 2015-P2

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES 2015-P2,
CLASS R

 

[THIS CERTIFICATE HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), ANY STATE SECURITIES LAWS OR THE LAWS OF
ANY OTHER JURISDICTION. NEITHER THIS CERTIFICATE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED,
PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR
NOT SUBJECT TO, REGISTRATION UNDER THE SECURITIES ACT.]

 

[THE HOLDER OF THIS CERTIFICATE BY ITS
ACCEPTANCE HEREOF AGREES NOT TO OFFER, SELL OR OTHERWISE TRANSFER SUCH CERTIFICATE EXCEPT IN ACCORDANCE WITH ALL APPLICABLE STATE
SECURITIES LAWS AND (A) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT OR
(B) FOR SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON WHOM
THE SELLER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A IN A TRANSACTION MEETING
THE REQUIREMENTS OF RULE 144A.]

 

[THE INITIAL INVESTOR IN THIS CERTIFICATE,
AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED
TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO
DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT C TO THE POOLING AND SERVICING AGREEMENT.]

 

THIS CERTIFICATE DOES NOT REPRESENT
AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE INITIAL PURCHASERS, THE MORTGAGE
LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR

 

    	A-2-1

    	 

    

 

THE UNDERLYING 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 ANY APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.]

 

THIS CERTIFICATE MAY NOT BE PURCHASED
BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT
TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS
DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT,
SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF
SUCH PLAN TO ACQUIRE THIS CERTIFICATE.

 

[THIS CERTIFICATE REPRESENTS A “RESIDUAL
INTEREST” IN TWO “REAL ESTATE MORTGAGE INVESTMENT CONDUITS” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(2)
AND 860D OF THE CODE. EACH TRANSFEREE OF THIS CERTIFICATE, BY ACCEPTANCE HEREOF, IS DEEMED TO HAVE ACCEPTED THIS CERTIFICATE SUBJECT
TO CERTAIN RESTRICTIONS ON TRANSFERABILITY TO DISQUALIFIED ORGANIZATIONS, DISQUALIFIED NON-U.S. TAX PERSONS OR AGENTS OF EITHER,
AS SET FORTH IN SECTION 5.03 OF THE POOLING AND SERVICING AGREEMENT, AND SHALL BE REQUIRED TO FURNISH AN AFFIDAVIT TO THE
TRANSFEROR, THE CERTIFICATE ADMINISTRATOR AND THE TRUSTEE TO THE EFFECT THAT, AMONG OTHER THINGS, (A) IT IS NOT A DISQUALIFIED
ORGANIZATION, AS SUCH TERM IS DEFINED IN SECTION 860E(e)(5) OF THE CODE, OR AN AGENT (INCLUDING A BROKER, NOMINEE OR OTHER MIDDLEMAN)
FOR SUCH DISQUALIFIED ORGANIZATION AND IS OTHERWISE A PERMITTED TRANSFEREE, (B) IT HAS HISTORICALLY PAID ITS DEBTS AS THEY HAVE
COME DUE AND INTENDS TO PAY ITS DEBTS AS THEY COME DUE IN THE

 

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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 ONE OR MORE
“NON-ECONOMIC 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.]

 

    	A-2-3

    	 

    

 

	
        PERCENTAGE INTEREST EVIDENCED BY THIS CERTIFICATE: [100%]

         

        DATE OF POOLING AND SERVICING AGREEMENT: AS OF DECEMBER 1, 2015

         

        CUT-OFF DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT
        (AS DEFINED HEREIN)

         

        CLOSING DATE: DECEMBER 23, 2015

         

        FIRST DISTRIBUTION DATE:

        JANUARY 15, 2016

         

        CLASS R PERCENTAGE INTEREST: [100%]

         
	 	
        MASTER SERVICER: WELLS FARGO
        BANK, NATIONAL ASSOCIATION

         

        SPECIAL SERVICER: C-III ASSET
        MANAGEMENT LLC

         

        TRUSTEE: WILMINGTON TRUST, NATIONAL
        ASSOCIATION

         

        CERTIFICATE ADMINISTRATOR:
        WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        OPERATING
        Advisor:  PENTALPHA SURVEILLANCE LLC

         

        ASSET REPRESENTATIONS REVIEWER:
        PENTALPHA SURVEILLANCE LLC

         

        CUSIP NO.: [            ]

         

        ISIN NO.: [            ]

         

        CERTIFICATE NO.: R-____

         

 

    	A-2-4

    	 

    

 

CLASS R CERTIFICATE

 

evidencing a beneficial ownership interest
in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage Loans”), all payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties and revenues received in respect
thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases, and any guaranties or other collateral
as security for the Mortgage Loans and such amounts as shall from time to time be held in the Collection Account, the Distribution
Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account and the REO Accounts, formed and sold by

 

WELLS FARGO COMMERCIAL MORTGAGE SECURITIES,
INC.

 

THIS CERTIFIES THAT [____________________]
is the registered owner of the interest evidenced by this Certificate in the Class R Certificates issued by the Trust created pursuant
to the Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling and Servicing Agreement”),
among WELLS FARGO COMMERCIAL MORTGAGE SECURITIES, INC. (hereinafter called the “Depositor”, which term includes
any successor entity under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Asset Representations Reviewer and the Operating Advisor. A summary of certain of the pertinent provisions of
the Pooling and Servicing Agreement is set forth hereafter. To the extent not defined herein, the capitalized terms used herein
shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate is one
of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof (herein called
the “Certificates”) and representing an interest in the Class of Certificates specified on the face hereof equal
to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified on the face hereof,
by the aggregate initial Certificate Balance of the Class R Certificates. The Certificates are designated as the WELLS FARGO COMMERCIAL
MORTGAGE TRUST 2015-P2, Commercial Mortgage Pass-Through Certificates, Series 2015-P2 and are issued in the classes as specifically
set forth in the Pooling and Servicing Agreement. The Certificates will evidence in the aggregate 100% of the beneficial ownership
of the Trust Fund.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement and reference is made to that agreement for information with respect
to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and obligations of
the Trustee and the Certificate Administrator. This Certificate is issued under and is subject to the terms, provisions and conditions
of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time, the Certificateholder
by virtue of the acceptance hereof assents and by which the Certificateholder is bound. In the case of any conflict between terms
specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of the Pooling and Servicing
Agreement shall govern.

 

This Class R Certificate
represents a “residual interest” in two “real estate mortgage investment conduits”, as those terms are
defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate,
by

 

    	A-2-5

    	 

    

 

acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with
the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed
on or measured by income. The Holder of the largest Percentage Interest in the Class R Certificates shall be the “tax matters
person” for each Trust REMIC pursuant to Treasury Regulations Section 1.860F-4(d), and the Certificate Administrator is hereby
irrevocably designated and shall serve as attorney-in-fact and agent for any such Person that is the “tax matters person”.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, distributions, if any, on this Certificate shall be made by the Certificate Administrator
in an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
and to the extent and subject to the limitations set forth in the Pooling and Servicing Agreement, on the Distribution Date to
the Person in whose name this Certificate is registered as of the related Record Date. All sums distributable on this Certificate
are payable in the coin or currency of the United States of America as at the time of payment is legal tender for the payment of
public and private debts.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries respecting the Mortgage Loans, all as more specifically
set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement, the Collection Account and
the Distribution Accounts will be held on behalf of the Trustee on behalf of the Holders of Certificates specified in the Pooling
and Servicing Agreement and the Master Servicer (with respect to the Collection Account) or the Certificate Administrator (with
respect to the Distribution Accounts) will be authorized to make withdrawals therefrom. Amounts on deposit in such accounts may
be invested in Permitted Investments. Interest or other investment income earned on funds in the Collection Account will be paid
to the Master Servicer as set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement,
withdrawals from the Collection Account shall be made from time to time for purposes other than distributions to Certificateholders,
such purposes including reimbursement of certain expenses incurred with respect to the servicing of the Mortgage Loans and administration
of the Trust Fund.

 

All distributions under
the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other than the final distribution
on any Certificate) to Certificateholders of record on the related Record Date by check mailed to the address set forth therefor
in the Certificate Register or, provided that such Certificateholder has provided the Certificate Administrator with wire
instructions in writing at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately available
funds to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor. The final distribution
on this Certificate (determined without regard to any possible future reimbursement of Realized Losses previously allocated to
this Certificate) shall be made in like manner, but only upon presentment and surrender of this Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.

 

Any funds not distributed
to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure of such Certificateholders
to tender their

 

    	A-2-6

    	 

    
 

Certificates shall, on such date, be set aside and held uninvested in trust and credited to the account or accounts
of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been given pursuant to Section 4.01(h)
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 non-tendering Certificateholders to surrender
their Certificates for cancellation in order to receive the final distribution with respect thereto. If within one year after the
second notice all such Certificates shall not have been surrendered for cancellation, the Certificate Administrator, directly or
through an agent, shall take such steps to contact the remaining non-tendering Certificateholders concerning the surrender of their
Certificates as it shall deem appropriate. The costs and expenses of holding such funds in trust and of contacting such Certificateholders
following the first anniversary of the delivery of such second notice to the non-tendering Certificateholders shall be paid out
of such funds. No interest shall accrue or be payable to any Certificateholder on any amount held in trust under the Pooling and
Servicing Agreement by the Certificate Administrator as a result of such Certificateholder’s failure to surrender its Certificate(s)
for final payment thereof in accordance with Section 4.01(h) of the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registerable
in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office of the Certificate
Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the form below or other
written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Holder hereof or such Holder’s
attorney-in-fact duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized Denominations
will be issued to the designated transferee or transferees.

 

Each Person who has or
who acquires any Ownership Interest in a Class R Certificate shall be deemed by the acceptance or acquisition of such Ownership
Interest to have agreed to be bound by the following provisions. The rights of each Person acquiring any Ownership Interest in
a Class R Certificate are expressly subject to the following provisions: (A) no Person holding or acquiring any Ownership Interest
in a Class R Certificate shall be a Disqualified Organization or agent thereof (including a nominee, middleman or similar person)
(an “Agent”), a Plan or a Person acting on behalf of or investing the assets of a Plan (such Plan or Person,
an “ERISA Prohibited Holder”) or a Disqualified Non-U.S. Tax Person and shall promptly notify the Certificate
Registrar of any change or impending change to such status; (B) in connection with any proposed Transfer of any Ownership
Interest in a Class R Certificate, the Certificate Registrar shall require delivery to it, and no Transfer of any Class R Certificate
shall be registered until the Certificate Registrar receives, an affidavit substantially in the form attached to the Pooling and
Servicing Agreement as Exhibit D-1 (a “Transferee Affidavit”) from the proposed Transferee, in form and substance
satisfactory to the Certificate Registrar, representing and warranting, among other things, that such Transferee is not a Disqualified
Organization or Agent thereof, an ERISA Prohibited Holder or a Disqualified Non-U.S. Tax Person, and that it has reviewed the provisions
of Section 5.03(n) of the Pooling and Servicing Agreement and agrees to be bound by them; (C) notwithstanding the delivery of a
Transferee Affidavit by a proposed Transferee under clause (B) above, if the Certificate Registrar has actual knowledge that the
proposed Transferee is a Disqualified Organization or Agent thereof, an

 

    	A-2-7

    	 

    
 

ERISA Prohibited Holder or a Disqualified Non-U.S. Tax
Person, no Transfer of an Ownership Interest in a Class R Certificate to such proposed Transferee shall be effected; and (D) each
Person holding or acquiring any Ownership Interest in a Class R Certificate shall agree (1) to require a Transferee Affidavit from
any prospective Transferee to whom such Person attempts to transfer its Ownership Interest in such Class R Certificate and (2)
not to transfer its Ownership Interest in such Class R Certificate unless it provides to the Certificate Registrar a letter substantially
in the form attached to the Pooling and Servicing Agreement as Exhibit D-2 (a “Transferor Letter”) certifying
that, among other things, it has no actual knowledge or reason to know that the proposed Transferee’s statements in such
Transferee Affidavit are false.

 

The Class R Certificates
will be issued in fully registered, certificated form, in minimum percentage interests of 10% and integral multiples of 1% in excess
thereof.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange of any Certificate
(other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement. In connection with any
transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust for any costs (including the cost of
the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted by the transferor or
transferee to the Certificate Registrar as provided in Section 5.03 of the Pooling and Servicing Agreement) incurred by the Certificate
Registrar in connection with such transfer. The Certificate Registrar may require payment by each transferor of a sum sufficient
to cover any tax, expense or other governmental charge payable in connection with any such transfer or exchange.

 

The Trustee, the Certificate
Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, and any agent of any of them, may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee, the Certificate
Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, nor any agent of any of them, shall be affected
by any notice to the contrary.

 

The Pooling and Servicing
Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders or the
Companion Holders:

 

(i)         to
correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error in any provision
of the Pooling and Servicing Agreement;

 

(ii)        to
cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may be defective or inconsistent
with any other provisions therein or to correct any error;

 

(iii)       to
change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the P&I Advance Date shall in no event be later than the Business Day prior to the related Distribution Date
and (b) such change shall not adversely affect in any material respect the interests of any

 

    	A-2-8

    	 

    
 

Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

(iv)       to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary to maintain
the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code
at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust or any
Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion of
Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable
to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will
not adversely affect in any material respect the interests of any Certificateholder or Companion Holder;

 

(v)        to
modify, eliminate or add to the provisions of Section 5.03(n) of the Pooling and Servicing Agreement or any other provision of
the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined
that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Disqualified Non-U.S. Tax Person;

 

(vi)       to
revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any
other change; provided that the required action shall not adversely affect in any material respect the interests of any
Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25 of 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 then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement); provided that such amendment or supplement
shall not adversely affect in any material respect the

 

    	A-2-9

    	 

    
 

interests of any Certificateholder not consenting to such amendment or supplement,
as evidenced by an Opinion of Counsel;

 

(viii)     to
modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as
a Control Termination Event has not occurred and is not continuing and with respect to the Mortgage Loans other than any Excluded
Loan, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions
has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any Trust
REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced
by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of
Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result
in the downgrade, withdrawal or qualification of its then current ratings (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement);

 

(ix)        to
modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided
that such amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by
(x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating
Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any
such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website pursuant to Section
3.13(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; or

 

(x)         to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as will be necessary to comply
with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv).

 

Notwithstanding the foregoing,
no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under any Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller
as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller or (B)
may materially and adversely affect the holders of a Companion Loan without such Companion Holder’s consent.

 

The Pooling and Servicing
Agreement may also be amended from time to time by the parties thereto with the consent of the Holders of Certificates of each
Class affected by such amendment evidencing in the aggregate not less than a majority of the aggregate Percentage

 

    	A-2-10

    	 

    
 

Interests constituting
the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling
and Servicing Agreement or of modifying in any manner the rights of the Holders of Certificates of such Class; provided,
however, that no such amendment shall:

 

(i)         reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to be distributed
on a Certificate of any class without the consent of the Holder of the Certificate or which are required to be distributed to a
Companion Holder without the consent of such Companion Holder; or

 

(ii)        reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all Certificates
of such Class then-outstanding or such Companion Holders, as applicable; or

 

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

 

(iv)       change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations or rights of any Mortgage Loan Seller
under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller; or

 

(v)        amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement) and, if required under the related
Intercreditor Agreement, the consent of the holder of any AB Subordinate Companion Loan for each Serviced AB Whole Loan.

 

Notwithstanding the foregoing,
none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator, the Depositor, the
Master Servicer nor the Special Servicer shall consent to any amendment to the Pooling and Servicing Agreement without having first
received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment is permitted under the Pooling
and Servicing Agreement, that all conditions precedent have been satisfied and that such amendment or the exercise of any power
granted to the Master Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer or any other specified person in accordance with such amendment will not result in
the imposition of a tax on any portion of the Trust Fund or any Trust REMIC, or cause any Trust REMIC to fail to qualify as a REMIC
or cause the Grantor Trust to fail to qualify as a grantor trust under the relevant provisions of the Code.

 

    	A-2-11

    	 

    
 

The Holders of the majority
of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates, in that order of
priority, may, at their option, elect to purchase all of the Mortgage Loans (and all property acquired through exercise of remedies
in respect of any related Mortgage Loan) and the Trust’s portion of each REO Property remaining in the Trust Fund as contemplated
by clause (ii) of the first paragraph of Section 9.01 in the Pooling and Servicing Agreement by giving written notice to the Trustee,
The Certificate Administrator and the other parties to the Pooling and Servicing Agreement no later than sixty (60) days prior
to the anticipated date of purchase; provided, however, that the Holders of the Controlling Class, the Special Servicer,
the Master Servicer, or the Holders of the Class R Certificates may so elect to purchase all of the Mortgage Loans and the Trust’s
portion of each REO Property remaining in the Trust Fund only on or after the first Distribution Date on which the aggregate Stated
Principal Balances of the Mortgage Loans and the portion of any REO Loans held by the Trust is less than 1.0% of the aggregate
Cut-off Date Balance of the Mortgage Loans as set forth in the Pooling and Servicing Agreement.

 

Following the date on
which the Class A-1, Class A-2A, Class A-2B, Class A-3, Class A-4, Class A-SB, Class A-S, Class B, Class C and Class D Certificates
are no longer outstanding (and provided that there is only one Holder (or multiple Holders acting in unanimity) of the then-outstanding
Certificates (other than the Class V and Class R Certificates)), the Sole Certificateholder shall have the right, with the consent
of the Master Servicer, to exchange all of its Certificates (other than the Class V and Class R Certificates) for all of the Mortgage
Loans and each REO Property remaining in the Trust
Fund pursuant to the terms of the Pooling and Servicing Agreement.

 

The obligations created
by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate Administrator
to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate upon reduction
of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment resulting from
a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement. In no event,
however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death
of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court of St. James,
living on the date hereof.

 

Unless the certificate
of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. The Certificate Registrar has executed this
Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and 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.

 

THIS CERTIFICATE AND
THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

    	A-2-12

    	 

    
 

IN WITNESS WHEREOF,
the Certificate Registrar has caused this Certificate to be duly executed under this official seal.

 

	 	
        WELLS FARGO BANK, NATIONAL
ASSOCIATION, not in its individual capacity but solely as Certificate Registrar under the Pooling and Servicing Agreement

	 	 	 
	 	By:	 
	 	 	AUTHORIZED SIGNATORY

 

Dated: December 23, 2015

  

CERTIFICATE OF AUTHENTICATION

 

THIS IS ONE OF THE
CLASS R CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

 

	 	
        WELLS FARGO BANK, NATIONAL
ASSOCIATION, as Authenticating Agent

	 	 	 
	 	By:	 
	 	 	AUTHORIZED SIGNATORY

 

    	A-2-13

    	 

    

  

ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:  

	 	 	 	 
	TEN COM   	-   	as tenant in common	UNIF
                                         GIFT MIN ACT __________ Custodian
	TEN
        ENT	-	as tenants by the entireties	     (Cust)
	JT TEN	-	as joint tenants with rights of 	Under
        Uniform Gifts to Minors
	 	 	survivorship and not as tenants in	 
	 	 	 common	Act
        __________________________
	 	 		
(State)

 

Additional
abbreviations may also be used though not in the above list. 

 

FORM
OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ____________________________________________

 

 

(Please
insert Social Security or other identifying number of Assignee)

 

 

(Please
print or typewrite name and address of assignee)

 

 

 

the
within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register
of the within-named Trust, with full power of substitution in the premises.

  

	Dated:  _______________	NOTICE:  The
    signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular
    without alteration or enlargement or any change whatever.

 

	 	 
	SIGNATURE GUARANTEED	 

 

The
signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another
national securities exchange. Notarized or witnessed signatures are not acceptable.  

 

    	A-2-14

    	 

    

 

DISTRIBUTION INSTRUCTIONS

 

The assignee should include
the following for purposes of distribution:

 

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to_____________ for the account of
_________________________________________________ account number ______________ or, if mailed by check, to _______________________________________. Statements should be mailed to ____________________. This information is provided by assignee named
above, or _______________________, as its agent.

 

    	A-2-15

    	 

    
 

EXHIBIT A-3

 

FORM OF CLASS V CERTIFICATE

 

CLASS V

 

WELLS
FARGO COMMERCIAL MORTGAGE TRUST 2015-P2

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2015-P2, CLASS V

 

THIS CERTIFICATE DOES NOT
REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE ASSET REPRESENTATIONS REVIEWER, THE OPERATING ADVISOR, THE
UNDERWRITERS, THE INITIAL PURCHASERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS
CERTIFICATE NOR THE UNDERLYING 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)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER”, WITHIN THE MEANING OF RULE 144A (A “QIB”),
OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”
AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) TO AN INSTITUTION
THAT IS AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES
ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS COME WITHIN SUCH PARAGRAPHS, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS CERTIFICATE MAY NOT BE PURCHASED
BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT
TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT

 

    	A-3-1

    	 

    
 

INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS
DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT,
SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF
SUCH PLAN TO ACQUIRE THIS CERTIFICATE.

 

THIS CERTIFICATE REPRESENTS AN UNDIVIDED
beneficial INTEREST IN A PORTION OF A GRANTOR TRUST THAT HOLDS THE excess interest and
RELATED AMOUNTS IN THE excess interest distribution account.

 

EACH PURCHASER OF THIS CERTIFICATE SHALL
BE REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT C TO THE POOLING AND SERVICING
AGREEMENT.

 

    	A-3-2

    	 

    

 

	
        PERCENTAGE INTEREST EVIDENCED BY THIS CERTIFICATE: [100%]

         

        DATE OF POOLING AND SERVICING AGREEMENT: AS OF DECEMBER 1, 2015

         

        CUT-OFF DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT
        (AS DEFINED HEREIN)

         

        CLOSING DATE: DECEMBER 23, 2015

         

        FIRST DISTRIBUTION DATE:

        JANUARY 15, 2016

         

        CLASS V PERCENTAGE INTEREST: [100%]

         
	 	
        MASTER SERVICER: WELLS FARGO
        BANK, NATIONAL ASSOCIATION

         

        SPECIAL SERVICER: C-III ASSET
        MANAGEMENT LLC

         

        TRUSTEE: WILMINGTON TRUST, NATIONAL
        ASSOCIATION

         

        CERTIFICATE ADMINISTRATOR:
        WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        OPERATING
        Advisor:  PENTALPHA SURVEILLANCE LLC

         

        ASSET REPRESENTATIONS REVIEWER:
        PENTALPHA SURVEILLANCE LLC

         

        CUSIP NO.: [            ]

         

        ISIN NO.: [            ]

         

        COMMON CODE NO.: [            ]

         

        CERTIFICATE NO.: V-____

         

 

    	A-3-3

    	 

    

 

CLASS
V CERTIFICATE

 

evidencing a beneficial ownership interest
in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage Loans”), all payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties and revenues received in respect
thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases, and any guaranties or other collateral
as security for the Mortgage Loans and such amounts as shall from time to time be held in the Collection Account, the Distribution
Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve, the Excess Interest Distribution Account and the REO Accounts,
formed and sold by

 

Wells
FARGO COMMERCIAL MORTGAGE SECURITIES, INC.

 

THIS CERTIFIES THAT [______________________]
is the registered owner of the interest evidenced by this Certificate in the Class V Certificates issued by the Trust created pursuant
to the Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling and Servicing Agreement”),
among WELLS FARGO COMMERCIAL MORTGAGE SECURITIES, INC. (hereinafter called the “Depositor”, which term includes
any successor entity under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Asset Representations Reviewer and the Operating Advisor. A summary of certain of the pertinent provisions of
the Pooling and Servicing Agreement is set forth hereafter. To the extent not defined herein, the capitalized terms used herein
shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate is one
of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof (herein called
the “Certificates”) and representing an interest in the Class of Certificates specified on the face hereof equal
to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified on the face hereof,
by the aggregate initial Certificate Balance of the Class V Certificates. The Certificates are designated as the WELLS FARGO COMMERCIAL
MORTGAGE TRUST 2015-P2, Commercial Mortgage Pass-Through Certificates, Series 2015-P2 and are issued in the classes as specifically
set forth in the Pooling and Servicing Agreement. The Certificates will evidence in the aggregate 100% of the beneficial ownership
of the Trust Fund.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement and reference is made to that agreement for information with respect
to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and obligations of
the Trustee and the Certificate Administrator. This Certificate is issued under and is subject to the terms, provisions and conditions
of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time, the Certificateholder
by virtue of the acceptance hereof assents and by which the Certificateholder is bound. In the case of any conflict between terms
specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of the Pooling and Servicing
Agreement shall govern.

 

This Certificate represents
an undivided beneficial interest in a portion of a grantor trust that holds the Excess Interest and related amounts in the Excess
Interest Distribution Account. Each Holder of this Certificate, by acceptance hereof, agrees to treat, and take no

 

    	A-3-4

    	 

    
 

action inconsistent
with the treatment of, this Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and
local income and franchise taxes and other taxes imposed on or measured by income.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator shall distribute 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 Excess Interest then distributable, if any, allocable to the Class of Certificates
of the same Class as this Certificate for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.
All sums distributable on this Certificate are payable in the coin or currency of the United States of America as at the time of
payment is legal tender for the payment of public and private debts.

 

This Certificate is limited
in right of payment to, among other things, Excess Interest actually collected on the Mortgage Loans, all as more specifically
set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement, the Collection Account and
the Distribution Accounts will be held on behalf of the Trustee on behalf of the Holders of Certificates specified in the Pooling
and Servicing Agreement and the Master Servicer (with respect to the Collection Account) or the Certificate Administrator (with
respect to the Distribution Accounts) will be authorized to make withdrawals therefrom. Amounts on deposit in such accounts may
be invested in Permitted Investments. Interest or other investment income earned on funds in the Collection Account will be paid
to the Master Servicer as set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement,
withdrawals from the Collection Account shall be made from time to time for purposes other than distributions to Certificateholders,
such purposes including reimbursement of certain expenses incurred with respect to the servicing of the Mortgage Loans and administration
of the Trust Fund.

 

All distributions under
the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other than the final distribution
on any Certificate) to Certificateholders of record on the related Record Date by check mailed to the address set forth therefor
in the Certificate Register or, provided that such Certificateholder has provided the Certificate Administrator with wire
instructions in writing at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately available
funds to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor. The final distribution
on this Certificate shall be made in like manner, but only upon presentment and surrender of this Certificate at the offices of
the Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.

 

Any funds not distributed
to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure of such Certificateholders
to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited to the account or accounts
of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been given pursuant to Section 4.01(h)
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 non-tendering Certificateholders to surrender
their Certificates for cancellation in order to receive the final distribution with respect thereto. If within one year after the
second notice all

 

    	A-3-5

    	 

    
 

such Certificates shall not have been surrendered for cancellation, the Certificate Administrator, directly or
through an agent, shall take such steps to contact the remaining non-tendering Certificateholders concerning the surrender of their
Certificates as it shall deem appropriate. The costs and expenses of holding such funds in trust and of contacting such Certificateholders
following the first anniversary of the delivery of such second notice to the non-tendering Certificateholders shall be paid out
of such funds. No interest shall accrue or be payable to any Certificateholder on any amount held in trust under the Pooling and
Servicing Agreement by the Certificate Administrator as a result of such Certificateholder’s failure to surrender its Certificate(s)
for final payment thereof in accordance with Section 4.01(h) of the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registerable
in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office of the Certificate
Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the form below or other
written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Holder hereof or such Holder’s
attorney-in-fact duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized Denominations
will be issued to the designated transferee or transferees.

 

The Class V Certificates
will be issued in full, registered, certificated form, in minimum percentage interests of 10% and integral multiples of 1% in excess
thereof.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange of any Certificate
(other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement. In connection with any
transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust for any costs (including the cost of
the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted by the transferor or
transferee to the Certificate Registrar as provided in Section 5.03 of the Pooling and Servicing Agreement) incurred by the Certificate
Registrar in connection with such transfer. The Certificate Registrar may require payment by each transferor of a sum sufficient
to cover any tax, expense or other governmental charge payable in connection with any such transfer or exchange.

 

The Trustee, the Certificate
Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, and any agent of any of them, may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee, the Certificate
Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, nor any agent of any of them, shall be affected
by any notice to the contrary.

 

The Pooling and Servicing
Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders or the
Companion Holders:

 

(i)         to
correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error in any provision
of the Pooling and Servicing Agreement;

 

    	A-3-6

    	 

    
 

(ii)        to
cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may be defective or inconsistent
with any other provisions therein or to correct any error;

 

(iii)       to
change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the P&I Advance Date shall in no event be later than the Business Day prior to the related Distribution Date
and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

(iv)       to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary to maintain
the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code
at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust or any
Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion of
Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable
to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will
not adversely affect in any material respect the interests of any Certificateholder or Companion Holder;

 

(v)        to
modify, eliminate or add to the provisions of Section 5.03(n) of the Pooling and Servicing Agreement or any other provision of
the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined
that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Disqualified Non-U.S. Tax Person;

 

(vi)       to
revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any
other change; provided that the required action shall not adversely affect in any material respect the interests of any
Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25 of the
Pooling and Servicing Agreement);

 

    	A-3-7

    	 

    
 

(vii)      to
amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement); provided that such amendment or supplement
shall not adversely affect in any material respect the interests of any Certificateholder not consenting to such amendment or supplement,
as evidenced by an Opinion of Counsel;

 

(viii)     to
modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as
a Control Termination Event has not occurred and is not continuing and with respect to the Mortgage Loans other than any Excluded
Loan, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions
has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any Trust
REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced
by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of
Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result
in the downgrade, withdrawal or qualification of its then current ratings (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement);

 

(ix)        to
modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided
that such amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by
(x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating
Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any
such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website pursuant to Section
3.13(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; or

 

(x)         to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as will be necessary to comply
with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv).

 

    	A-3-8

    	 

    
 

Notwithstanding the foregoing,
no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under any Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller
as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller or (B)
may materially and adversely affect the holders of a Companion Loan without such Companion Holder’s consent.

 

The Pooling and Servicing
Agreement may also be amended from time to time by the parties thereto with the consent of the Holders of Certificates of each
Class affected by such amendment evidencing in the aggregate not less than a majority of the aggregate Percentage Interests constituting
the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling
and Servicing Agreement or of modifying in any manner the rights of the Holders of Certificates of such Class; provided,
however, that no such amendment shall:

 

(i)         reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to be distributed
on a Certificate of any class without the consent of the Holder of the Certificate or which are required to be distributed to a
Companion Holder without the consent of such Companion Holder; or

 

(ii)        reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all Certificates
of such Class then-outstanding or such Companion Holders, as applicable; or

 

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

 

(iv)       change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations or rights of any Mortgage Loan Seller
under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller; or

 

(v)        amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement) and, if required under the related
Intercreditor Agreement, the consent of the holder of any AB Subordinate Companion Loan for each Serviced AB Whole Loan.

 

    	A-3-9

    	 

    
 

Notwithstanding the foregoing,
none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator, the Depositor, the
Master Servicer nor the Special Servicer shall consent to any amendment to the Pooling and Servicing Agreement without having first
received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment is permitted under the Pooling
and Servicing Agreement, that all conditions precedent have been satisfied and that such amendment or the exercise of any power
granted to the Master Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer or any other specified person in accordance with such amendment will not result in
the imposition of a tax on any portion of the Trust Fund or any Trust REMIC, or cause any Trust REMIC to fail to qualify as a REMIC
or cause the Grantor Trust to fail to qualify as a grantor trust under the relevant provisions of the Code.

 

The Holders of the majority
of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates, in that order of
priority, may, at their option, elect to purchase all of the Mortgage Loans (and all property acquired through exercise of remedies
in respect of any related Mortgage Loan) and the Trust’s portion of each REO Property remaining in the Trust Fund as contemplated
by clause (ii) of the first paragraph of Section 9.01 in the Pooling and Servicing Agreement by giving written notice to the Trustee,
The Certificate Administrator and the other parties to the Pooling and Servicing Agreement no later than sixty (60) days prior
to the anticipated date of purchase; provided, however, that the Holders of the Controlling Class, the Special Servicer,
the Master Servicer, or the Holders of the Class R Certificates may so elect to purchase all of the Mortgage Loans and the Trust’s
portion of each REO Property remaining in the Trust Fund only on or after the first Distribution Date on which the aggregate Stated
Principal Balances of the Mortgage Loans and the portion of any REO Loans held by the Trust is less than 1.0% of the aggregate
Cut-off Date Balance of the Mortgage Loans as set forth in the Pooling and Servicing Agreement.

 

Following the date on
which the Class A-1, Class A-2A, Class A-2B, Class A-3, Class A-4, Class A-SB, Class A-S, Class B, Class C and Class D Certificates
are no longer outstanding (and provided that there is only one Holder (or multiple Holders acting in unanimity) of the then-outstanding
Certificates (other than the Class V and Class R Certificates)), the Sole Certificateholder shall have the right, with the consent
of the Master Servicer, to exchange all of its Certificates (other than the Class V and Class R Certificates) for all of the Mortgage
Loans and each REO Property remaining in the Trust
Fund pursuant to the terms of the Pooling and Servicing Agreement.

 

The obligations created
by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate Administrator
to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate upon reduction
of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment resulting from
a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement. In no event,
however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death
of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court of St. James,
living on the date hereof.

 

    	A-3-10

    	 

    
 

Unless the certificate
of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. The Certificate Registrar has executed this
Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and 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.

 

THIS CERTIFICATE AND
THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

    	A-3-11

    	 

    

 

IN WITNESS WHEREOF,
the Certificate Registrar has caused this Certificate to be duly executed under this official seal.

 

	 	
        WELLS FARGO BANK, NATIONAL
ASSOCIATION, not in its individual capacity but solely as Certificate Registrar under the Pooling and Servicing Agreement

	 	 	 
	 	By:	 
	 	 	AUTHORIZED SIGNATORY

 

December 23, 2015

  

CERTIFICATE OF AUTHENTICATION

 

THIS IS ONE OF THE
CLASS V CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

 

	 	
        WELLS FARGO BANK, NATIONAL
ASSOCIATION, as Authenticating Agent

	 	 	 
	 	By:	 
	 	 	AUTHORIZED SIGNATORY

 

    	A-3-12

    	 

    

  

ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:  

	 	 	 	 
	TEN COM   	-   	as tenant in common	UNIF
                                         GIFT MIN ACT __________ Custodian
	TEN
        ENT	-	as tenants by the entireties	     (Cust)
	JT TEN	-	as joint tenants with rights of 	Under
        Uniform Gifts to Minors
	 	 	survivorship and not as tenants in	 
	 	 	 common	Act
        __________________________
	 	 		
(State)

 

Additional
abbreviations may also be used though not in the above list. 

 

FORM
OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ____________________________________________

 

 

(Please
insert Social Security or other identifying number of Assignee)

 

 

(Please
print or typewrite name and address of assignee)

 

 

 

the
within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register
of the within-named Trust, with full power of substitution in the premises.

  

	Dated:  _______________	NOTICE:  The
    signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular
    without alteration or enlargement or any change whatever.

 

	 	 
	SIGNATURE GUARANTEED	 

 

The
signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another
national securities exchange. Notarized or witnessed signatures are not acceptable.  

 

    	A-3-13

    	 

    

 

DISTRIBUTION INSTRUCTIONS

 

The assignee should include
the following for purposes of distribution:

 

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to_____________ for the account of
_________________________________________________ account number ______________ or, if mailed by check, to _________________
______________________. Statements should be mailed to ____________________. This information is provided by assignee named
above, or _______________________, as its agent.

 

    	A-3-14

    	 

    

 

EXHIBIT B

 

MORTGAGE LOAN SCHEDULE

 

    	B-1

    	 

    

 

Wells Fargo Commercial Mortgage Trust 2015-P2

MORTGAGE LOAN SCHEDULE

 

	Mortgage Loan Number		Mortgage Loan Seller		Property Name		Address		City		State		Zip Code		County		General Property Type		Number of Units		Unit of Measure		Original Principal Balance ($)		Cut-off Date Balance ($)
	1		LCF		Rolling Brook Village		1723 Long Shadows Court		Woodbridge		VA		22192		Prince William		Multifamily		732		Units		88,000,000.00		88,000,000.00
	2		SG		Empire Mall		5000 Empire Mall		Sioux Falls		SD		57106		Minnehaha		Retail		1,124,451		Sq. Ft.		75,000,000.00		75,000,000.00
	3		PCC		Pineapple Hotel Portfolio		Various		Seattle		WA		Various		King		Hospitality		318		Rooms		61,500,000.00		61,500,000.00
	3.01		PCC		Hotel Five		2200 5th Avenue		Seattle		WA		98121		King		Hospitality		116		Rooms		23,820,000.00		
	3.02		PCC		Watertown Hotel		4242 Roosevelt Way Northeast		Seattle 		WA		98105		King		Hospitality		100		Rooms		19,980,000.00		
	3.03		PCC		University Inn		4140 Roosevelt Way		Seattle		WA		98105		King		Hospitality		102		Rooms		17,700,000.00		
	4		PCC		Adler Office		7855, 7875, 7925, 7955, 7975, 8095, 8175, 8181 Northwest 12th Street and 1200 Northwest 78th Avenue		Doral		FL		33126		Miami-Dade		Office		388,305		Sq. Ft.		40,200,000.00		40,200,000.00
	5		PCC		Adler Industrial		1701-1723, 1901-1923 Northwest 82nd Avenue and 2156-2298 Northwest 82nd Avenue 		Doral		FL		33126		Miami-Dade		Industrial		196,267		Sq. Ft.		16,800,000.00		16,800,000.00
	6		CGMRC		Harbor Pointe Apartments		302 Constitution Avenue		Bayonne		NJ		07002		Hudson		Multifamily		544		Units		50,000,000.00		50,000,000.00
	7		PCC		Heritage Industrial Portfolio		Various		Various		Various		Various		Various		Industrial		2,578,919		Sq. Ft.		41,000,000.00		41,000,000.00
	7.01		PCC		2294 Molly Pitcher Highway		2294 Molly Pitcher Highway  		Chambersburg		PA		17202		Franklin		Industrial		621,400		Sq. Ft.		14,208,294.93		
	7.02		PCC		1001 & 1011 Air Park Drive		1001 & 1011 Air Park Drive 		Middletown		PA		17057		Dauphin		Industrial		286,203		Sq. Ft.		7,255,299.54		
	7.03		PCC		4472 Steelway Boulevard North		4472 Steelway Boulevard North		Clay		NY		13090		Onondaga		Industrial		378,500		Sq. Ft.		3,400,921.66		
	7.04		PCC		3530 East Pike Road		3530 East Pike Road		Zanesville		OH		43701		Muskingum		Industrial		300,000		Sq. Ft.		3,238,433.18		
	7.05		PCC		22 Northeastern Industrial Park 		22 Northeastern Industrial Park  		Guilderland		NY		12085		Albany		Industrial		104,000		Sq. Ft.		2,191,705.07		
	7.06		PCC		8 Northeastern Industrial Park 		8 Northeastern Industrial Park  		Guilderland		NY		12085		Albany		Industrial		199,045		Sq. Ft.		2,153,917.05		
	7.07		PCC		4 & 8 Marway Circle 		4 & 8 Marway Circle  		Gates		NY		14624		Monroe		Industrial		124,696		Sq. Ft.		1,927,188.94		
	7.08		PCC		4500 & 4510 Steelway Boulevard South		4500 & 4510 Steelway Boulevard South		Clay		NY		13090		Onondaga		Industrial		123,000		Sq. Ft.		1,549,308.76		
	7.09		PCC		21 Northeastern Industrial Park 		21 Northeastern Industrial Park  		Guilderland 		NY		12085		Albany		Industrial		100,065		Sq. Ft.		1,473,732.72		
	7.10		PCC		4474 Steelway Boulevard North		4474 Steelway Boulevard North		Clay		NY		13090		Onondaga		Industrial		160,000		Sq. Ft.		1,473,732.72		
	7.11		PCC		16725 Square Drive		16725 Square Drive		Marysville		OH		43040		Union		Industrial		130,735		Sq. Ft.		1,333,917.05		
	7.12		PCC		5 Marway Circle 		5 Marway Circle  		Gates		NY		14624		Monroe		Industrial		51,275		Sq. Ft.		793,548.39		
	8		CGMRC		Anchorage Marriott Downtown		820 West 7th Avenue		Anchorage		AK		99501		Anchorage		Hospitality		392		Rooms		37,975,000.00		37,926,517.50
	9		LCF		Harvey Building Products Portfolio		Various		Various		Various		Various		Various		Various		2,046,119		Sq. Ft.		33,000,000.00		32,922,772.45
	9.01		LCF		Londonderry Manufacturing		5 Jack’s Bridge Road		Londonderry		NH		3062		Hillsborough		Industrial		376,294		Sq. Ft.		6,375,000.00		
	9.02		LCF		Waltham Corporate		1400 Main Street		Waltham		MA		2451		Middlesex		Office		54,400		Sq. Ft.		3,264,000.00		
	9.03		LCF		Dartmouth Manufacturing		7 Ledgewood Boulevard		North Dartmouth		MA		2714		Bristol		Industrial		235,239		Sq. Ft.		3,045,000.00		
	9.04		LCF		Nashua		90 Northeastern Boulevard		Nashua		NH		3062		Hillsborough		Industrial		111,594		Sq. Ft.		1,536,000.00		
	9.05		LCF		West Bridgewater		10 Turnpike Street		West Bridgewater		MA		2379		Plymouth		Industrial		81,776		Sq. Ft.		1,425,000.00		
	9.06		LCF		Woburn		27-33 Commonwealth Ave		Woburn		MA		1801		Middlesex		Industrial		76,054		Sq. Ft.		1,410,000.00		
	9.07		LCF		Manchester, NH		344 East Industrial Park Drive		Manchester		NH		3109		Hillsborough		Industrial		81,747		Sq. Ft.		1,164,900.00		
	9.08		LCF		New London		1096 Hartford Turnpike		Waterford		CT		6385		New London		Industrial		70,642		Sq. Ft.		1,095,000.00		
	9.09		LCF		East Haven		221 Commerce Street		East Haven		CT		6512		New Haven		Industrial		70,089		Sq. Ft.		1,020,000.00		
	9.10		LCF		Salem		4 Raymond Ave		Salem		NH		3079		Rockingham		Industrial		58,286		Sq. Ft.		1,020,000.00		
	9.11		LCF		Bethlehem		2000 City Line Road		Bethlehem		PA		18017		Lehigh		Industrial		71,091		Sq. Ft.		990,000.00		
	9.12		LCF		Lincoln		21 Wellington Road		Lincoln		RI		2865		Providence		Industrial		80,240		Sq. Ft.		952,500.00		
	9.13		LCF		Berlin		272 Woodlawn Road		Berlin		CT		6037		Hartford		Industrial		43,796		Sq. Ft.		915,000.00		
	9.14		LCF		Woburn CPD		35 Commonwealth Ave		Woburn		MA		1801		Middlesex		Industrial		59,800		Sq. Ft.		900,000.00		
	9.15		LCF		Norwalk I		256-258 Martin Luther King Drive		Norwalk		CT		6854		Fairfield		Industrial		40,232		Sq. Ft.		750,000.00		
	9.16		LCF		Dartmouth		965 Reed Road		Dartmouth		MA		2747		Bristol		Industrial		63,117		Sq. Ft.		720,000.00		
	9.17		LCF		Braintree		320 Wood Road		Braintree		MA		2184		Norfolk 		Industrial		32,531		Sq. Ft.		675,000.00		
	9.18		LCF		Manchester, CT		730 Parker Street		Manchester		CT		6042		Hartford		Industrial		49,175		Sq. Ft.		630,000.00		
	9.19		LCF		Portland		401 Riverside Street		Portland 		ME		4103		Cumberland		Industrial		48,145		Sq. Ft.		630,000.00		
	9.20		LCF		Norwalk II		260 Martin Luther King Drive		Norwalk		CT		6854		Fairfield		Industrial		30,000		Sq. Ft.		570,000.00		
	9.21		LCF		Warwick		45 Lori Ann Way		Warwick		RI		2886		Kent		Industrial		43,899		Sq. Ft.		566,400.00		
	9.22		LCF		Fitchburg		133 Benson Street		Fitchburg		MA		1420		Worcester		Industrial		39,433		Sq. Ft.		485,400.00		
	9.23		LCF		Auburn		300 Washington Street		Auburn 		MA		1501		Worcester		Industrial		37,132		Sq. Ft.		469,200.00		
	9.24		LCF		Portsmouth		240 West Road		Portsmouth		NH		3801		Rockingham		Industrial		31,470		Sq. Ft.		453,000.00		
	9.25		LCF		Southampton		99 Buck Road		Huntingdon Valley		PA		19006		Bucks		Industrial		36,421		Sq. Ft.		375,000.00		
	9.26		LCF		Hyannis		186 Breeds Hill Road		Hyannis		MA		2601		Barnstable		Industrial		24,070		Sq. Ft.		356,100.00		
	9.27		LCF		Wilkes-Barre		936 Rutter Avenue		Forty Fort		PA		18704		Luzerne		Industrial		32,200		Sq. Ft.		330,000.00		
	9.28		LCF		Berlin CPD		230 Woodlawn Road		Berlin		CT		6037		Hartford		Industrial		28,163		Sq. Ft.		322,500.00		
	9.29		LCF		Springfield		175 Carando Drive		Springfield		MA		1104		Hampden		Industrial		25,347		Sq. Ft.		300,000.00		
	9.30		LCF		White River Junction		1354 North Hartland Road		White River Junction		VT		5001		Windsor		Industrial		13,736		Sq. Ft.		255,000.00		
	10		CGMRC		JW Marriott Santa Monica Le Merigot		1740 Ocean Avenue		Santa Monica		CA		90401		Los Angeles		Hospitality		175		Rooms		31,200,000.00		31,162,303.23
	11		CGMRC		Keeper’s Self Storage Manhattan		444 East 10th Street		New York		NY		10009		New York		Self Storage		61,575		Sq. Ft.		31,000,000.00		31,000,000.00
	12		WFB		2052 Century Park East		2052 Century Park East		Los Angeles		CA		90067		Los Angeles		Other		63,000		Sq. Ft.		30,000,000.00		30,000,000.00
	13		PCC		Home Depot Jamaica 		92-30 168th Street		Jamaica		NY		11433		Queens		Other		105,196		Sq. Ft.		25,000,000.00		25,000,000.00
	14		PCC		Aloft Nashville West End		1719 West End Avenue		Nashville		TN		37203		Davidson		Hospitality		139		Rooms		24,600,000.00		24,600,000.00
	15		PCC		Merritt Creek Farm Shopping Center		1050, 2010, 2014, 2030, 2040, 2050, 2060, 2064, 2068, 2080, 2098 Thundering Herd Drive; 900, 910, 920, 930, 940, 950 Lauren Christian Drive; 3060 Champion Drive		Barboursville		WV		25504		Cabell		Retail		265,070		Sq. Ft.		22,000,000.00		22,000,000.00
	16		CGMRC		Westgate Shopping Center		2467 West Stadium Boulevard		Ann Arbor		MI		48103		Washtenaw		Retail		174,426		Sq. Ft.		22,000,000.00		22,000,000.00
	17		LCF		Green Caye		2415 Caroline Street		Dickinson		TX		77539		Galveston		Mixed Use		760		Units		19,000,000.00		19,000,000.00
	18		WFB		Huntington Park Shopping Center		6000-6082 Pacific Boulevard; 2671 Randolph Street		Huntington Park		CA		90255		Los Angeles		Retail		91,944		Sq. Ft.		18,500,000.00		18,500,000.00
	19		SG		Columbine Place		216 16th Street		Denver		CO		80202		Denver		Office		149,694		Sq. Ft.		15,500,000.00		15,500,000.00
	20		WFB		2200 Harbor Boulevard		2200 Harbor Boulevard		Costa Mesa		CA		92627		Orange		Retail		188,662		Sq. Ft.		14,000,000.00		14,000,000.00
	21		LCF		Hayden’s Crossing 		5464 Eagle River Drive		Dublin		OH		43016		Franklin		Multifamily		102		Units		13,550,000.00		13,550,000.00
	22		WFB		2700 Blankenbaker		2700 Blankenbaker Parkway		Louisville		KY		40299		Jefferson		Office		107,598		Sq. Ft.		12,788,000.00		12,788,000.00
	23		CGMRC		Amsdell Michigan Pool		Various		Various		MI		Various		Various		Self Storage		190,565		Sq. Ft.		12,500,000.00		12,500,000.00
	23.01		CGMRC		Amsdell - Shelby, Michigan		50387 Van Dyke Avenue		Shelby		MI		48317		Oceana		Self Storage		70,400		Sq. Ft.		4,575,000.00		
	23.02		CGMRC		Amsdell - Fraser, Michigan		32968 Groesbeck Highway		Fraser		MI		48026		Macomb		Self Storage		65,830		Sq. Ft.		4,300,000.00		
	23.03		CGMRC		Amsdell - Flat Rock, Michigan		14551 Telegraph Road		Flat Rock		MI		48134		Monroe		Self Storage		54,335		Sq. Ft.		3,625,000.00		
	24		PCC		Marley Manor Apartments		1006-1018 Marley Manor Drive and 691-695 Ramsey Court		Salisbury		MD		21804		Wicomico		Multifamily		120		Units		12,100,000.00		12,100,000.00
	25		LCF		Savannah Club Apartments		250 South Stagecoach Trail		San Marcos		TX		78666		Hays		Multifamily		180		Units		12,000,000.00		12,000,000.00
	26		PCC		Hawthorne Business Center 		12501-12529 and 12563-12695 Crenshaw Boulevard		Hawthorne		CA		90250		Los Angeles		Industrial		198,122		Sq. Ft.		11,800,000.00		11,800,000.00
	27		WFB		Valley View Business Center		6625 South Valley View Boulevard		Las Vegas		NV		89118		Clark		Industrial		120,722		Sq. Ft.		11,200,000.00		11,185,358.07
	28		LCF		Gallery Shopping Center		535-621 Haywood Road		Greenville		SC		29607		Greenville		Retail		142,911		Sq. Ft.		10,150,000.00		10,150,000.00
	29		WFB		Security Public Storage - Salinas		271 Sun Way		Salinas		CA		93901		Monterey		Self Storage		124,036		Sq. Ft.		9,925,000.00		9,925,000.00
	30		SG		Dollar Self Storage		1475 American Pacific Drive		Henderson		NV		89074		Clark		Self Storage		725		Unit		9,150,000.00		9,150,000.00
	31		CGMRC		Sunset Plaza		4157-4219 Sunset Drive		San Angelo		TX		76904		Tom Green		Retail		89,144		Sq. Ft.		9,150,000.00		9,150,000.00
	32		LCF		Tally Ho		3464 Naamans Road		Wilmington 		DE		19810		New Castle		Retail		25,087		Sq. Ft.		9,000,000.00		8,988,676.74
	33		WFB		Parkway Commons		3046 Columbia Avenue		Franklin		TN		37064		Williamson		Mixed Use		42,871		Sq. Ft.		8,050,000.00		8,050,000.00
	34		LCF		Reasor’s Foods- Bixby		11116 South Memorial Drive		Bixby		OK		74008		Tulsa		Retail		75,996		Sq. Ft.		7,910,000.00		7,910,000.00
	35		WFB		OSH San Leandro		300 Floresta Boulevard		San Leandro		CA		94578		Alameda		Retail		43,474		Sq. Ft.		7,650,000.00		7,650,000.00
	36		WFB		ClimaStor 6		7355 Perkins Road		Baton Rouge		LA		70808		East Baton Rouge		Self Storage		85,851		Sq. Ft.		7,630,000.00		7,620,133.56
	37		WFB		Joiner Parkway Self Storage		108 Joiner Parkway		Lincoln		CA		95648		Placer		Self Storage		87,785		Sq. Ft.		7,350,000.00		7,350,000.00
	38		LCF		Fairfield Inn & Suites Lumberton		3361 Lackey Street		Lumberton		NC		28360		Robeson		Hospitality		103		Rooms		7,000,000.00		6,988,367.70
	39		SG		LA Fitness - Euless		2600 State Highway 121		Euless		TX		76039		Tarrant		Retail		45,000		Sq. Ft.		6,700,000.00		6,700,000.00
	40		LCF		Golf Plaza		1701-1753 West Golf Road		Mount Prospect		IL		60056		Cook		Retail		82,748		Sq. Ft.		6,500,000.00		6,500,000.00
	41		CGMRC		CSS Lafayette		3330 Mount Diablo Boulevard		Lafayette		CA		94549		Contra Costa		Self Storage		37,855		Sq. Ft.		6,300,000.00		6,300,000.00
	42		SG		LA Fitness - Grand Prairie		2803 West I-20		Grand Prairie		TX		75052		Tarrant		Retail		45,000		Sq. Ft.		6,300,000.00		6,300,000.00
	43		SG		LA Fitness - Pearland		2850 Pearland Parkway		Pearland		TX		77581		Brazoria		Retail		45,000		Sq. Ft.		6,125,000.00		6,125,000.00
	44		WFB		Security Public Storage – Pittsburg		521 Harbor Court		Pittsburg		CA		94565		Contra Costa		Self Storage		73,407		Sq. Ft.		6,050,000.00		6,050,000.00
	45		WFB		Academy Gateway Retail		7140-7148 and 7150-7190 North Academy Boulevard		Colorado Springs		CO		80920		El Paso		Retail		27,953		Sq. Ft.		5,820,000.00		5,820,000.00
	46		LCF		Hawthorn Suites Philadelphia		7890 Penrose Avenue		Philadelphia		PA		19153		Philadelphia		Hospitality		102		Rooms		5,500,000.00		5,491,368.39
	47		SG		Ventura Green Apartments		7000 South Walker Avenue		Oklahoma City		OK		73139		Oklahoma		Multifamily		158		Unit		5,450,000.00		5,450,000.00
	48		WFB		Hawthorne Club Apartments		7560 North Merriman Road		Westland		MI		48185		Wayne		Multifamily		253		Units		5,100,000.00		5,100,000.00
	49		LCF		Dover Downs		1165 North Dupont Highway		Dover		DE		19901		Kent		Retail		95,733		Sq. Ft.		5,000,000.00		4,993,835.09
	50		LCF		Walgreens- York		2101 South Queen Street		York 		PA		17403		York		Retail		14,550		Sq. Ft.		4,970,000.00		4,970,000.00
	51		LCF		URS Corporate Center		7800 Congress Ave		Boca Raton		FL		33487		Palm Beach		Office		42,455		Sq. Ft.		4,900,000.00		4,900,000.00
	52		CGMRC		3325 Hollywood Boulevard		3325 Hollywood Boulevard		Hollywood		FL		33021		Broward		Mixed Use		36,871		Sq. Ft.		4,600,000.00		4,600,000.00
	53		LCF		Walgreens- Reynoldsburg		2300 State Route 256		Reynoldsburg		OH		43068		Fairfield		Retail		14,820		Sq. Ft.		4,480,000.00		4,480,000.00
	54		WFB		Security Public Storage - Manteca		316 and 1957 West Lathrop Road		Manteca		CA		95336		San Joaquin		Self Storage		70,287		Sq. Ft.		4,225,000.00		4,225,000.00
	55		WFB		Storage Depot Fossil Creek		6650 North Riverside Drive		Fort Worth		TX		76137		Tarrant		Self Storage		72,225		Sq. Ft.		4,015,000.00		4,015,000.00
	56		WFB		ClimaStor 7		5252 Mancuso Lane		Baton Rouge		LA		70809		East Baton Rouge		Self Storage		43,329		Sq. Ft.		3,800,000.00		3,795,086.18
	57		CGMRC		Oak Valley Apartments		1899 Independence Boulevard		Lancaster		OH		43130		Fairfield		Multifamily		120		Units		3,750,000.00		3,750,000.00
	58		LCF		Harp’s Foods- Grove		1310 South Main Street		Grove		OK		74344		Delaware		Retail		31,500		Sq. Ft.		3,605,000.00		3,605,000.00
	59		LCF		Walgreens-Dyersburg		2615 Lake Road		Dyersburg		TN		38024		Dyer		Retail		14,820		Sq. Ft.		3,150,000.00		3,150,000.00
	60		WFB		University Center South		4317, 4345, 4347 University Boulevard South		Jacksonville		FL		32216		Duval		Retail		43,532		Sq. Ft.		3,150,000.00		3,080,983.38
	61		SG		Baymont Inn & Suites Las Vegas		55 East Robindale Road		Las Vegas		NV		89123		Clark		Hospitality		111		Rooms		2,950,000.00		2,946,752.79
	62		WFB		Storage Depot Morning Side		205 Morningside Road		Brownsville		TX		78521		Cameron		Self Storage		57,525		Sq. Ft.		2,690,000.00		2,686,634.17
	63		WFB		Security Public Storage - Sacramento III		7051 Power Inn Road		Sacramento		CA		95828		Sacramento		Self Storage		64,357		Sq. Ft.		2,600,000.00		2,600,000.00
	64		LCF		Alpha Corners		6267 Wilson Mills Road		Highland Heights		OH		44143		Cuyahoga		Retail		5,620		Sq. Ft.		2,200,000.00		2,197,236.15
	65		WFB		Storage Depot Culebra		9428 Culebra Road		San Antonio		TX		78251		Bexar		Self Storage		40,925		Sq. Ft.		2,010,000.00		2,010,000.00
	66		WFB		Eagle Point Estates		5300, 5350, and 5355 Russell Court		Whitehall		PA		18052		Lehigh		Multifamily		32		Units		1,375,000.00		1,375,000.00
	67		LCF		Dollar General - Farmington		816 East Fort Street		Farmington		IL		61531		Fulton		Retail		9,100		Sq. Ft		890,500.00		890,500.00
	68		LCF		Dollar General - Rice		12564 Fromelt Loop North West		Rice		MN		56367		Benton		Retail		9,002		Sq. Ft		812,500.00		812,500.00
	69		LCF		Dollar General - Bloomington		507 South McClun Street		Bloomington		IL		61701		McLean		Retail		9,026		Sq. Ft		812,500.00		812,500.00
	70		LCF		Dollar General - Cape Girardeau		7889 State Highway K		Gordonville		MO		63701		Cape Girardeau		Retail		9,026		Sq. Ft		767,000.00		767,000.00
	71		LCF		Dollar General - Troy		150 Blue Goose Road		Troy		MO		63379		Lincoln		Retail		9,002		Sq. Ft		734,500.00		734,500.00

 

    	 

    	 

    

 

Wells Fargo Commercial Mortgage Trust 2015-P2

MORTGAGE LOAN SCHEDULE

 

	Mortgage Loan Number		Mortgage Loan Seller		Property Name		Loan Amortization Type		Monthly P&I Payment ($)		Interest Accrual Basis		Mortgage Rate		Administrative Cost Rate		Net Mortgage Rate		Payment Due Date		Stated Maturity Date or Anticipated Repayment Date		ARD Loan Maturity Date		ARD Mortgage Rate After Anticipated Repayment Date		Original Term to Maturity or ARD (Mos.)		Remaining Term to Maturity or ARD (Mos.)		Amortization Term (Original) (Mos.)		Amortization Term (Remaining) (Mos.)		Cross Collateralized and Cross Defaulted Loan Flag
	1		LCF		Rolling Brook Village		Interest-only, Balloon		391,193.00 		Actual/360		5.247%		0.0143%		5.2327%		6		12/6/2020		NAP		NAP		60		60		IO		IO		
	2		SG		Empire Mall		Interest-only, Amortizing Balloon		371,770.39 		Actual/360		4.314%		0.0123%		4.3017%		1		12/01/2025		NAP		NAP		120		120		360		360		
	3		PCC		Pineapple Hotel Portfolio		Interest-only, Amortizing Balloon		328,268.55 		Actual/360		4.950%		0.0218%		4.9282%		1		12/1/2025		NAP		NAP		120		120		360		360		
	3.01		PCC		Hotel Five																														
	3.02		PCC		Watertown Hotel																														
	3.03		PCC		University Inn																														
	4		PCC		Adler Office		Interest-only, Amortizing Balloon		212,375.85 		Actual/360		4.860%		0.0418%		4.8182%		1		9/1/2025		NAP		NAP		120		117		360		360		Crossed Portfolio A
	5		PCC		Adler Industrial		Interest-only, Amortizing Balloon		88,754.09 		Actual/360		4.860%		0.0418%		4.8182%		1		9/1/2025		NAP		NAP		120		117		360		360		Crossed Portfolio A
	6		CGMRC		Harbor Pointe Apartments		Interest-only, Balloon		201,638.89 		Actual/360		4.760%		0.0123%		4.7477%		6		11/6/2025		NAP		NAP		120		119		IO		IO		
	7		PCC		Heritage Industrial Portfolio		Interest-only, Amortizing Balloon		211,165.43 		Actual/360		4.640%		0.0318%		4.6082%		1		8/1/2025		NAP		NAP		120		116		360		360		
	7.01		PCC		2294 Molly Pitcher Highway																														
	7.02		PCC		1001 & 1011 Air Park Drive																														
	7.03		PCC		4472 Steelway Boulevard North																														
	7.04		PCC		3530 East Pike Road																														
	7.05		PCC		22 Northeastern Industrial Park 																														
	7.06		PCC		8 Northeastern Industrial Park 																														
	7.07		PCC		4 & 8 Marway Circle 																														
	7.08		PCC		4500 & 4510 Steelway Boulevard South																														
	7.09		PCC		21 Northeastern Industrial Park 																														
	7.10		PCC		4474 Steelway Boulevard North																														
	7.11		PCC		16725 Square Drive																														
	7.12		PCC		5 Marway Circle 																														
	8		CGMRC		Anchorage Marriott Downtown		Amortizing Balloon		196,268.54 		Actual/360		4.670%		0.0123%		4.6577%		6		11/6/2025		NAP		NAP		120		119		360		359		
	9		LCF		Harvey Building Products Portfolio		Amortizing Balloon		174,138.30 		Actual/360		4.850%		0.0123%		4.8377%		6		10/6/2020		NAP		NAP		60		58		360		358		
	9.01		LCF		Londonderry Manufacturing																														
	9.02		LCF		Waltham Corporate																														
	9.03		LCF		Dartmouth Manufacturing																														
	9.04		LCF		Nashua																														
	9.05		LCF		West Bridgewater																														
	9.06		LCF		Woburn																														
	9.07		LCF		Manchester, NH																														
	9.08		LCF		New London																														
	9.09		LCF		East Haven																														
	9.10		LCF		Salem																														
	9.11		LCF		Bethlehem																														
	9.12		LCF		Lincoln																														
	9.13		LCF		Berlin																														
	9.14		LCF		Woburn CPD																														
	9.15		LCF		Norwalk I																														
	9.16		LCF		Dartmouth																														
	9.17		LCF		Braintree																														
	9.18		LCF		Manchester, CT																														
	9.19		LCF		Portland																														
	9.20		LCF		Norwalk II																														
	9.21		LCF		Warwick																														
	9.22		LCF		Fitchburg																														
	9.23		LCF		Auburn																														
	9.24		LCF		Portsmouth																														
	9.25		LCF		Southampton																														
	9.26		LCF		Hyannis																														
	9.27		LCF		Wilkes-Barre																														
	9.28		LCF		Berlin CPD																														
	9.29		LCF		Springfield																														
	9.30		LCF		White River Junction																														
	10		CGMRC		JW Marriott Santa Monica Le Merigot		Amortizing Balloon		166,916.77 		Actual/360		4.970%		0.0123%		4.9577%		6		11/6/2020		NAP		NAP		60		59		360		359		
	11		CGMRC		Keeper’s Self Storage Manhattan		Interest-only, Balloon		128,693.06 		Actual/360		4.900%		0.0243%		4.8757%		6		12/6/2025		NAP		NAP		120		120		IO		IO		
	12		WFB		2052 Century Park East		Interest-only, Balloon		118,187.50 		Actual/360		4.650%		0.0418%		4.6082%		11		12/11/2025		NAP		NAP		120		120		IO		IO		
	13		PCC		Home Depot Jamaica 		Interest-only, Amortizing Balloon		123,424.44 		Actual/360		4.280%		0.0518%		4.2282%		1		9/1/2025		NAP		NAP		120		117		360		360		
	14		PCC		Aloft Nashville West End		Interest-only, Amortizing Balloon		127,437.08 		Actual/360		4.690%		0.0218%		4.6682%		1		12/1/2025		NAP		NAP		120		120		360		360		
	15		PCC		Merritt Creek Farm Shopping Center		Interest-only, Amortizing Balloon		114,497.35 		Actual/360		4.730%		0.0518%		4.6782%		1		10/1/2025		NAP		NAP		120		118		360		360		
	16		CGMRC		Westgate Shopping Center		Interest-only, Amortizing Balloon		117,161.37 		Actual/360		4.930%		0.0143%		4.9157%		6		12/6/2025		NAP		NAP		120		120		360		360		
	17		LCF		Green Caye		Amortizing Balloon		99,124.45 		Actual/360		4.751%		0.0143%		4.7367%		6		12/6/2025		NAP		NAP		120		120		360		360		
	18		WFB		Huntington Park Shopping Center		Interest-only, Amortizing Balloon		97,063.09 		Actual/360		4.800%		0.0418%		4.7582%		11		11/11/2025		NAP		NAP		120		119		360		360		
	19		SG		Columbine Place		Interest-only, Balloon		56,598.68 		Actual/360		4.310%		0.0143%		4.2957%		1		10/01/2025		NAP		NAP		120		118		IO		IO		
	20		WFB		2200 Harbor Boulevard		Interest-only, Amortizing Balloon		70,769.67 		Actual/360		4.480%		0.0143%		4.4657%		11		11/11/2025		NAP		NAP		120		119		360		360		
	21		LCF		Hayden’s Crossing 		Interest-only, Amortizing Balloon		70,683.21 		Actual/360		4.750%		0.0143%		4.7357%		6		11/6/2025		NAP		NAP		120		119		360		360		
	22		WFB		2700 Blankenbaker		Interest-only, Amortizing Balloon		67,713.96 		Actual/360		4.880%		0.0143%		4.8657%		11		12/11/2025		NAP		NAP		120		120		360		360		
	23		CGMRC		Amsdell Michigan Pool		Interest-only, Amortizing Balloon		66,645.08 		Actual/360		4.940%		0.0443%		4.8957%		6		12/6/2025		NAP		NAP		120		120		360		360		
	23.01		CGMRC		Amsdell - Shelby, Michigan																														
	23.02		CGMRC		Amsdell - Fraser, Michigan																														
	23.03		CGMRC		Amsdell - Flat Rock, Michigan																														
	24		PCC		Marley Manor Apartments		Interest-only, Amortizing Balloon		61,885.43 		Actual/360		4.580%		0.0218%		4.5582%		1		9/1/2025		NAP		NAP		120		117		360		360		
	25		LCF		Savannah Club Apartments		Interest-only, Balloon		44,733.33 		Actual/360		4.400%		0.0143%		4.3857%		6		11/6/2025		NAP		NAP		120		119		IO		IO		
	26		PCC		Hawthorne Business Center 		Interest-only, Balloon		45,487.36 		Actual/360		4.550%		0.0518%		4.4982%		1		9/1/2025		NAP		NAP		120		117		IO		IO		
	27		WFB		Valley View Business Center		Amortizing Balloon		57,015.26 		Actual/360		4.540%		0.0143%		4.5257%		11		11/11/2025		NAP		NAP		120		119		360		359		
	28		LCF		Gallery Shopping Center		Interest-only, Amortizing Balloon		53,210.60 		Actual/360		4.793%		0.0143%		4.7787%		6		11/6/2025		NAP		NAP		120		119		360		360		
	29		WFB		Security Public Storage - Salinas		Amortizing Balloon		50,111.76 		Actual/360		4.470%		0.0143%		4.4557%		1		12/1/2025		NAP		NAP		120		120		360		360		
	30		SG		Dollar Self Storage		Amortizing Balloon		47,675.59 		Actual/360		4.740%		0.0143%		4.7257%		1		12/01/2025		NAP		NAP		120		120		360		360		
	31		CGMRC		Sunset Plaza		Amortizing Balloon		49,343.11 		Actual/360		5.040%		0.0143%		5.0257%		6		12/6/2025		NAP		NAP		120		120		360		360		
	32		LCF		Tally Ho		Amortizing Balloon		46,948.26 		Actual/360		4.750%		0.0143%		4.7357%		6		11/6/2025		NAP		NAP		120		119		360		359		
	33		WFB		Parkway Commons		Interest-only, Balloon		30,622.42 		Actual/360		4.490%		0.0443%		4.4457%		11		11/11/2025		NAP		NAP		120		119		IO		IO		
	34		LCF		Reasor’s Foods- Bixby		Interest-only, ARD		35,384.07 		Actual/360		5.280%		0.0143%		5.2657%		6		11/6/2025		11/6/2030		9.2800%		120		119		IO		IO		
	35		WFB		OSH San Leandro		Interest-only, Balloon		29,878.56 		Actual/360		4.610%		0.0143%		4.5957%		11		11/11/2025		NAP		NAP		120		119		IO		IO		
	36		WFB		ClimaStor 6		Amortizing Balloon		39,114.77 		Actual/360		4.600%		0.0143%		4.5857%		11		11/11/2025		NAP		NAP		120		119		360		359		
	37		WFB		Joiner Parkway Self Storage		Interest-only, Amortizing Balloon		37,591.56 		Actual/360		4.580%		0.0143%		4.5657%		11		11/11/2025		NAP		NAP		120		119		360		360		
	38		LCF		Fairfield Inn & Suites Lumberton		Amortizing Balloon		41,207.30 		Actual/360		5.070%		0.0143%		5.0557%		6		11/6/2025		NAP		NAP		120		119		300		299		
	39		SG		LA Fitness - Euless		Interest-only, Amortizing Balloon		35,253.89 		Actual/360		4.825%		0.0543%		4.7707%		1		12/01/2025		NAP		NAP		120		120		360		360		
	40		LCF		Golf Plaza		Interest-only, Amortizing Balloon		33,817.02 		Actual/360		4.727%		0.0543%		4.6727%		6		12/6/2025		NAP		NAP		120		120		360		360		
	41		CGMRC		CSS Lafayette		Interest-only, Amortizing Balloon		32,522.89 		Actual/360		4.660%		0.0143%		4.6457%		6		11/6/2025		NAP		NAP		120		119		360		360		
	42		SG		LA Fitness - Grand Prairie		Interest-only, Amortizing Balloon		33,149.18 		Actual/360		4.825%		0.0543%		4.7707%		1		12/01/2025		NAP		NAP		120		120		360		360		
	43		SG		LA Fitness - Pearland		Interest-only, Amortizing Balloon		32,228.37 		Actual/360		4.825%		0.0543%		4.7707%		1		12/01/2025		NAP		NAP		120		120		360		360		
	44		WFB		Security Public Storage – Pittsburg		Amortizing Balloon		30,726.40 		Actual/360		4.520%		0.0143%		4.5057%		1		12/1/2025		NAP		NAP		120		120		360		360		
	45		WFB		Academy Gateway Retail		Interest-only, Balloon		22,336.68 		Actual/360		4.530%		0.0143%		4.5157%		11		11/11/2025		NAP		NAP		120		119		IO		IO		
	46		LCF		Hawthorn Suites Philadelphia		Amortizing Balloon		33,610.78 		Actual/360		5.450%		0.0143%		5.4357%		6		11/6/2025		NAP		NAP		120		119		300		299		
	47		SG		Ventura Green Apartments		Interest-only, Amortizing Balloon		28,373.96 		Actual/360		4.733%		0.0143%		4.7187%		1		12/01/2025		NAP		NAP		120		120		360		360		
	48		WFB		Hawthorne Club Apartments		Interest-only, Amortizing Balloon		24,999.45 		Actual/360		4.220%		0.0143%		4.2057%		11		11/11/2025		NAP		NAP		120		119		360		360		
	49		LCF		Dover Downs		Amortizing Balloon		26,414.91 		Actual/360		4.860%		0.0143%		4.8457%		6		11/6/2025		NAP		NAP		120		119		360		359		
	50		LCF		Walgreens- York		Amortizing Balloon		26,226.28 		Actual/360		4.850%		0.0143%		4.8357%		6		12/6/2025		NAP		NAP		120		120		360		360		
	51		LCF		URS Corporate Center		Interest-only, Balloon		19,453.41 		Actual/360		4.686%		0.0143%		4.6717%		6		11/6/2025		NAP		NAP		120		119		IO		IO		
	52		CGMRC		3325 Hollywood Boulevard		Interest-only, Balloon		16,680.11 		Actual/360		4.280%		0.0143%		4.2657%		6		11/6/2025		NAP		NAP		120		119		IO		IO		
	53		LCF		Walgreens- Reynoldsburg		Amortizing Balloon		23,640.59 		Actual/360		4.850%		0.0143%		4.8357%		6		12/6/2025		NAP		NAP		120		120		360		360		
	54		WFB		Security Public Storage - Manteca		Amortizing Balloon		21,457.69 		Actual/360		4.520%		0.0143%		4.5057%		1		12/1/2025		NAP		NAP		120		120		360		360		
	55		WFB		Storage Depot Fossil Creek		Interest-only, Amortizing Balloon		21,016.80 		Actual/360		4.780%		0.0143%		4.7657%		11		11/11/2025		NAP		NAP		120		119		360		360		
	56		WFB		ClimaStor 7		Amortizing Balloon		19,480.49 		Actual/360		4.600%		0.0143%		4.5857%		11		11/11/2025		NAP		NAP		120		119		360		359		
	57		CGMRC		Oak Valley Apartments		Interest-only, Amortizing Balloon		20,176.67 		Actual/360		5.020%		0.0143%		5.0057%		6		12/6/2025		NAP		NAP		120		120		360		360		
	58		LCF		Harp’s Foods- Grove		Interest-only, ARD		16,126.37 		Actual/360		5.280%		0.0143%		5.2657%		6		11/6/2025		11/6/2030		9.2800%		120		119		IO		IO		
	59		LCF		Walgreens-Dyersburg		Amortizing Balloon		16,622.29 		Actual/360		4.850%		0.0143%		4.8357%		6		12/6/2025		NAP		NAP		120		120		360		360		
	60		WFB		University Center South		Amortizing Balloon		16,622.29 		Actual/360		4.850%		0.0418%		4.8082%		1		6/1/2024		NAP		NAP		120		102		360		342		
	61		SG		Baymont Inn & Suites Las Vegas		Amortizing Balloon		16,694.29 		Actual/360		5.470%		0.0643%		5.4057%		1		11/01/2020		NAP		NAP		60		59		360		359		
	62		WFB		Storage Depot Morning Side		Amortizing Balloon		14,081.00 		Actual/360		4.780%		0.0143%		4.7657%		11		11/11/2025		NAP		NAP		120		119		360		359		
	63		WFB		Security Public Storage - Sacramento III		Amortizing Balloon		13,189.27 		Actual/360		4.510%		0.0143%		4.4957%		1		12/1/2025		NAP		NAP		120		120		360		360		
	64		LCF		Alpha Corners		Amortizing Balloon		11,486.85 		Actual/360		4.758%		0.0143%		4.7437%		6		11/6/2025		NAP		NAP		120		119		360		359		
	65		WFB		Storage Depot Culebra		Interest-only, Amortizing Balloon		10,521.49 		Actual/360		4.780%		0.0143%		4.7657%		11		11/11/2025		NAP		NAP		120		119		360		360		
	66		WFB		Eagle Point Estates		Amortizing Balloon		7,073.53 		Actual/360		4.630%		0.0143%		4.6157%		11		12/11/2025		NAP		NAP		120		120		360		360		
	67		LCF		Dollar General - Farmington		Interest-only, ARD		3,892.97 		Actual/360		5.160%		0.0143%		5.1457%		6		11/6/2025		11/6/2030		9.1600%		120		119		IO		IO		
	68		LCF		Dollar General - Rice		Interest-only, ARD		3,538.21 		Actual/360		5.140%		0.0143%		5.1257%		6		12/6/2025		12/6/2030		9.1400%		120		120		IO		IO		
	69		LCF		Dollar General - Bloomington		Interest-only, ARD		3,545.10 		Actual/360		5.150%		0.0143%		5.1357%		6		11/6/2025		11/6/2030		9.1500%		120		119		IO		IO		
	70		LCF		Dollar General - Cape Girardeau		Interest-only, ARD		3,379.06 		Actual/360		5.200%		0.0143%		5.1857%		6		12/6/2025		12/6/2030		9.2000%		120		120		IO		IO		
	71		LCF		Dollar General - Troy		Interest-only, ARD		3,198.54 		Actual/360		5.140%		0.0143%		5.1257%		6		11/6/2025		11/6/2030		9.1400%		120		119		IO		IO		

 

    	 

    	 

    

 

Wells Fargo Commercial Mortgage Trust 2015-P2

MORTGAGE LOAN SCHEDULE

 

	Mortgage Loan Number		Mortgage Loan Seller		Property Name		Prepayment Provisions		Ownership Interest		Grace Period Late (Days)		Engineering Escrow / Deferred Maintenance ($)		Tax Escrow (Initial)		Monthly Tax Escrow ($)		Tax Escrow - Cash or LoC		Tax Escrow - LoC Counterparty		Insurance Escrow (Initial)		Monthly Insurance Escrow ($)		Insurance Escrow - Cash or LoC		Insurance Escrow - LoC Counterparty		Upfront Replacement Reserve ($)
	1		LCF		Rolling Brook Village		L(24),D(33),O(3)		Fee		0		37,500 		217,610 		108,805 		Cash				42,938 		14,313 		Cash				0 
	2		SG		Empire Mall		L(24),D(89),O(7)		Both		5		0 		0 		Springing						0 		Springing						0 
	3		PCC		Pineapple Hotel Portfolio		L(24),D(92),O(4)		Fee		0		67,625 		87,785 		43,892 		Cash				0 		Springing						0 
	3.01		PCC		Hotel Five																										
	3.02		PCC		Watertown Hotel																										
	3.03		PCC		University Inn																										
	4		PCC		Adler Office		L(27),D(89),O(4)		Fee		0		0 		536,561 		53,656 		Cash				213,437 		35,573 		Cash				0 
	5		PCC		Adler Industrial		L(27),D(89),O(4)		Fee		0		0 		209,672 		20,967 		Cash				89,254 		14,876 		Cash				0 
	6		CGMRC		Harbor Pointe Apartments		L(25),D(91),O(4)		Fee		0		54,835 		178,371 		89,186 		Cash				33,867 		16,934 		Cash				0 
	7		PCC		Heritage Industrial Portfolio		L(28),D(88),O(4)		Fee		5		88,889 		694,723 		141,872 		Cash				64,203 		16,051 		Cash				0 
	7.01		PCC		2294 Molly Pitcher Highway																										
	7.02		PCC		1001 & 1011 Air Park Drive																										
	7.03		PCC		4472 Steelway Boulevard North																										
	7.04		PCC		3530 East Pike Road																										
	7.05		PCC		22 Northeastern Industrial Park 																										
	7.06		PCC		8 Northeastern Industrial Park 																										
	7.07		PCC		4 & 8 Marway Circle 																										
	7.08		PCC		4500 & 4510 Steelway Boulevard South																										
	7.09		PCC		21 Northeastern Industrial Park 																										
	7.10		PCC		4474 Steelway Boulevard North																										
	7.11		PCC		16725 Square Drive																										
	7.12		PCC		5 Marway Circle 																										
	8		CGMRC		Anchorage Marriott Downtown		L(25),D(92),O(3)		Fee		0		1,875 		245,311 		61,328 		Cash				58,129 		29,064 		Cash				0 
	9		LCF		Harvey Building Products Portfolio		L(26),D(30),O(4)		Fee		0		500,000 		1,207,022 		199,837 		Cash				594,489 		78,692 		Cash				0 
	9.01		LCF		Londonderry Manufacturing																										
	9.02		LCF		Waltham Corporate																										
	9.03		LCF		Dartmouth Manufacturing																										
	9.04		LCF		Nashua																										
	9.05		LCF		West Bridgewater																										
	9.06		LCF		Woburn																										
	9.07		LCF		Manchester, NH																										
	9.08		LCF		New London																										
	9.09		LCF		East Haven																										
	9.10		LCF		Salem																										
	9.11		LCF		Bethlehem																										
	9.12		LCF		Lincoln																										
	9.13		LCF		Berlin																										
	9.14		LCF		Woburn CPD																										
	9.15		LCF		Norwalk I																										
	9.16		LCF		Dartmouth																										
	9.17		LCF		Braintree																										
	9.18		LCF		Manchester, CT																										
	9.19		LCF		Portland																										
	9.20		LCF		Norwalk II																										
	9.21		LCF		Warwick																										
	9.22		LCF		Fitchburg																										
	9.23		LCF		Auburn																										
	9.24		LCF		Portsmouth																										
	9.25		LCF		Southampton																										
	9.26		LCF		Hyannis																										
	9.27		LCF		Wilkes-Barre																										
	9.28		LCF		Berlin CPD																										
	9.29		LCF		Springfield																										
	9.30		LCF		White River Junction																										
	10		CGMRC		JW Marriott Santa Monica Le Merigot		L(23),GRTR 1% or YM(2),GRTR 1% or YM or D(32),O(3)		Leasehold		0		0 		533,964 		66,746 		Cash				70,120 		23,373 		Cash				0 
	11		CGMRC		Keeper’s Self Storage Manhattan		L(24),GRTR 1% or YM(92),O(4)		Fee		0		181,750 		31,109 		31,109 		Cash				0 		Springing						0 
	12		WFB		2052 Century Park East		L(24),GRTR 1% or YM or D(92),O(4)		Fee		5		0 		0 		Springing						0 		Springing						0 
	13		PCC		Home Depot Jamaica 		L(27),D(89),O(4)		Both		0		0 		0 		Springing						0 		Springing						0 
	14		PCC		Aloft Nashville West End		L(24),D(89),O(7)		Fee		0		0 		224,536 		22,454 		Cash				0 		Springing						300,000 
	15		PCC		Merritt Creek Farm Shopping Center		L(26),D(90),O(4)		Fee		0		0 		42,978 		14,326 		Cash				35,868 		3,587 		Cash				0 
	16		CGMRC		Westgate Shopping Center		L(24),GRTR 1% or YM(92),O(4)		Fee		0		0 		270,773 		38,682 		Cash				33,218 		2,555 		Cash				0 
	17		LCF		Green Caye		L(24),D(93),O(3)		Fee		0		0 		52,433 		26,217 		Cash				25,402 		12,701 		Cash				0 
	18		WFB		Huntington Park Shopping Center		L(25),D(91),O(4)		Fee		5		15,875 		86,823 		28,941 		Cash				0 		Springing						0 
	19		SG		Columbine Place		L(26),GRTR 1% or YM(90),O(4)		Leasehold		5		0 		214,538 		42,908 		Cash				50,767 		5,077 		Cash				75,000 
	20		WFB		2200 Harbor Boulevard		L(25),D(91),O(4)		Both		5		0 		42,992 		21,496 		Cash				35,101 		3,191 		Cash				0 
	21		LCF		Hayden’s Crossing 		L(25),D(92),O(3)		Fee		0		0 		129,947 		21,658 		Cash				1,067 		1,067 		Cash				0 
	22		WFB		2700 Blankenbaker		L(24),D(92),O(4)		Fee		5		0 		8,015 		8,021 		Cash				4,442 		2,220 		Cash				0 
	23		CGMRC		Amsdell Michigan Pool		L(24),D(92),O(4)		Various		0		0 		23,564 		11,782 		Cash				0 		Springing						0 
	23.01		CGMRC		Amsdell - Shelby, Michigan																										
	23.02		CGMRC		Amsdell - Fraser, Michigan																										
	23.03		CGMRC		Amsdell - Flat Rock, Michigan																										
	24		PCC		Marley Manor Apartments		L(27),D(89),O(4)		Fee		0		0 		6,607 		13,063 		Cash				17,517 		2,502 		Cash				0 
	25		LCF		Savannah Club Apartments		L(25),D(92),O(3)		Fee		0		54,128 		24,564 		24,564 		Cash				17,550 		4,388 		Cash				0 
	26		PCC		Hawthorne Business Center 		L(27),D(89),O(4)		Fee		4		69,460 		137,925 		22,988 		Cash				26,666 		3,333 		Cash				0 
	27		WFB		Valley View Business Center		L(25),D(91),O(4)		Fee		5		0 		19,905 		6,635 		Cash				20,746 		1,886 		Cash				0 
	28		LCF		Gallery Shopping Center		L(25),D(92),O(3)		Fee		0		386,029 		16,139 		16,139 		Cash				24,330 		2,212 		Cash				0 
	29		WFB		Security Public Storage - Salinas		L(24),GRTR 1% or YM or D(89),O(7)		Fee		5		0 		0 		Springing						0 		Springing						0 
	30		SG		Dollar Self Storage		L(24),D(92),O(4)		Fee		0		0 		3,318 		3,318 		Cash				3,855 		482 		Cash				1,109 
	31		CGMRC		Sunset Plaza		L(24),D(92),O(4)		Fee		0		13,906 		15,340 		15,340 		Cash				21,444 		1,949 		Cash				0 
	32		LCF		Tally Ho		L(25),D(91),O(4)		Fee		0		13,688 		12,842 		4,281 		Cash				14,122 		1,284 		Cash				0 
	33		WFB		Parkway Commons		L(25),D(88),O(7)		Fee		5		0 		0 		9,410 		Cash				7,110 		1,185 		Cash				8,500 
	34		LCF		Reasor’s Foods- Bixby		YM(25),YM or D(88),O(7)		Fee		0		0 		0 		Springing						0 		Springing						0 
	35		WFB		OSH San Leandro		L(25),D(91),O(4)		Fee		5		0 		0 		Springing						0 		Springing						0 
	36		WFB		ClimaStor 6		L(25),D(91),O(4)		Fee		5		0 		18,816 		1,568 		Cash				19,394 		1,763 		Cash				0 
	37		WFB		Joiner Parkway Self Storage		L(25),D(91),O(4)		Fee		5		0 		15,348 		7,674 		Cash				0 		Springing						0 
	38		LCF		Fairfield Inn & Suites Lumberton		L(25),D(91),O(4)		Fee		0		0 		15,233 		3,808 		Cash				2,007 		669 		Cash				0 
	39		SG		LA Fitness - Euless		L(36),GRTR 1% or YM(80),O(4)		Fee		0		0 		0 		Springing						0 		Springing						0 
	40		LCF		Golf Plaza		L(24),D(92),O(4)		Fee		0		285,125 		233,714 		38,952 		Cash				12,776 		1,825 		Cash				0 
	41		CGMRC		CSS Lafayette		L(25),D(91),O(4)		Leasehold		0		0 		41,537 		10,384 		Cash				0 		Springing						0 
	42		SG		LA Fitness - Grand Prairie		L(36),GRTR 1% or YM(80),O(4)		Fee		0		0 		0 		Springing						0 		Springing						0 
	43		SG		LA Fitness - Pearland		L(36),GRTR 1% or YM(80),O(4)		Fee		0		0 		0 		Springing						0 		Springing						0 
	44		WFB		Security Public Storage – Pittsburg		L(24),GRTR 1% or YM or D(89),O(7)		Fee		5		0 		0 		Springing						0 		Springing						0 
	45		WFB		Academy Gateway Retail		L(25),D(91),O(4)		Fee		5		0 		0 		Springing						0 		Springing						0 
	46		LCF		Hawthorn Suites Philadelphia		L(25),D(91),O(4)		Fee		0		26,910 		108,950 		12,106 		Cash				5,883 		840 		Cash				0 
	47		SG		Ventura Green Apartments		L(24),D(92),O(4)		Fee		0		128,687 		32,278 		3,228 		Cash				38,549 		8,399 		Cash				0 
	48		WFB		Hawthorne Club Apartments		L(25),D(91),O(4)		Fee		5		0 		84,065 		16,813 		Cash				0 		Springing						0 
	49		LCF		Dover Downs		L(25),D(91),O(4)		Fee		0		19,375 		30,482 		7,621 		Cash				15,403 		1,185 		Cash				0 
	50		LCF		Walgreens- York		L(24),D(93),O(3)		Fee		0		0 		0 		Springing						0 		Springing						0 
	51		LCF		URS Corporate Center		L(25),D(92),O(3)		Fee		0		74,938 		10,058 		10,058 		Cash				12,390 		6,195 		Cash				0 
	52		CGMRC		3325 Hollywood Boulevard		L(25),D(91),O(4)		Fee		0		2,200 		42,111 		6,654 		Cash				13,307 		4,545 		Cash				40,000 
	53		LCF		Walgreens- Reynoldsburg		L(24),D(93),O(3)		Fee		0		0 		0 		Springing						0 		Springing						0 
	54		WFB		Security Public Storage - Manteca		L(24),GRTR 1% or YM or D(89),O(7)		Fee		5		0 		0 		Springing						0 		Springing						0 
	55		WFB		Storage Depot Fossil Creek		L(25),D(91),O(4)		Fee		5		0 		11,660 		5,830 		Cash				0 		Springing						0 
	56		WFB		ClimaStor 7		L(25),D(91),O(4)		Fee		5		0 		19,993 		1,666 		Cash				10,952 		996 		Cash				0 
	57		CGMRC		Oak Valley Apartments		L(24),D(92),O(4)		Fee		0		0 		38,610 		5,516 		Cash				6,117 		3,058 		Cash				0 
	58		LCF		Harp’s Foods- Grove		YM(25),YM or D(88),O(7)		Fee		0		0 		0 		Springing						0 		Springing						0 
	59		LCF		Walgreens-Dyersburg		L(24),D(93),O(3)		Fee		0		0 		0 		Springing						0 		Springing						0 
	60		WFB		University Center South		L(42),D(74),O(4)		Fee		0		23,885 		28,222 		4,032 		Cash				0 		Springing						0 
	61		SG		Baymont Inn & Suites Las Vegas		L(25),D(31),O(4)		Fee		5		8,594 		6,827 		2,753 		Cash				3,288 		3,288 		Cash				5,838 
	62		WFB		Storage Depot Morning Side		L(25),D(91),O(4)		Fee		5		0 		5,232 		2,616 		Cash				0 		Springing						0 
	63		WFB		Security Public Storage - Sacramento III		L(24),GRTR 1% or YM or D(89),O(7)		Fee		5		0 		0 		Springing						0 		Springing						0 
	64		LCF		Alpha Corners		L(25),D(91),O(4)		Fee		0		0 		9,925 		1,418 		Cash				142 		142 		Cash				0 
	65		WFB		Storage Depot Culebra		L(25),D(91),O(4)		Fee		5		0 		14,766 		7,383 		Cash				0 		Springing						0 
	66		WFB		Eagle Point Estates		L(24),D(92),O(4)		Fee		5		0 		26,640 		4,440 		Cash				0 		Springing						0 
	67		LCF		Dollar General - Farmington		YM(25),YM or D(88),O(7)		Fee		0		0 		2,221 		555 		Cash				0 		Springing						0 
	68		LCF		Dollar General - Rice		YM(24),YM or D(89),O(7)		Fee		0		0 		649 		72 		Cash				0 		Springing						0 
	69		LCF		Dollar General - Bloomington		YM(25),YM or D(88),O(7)		Fee		0		0 		845 		141 		Cash				0 		Springing						0 
	70		LCF		Dollar General - Cape Girardeau		YM(24),YM or D(89),O(7)		Fee		0		0 		4,000 		333 		Cash				0 		Springing						0 
	71		LCF		Dollar General - Troy		YM(25),YM or D(88),O(7)		Fee		0		0 		47 		16 		Cash				0 		Springing						0 

 

    	 

    	 

    

 

Wells Fargo Commercial Mortgage Trust 2015-P2

MORTGAGE LOAN SCHEDULE

 

	Mortgage Loan Number		Mortgage Loan Seller		Property Name		Monthly Replacement Reserve ($)(15)		Replacement Reserve Cap ($)		Replacement Reserve Escrow - Cash or LoC		Replacement Reserve Escrow - LoC Counterparty		Upfront TI/LC Reserve ($)		Monthly TI/LC Reserve ($)		TI/LC Reserve Cap ($)		TI/LC Escrow - Cash or LoC		TI/LC Escrow - LoC Counterparty		Debt Service Escrow (Initial) ($)		Debt Service Escrow (Monthly) ($)		Debt Service Escrow - Cash or LoC		Debt Service Escrow - LoC Counterparty
	1		LCF		Rolling Brook Village		15,250 		0 		Cash				0 		0 		0 						0 		0 				
	2		SG		Empire Mall		Springing		0 						75,000 		Springing		0 		Cash				0 		0 				
	3		PCC		Pineapple Hotel Portfolio		56,600 		2,500,000 		Cash				0 		0 		0 						0 		0 				
	3.01		PCC		Hotel Five																										
	3.02		PCC		Watertown Hotel																										
	3.03		PCC		University Inn																										
	4		PCC		Adler Office		8,990 		0 		Cash				1,450,370 		32,359 		776,610 		Cash				0 		0 				
	5		PCC		Adler Industrial		4,089 		0 		Cash				166,307 		16,356 		392,534 		Cash				0 		0 				
	6		CGMRC		Harbor Pointe Apartments		9,067 		0 		Cash				0 		0 		0 						0 		0 				
	7		PCC		Heritage Industrial Portfolio		21,517 		0 		Cash				800,000 		32,250 		500,000 		Cash				0 		0 				
	7.01		PCC		2294 Molly Pitcher Highway																										
	7.02		PCC		1001 & 1011 Air Park Drive																										
	7.03		PCC		4472 Steelway Boulevard North																										
	7.04		PCC		3530 East Pike Road																										
	7.05		PCC		22 Northeastern Industrial Park 																										
	7.06		PCC		8 Northeastern Industrial Park 																										
	7.07		PCC		4 & 8 Marway Circle 																										
	7.08		PCC		4500 & 4510 Steelway Boulevard South																										
	7.09		PCC		21 Northeastern Industrial Park 																										
	7.10		PCC		4474 Steelway Boulevard North																										
	7.11		PCC		16725 Square Drive																										
	7.12		PCC		5 Marway Circle 																										
	8		CGMRC		Anchorage Marriott Downtown		91,187 		0 		Cash				0 		0 		0 						0 		0 				
	9		LCF		Harvey Building Products Portfolio		0 		0 						0 		0 		0 						0 		0 				
	9.01		LCF		Londonderry Manufacturing																										
	9.02		LCF		Waltham Corporate																										
	9.03		LCF		Dartmouth Manufacturing																										
	9.04		LCF		Nashua																										
	9.05		LCF		West Bridgewater																										
	9.06		LCF		Woburn																										
	9.07		LCF		Manchester, NH																										
	9.08		LCF		New London																										
	9.09		LCF		East Haven																										
	9.10		LCF		Salem																										
	9.11		LCF		Bethlehem																										
	9.12		LCF		Lincoln																										
	9.13		LCF		Berlin																										
	9.14		LCF		Woburn CPD																										
	9.15		LCF		Norwalk I																										
	9.16		LCF		Dartmouth																										
	9.17		LCF		Braintree																										
	9.18		LCF		Manchester, CT																										
	9.19		LCF		Portland																										
	9.20		LCF		Norwalk II																										
	9.21		LCF		Warwick																										
	9.22		LCF		Fitchburg																										
	9.23		LCF		Auburn																										
	9.24		LCF		Portsmouth																										
	9.25		LCF		Southampton																										
	9.26		LCF		Hyannis																										
	9.27		LCF		Wilkes-Barre																										
	9.28		LCF		Berlin CPD																										
	9.29		LCF		Springfield																										
	9.30		LCF		White River Junction																										
	10		CGMRC		JW Marriott Santa Monica Le Merigot		106,864 		0 		Cash				0 		0 		0 						0 		0 				
	11		CGMRC		Keeper’s Self Storage Manhattan		1,119 		67,125 		Cash				0 		0 		0 						0 		0 				
	12		WFB		2052 Century Park East		0 		0 						0 		0 		0 						0 		0 				
	13		PCC		Home Depot Jamaica 		0 		0 						0 		0 		0 						0 		0 				
	14		PCC		Aloft Nashville West End		29,151 		0 		Cash				0 		0 		0 						0 		0 				
	15		PCC		Merritt Creek Farm Shopping Center		5,068 		0 		Cash				8,400 		6,002 		144,047 		Cash				0 		0 				
	16		CGMRC		Westgate Shopping Center		2,180 		78,492 		Cash				175,000 		9,448 		350,000 		Cash				0 		0 				
	17		LCF		Green Caye		5,925 		0 		Cash				0 		0 		0 						0 		0 				
	18		WFB		Huntington Park Shopping Center		1,573; Springing		57,000 		Cash				60,300 		8,415 		300,000 		Cash				0 		0 				
	19		SG		Columbine Place		3,119 		75,000 		Cash				350,000 		13,223 		350,000 		Cash				0 		0 				
	20		WFB		2200 Harbor Boulevard		Springing		0 						0 		0 		0 						0 		0 				
	21		LCF		Hayden’s Crossing 		2,125 		0 		Cash				0 		0 		0 						0 		0 				
	22		WFB		2700 Blankenbaker		1,793; Springing		100,000 		Cash				450,000 		8,967; Springing		275,000 		Cash				0 		0 				
	23		CGMRC		Amsdell Michigan Pool		2,382 		0 		Cash				0 		0 		0 						0 		0 				
	23.01		CGMRC		Amsdell - Shelby, Michigan																										
	23.02		CGMRC		Amsdell - Fraser, Michigan																										
	23.03		CGMRC		Amsdell - Flat Rock, Michigan																										
	24		PCC		Marley Manor Apartments		2,000 		0 		Cash				0 		0 		0 						0 		0 				
	25		LCF		Savannah Club Apartments		3,750 		0 		Cash				0 		0 		0 						0 		0 				
	26		PCC		Hawthorne Business Center 		2,642 		0 		Cash				0 		17,000 		340,000 		Cash				0 		0 				
	27		WFB		Valley View Business Center		Springing		0 						0 		Springing		0 						0 		0 				
	28		LCF		Gallery Shopping Center		3,216 		0 		Cash				210,000 		4,713 		0 		Cash				0 		0 				
	29		WFB		Security Public Storage - Salinas		Springing		0 						0 		0 		0 						0 		0 				
	30		SG		Dollar Self Storage		1,109 		0 		Cash				0 		0 		0 						0 		0 				
	31		CGMRC		Sunset Plaza		1,411 		50,811 		Cash				0 		4,606 		300,000 		Cash				0 		0 				
	32		LCF		Tally Ho		548 		0 		Cash				0 		1,725 		0 		Cash				0 		0 				
	33		WFB		Parkway Commons		1,108 		25,000 		Cash				100,000 		4,340 		100,000 		Cash				0 		0 				
	34		LCF		Reasor’s Foods- Bixby		0 		0 						0 		0 		0 						0 		0 				
	35		WFB		OSH San Leandro		Springing		0 						0 		Springing		0 						0 		0 				
	36		WFB		ClimaStor 6		715 		30,000 		Cash				0 		0 		0 						0 		0 				
	37		WFB		Joiner Parkway Self Storage		1,097 		26,328 		Cash				0 		0 		0 						0 		0 				
	38		LCF		Fairfield Inn & Suites Lumberton		7,158 		0 		Cash				0 		0 		0 						0 		0 				
	39		SG		LA Fitness - Euless		Springing		0 						500,000 		Springing		0 		Cash				0 		0 				
	40		LCF		Golf Plaza		1,724 		50,000 		Cash				50,000 		3,987 		100,000 		Cash				0 		0 				
	41		CGMRC		CSS Lafayette		628 		0 		Cash				0 		0 		0 						0 		0 				
	42		SG		LA Fitness - Grand Prairie		Springing		0 						500,000 		Springing		0 		Cash				0 		0 				
	43		SG		LA Fitness - Pearland		Springing		0 						500,000 		Springing		0 		Cash				0 		0 				
	44		WFB		Security Public Storage – Pittsburg		Springing		0 						0 		0 		0 						0 		0 				
	45		WFB		Academy Gateway Retail		Springing		0 						125,000 		2,306 		125,000 		Cash				0 		0 				
	46		LCF		Hawthorn Suites Philadelphia		1/12 of 4.0% of the greater of (a) prior year’s gross revenues, (b) gross revenue projected in the annual budget		0 		Cash				0 		0 		0 						0 		0 				
	47		SG		Ventura Green Apartments		3,766 		0 		Cash				0 		0 		0 						0 		0 				
	48		WFB		Hawthorne Club Apartments		6,325 		100,000 		Cash				0 		0 		0 						0 		0 				
	49		LCF		Dover Downs		1,596 		0 		Cash				250,000 		3,989 		0 		Cash				0 		0 				
	50		LCF		Walgreens- York		Springing		0 						0 		0 		0 						0 		0 				
	51		LCF		URS Corporate Center		708 		0 		Cash				0 		3,184 		0 		Cash				0 		0 				
	52		CGMRC		3325 Hollywood Boulevard		615 		40,000 		Cash				80,000 		3,073 		80,000 		Cash				0 		0 				
	53		LCF		Walgreens- Reynoldsburg		Springing		0 						0 		0 		0 						0 		0 				
	54		WFB		Security Public Storage - Manteca		Springing		0 						0 		0 		0 						0 		0 				
	55		WFB		Storage Depot Fossil Creek		903 		21,668 		Cash				0 		0 		0 						0 		0 				
	56		WFB		ClimaStor 7		361 		30,000 		Cash				0 		0 		0 						0 		0 				
	57		CGMRC		Oak Valley Apartments		3,020 		108,720 		Cash				0 		0 		0 						0 		0 				
	58		LCF		Harp’s Foods- Grove		0 		0 						0 		0 		0 						0 		0 				
	59		LCF		Walgreens-Dyersburg		Springing		0 						0 		0 		0 						0 		0 				
	60		WFB		University Center South		1,161 		0 		Cash				0 		3,628; Springing		130,000 		Cash				0 		0 				
	61		SG		Baymont Inn & Suites Las Vegas		5,838 		0 		Cash				0 		0 		0 						0 		0 				
	62		WFB		Storage Depot Morning Side		719 		17,258 		Cash				0 		0 		0 						0 		0 				
	63		WFB		Security Public Storage - Sacramento III		Springing		0 						0 		0 		0 						0 		0 				
	64		LCF		Alpha Corners		70 		0 		Cash				0 		350 		0 		Cash				0 		0 				
	65		WFB		Storage Depot Culebra		512 		12,278 		Cash				0 		0 		0 						0 		0 				
	66		WFB		Eagle Point Estates		771 		0 		Cash				0 		0 		0 						0 		0 				
	67		LCF		Dollar General - Farmington		0 		0 						0 		0 		0 						0 		0 				
	68		LCF		Dollar General - Rice		0 		0 						0 		0 		0 						0 		0 				
	69		LCF		Dollar General - Bloomington		0 		0 						0 		0 		0 						0 		0 				
	70		LCF		Dollar General - Cape Girardeau		0 		0 						0 		0 		0 						0 		0 				
	71		LCF		Dollar General - Troy		0 		0 						0 		0 		0 						0 		0 				

 

    	 

    	 

    

 

Wells Fargo Commercial Mortgage Trust 2015-P2

MORTGAGE LOAN SCHEDULE

 

	Mortgage Loan Number		Mortgage Loan Seller		Property Name		Other Escrow I Reserve Description		Other Escrow I (Initial) ($)		Other Escrow I (Monthly) ($)(11)(16)		Other Escrow I Cap ($)		Other Escrow I Escrow - Cash or LoC		Other  Escrow I - LoC Counterparty		Other Escrow II Reserve Description		Other Escrow II (Initial) ($)
	1		LCF		Rolling Brook Village				0 		0 		0 								0 
	2		SG		Empire Mall		Ground Lease Reserve		0 		Springing		0 		Cash						0 
	3		PCC		Pineapple Hotel Portfolio		Seasonality Reserve		200,000 		50,000 		400,000 		Cash						0 
	3.01		PCC		Hotel Five																
	3.02		PCC		Watertown Hotel																
	3.03		PCC		University Inn																
	4		PCC		Adler Office		Free Rent Escrow		389,303 		0 		0 		Cash						0 
	5		PCC		Adler Industrial		Free Rent Escrow		36,831 		0 		0 		Cash						0 
	6		CGMRC		Harbor Pointe Apartments				0 		0 		0 								0 
	7		PCC		Heritage Industrial Portfolio		Staples Space TI/LC Escrow		0 		33,333; Springing		0 		Cash						0 
	7.01		PCC		2294 Molly Pitcher Highway																
	7.02		PCC		1001 & 1011 Air Park Drive																
	7.03		PCC		4472 Steelway Boulevard North																
	7.04		PCC		3530 East Pike Road																
	7.05		PCC		22 Northeastern Industrial Park 																
	7.06		PCC		8 Northeastern Industrial Park 																
	7.07		PCC		4 & 8 Marway Circle 																
	7.08		PCC		4500 & 4510 Steelway Boulevard South																
	7.09		PCC		21 Northeastern Industrial Park 																
	7.10		PCC		4474 Steelway Boulevard North																
	7.11		PCC		16725 Square Drive																
	7.12		PCC		5 Marway Circle 																
	8		CGMRC		Anchorage Marriott Downtown		Seasonality Reserve ($362,604)/Comfort Letter Reserve ($2,500)		365,104 		Springing		0 		Cash				PIP Reserve		0 
	9		LCF		Harvey Building Products Portfolio				0 		0 		0 								0 
	9.01		LCF		Londonderry Manufacturing																
	9.02		LCF		Waltham Corporate																
	9.03		LCF		Dartmouth Manufacturing																
	9.04		LCF		Nashua																
	9.05		LCF		West Bridgewater																
	9.06		LCF		Woburn																
	9.07		LCF		Manchester, NH																
	9.08		LCF		New London																
	9.09		LCF		East Haven																
	9.10		LCF		Salem																
	9.11		LCF		Bethlehem																
	9.12		LCF		Lincoln																
	9.13		LCF		Berlin																
	9.14		LCF		Woburn CPD																
	9.15		LCF		Norwalk I																
	9.16		LCF		Dartmouth																
	9.17		LCF		Braintree																
	9.18		LCF		Manchester, CT																
	9.19		LCF		Portland																
	9.20		LCF		Norwalk II																
	9.21		LCF		Warwick																
	9.22		LCF		Fitchburg																
	9.23		LCF		Auburn																
	9.24		LCF		Portsmouth																
	9.25		LCF		Southampton																
	9.26		LCF		Hyannis																
	9.27		LCF		Wilkes-Barre																
	9.28		LCF		Berlin CPD																
	9.29		LCF		Springfield																
	9.30		LCF		White River Junction																
	10		CGMRC		JW Marriott Santa Monica Le Merigot		Seasonality Reserve ($389,819)/Comfort Letter Reserve ($2,500)		392,319 		0 		0 		Cash				Ground Rent Holdback($9,881,593)/Ground Lease Reserve ($272,250)		10,153,843 
	11		CGMRC		Keeper’s Self Storage Manhattan				0 		0 		0 								0 
	12		WFB		2052 Century Park East				0 		0 		0 								0 
	13		PCC		Home Depot Jamaica 		Ground Rent Escrow		46,363 		46,363 		0 		Cash						0 
	14		PCC		Aloft Nashville West End		PIP Reserve		1,800,000 		0 		0 		Cash						0 
	15		PCC		Merritt Creek Farm Shopping Center		Free Rent Escrow		31,602 		0 		0 		Cash						0 
	16		CGMRC		Westgate Shopping Center		Library Gap Rent Reserve ($302,860)/Pictures Plus Gap Rent Reserve ($2,100)		304,960 		0 		0 		Cash				Outstanding TI/LC Reserve ($1,732,311)/Specified Tenant Leasing Reserve ($261,874)		1,994,185 
	17		LCF		Green Caye				0 		0 		0 								0 
	18		WFB		Huntington Park Shopping Center		Rent Concession Reserve		19,356 		0 		0 		Cash						0 
	19		SG		Columbine Place		Free Rent Reserve		83,288 		0 		0 		Cash						0 
	20		WFB		2200 Harbor Boulevard		K Mart Reserve		1,000,000 		Springing		0 		Cash				Ground Rent Reserve		0 
	21		LCF		Hayden’s Crossing 				0 		0 		0 								0 
	22		WFB		2700 Blankenbaker		Rent Concession Reserve		0 		2,604 		0 		Cash				NPAS/Honeywell Reserve		0 
	23		CGMRC		Amsdell Michigan Pool		Ground Rent Reserve		0 		10,618 		0 		Cash						0 
	23.01		CGMRC		Amsdell - Shelby, Michigan																
	23.02		CGMRC		Amsdell - Fraser, Michigan																
	23.03		CGMRC		Amsdell - Flat Rock, Michigan																
	24		PCC		Marley Manor Apartments				0 		0 		0 								0 
	25		LCF		Savannah Club Apartments				0 		0 		0 								0 
	26		PCC		Hawthorne Business Center 				0 		0 		0 								0 
	27		WFB		Valley View Business Center				0 		0 		0 								0 
	28		LCF		Gallery Shopping Center		Nail Spa TI Reserve		51,500 		0 		0 		Cash						0 
	29		WFB		Security Public Storage - Salinas				0 		0 		0 								0 
	30		SG		Dollar Self Storage		Improvement Bond Payments Reserve		2,600 		2,600 		0 		Cash						0 
	31		CGMRC		Sunset Plaza				0 		0 		0 								0 
	32		LCF		Tally Ho		Free Rent		7,187 		0 		0 		Cash						0 
	33		WFB		Parkway Commons				0 		0 		0 								0 
	34		LCF		Reasor’s Foods- Bixby				0 		0 		0 								0 
	35		WFB		OSH San Leandro				0 		0 		0 								0 
	36		WFB		ClimaStor 6				0 		0 		0 								0 
	37		WFB		Joiner Parkway Self Storage				0 		0 		0 								0 
	38		LCF		Fairfield Inn & Suites Lumberton		PIP Reserve		0 		Springing		0 								0 
	39		SG		LA Fitness - Euless				0 		0 		0 								0 
	40		LCF		Golf Plaza				0 		0 		0 								0 
	41		CGMRC		CSS Lafayette		Ground Rent Funds		18,890 		Springing		0 		Cash						0 
	42		SG		LA Fitness - Grand Prairie				0 		0 		0 								0 
	43		SG		LA Fitness - Pearland				0 		0 		0 								0 
	44		WFB		Security Public Storage – Pittsburg				0 		0 		0 								0 
	45		WFB		Academy Gateway Retail				0 		0 		0 								0 
	46		LCF		Hawthorn Suites Philadelphia		Seasonality Reserve 		147,000 		0 		0 		Cash				PIP Reserve		210,000 
	47		SG		Ventura Green Apartments		Coinmach Expense Reserve		11,500 		575 		0 		Cash						0 
	48		WFB		Hawthorne Club Apartments				0 		0 		0 								0 
	49		LCF		Dover Downs				0 		0 		0 								0 
	50		LCF		Walgreens- York				0 		0 		0 								0 
	51		LCF		URS Corporate Center		Free Rent		19,607 		0 		0 		Cash						0 
	52		CGMRC		3325 Hollywood Boulevard				0 		0 		0 								0 
	53		LCF		Walgreens- Reynoldsburg				0 		0 		0 								0 
	54		WFB		Security Public Storage - Manteca				0 		0 		0 								0 
	55		WFB		Storage Depot Fossil Creek				0 		0 		0 								0 
	56		WFB		ClimaStor 7				0 		0 		0 								0 
	57		CGMRC		Oak Valley Apartments				0 		0 		0 								0 
	58		LCF		Harp’s Foods- Grove				0 		0 		0 								0 
	59		LCF		Walgreens-Dyersburg				0 		0 		0 								0 
	60		WFB		University Center South		Free Rent Reserve		21,452 		0 		0 		Cash						0 
	61		SG		Baymont Inn & Suites Las Vegas				0 		0 		0 								0 
	62		WFB		Storage Depot Morning Side				0 		0 		0 								0 
	63		WFB		Security Public Storage - Sacramento III				0 		0 		0 								0 
	64		LCF		Alpha Corners				0 		0 		0 								0 
	65		WFB		Storage Depot Culebra				0 		0 		0 								0 
	66		WFB		Eagle Point Estates				0 		0 		0 								0 
	67		LCF		Dollar General - Farmington				0 		0 		0 								0 
	68		LCF		Dollar General - Rice				0 		0 		0 								0 
	69		LCF		Dollar General - Bloomington				0 		0 		0 								0 
	70		LCF		Dollar General - Cape Girardeau				0 		0 		0 								0 
	71		LCF		Dollar General - Troy				0 		0 		0 								0 

 

    	 

    	 

    

 

Wells Fargo Commercial Mortgage Trust 2015-P2

MORTGAGE LOAN SCHEDULE

 

	Mortgage Loan Number		Mortgage Loan Seller		Property Name		Other Escrow II (Monthly) ($)		Other Escrow II Cap ($)		Other Escrow II Escrow - Cash or LoC		Other  Escrow II - LoC Counterparty		Holdback(7)		Secured by LOC (Y/N)		LOC Amount		Type of Lockbox		Borrower Name		Sponsor Name		Servicing 

Fee Rate
	1		LCF		Rolling Brook Village		0 		0 								N		NAP		Soft/Upfront Cash Management		Rolling Brook Windsor, LLC; Rolling Brook Stratford, LLC; Rolling Brook Park Center, LLC		Ralph S. Dweck		0.0050%
	2		SG		Empire Mall		0 		0 								N		NAP		Hard/Springing Cash Management		Empire Mall, LLC		Simon Property Group, Inc.		0.0050%
	3		PCC		Pineapple Hotel Portfolio		0 		0 								N		NAP		Springing		Dream Legacy PRU SPE LLC; PHC PRU SPE LLC		Michelle Foreman Barnet		0.0125%
	3.01		PCC		Hotel Five																						
	3.02		PCC		Watertown Hotel																						
	3.03		PCC		University Inn																						
	4		PCC		Adler Office		0 		0 								N		NAP		Hard/Springing Cash Management		AOA Office, LLC		Michael M. Adler		0.0325%
	5		PCC		Adler Industrial		0 		0 								N		NAP		Hard/Springing Cash Management		AOA FLEXX, LLC		Michael M. Adler		0.0325%
	6		CGMRC		Harbor Pointe Apartments		0 		0 								N		NAP		Springing		CL Cityview Urban Renewal LLC; RS Bayonne Urban Renewal LLC; Verbena Bayonne Urban Renewal LLC		Elie Rieder		0.0025%
	7		PCC		Heritage Industrial Portfolio		0 		0 								N		NAP		Hard/Springing Cash Management		550BSA III, LLC; Tri-Martin IV, LLC		Steven  Greenberg,Jeffrey  Greenberg		0.0225%
	7.01		PCC		2294 Molly Pitcher Highway																						
	7.02		PCC		1001 & 1011 Air Park Drive																						
	7.03		PCC		4472 Steelway Boulevard North																						
	7.04		PCC		3530 East Pike Road																						
	7.05		PCC		22 Northeastern Industrial Park 																						
	7.06		PCC		8 Northeastern Industrial Park 																						
	7.07		PCC		4 & 8 Marway Circle 																						
	7.08		PCC		4500 & 4510 Steelway Boulevard South																						
	7.09		PCC		21 Northeastern Industrial Park 																						
	7.10		PCC		4474 Steelway Boulevard North																						
	7.11		PCC		16725 Square Drive																						
	7.12		PCC		5 Marway Circle 																						
	8		CGMRC		Anchorage Marriott Downtown		Springing		0 		Cash						N		NAP		Hard/Springing Cash Management		Columbia Properties Anchorage, L.P.		William J. Yung III		0.0025%
	9		LCF		Harvey Building Products Portfolio		0 		0 								N		NAP		Hard/Upfront Cash Management		Harvey Propco, LLC		Dunes Point Capital LLC		0.0025%
	9.01		LCF		Londonderry Manufacturing																						
	9.02		LCF		Waltham Corporate																						
	9.03		LCF		Dartmouth Manufacturing																						
	9.04		LCF		Nashua																						
	9.05		LCF		West Bridgewater																						
	9.06		LCF		Woburn																						
	9.07		LCF		Manchester, NH																						
	9.08		LCF		New London																						
	9.09		LCF		East Haven																						
	9.10		LCF		Salem																						
	9.11		LCF		Bethlehem																						
	9.12		LCF		Lincoln																						
	9.13		LCF		Berlin																						
	9.14		LCF		Woburn CPD																						
	9.15		LCF		Norwalk I																						
	9.16		LCF		Dartmouth																						
	9.17		LCF		Braintree																						
	9.18		LCF		Manchester, CT																						
	9.19		LCF		Portland																						
	9.20		LCF		Norwalk II																						
	9.21		LCF		Warwick																						
	9.22		LCF		Fitchburg																						
	9.23		LCF		Auburn																						
	9.24		LCF		Portsmouth																						
	9.25		LCF		Southampton																						
	9.26		LCF		Hyannis																						
	9.27		LCF		Wilkes-Barre																						
	9.28		LCF		Berlin CPD																						
	9.29		LCF		Springfield																						
	9.30		LCF		White River Junction																						
	10		CGMRC		JW Marriott Santa Monica Le Merigot		Ground Lease Reserve ($136,125)		0 		Cash						N		NAP		Hard/Upfront Cash Management		CW Hotel Limited Partnership		William J. Yung III		0.0025%
	11		CGMRC		Keeper’s Self Storage Manhattan		0 		0 								N		NAP		Springing		444 Warehouse Associates, L.P.		David Haver and David Haver 2007 GRAT		0.0150%
	12		WFB		2052 Century Park East		0 		0 								N		NAP		Soft/Springing Cash Management		CC Plant Fee LLC		Steven Gordon; Stephen Massman		0.0325%
	13		PCC		Home Depot Jamaica 		0 		0 								N		NAP		Hard/Springing Cash Management		168th Street Jamaica, LLC		Louis L. Ceruzzi, Jr.,Joseph Mattone, Sr.		0.0425%
	14		PCC		Aloft Nashville West End		0 		0 								N		NAP		Hard/Springing Cash Management		AIGGRE Nashville Hotel Investor LLC		AIG Global Real Estate Investment Corp.		0.0125%
	15		PCC		Merritt Creek Farm Shopping Center		0 		0 								N		NAP		Hard/Springing Cash Management		THD, LP		J. Brent Roswall; J. Michael Nidiffer		0.0425%
	16		CGMRC		Westgate Shopping Center		0 		0 		Cash						N		NAP		Springing		Westgate Enterprises, L.L.C.		Sam Berman, Gerald Byer, James Chaconas and Barry Margolis		0.0050%
	17		LCF		Green Caye		0 		0 								N		NAP		Springing		Green Caye Village LLC		Thomas D. Schneider		0.0050%
	18		WFB		Huntington Park Shopping Center		0 		0 								N		NAP		Springing		RHA Partners, Ltd.		Robert W. Comstock; Daniel D. Crosser		0.0325%
	19		SG		Columbine Place		0 		0 								N		NAP		Springing		Columbine West 2 LLC		Avery Palevsky; Dan Kleiman		0.0050%
	20		WFB		2200 Harbor Boulevard		Springing		0 								N		NAP		Springing		Gray Enterprises, A California Limited Partnership		John R. Hundley, Sr.; Brian W. Hundley		0.0050%
	21		LCF		Hayden’s Crossing 		0 		0 						550,000 		N		NAP		Springing		Haydens Run One LLC		David M. Conwill; Steven B. Kimmelman individually and as Trustee of The Jerome Kimmelman Gift Trust		0.0050%
	22		WFB		2700 Blankenbaker		Springing		0 								N		NAP		Springing		2700 Blankenbaker LLC		Abhishek Mathur; Brian Adams		0.0050%
	23		CGMRC		Amsdell Michigan Pool		0 		0 								N		NAP		Springing		Amsdell Storage Ventures III, LLC		Amsdell Group Preferred III, LLC		0.0350%
	23.01		CGMRC		Amsdell - Shelby, Michigan																						
	23.02		CGMRC		Amsdell - Fraser, Michigan																						
	23.03		CGMRC		Amsdell - Flat Rock, Michigan																						
	24		PCC		Marley Manor Apartments		0 		0 								N		NAP		Springing		Kensington Manor II, LLC; Kensington Manor III, LLC		R. Clayton Emory,William B. Rinnier, Sr.		0.0125%
	25		LCF		Savannah Club Apartments		0 		0 								N		NAP		Springing		Stagecoach Apartment Development, LTD.		Paulus C. Heule		0.0050%
	26		PCC		Hawthorne Business Center 		0 		0 								N		NAP		Springing		Hawthorne Business Center, LLC; Hawthorne BC TIC, LLC		Hugh H. Evans III, John P. Sullivan		0.0425%
	27		WFB		Valley View Business Center		0 		0 								N		NAP		Springing		York Nevada Management South, LLC		Terrall C. York		0.0050%
	28		LCF		Gallery Shopping Center		0 		0 								N		NAP		Hard/Springing Cash Management		Doolittle Gallery LLC		Amy Stevens; David Weinstein		0.0050%
	29		WFB		Security Public Storage - Salinas		0 		0 								N		NAP		None		Security Public Storage - Salinas, A California Limited Partnership		Benjamin D. Eisler and Shirley E. Eisler, individually and as Co-Trustees of the Eisler Revocable Trust; Allen Orwitz and Lea Orwitz individually and as Co-Trustees of the Allen Orwitz and Lea Orwitz Revocable Trust; BACO Realty Corporation		0.0050%
	30		SG		Dollar Self Storage		0 		0 								N		NAP		None		Dollar Self Storage #8, L.L.C.		John C. Thomson		0.0050%
	31		CGMRC		Sunset Plaza		0 		0 								N		NAP		Springing		Rancho Sunset Plaza, LP		Calvin Yap and The Yap Family Trust		0.0050%
	32		LCF		Tally Ho		0 		0 								N		NAP		Springing		Millers Tally Ho, LLC		Andrew Miller		0.0050%
	33		WFB		Parkway Commons		0 		0 								N		NAP		None		Ashley Shops, LLC; Parkway Commons Associates, LLC		Phillip A. Warren, Sr.		0.0350%
	34		LCF		Reasor’s Foods- Bixby		0 		0 								N		NAP		Hard/Upfront Cash Management		LRS Bixby OK LLC		Ladder Capital Finance LLC		0.0050%
	35		WFB		OSH San Leandro		0 		0 								N		NAP		Springing		300 Floresta LLC		AICI, LLC		0.0050%
	36		WFB		ClimaStor 6		0 		0 								N		NAP		None		ClimaStor 6, L.L.C.		James H. Jenkins, III		0.0050%
	37		WFB		Joiner Parkway Self Storage		0 		0 								N		NAP		None		Joiner Lincoln Self Storage, LLC		Kenneth S. Hirsch; Rosemary Jensen; Hirsch Family Trust		0.0050%
	38		LCF		Fairfield Inn & Suites Lumberton		0 		0 								N		NAP		Hard/Springing Cash Management		CHD Lumberton Hotel, LLC		Pradeep Sharma		0.0050%
	39		SG		LA Fitness - Euless		0 		0 								N		NAP		Springing		Dallas Fitness Investors #2, L.P.		Carl Greenwood; James McKenzie		0.0450%
	40		LCF		Golf Plaza		0 		0 								N		NAP		Springing		Golf Plaza I LLC		Yueh Ru Yu; Philip Jong		0.0450%
	41		CGMRC		CSS Lafayette		0 		0 								N		NAP		Springing		CSS Lafayette LLC and CSS Lafayette Dailey LLC		Robert Dailey and Thomas Dailey		0.0050%
	42		SG		LA Fitness - Grand Prairie		0 		0 								N		NAP		Springing		Dallas Fitness Investors #1, L.P.		Carl Greenwood; James McKenzie		0.0450%
	43		SG		LA Fitness - Pearland		0 		0 								N		NAP		Springing		Houston Fitness Pearland East, L.P.		Carl Greenwood; James McKenzie		0.0450%
	44		WFB		Security Public Storage – Pittsburg		0 		0 								N		NAP		None		Security Public Storage - Pittsburg, A California Limited Partnership		Benjamin D. Eisler and Shirley E. Eisler, individually and as Co-Trustees of the Eisler Revocable Trust; Allen Orwitz and Lea Orwitz individually and as Co-Trustees of the Allen Orwitz and Lea Orwitz Revocable Trust; BACO Realty Corporation		0.0050%
	45		WFB		Academy Gateway Retail		0 		0 								N		NAP		Springing		7190 Academy LLC		AICI, LLC		0.0050%
	46		LCF		Hawthorn Suites Philadelphia		0 		0 		Cash						N		NAP		Hard/Springing Cash Management		Elpizo R.I. Limited Partnership		Kee-Cheok Cheong; Pheng-Theng Tan		0.0050%
	47		SG		Ventura Green Apartments		0 		0 								N		NAP		Springing		Ventura Green OKC LLC		Rohan Gupta; Rupa Gupta		0.0050%
	48		WFB		Hawthorne Club Apartments		0 		0 								N		NAP		None		Hawthorne Club (CAP) LLC		Matthew B. Lester		0.0050%
	49		LCF		Dover Downs		0 		0 								N		NAP		Springing		Millers Dover Downs, LLC		Andrew Miller		0.0050%
	50		LCF		Walgreens- York		0 		0 								N		NAP		Springing		Frankel York, LLC		The Frankel Family Trust		0.0050%
	51		LCF		URS Corporate Center		0 		0 								N		NAP		Springing		ODC 7800 LLC		Yoav Merary		0.0050%
	52		CGMRC		3325 Hollywood Boulevard		0 		0 								N		NAP		Springing		Israel Family 3325 Wells LLC		Kenneth Israel		0.0050%
	53		LCF		Walgreens- Reynoldsburg		0 		0 								N		NAP		Springing		Frankel Reynoldsburg, LLC		The Frankel Family Trust		0.0050%
	54		WFB		Security Public Storage - Manteca		0 		0 								N		NAP		None		Manteca, Mr. Stor-All, A California Limited Partnership		Benjamin D. Eisler and Shirley E. Eisler, individually and as Co-Trustees of the Eisler Revocable Trust; Allen Orwitz and Lea Orwitz individually and as Co-Trustees of the Allen Orwitz and Lea Orwitz Revocable Trust; BACO Realty Corporation		0.0050%
	55		WFB		Storage Depot Fossil Creek		0 		0 								N		NAP		None		Troy Investment Company No. 4, L.P.		John Troy Drennan		0.0050%
	56		WFB		ClimaStor 7		0 		0 								N		NAP		None		ClimaStor 7, L.L.C.		James H. Jenkins, III		0.0050%
	57		CGMRC		Oak Valley Apartments		0 		0 								N		NAP		Springing		Oak Valley Holdings Group LLC		Meshulam Martin		0.0050%
	58		LCF		Harp’s Foods- Grove		0 		0 								N		NAP		Hard/Upfront Cash Management		LHPS Grove OK LLC		Ladder Capital Finance LLC		0.0050%
	59		LCF		Walgreens-Dyersburg		0 		0 								N		NAP		Springing		Frankel Dyersburg, LLC		The Frankel Family Trust		0.0050%
	60		WFB		University Center South		0 		0 								N		NAP		None		University Bennett, LLC		Andrew Tavakoli		0.0325%
	61		SG		Baymont Inn & Suites Las Vegas		0 		0 								N		NAP		Hard/Springing Cash Management		Pandey Hotel Nevada LLC		Pandey Hotel Corporation; Prakash Pandey		0.0550%
	62		WFB		Storage Depot Morning Side		0 		0 								N		NAP		None		Troy Investment Company No. 40, L.P.		John Troy Drennan		0.0050%
	63		WFB		Security Public Storage - Sacramento III		0 		0 								N		NAP		None		Security Public Storage - Sacramento III LLC		Benjamin D. Eisler and Shirley E. Eisler, individually and as Co-Trustees of the Eisler Revocable Trust; Allen Orwitz and Lea Orwitz individually and as Co-Trustees of the Allen Orwitz and Lea Orwitz Revocable Trust; BACO Realty Corporation		0.0050%
	64		LCF		Alpha Corners		0 		0 								N		NAP		Springing		OCG Alpha Development, LLC		Lance F. Osborne; Steven S. Passov		0.0050%
	65		WFB		Storage Depot Culebra		0 		0 								N		NAP		None		Troy Investment Company No. 23, L.P.		John Troy Drennan		0.0050%
	66		WFB		Eagle Point Estates		0 		0 								N		NAP		None		Eagle Point Estates LLC		Patricia Rolston		0.0050%
	67		LCF		Dollar General - Farmington		0 		0 								N		NAP		Hard/Upfront Cash Management		LDG Farmington IL LLC		Ladder Capital Finance LLC		0.0050%
	68		LCF		Dollar General - Rice		0 		0 								N		NAP		Hard/Upfront Cash Management		LDG Rice MN LLC		Ladder Capital Finance LLC		0.0050%
	69		LCF		Dollar General - Bloomington		0 		0 								N		NAP		Hard/Upfront Cash Management		LDG Bloomington IL LLC		Ladder Capital Finance LLC		0.0050%
	70		LCF		Dollar General - Cape Girardeau		0 		0 								N		NAP		Hard/Upfront Cash Management		LDG Cape Girardeau MO LLC		Ladder Capital Finance LLC		0.0050%
	71		LCF		Dollar General - Troy		0 		0 								N		NAP		Hard/Upfront Cash Management		LDG Troy MO LLC		Ladder Capital Finance LLC		0.0050%

 

    	 

    	 

    

 

EXHIBIT C

 

FORM OF INVESTMENT REPRESENTATION LETTER

 

Wells Fargo Bank, National
Association

			as Certificate Registrar

Wells Fargo Center

Sixth Street and Marquette
Avenue

Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust
Services – Wells Fargo Commercial Mortgage Trust 2015-P2

			[OR OTHER CERTIFICATE REGISTRAR]

 

Wells Fargo Commercial Mortgage Securities, Inc.

c/o Wells Fargo Securities, LLC

375 Park Avenue, 2nd Floor,
J0127 023

New York, New York 10152

Attention: A.J. Sfarra

 

		Re:	Transfer of Wells Fargo Commercial Mortgage Trust 2015-P2,
Commercial Mortgage Pass-Through Certificates, Series 2015-P2

 

Ladies and Gentlemen:

 

This letter is delivered
pursuant to Section 5.03 of the Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling and Servicing
Agreement”), by and among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, C-III Asset Management LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate
Administrator, Wilmington Trust, National Association, as Trustee, and Pentalpha Surveillance LLC, as Operating Advisor and as
Asset Representations Reviewer, on behalf of the holders of Wells Fargo Commercial Mortgage Trust 2015-P2, Commercial Mortgage
Pass-Through Certificates, Series 2015-P2 (the “Certificates”) in connection with the transfer by _________________
(the “Seller”) to the undersigned (the “Purchaser”) of $_______________ aggregate Certificate
Balance of Class ___ Certificates (the “Certificate”). Capitalized terms used and not otherwise defined
herein shall have the respective meanings ascribed to such terms in the Pooling and Servicing Agreement.

 

In connection with such
transfer, the Purchaser hereby represents and warrants to you and the addressees hereof as follows:

 

1.           Check one of the
following:*

 

		☐	The Purchaser
is not purchasing a Class R Certificate and the Purchaser is an institution that is an “accredited investor”
within the meaning of Rule 501(a)(1),

 

 

 

* Purchaser must include one
of the following two certifications.

 

    	Exhibit C-1

    	 

    

 

		 	(2),
(3) or (7) of Regulation D (“Regulation D”) under the Securities Act of 1933, as amended (the “Securities
Act”) or any entity in which all of the equity owners are “accredited investors” within the meaning of Rule
501(a)(1), (2), (3) or (7) of Regulation D (each, an “Institutional Accredited Investor”) and has such knowledge
and experience in financial and business matters as to be capable of evaluating the merits and risks of its investment in the
Certificates, and the Purchaser and any accounts for which it is acting are each able to bear the economic risk of the Purchaser’s
or such account’s investment. The Purchaser is acquiring the Certificates purchased by it for its own account or for one
or more accounts, each of which is an Institutional Accredited Investor, as to each of which the Purchaser exercises sole investment
discretion. The Purchaser hereby undertakes to reimburse the Trust for any costs incurred by it in connection with this transfer.

 

		☐	The Purchaser is a “qualified institutional buyer”
(a “QIB”) within the meaning of Rule 144A (“Rule 144A”) under the Securities Act. The Purchaser
is aware that the transfer is being made in reliance on Rule 144A, and the Purchaser has had the opportunity to obtain the
information required to be provided pursuant to paragraph (d)(4)(i) of Rule 144A.

 

2.            The Purchaser’s
intention is to acquire the Certificate (a) for investment for the Purchaser’s own account or (b) for reoffer,
resale, pledge or other transfer (i) to QIBs in transactions under Rule 144A, and not in any event with the view to, or for
resale in connection with, any distribution thereof, or (ii) (other than with respect to a Class R Certificate) to Institutional
Accredited Investors, subject in the case of clause (ii) above to (w) the receipt by the Certificate Registrar of
a letter substantially in the form hereof, (x) the receipt by the Certificate Registrar of an opinion of counsel acceptable
to the Trustee and Certificate Registrar that such reoffer, resale, pledge or transfer is in compliance with the Securities Act,
(y) 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 and (z) a written undertaking
to reimburse the Trust for any costs incurred by it in connection with the proposed transfer. The Purchaser understands that the
Certificate (and any subsequent 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 reoffer, resell, pledge or transfer the Certificate only to certain investors in certain exempted
transactions) as expressed herein.

 

3.           The Purchaser has
reviewed the Preliminary Prospectus and the Final Prospectus relating to the Offered Certificates (collectively, the “Prospectus”)
(and, with respect to Offered Private Certificates, the Preliminary Private Placement Memorandum and the Final Private Placement
Memorandum related to such Offered Private Certificates) 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
Prospectus.

 

4.           The Purchaser acknowledges
that the Certificate (and any Certificate issued on transfer or exchange thereof) has not been registered or qualified under the
Securities

 

    	Exhibit C-2

    	 

    

 

Act or the securities laws of any State or any other jurisdiction, and that the Certificate cannot be reoffered, resold,
pledged or otherwise transferred unless it is registered or qualified thereunder or unless an exemption from such registration
or qualification is available.

 

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 Certificate
or Certificates, as the case may be (each, a “Certificateholder”), in all respects as if it were a signatory
thereto. This undertaking is made for the benefit of the Trust, the Certificate Registrar and all Certificateholders present and
future.

 

6.           The Purchaser will
not sell or otherwise transfer any portion of the Certificate or Certificates, 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 (as defined below)
and it has attached hereto an Internal Revenue Service (“IRS”) Form W-9 (or successor form).

 

		☐	The Purchaser is not a U.S. Tax Person and under applicable
law in effect on the date hereof, no taxes will be required to be withheld by the Certificate Registrar (or its agent) with respect
to distributions to be made on the Certificate. The Purchaser has attached hereto [(i) a duly executed IRS Form W-8BEN or
IRS Form W-8BEN-E (or successor form, as applicable), which identifies such Purchaser as the beneficial owner of the Certificate
and states that such Purchaser is not a U.S. Tax Person, (ii) IRS Form W-8IMY (with all appropriate attachments) or (iii)]*** two
duly executed copies of IRS Form W-8ECI (or successor form), which identify such Purchaser as the beneficial owner of the Certificate
and state that interest and original issue discount on the Certificate and Permitted Investments is, or is expected to be, effectively
connected with a U.S. trade or business. The Purchaser agrees to provide to the Certificate Registrar updated [IRS Form W-8BEN,
IRS Form W-8BEN-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 Registrar may reasonably request, on or before the date that any such IRS form or certification
expires or becomes obsolete, or promptly after the occurrence of any event requiring a change in the most recent IRS form of certification
furnished by it to the Certificate Registrar.

 

For purposes of this paragraph 7, “U.S.
Tax Person” means a citizen or resident of the United States, a corporation or 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

 

 

 

** Each Purchaser must include
one of the two alternative certifications.

 

*** Does not apply to a transfer
of Class R Certificates.

 

    	Exhibit C-3

    	 

    

 

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).

 

8.        
  Please make all payments due on the Certificates:****

 

	 	☐	(a)	by wire transfer to the following account at a
bank or entity in New York, New York, having appropriate facilities therefor:

 

	Bank:	 	 	 
	ABA #:	 	 
	Account #:	 
	Attention:	 

  

	 	☐	(b)	by mailing a check or draft to the following address:

 

	 
	 
	 

 

9.           If the Purchaser
is purchasing a Class R Certificate, the Purchaser is not a partnership (including any entity treated as a partnership for
U.S. federal income tax purposes), any interest in which is owned, directly or indirectly, through one or more partnerships, trusts
or other pass-through entities by a Disqualified Non-U.S. Tax Person.

 

	 	Very truly yours,
	 	 
	 	[The Purchaser]

 

		By:	 
	 	 	Name:

Title:

 

Dated:

 

 

 

****Only to be filled out
by Purchasers of Definitive Certificates. Please select (a) or (b). For holders of the Definitive Certificates, wire transfers
are only available if such holder’s Definitive Certificates have an aggregate Certificate Balance or Notional Amount,
as applicable, of at least U.S. $5,000,000.

 

    	Exhibit C-4

    	 

    

  

EXHIBIT D-1

 

Form
of Transferee Affidavit FOR TRANSFERS 

OF CLASS R CERTIFICATES

 

[Date]

 

Wells Fargo Bank, National
Association,

as Certificate Registrar

Wells Fargo Center

Sixth Street and Marquette
Avenue

Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust
Services (CMBS) –

Wells Fargo Commercial Mortgage
Trust 2015-P2

			[OR OTHER CERTIFICATE REGISTRAR]

 

		Re:	Wells Fargo Commercial Mortgage Trust 2015-P2, Commercial
Mortgage Pass-Through Certificates, Series 2015-P2 (the “Certificates”) issued pursuant to the Pooling and
Servicing Agreement (the “Pooling and Servicing Agreement”), dated as of December 1, 2015, by and among Wells
Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer, C-III Asset
Management LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust, National
Association, as Trustee, and Pentalpha Surveillance LLC, as Operating Advisor and as Asset Representations Reviewer

 

	STATE OF	)	 
	 	)	ss.:
	COUNTY OF	)	 

 

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 (i)  “Lower-Tier REMIC” and (ii) “Upper-Tier
REMIC”, respectively, relating to the Certificates for which an election is to be made under Section 860D of the
Internal Revenue Code of 1986 (the “Code”).

 

3.             The Purchaser is
not a “Disqualified Organization” (as defined below), and that the Purchaser is not acquiring the Class R Certificates
for the account of, or as agent or nominee of, or with a view to the transfer of direct or indirect record or beneficial ownership
thereof, to a Disqualified Organization. For the purposes hereof, a Disqualified Organization is

 

    	Exhibit D-1-1

    	 

    

 

any of the following: (i) the
United States, any State or political subdivision thereof, any possession of the United States or any agency or instrumentality
of any of the foregoing (other than an instrumentality which 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 such governmental
unit), (ii) a foreign government, any international organization or any agency or instrumentality of any of the foregoing,
(iii) any organization (other than certain farmers’ cooperatives described in Section 521 of the Code) which is
exempt from the tax imposed by Chapter 1 of the Code (including the tax imposed by Section 511 of the Code on unrelated business
taxable income) on any excess inclusions (as defined in Section 860E(c)(1) of the Code) with respect to the Class R Certificates
(except certain farmers’ cooperatives described in Section 521 of the Code), (iv) rural electric and telephone cooperatives
described in Section 1381(a)(2)(C) of the Code, (v) an “electing large partnership”, as defined in Section 775
of the Code and (vi) any other Person so designated by the Trustee or the Certificate Administrator based upon an Opinion
of Counsel as provided to the Trustee or the Certificate Administrator (at no expense to the Trustee or the Certificate Administrator)
that the holding of an Ownership Interest in a Class R Certificate by such Person may cause a Trust REMIC to fail to qualify as
a REMIC at any time that the Certificates are outstanding or any Person having an Ownership Interest in any Class of Certificates
(other than such Person) to incur a liability for any federal tax imposed under the Code that would not otherwise be imposed but
for the Transfer of an Ownership Interest in a Class R Certificate to such Person. The terms “United States,” “State”
and “international organization” shall have the meanings set forth in Section 7701 of the Code or successor provisions.

 

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 and, to the extent applicable, the Purchaser’s U.S. taxpayer identification number is [__________].

 

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 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:

 

(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

 

    	Exhibit D-1-2

    	 

    

 

(iii)          the present
value of the anticipated tax savings associated with holding such Class R Certificate as the related REMIC generates losses.

 

For purposes of this
calculation, (i) the Purchaser is assumed to pay tax at the highest rate currently specified in Section 11(b) of the
Code (but the tax rate in Section 55(b)(1)(B) of the Code may be used in lieu of the highest rate specified in Section 11(b)
of the Code if the Purchaser has been subject to the alternative minimum tax under Section 55 of the Code in the preceding
two years and will compute its taxable income in the current taxable year using the alternative minimum tax rate) and (ii) present
values are computed using a discount rate equal to the short-term Federal rate prescribed by Section 1274(d) of the Code for
the month of the transfer and the compounding period used by the Purchaser.

 

☐            The transfer of
the Class R Certificate complies with U.S. Treasury Regulations Sections 1.860E-1(c)(5) and (6) and, accordingly,

 

(i)            the Purchaser
is an “eligible corporation,” as defined in U.S. Treasury Regulations Section 1.860E-1(c)(6)(i), as to which income
from the Class R Certificate will only be taxed in the United States;

 

(ii)           at the time of
the transfer, and at the close of the Purchaser’s two fiscal years preceding the year of the transfer, the Purchaser had
gross assets for financial reporting purposes (excluding any obligation of a person related to the Purchaser within the meaning
of U.S. Treasury Regulations Section 1.860E-1(c)(6)(ii)) in excess of $100 million and net assets in excess of $10 million;

 

(iii)          the Purchaser
will transfer the Class R Certificate only to another “eligible corporation,” as defined in Treasury Regulations Section 1.860E-1(c)(6)(i),
in a transaction that satisfies the requirements of Sections 1.860E-1(c)(4)(i), (ii) and (iii) and Treasury Regulations
Section 1.860E-1(c)(5); and

 

(iv)          the Purchaser
determined the consideration paid to it to acquire the Class R Certificate based on reasonable market assumptions (including, but
not limited to, borrowing and investment rates, prepayment and loss assumptions, expense and reinvestment assumptions, tax rates
and other factors specific to the Purchaser) that it has determined in good faith.

 

☐            None of the above.

 

9.             The Purchaser historically
has paid its debts as they have come due and intends to pay its debts as they come due in the future and the Purchaser intends
to pay taxes associated with holding the Class R Certificates as they become due.

 

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

 

    	Exhibit D-1-3

    	 

    

 

it will not consummate any such transfer if
it knows or believes that any representation contained in such affidavit and agreement is false.

 

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 each Trust
REMIC pursuant to Section 10.01 of the Pooling and Servicing Agreement.

 

Capitalized terms used
but not defined herein have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

IN WITNESS WHEREOF, the
Purchaser has caused this instrument to be duly executed on its behalf by its duly authorized officer this ___day of _________,
20__.

 

		By:	 
	 	 	Name:

Title:

 

		By:	 
	 	 	Name:

Title:

 

    	Exhibit D-1-4

    	 

    

 

On this ____ day of
_______20__, before me, the undersigned, a Notary Public in and for the State of _______________, duly commissioned and sworn,
personally appeared ______________________ and ________________________, known or proved to me to be the same persons who executed
the foregoing instrument and to be _____________________________ and ___________________________, respectively, of the Purchaser,
and acknowledged to me that they executed the same as their respective free acts and deeds and as the free act and deed of the
Purchaser.

	 	 	 
	 	 	NOTARY PUBLIC in and for the

State of _______________
	 	 	 
	[SEAL]	 	 
	 	 	 
	My Commission expires:	 	 
	 	 	 

 

    	Exhibit D-1-5

    	 

    

 

EXHIBIT D-2

 

FORM OF TRANSFEROR LETTER FOR TRANSFERS

OF CLASS R CERTIFICATES

 

[Date]

 

Wells Fargo Bank, National
Association,

as Certificate Registrar

Wells Fargo
Center

Sixth Street
and Marquette Avenue

Minneapolis,
Minnesota 55479-0113

Attention: Corporate Trust
Services (CMBS) –

Wells Fargo Commercial Mortgage
Trust 2015-P2

			[OR OTHER CERTIFICATE REGISTRAR]

 

		Re:	Wells Fargo Commercial Mortgage Trust 2015-P2, Commercial
Mortgage Pass-Through Certificates, Series 2015-P2 (the “Certificates”)

 

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
December 1, 2015 (the “Pooling and Servicing Agreement”), by and among Wells Fargo Commercial Mortgage Securities,
Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer, C-III Asset Management LLC, as Special Servicer,
Wells Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and Pentalpha
Surveillance LLC, as Asset Representations Reviewer and as Operating Advisor. 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 Transferee Affidavit and Agreement in the form attached to the Pooling and
Servicing Agreement as Exhibit D-1. The Transferor does not know or believe that any representation contained therein is
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

 

    	Exhibit D-2-1

    	 

    

 

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 respected for United States income tax purposes (and the Transferor may continue to be liable
for United States income taxes associated therewith) unless the Transferor has conducted such an investigation.

 

	 	Very truly yours,
	 	 	 
	 	 	(Transferor)
	 	 	 
	 	By:	 
	 	 	Name:

Title:

 

    	Exhibit D-2-2

    	 

    

 

EXHIBIT E

 

FORM OF REQUEST FOR RELEASE

(for Custodian)

 

	Loan Information
	 	Name of Mortgagor:	
         

         

	 	[Master Servicer] 
 	
         

         

	 	[Special Servicer] 

Loan No.:	 
	Custodian
	 	Name:	Wells Fargo Bank, National Association
	 	Address:	
        9062 Old Annapolis
Road

Columbia, Maryland 21045

Attention: Corporate Trust Services (CMBS)

        Wells Fargo Commercial Mortgage
        Trust 2015-P2

         

	 	Custodian/Trustee 

Mortgage File No.:	
         

         

	Depositor
	 	Name:	Wells Fargo Commercial Mortgage Securities, Inc.
	 	 	 
	 	Address:	
        c/o Wells Fargo Securities, LLC

        375 Park Avenue, 2nd Floor, J0127 023

        New York, New York 10152

        Attention: A.J. Sfarra

        

	 	Certificates:	Wells Fargo Commercial Mortgage Trust 2015-P2, Commercial Mortgage Pass-Through Certificates, Series 2015-P2
	 	 	 

The undersigned [Master
Servicer] [Special Servicer] hereby requests delivery from Wells Fargo Bank, National Association, as custodian (the “Custodian”)
on behalf of Wilmington Trust, National Association, as trustee (the “Trustee”), for the Holders of Wells Fargo
Commercial Mortgage Trust 2015-P2, Commercial Mortgage Pass-Through Certificates, Series 2015-P2, 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 December 1, 2015, by and among Wells Fargo Commercial Mortgage Securities,
Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer, C-III Asset Management LLC, as Special Servicer,
Wilmington Trust, National

			

 

    	Exhibit E-1

    	 

    

 

Association, as Trustee, Wells Fargo Bank, National Association, as Certificate Administrator, and Pentalpha
Surveillance LLC, as Asset Representations Reviewer and as Operating Advisor (the “Pooling and Servicing Agreement”).

 

	( )	 
	 	 
	( )	 
	 	 
	( )	 
	 	 
	( )	 

 

The undersigned [Master
Servicer] [Special Servicer] hereby acknowledges and agrees as follows:

 

(1)            The [Master Servicer]
[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 Pooling and Servicing Agreement.

 

(2)            The [Master Servicer]
[Special Servicer] shall not cause or permit the Documents to become subject to, or encumbered by, any claims, liens, security
interests, charges, writs of attachment or other impositions nor shall the [Master Servicer] [Special Servicer] assert or seek
to assert any claims or rights of set-off to or against the Documents or any proceeds thereof except as otherwise provided in the
Pooling and Servicing Agreement.

 

(3)            The [Master Servicer]
[Special Servicer] shall return the Documents to the Custodian when the need therefor no longer exists, unless the Mortgage Loans
have been liquidated or the Mortgage Loans have been paid in full and the proceeds thereof have been remitted to the Collection
Account except as expressly provided in the Pooling and Servicing Agreement.

 

(4)            The Documents
and any proceeds thereof, including proceeds of proceeds, coming into the possession or control of the [Master Servicer] [Special
Servicer] shall at all times be earmarked for the account of the Trustee, and the [Master Servicer] [Special Servicer] shall keep
the Documents separate and distinct from all other property in the [Master Servicer’s] [Special Servicer’s] possession,
custody or control.

 

	 	[____________]
	 	 	 
	 	By:	 
	 	 	Name:

Title:

 

Date: _________

 

    	Exhibit E-2

    	 

    

 

EXHIBIT F-1

 

FORM OF ERISA REPRESENTATION

LETTER REGARDING ERISA RESTRICTED CERTIFICATES

 

Wells Fargo Bank, National
Association,

as Certificate Administrator

Wells Fargo Center

Sixth Street and Marquette
Avenue

Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust
Services (CMBS) –

Wells Fargo Commercial Mortgage
Trust 2015-P2

			[OR OTHER CERTIFICATE REGISTRAR]

 

Wells Fargo Commercial Mortgage Securities, Inc.

c/o Wells Fargo Securities, LLC

375 Park Avenue, 2nd Floor, J0127 023

New York, New York 10152

Attention: A.J. Sfarra

 

		Re:	Transfer of Wells Fargo Commercial Mortgage Trust 2015-P2,
Commercial Mortgage Pass-Through Certificates, Series 2015-P2

 

Ladies and Gentlemen:

 

The undersigned (the
“Purchaser”) proposes to purchase US$[___] aggregate initial Certificate Balance in the Wells Fargo Commercial
Mortgage Trust 2015-P2, Commercial Mortgage Pass-Through Certificates, Series 2015-P2, Class [E][F][G] Certificates issued pursuant
to that certain Pooling and Servicing Agreement dated as of December 1, 2015 (the “Pooling and Servicing Agreement”),
by and among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, C-III Asset Management LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator,
Wilmington Trust, National Association, as Trustee, and Pentalpha Surveillance LLC, as Asset Representations Reviewer and as Operating
Advisor. Capitalized terms used and not otherwise defined herein have the respective meanings ascribed to such terms 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
not (a) an employee benefit plan subject to the fiduciary responsibility provisions of the Employee Retirement Income Security
Act of 1974, as amended (“ERISA”), or Section 4975 of the Internal Revenue Code of 1986, as amended (the
“Code”), or a governmental plan (as defined in Section 3(32) of ERISA), a church plan (as defined in Section
3(33) of ERISA) for which no election has been made under Section 410(d) of the Code, or any other plan subject to any federal,
state or local law (“Similar Law”) which is, to a material extent, similar to the foregoing provisions of ERISA
or the Code (each a “Plan”) or (b) a person acting

 

    	Exhibit F-1-1

    	 

    

 

on behalf of or using the assets of any such Plan (including
an entity whose underlying assets include Plan assets by reason of investment in the entity by such a Plan or Plans and the application
of Department of Labor Regulation § 2510.3-101, as modified by Section 3(42) of ERISA), other than an insurance company using
the assets of its “insurance company general account” (as such term is defined in Section V(e) of Prohibited Transaction
Class Exemption (“PTCE”) 95-60) under circumstances whereby the purchase and holding of Certificates by such
insurance company would be exempt from the prohibited transaction provisions of ERISA and the Code under Sections I and III of
PTCE 95-60 (or a Plan subject to Similar Law purchasing under circumstances that would not constitute or result in a non-exempt
violation of applicable Similar Law).

 

2.             The Purchaser understands
that if the Purchaser is a Person referred to in 1(a) or (b) above, such Purchaser is required to provide to the Trustee and Certificate
Administrator an Opinion of Counsel in form and substance satisfactory to the Trustee and Certificate Administrator and the Depositor
to the effect that the acquisition and holding of such Certificate by such purchaser or transferee will not constitute or result
in a “prohibited transaction” within the meaning of ERISA, Section 4975 of the Code or any Similar Law, and will not
subject the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Initial Purchasers, the Asset
Representations Reviewer, the Operating Advisor or the Depositor to any obligation or liability (including obligations or liabilities
under ERISA, Section 4975 of the Code or any such Similar Law) in addition to those set forth in the Pooling and Servicing Agreement,
which Opinion of Counsel shall not be at the expense of the Depositor, the Master Servicer, the Special Servicer, the Trustee,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the Initial Purchasers or the Trust.

 

IN WITNESS WHEREOF, the
Purchaser hereby executes this ERISA Representation Letter on the ___ day of _____________, 20__.

 

	 	Very truly yours,
	 	 
	 	 	 
	 	 	[The Purchaser]
	 	 	 
	 	By:	 
	 	 	Name:

Title:

 

Date: _________

 

    	Exhibit F-1-2

    	 

    

 

EXHIBIT
F-2

 

Form
of ERISA Representation Letter

regarding CLASS R and class V CERTIFICATES

 

[Date]

 

Wells
Fargo Bank, National Association,

as Certificate Administrator 

Wells
Fargo Center 

Sixth
Street and Marquette Avenue 

Minneapolis,
Minnesota 55479-0113 

Attention:
Corporate Trust Services (CMBS) – 

Wells
Fargo Commercial Mortgage Trust 2015-P2 

			[OR OTHER
                                         CERTIFICATE REGISTRAR]

 

[Transferor] 

[______] 

[______]

Attention:
[______]

 

		Re:	Wells
                                         Fargo Commercial Mortgage Trust 2015-P2, Commercial Mortgage Pass-Through Certificates,
                                         Series 2015-P2

 

Ladies
and Gentlemen:

 

The
undersigned (the “Purchaser”) proposes to purchase [__]% Percentage Interest in the Wells Fargo Commercial
Mortgage Trust 2015-P2, Commercial Mortgage Pass-Through Certificates, Series 2015-P2, [Class R][Class V] Certificates (the “[Class
R][Class V] Certificate”) issued pursuant to that certain Pooling and Servicing Agreement dated as of December 1, 2015
(the “Pooling and Servicing Agreement”), by and among Wells Fargo Commercial Mortgage Securities, Inc., as
Depositor, Wells Fargo Bank, National Association, as Master Servicer, C-III Asset Management LLC, as Special Servicer, Wells
Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and Pentalpha
Surveillance LLC, as Asset Representations Reviewer and as Operating Advisor. Capitalized terms used and not otherwise defined
herein have the respective meanings ascribed to such terms in the Pooling and Servicing Agreement.

 

In
connection with such transfer, the undersigned hereby represents and warrants to you that, with respect to the [Class R][Class
V] Certificate, the Purchaser is not an employee benefit plan or other plan subject to the fiduciary responsibility provisions
of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or Section 4975 of the Internal
Revenue Code of 1986, as amended (the “Code”), or a governmental plan (as defined in Section 3(32) of ERISA)
or other plan that is subject to any federal, state or local law that is, to a material extent, similar to the foregoing provisions
of ERISA or the Code (“Similar Law”) (each, a “Plan”), or any person acting on behalf of
any such Plan or using the assets of a Plan to purchase such [Class R][Class V] Certificate.

 

    	Exhibit F-2-1

    	 

    

 

IN
WITNESS WHEREOF, the Purchaser hereby executes this ERISA Representation Letter on the ___ day of _____, 20__. 

	 	 	 
	 	Very truly yours,
	 	 
	 	[The Purchaser]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

Date: _______

 

    	Exhibit F-2-2

    	 

    

 

EXHIBIT G

 

FORM
OF DISTRIBUTION DATE STATEMENT

See Annex B to the Prospectus

 

    Exhibit G-1

     

    

 

EXHIBIT
H

 

FORM
OF OMNIBUS ASSIGNMENT

 

[NAME
OF CURRENT ASSIGNOR] having an address at [ADDRESS OF CURRENT ASSIGNOR] (the “Assignor”) for good and valuable
consideration, the receipt and sufficiency of which are acknowledged, hereby sells, transfers, assigns, delivers, sets over and
conveys, without recourse, representation or warranty, express or implied, unto “Wilmington Trust, National Association,
as Trustee for the registered holders of Wells Fargo Commercial Mortgage Trust 2015-P2, Commercial Mortgage Pass-Through Certificates,
Series 2015-P2” (the “Assignee”), having an office at 1100 North Market Street, Wilmington, Delaware
19890, Attention: CMBS Trustee WFCM 2015-P2, its successors and assigns, all right, title and interest of the Assignor in and
to:

 

That
certain mortgage and security agreement, deed of trust and security agreement, deed to secure debt and security agreement, or
similar security instrument (the “Security Instrument”), and that certain Promissory Note (the “Mortgage
Note”), for each of the Mortgage Loans shown on the Mortgage Loan Schedule attached hereto as Exhibit B, and
that certain assignment of leases and rents given in connection therewith and all of the Assignor’s right, title and interest
in any claims, collateral, insurance policies, certificates of deposit, letters of credit, escrow accounts, performance bonds,
demands, causes of action and any other collateral arising out of and/or executed and/or delivered in or to or with respect to
the Security Instrument and the Mortgage Note, together with any other documents or instruments executed and/or delivered in connection
with or otherwise related to the Security Instrument and the Mortgage Note.

 

IN
WITNESS WHEREOF, the Assignor has executed this instrument under seal to be effective as of the [__] day of [_____________], 20[__].

	 	 	 
	 	[NAME
OF CURRENT ASSIGNOR]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit H-1

     

    

 

EXHIBIT
I

 

Form of Transfer Certificate

for Rule 144A Book-Entry Certificate

to Temporary Regulation S Book-Entry Certificate

during Restricted Period

 

(Exchanges
or transfers pursuant to

Section 5.03(c) of the Pooling and Servicing Agreement)

 

Wells
Fargo Bank, National Association,

as Certificate Registrar 

Sixth
Street and Marquette Avenue 

Minneapolis,
Minnesota 55479-0113 

Attention:
Corporate Trust Services (CMBS) 

Wells
Fargo Commercial Mortgage Trust 2015-P2

 

		Re:	Wells
                                         Fargo Commercial Mortgage Trust 2015-P2, Commercial Mortgage Pass-Through Certificates,
                                         Series 2015-P2, Class [__]

 

Reference
is hereby made to the Pooling and Servicing Agreement dated as of December 1, 2015 (the “Pooling and Servicing Agreement”),
by and among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, C-III Asset Management LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, Wells Fargo Bank,
National Association, as Certificate Administrator, and Pentalpha Surveillance LLC, as Asset Representations Reviewer and as Operating
Advisor. 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 Book-Entry 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 Book-Entry 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:

 

 

 

		*	Select
                                         appropriate depository.

 

    Exhibit I-1

     

    

 

(1)          the
offer of the Certificates was not made to a person in the United States;

 

[(2)         at
the time the buy order was originated, the transferee was 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 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” within the meaning of Rule 902(c) of Regulation S have been made in contravention of the
requirements of Rule 903(b) or 904(b) of Regulation S, as applicable; and

 

(4)          the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

We
understand that this certificate is required in connection with certain securities laws of the United States. In connection therewith,
if administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant,
we irrevocably authorize you to produce this certificate to any interested party in such proceeding. This certificate and the
statements contained herein are made for your benefit and the benefit of the Depositor, the Trustee, the Certificate Administrator,
the Operating Advisor, the Master Servicer, the Special Servicer, the Asset Representations Reviewer and the Initial Purchasers. 

	 	 	 
	 	[Insert Name of Transferor]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:
_______

 

cc:
Wells Fargo Commercial Mortgage Securities, Inc.

 

 

 

		**	Insert
one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

 

    Exhibit I-2

     

    

 

EXHIBIT
J

 

Form
of Transfer Certificate

for Rule 144A Book-Entry Certificate

to Regulation S Book-Entry Certificate
after Restricted Period

 

(Exchange
or transfers pursuant to

Section 5.03(d) of the Pooling and Servicing Agreement)

 

Wells
Fargo Bank, National Association,

as Certificate Registrar 

Sixth
Street and Marquette Avenue 

Minneapolis,
Minnesota 55479-0113 

Attention:
Corporate Trust Services (CMBS) 

Wells
Fargo Commercial Mortgage Trust 2015-P2

 

		Re:	Wells
                                         Fargo Commercial Mortgage Trust 2015-P2, Commercial Mortgage Pass-Through Certificates,
                                         Series 2015-P2, Class [__]

 

Reference
is hereby made to the Pooling and Servicing Agreement dated as of December 1, 2015 (the “Pooling and Servicing Agreement”),
by and among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, C-III Asset Management LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, Wells Fargo Bank,
National Association, as Certificate Administrator, and Pentalpha Surveillance LLC, as Asset Representations Reviewer and as Operating
Advisor. 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 Book-Entry 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 Book-Entry 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 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,

 

    Exhibit 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 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” within the meaning of Rule 902(c) of Regulation S have been made in contravention of the
requirements of Rule 903(b) or 904(b) of Regulation S, as applicable, and

 

(4)           the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

We
understand that this certificate is required in connection with certain securities laws of the United States. In connection therewith,
if administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant,
we irrevocably authorize you to produce this certificate to any interested party in such proceeding. This certificate and the
statements contained herein are made for your benefit and the benefit of the Depositor, the Trustee, the Certificate Administrator,
the Operating Advisor, the Master Servicer, the Special Servicer, the Asset Representations Reviewer and the Initial Purchasers. 

	 	 	 
	 	[Insert Name of Transferor]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:
________

 

cc:
Wells Fargo Commercial Mortgage Securities, Inc.

 

 

 

		*	Insert one of these two provisions, which come from the
definition of “offshore transaction” in .

 

Regulation S.

 

    Exhibit J-2

     

    

 

EXHIBIT
K

 

Form
of Transfer Certificate

for Temporary Regulation S Book-Entry Certificate

to Rule 144A Book-Entry Certificate during
Restricted Period

 

(Exchange
or transfers pursuant to

Section 5.03(e) of the Pooling and Servicing Agreement)

 

Wells
Fargo Bank, National Association,

as Certificate Registrar 

Sixth
Street and Marquette Avenue 

Minneapolis,
Minnesota 55479-0113 

Attention:
Corporate Trust Services (CMBS) 

Wells
Fargo Commercial Mortgage Trust 2015-P2

 

		Re:	Wells
                                         Fargo Commercial Mortgage Trust 2015-P2, Commercial Mortgage Pass-Through Certificates,
                                         Series 2015-P2, Class [__]

 

Reference
is hereby made to the Pooling and Servicing Agreement dated as of December 1, 2015 (the “Pooling and Servicing Agreement”),
by and among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, C-III Asset Management LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, Wells Fargo Bank,
National Association, as Certificate Administrator, and Pentalpha Surveillance LLC, as Asset Representations Reviewer and as Operating
Advisor. 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 Book-Entry 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 Book-Entry 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.

 

    Exhibit K-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, the Trustee, the Certificate Administrator,
the Operating Advisor, the Master Servicer, the Special Servicer, the Asset Representations Reviewer and the Initial Purchasers.

	 	 	 
	 	[Insert Name of Transferor]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:
_______

 

cc:
Wells Fargo Commercial Mortgage Securities, Inc.

 

    Exhibit K-2

     

    

 

EXHIBIT
L

 

Form
of Transfer Certificate

for Temporary Regulation S Book-Entry Certificate

to Regulation S Book-Entry Certificate
after Restricted Period

 

(Exchanges
pursuant to

Section 5.03(f) of the Pooling and Servicing Agreement)

 

Wells
Fargo Bank, National Association,

as Certificate Registrar 

Sixth
Street and Marquette Avenue 

Minneapolis,
Minnesota 55479-0113 

Attention:
Corporate Trust Services (CMBS) 

Wells
Fargo Commercial Mortgage Trust 2015-P2

 

		Re:	Wells
                                         Fargo Commercial Mortgage Trust 2015-P2, Commercial Mortgage Pass-Through Certificates,
                                         Series 2015-P2, Class [__]

 

Reference
is hereby made to the Pooling and Servicing Agreement dated as of December 1, 2015 (the “Pooling and Servicing Agreement”),
by and among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, C-III Asset Management LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, Wells Fargo Bank,
National Association, as Certificate Administrator, and Pentalpha Surveillance LLC, as Asset Representations Reviewer and as Operating
Advisor. 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 Book-Entry Certificate of the Class specified above after the
expiration of the Restricted Period,] [For purposes of receiving payments under a Temporary Regulation S Book-Entry Certificate
of the Class specified above,]* the undersigned holder of a beneficial interest in a Temporary Regulation S Book-Entry
Certificate of the Class specified above issued under the Pooling and Servicing Agreement certifies that it 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.

 

    Exhibit L-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, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Initial Purchasers. 

	 	 	 
	 	Dated:______________
	 	 
	 	By:	 	 
	 	 	as, or as agent for, the holder of a beneficial
    interest in the Certificates to which this certificate relates.

 

    Exhibit L-2

     

    

 

EXHIBIT
M

 

Form
of Transfer Certificate

for Non-Book Entry Certificate

to Temporary Regulation
S Book-Entry
Certificate

 

(Exchanges
or transfers pursuant to

Section 5.03(g) of the Pooling and Servicing Agreement)

 

Wells
Fargo Bank, National Association,

as Certificate Registrar 

Sixth
Street and Marquette Avenue 

Minneapolis,
Minnesota 55479-0113 

Attention:
Corporate Trust Services (CMBS) 

Wells
Fargo Commercial Mortgage Trust 2015-P2

 

		Re:	Wells Fargo Commercial Mortgage Trust 2015-P2, Commercial Mortgage Pass-Through Certificates, Series
                              2015-P2, Class [__]

 

Reference
is hereby made to the Pooling and Servicing Agreement dated as of December 1, 2015 (the “Pooling and Servicing Agreement”),
by and among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, C-III Asset Management LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, Wells Fargo Bank,
National Association, as Certificate Administrator, and Pentalpha Surveillance LLC, as Asset Representations Reviewer and as Operating
Advisor. 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 Book-Entry 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;

 

 

 

		*	Select
appropriate depository.

 

    Exhibit M-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 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” within the meaning of Rule 902(c) of Regulation S have been made in contravention of the
requirements of Rule 903(b) or 904(b) of Regulation S, as applicable; and

 

(4)            the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

We
understand that this certificate is required in connection with certain securities laws of the United States. In connection therewith,
if administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant,
we irrevocably authorize you to produce this certificate to any interested party in such proceeding. This certificate and the
statements contained herein are made for your benefit and the benefit of the Depositor, the Master Servicer, the Special Servicer,
the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Initial Purchasers.

	 	 	 
	 	[Insert Name of Transferor]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:
________

 

cc:
Wells Fargo Commercial Mortgage Securities, Inc.

 

 

 

		**	Insert
one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

 

    Exhibit M-2

     

    

 

EXHIBIT
N

 

Form
of Transfer Certificate

for Non-Book Entry Certificate

to Regulation S Book-Entry Certificate

 

(Exchange
or transfers pursuant to

Section 5.03(g) of the Pooling and Servicing Agreement)

 

Wells
Fargo Bank, National Association,

as Certificate Registrar 

Sixth
Street and Marquette Avenue 

Minneapolis,
Minnesota 55479-0113 

Attention:
Corporate Trust Services (CMBS) 

Wells
Fargo Commercial Mortgage Trust 2015-P2

 

		Re:	Wells
                                         Fargo Commercial Mortgage Trust 2015-P2, Commercial Mortgage Pass-Through Certificates,
                                         Series 2015-P2, Class [__]

 

Reference
is hereby made to the Pooling and Servicing Agreement dated as of December 1, 2015 (the “Pooling and Servicing Agreement”),
by and among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, C-III Asset Management LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, Wells Fargo Bank,
National Association, as Certificate Administrator, and Pentalpha Surveillance LLC, as Asset Representations Reviewer and as Operating
Advisor. 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 Book-Entry 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 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, 

 

    Exhibit N-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 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” within the meaning of Rule 902(c) of Regulation S have been made in contravention of the
requirements of Rule 903(b) or 904(b) of Regulation S, as applicable, and   

 

(4)          the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

We
understand that this certificate is required in connection with certain securities laws of the United States. In connection therewith,
if administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant,
we irrevocably authorize you to produce this certificate to any interested party in such proceeding. This certificate and the
statements contained herein are made for your benefit and the benefit of the Depositor, the Master Servicer, the Special Servicer,
the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Initial Purchasers.

	 	 	 
	 	[Insert Name of Transferor]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:
_______

 

cc:
Wells Fargo Commercial Mortgage Securities, Inc.

 

 

 

		*	Insert
one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

 

    Exhibit N-2

     

    

 

EXHIBIT
O

 

Form
of Transfer Certificate

for Non-Book Entry Certificate

to Rule 144A Book-Entry Certificate

 

(Exchange
or transfers pursuant to

Section 5.03(g) of the Pooling and Servicing Agreement)

 

Wells
Fargo Bank, National Association,

as Certificate Registrar 

Sixth
Street and Marquette Avenue 

Minneapolis,
Minnesota 55479-0113 

Attention:
Corporate Trust Services (CMBS) 

Wells
Fargo Commercial Mortgage Trust 2015-P2

 

		Re:	Wells
Fargo Commercial Mortgage Trust 2015-P2, Commercial Mortgage Pass-Through Certificates, Series 2015-P2, Class [__]

  

Reference
is hereby made to the Pooling and Servicing Agreement dated as of December 1, 2015 (the “Pooling and Servicing Agreement”),
by and among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, C-III Asset Management LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, Wells Fargo Bank,
National Association, as Certificate Administrator, and Pentalpha Surveillance LLC, as Asset Representations Reviewer and as Operating
Advisor. 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 Book-Entry 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

 

    Exhibit O-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, the Master Servicer, the Special Servicer,
the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Initial Purchasers.

	 	 	 
	 	[Insert Name of Transferor]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:
_______

 

cc:
Wells Fargo Commercial Mortgage Securities, Inc.

 

    Exhibit O-2

     

    

 

EXHIBIT
P-1A

 

FORM
OF INVESTOR CERTIFICATION for Non-Borrower PartY

(for Persons other than the DIRECTING CERTIFICATEHOLDER
and/or a Controlling Class Certificateholder)

 

[Date]

 

Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services (CMBS)

Wells Fargo Commercial Mortgage Trust 2015-P2

trustadministrationgroup@wellsfargo.com

cts.cmbs.bond.admin@wellsfargo.com

 

		Re:          	Wells Fargo Commercial Mortgage Trust 2015-P2, Commercial Mortgage Pass-Through Certificates, Series
                             2015-P2, Class Certificates

 

In
accordance with the Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling and Servicing Agreement”),
by and among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, C-III Asset Management LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, Wells Fargo Bank,
National Association, as Certificate Administrator, and Pentalpha Surveillance LLC, as Asset Representations Reviewer and as Operating
Advisor, with respect to the certificates (the “Certificates”), the undersigned hereby certifies and agrees
as follows:

 

1.          The undersigned is a Certificateholder, a beneficial owner or prospective purchaser of the Class [__] Certificates or a Companion
Holder (or any investment advisor or manager or other representative of the foregoing).

 

2.          The
undersigned is neither the Directing Certificateholder nor a Controlling Class Certificateholder.

 

3.          In
the case that the undersigned is a Certificateholder, beneficial owner or prospective purchaser of an Offered Certificate, the
undersigned has received a copy of the Prospectus.

 

3.          The
undersigned is not a Borrower Party.

 

4.          The
undersigned is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the
“Information”) on the Certificate Administrator’s Website and/or is requesting the information
identified on the schedule attached hereto (also, the “Information”) 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 (except from such outside persons as are assisting it in
making an evaluation in connection with purchasing the related Certificates, from its accountants and attorneys, and
otherwise from such governmental or banking authorities or agencies to which the undersigned is subject), and such
Information will not, without the prior 

 

    Exhibit P-1A-1

     

    

 

written consent of the Depositor, be otherwise disclosed by the undersigned or by its
officers, directors, partners, employees, agents or representatives (collectively, the
“Representatives”) in any manner whatsoever, in whole or in part; provided, however, that
the obligations of the undersigned to keep any such Information confidential shall expire one year following the date that
the undersigned receives such Information (with respect to a prospective purchaser only) or is no longer a Certificateholder,
a beneficial owner or prospective purchaser of the Class of Certificates referenced above. 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 the Pooling and Servicing Agreement by itself or any of its Representatives
and shall indemnify the Depositor, the Trustee, the Certificate Administrator, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Underwriters, the Initial Purchasers
and the Trust Fund for any loss, liability or expense incurred thereby with respect to any such breach by the undersigned or any
of its Representatives.

 

6.          The
undersigned shall be deemed to have recertified to the provisions herein each time it accesses the Information on the Certificate
Administrator’s Website and the Certificate Administrator shall have no obligation to monitor, determine or verify whether
the undersigned has properly certified or recertified under this Investor Certification any time the undersigned accesses the
Certificate Administrator’s Website.

 

7.          Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.  

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have
caused its name to be signed hereto by its duly authorized signatory, as of the date certified.

 

    Exhibit P-1A-2

     

    

 

EXHIBIT
P-1B

 

FORM
OF INVESTOR CERTIFICATION for Non-Borrower PartY

(for the DIRECTING CERTIFICATEHOLDER and/or
a Controlling Class Certificateholder)

 

[Date]

 

	Wells Fargo
    Bank, National Association

    Commercial Mortgage Servicing

    MAC D1086-120, 550 South Tryon Street, 14th Floor

    Charlotte, North Carolina  28202

    Attention:  WFCM 2015-P2 Asset Manager	 	Wells Fargo
    Bank, National Association

    9062 Old Annapolis Road
 Columbia, Maryland  21045-1951

    Attention:  Corporate Trust Services (CMBS)
 Wells Fargo Commercial Mortgage
    Trust Series 2015-P2
 trustadministrationgroup@wellsfargo.com

    cts.cmbs.bond.admin@wellsfargo.com
	 	 	 
	Pentalpha
        Surveillance LLC 

        375
        N. French Road, Suite 100 

        Amherst,
        New York 14228 

        Attention:
        Don Simon, Chief Operating Officer
	 	Wells
        Fargo Bank, National Association, 

        Sixth
        Street and Marquette Avenue 

        Minneapolis,
        Minnesota 55479-0113

        Attention: Corporate Trust Services (CMBS)

        Wells Fargo Commercial Mortgage Trust Series 2015-P2

	 	 	 
	Wilmington Trust, National
    Association

    1100 North Market Street

    Wilmington, Delaware 19890

    Attention: WFCM 2015-P2	 	C-III
        Asset Management LLC 

        5221
        N. O’Connor Blvd., Suite 600 

        Irving,
        Texas 75039 

        Attention:
        Lindsey Wright 

        WFCM
        2015-P2

 

		Re:	Wells
                                         Fargo Commercial Mortgage Trust 2015-P2, Commercial Mortgage Pass-Through Certificates,
                                         Series 2015-P2, Class Certificates

 

In
accordance with the Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling and Servicing Agreement”),
by and among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, C-III Asset Management LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, Wells Fargo Bank,
National Association, as Certificate Administrator, and Pentalpha Surveillance LLC, as Asset Representations Reviewer and as Operating
Advisor, with respect to the certificates (the “Certificates”), the undersigned hereby certifies and agrees
as follows:

 

1.          The
undersigned is [the Directing Certificateholder][a Controlling Class Certificateholder].

 

2.          The
undersigned has received a copy of the Prospectus.

 

    Exhibit P-1B-1

     

    

 

3.          The
undersigned is not a Borrower Party.

 

4.          The
undersigned is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the
“Information”) on the Certificate Administrator’s Website [and/or is requesting the information
identified on the schedule attached hereto (also, the “Information”) 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 (except from such outside persons as are assisting it in
making an evaluation in connection with purchasing the related Certificates, from its accountants and attorneys, and
otherwise from such governmental or banking authorities or agencies to which the undersigned is subject), and such
Information will not, without the prior written consent of the Depositor, be otherwise disclosed by the undersigned or by its
officers, directors, partners, employees, agents or representatives (collectively, the
“Representatives”) in any manner whatsoever, in whole or in part; provided, however, that
the obligations of the undersigned to keep any such Information confidential shall expire one year following the date that
the undersigned receives such Information (with respect to a prospective purchaser only) or is no longer a Certificateholder,
a beneficial owner or prospective purchaser of the Class of Certificates referenced above. 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 the Pooling and Servicing Agreement by itself or any of its Representatives
and shall indemnify the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the
Operating Advisor, the Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss,
liability or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

6.          At
any time the undersigned becomes a Borrower Party with respect to any Mortgage Loan or Whole Loan, the undersigned shall deliver
the certification attached as Exhibit P-1D to the Pooling and Servicing Agreement and shall deliver to the applicable parties
the notices attached as Exhibit P-1E and Exhibit P-1F to the Pooling and Servicing Agreement.

 

7.          The
undersigned shall be deemed to have recertified to the provisions herein each time it accesses the Information on the Certificate
Administrator’s Website, and the Certificate Administrator shall have no obligation to monitor, determine or verify whether
the undersigned has properly certified or recertified under this Investor Certification any time the undersigned accesses the
Certificate Administrator’s Website.

 

8.          [For
use with any party other than the initial Directing Certificateholder]The undersigned hereby certifies that an executed copy of
this certification in [paper][electronic click-through] form has been delivered in accordance with the notice provisions of the
Pooling and Servicing Agreement to the applicable Information provider listed above [(a) by overnight courier or (b) mailed by
registered mail, postage prepaid].

 

    Exhibit P-1B-2

     

    

 

9.          Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement. 

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have
caused its name to be signed hereto by its duly authorized signatory, as of the date certified.

 

    Exhibit P-1B-3

     

    

 

EXHIBIT P-1C

 

FORM
OF INVESTOR CERTIFICATION for Borrower PartY

(for Persons other than the DIRECTING CERTIFICATEHOLDER
and/or a Controlling Class Certificateholder)

 

[Date]

 

Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS)

Wells Fargo Commercial Mortgage Trust 2015-P2

trustadministrationgroup@wellsfargo.com

cts.cmbs.bond.admin@wellsfargo.com

 

Wells
Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086-120, 550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: Wells Fargo Commercial Mortgage 2015-P2 Asset Manager

 

		Re:	Wells
Fargo Commercial Mortgage Trust 2015-P2, Commercial Mortgage Pass-Through Certificates, Series 2015-P2, Class Certificates

 

In
accordance with the Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling and Servicing Agreement”),
by and among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, C-III Asset Management LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, Wells Fargo Bank,
National Association, as Certificate Administrator, and Pentalpha Surveillance LLC, as Asset Representations Reviewer and as Operating
Advisor, with respect to the certificates (the “Certificates”), the undersigned hereby certifies and agrees
as follows:

 

1.          The
undersigned is a Certificateholder, a beneficial owner or prospective purchaser of the Class [__] Certificates or a Companion
Holder (or any investment advisor or manager or other representative of the foregoing).

 

2.          The
undersigned is neither the Directing Certificateholder nor a Controlling Class Certificateholder.

 

3.          In
the case that the undersigned is a Certificateholder, a beneficial owner or prospective purchaser of an Offered Certificate, the
undersigned has received a copy of the Prospectus.

 

4.          The
undersigned is a Borrower Party.

 

5.          The
undersigned is requesting access to the Distribution Date Statement pursuant to the Pooling and Servicing Agreement. In consideration
of the disclosure to the undersigned of 

 

    Exhibit P-1C-1

     

    

 

the Distribution Date Statement, or the access thereto, the undersigned will keep the
Distribution Date Statement confidential (except from such outside persons as are assisting it in making an evaluation in connection
with purchasing the related Certificates, from its accountants and attorneys, and otherwise from such governmental or banking
authorities or agencies to which the undersigned is subject), and such Distribution Date Statement will not, without the prior
written consent of the Depositor, be otherwise disclosed by the undersigned or by its officers, directors, partners, employees,
agents or representatives (collectively, the “Representatives”) in any manner whatsoever, in whole or in part;
provided, however, that the obligations of the undersigned to keep any such Distribution Date Statement confidential
shall expire one year following the date that the undersigned receives such Distribution Date Statement (with respect to a prospective
purchaser only) or is no longer a Certificateholder, a beneficial owner or prospective purchaser of the Class of Certificates
referenced above. The undersigned will not use or disclose the Distribution Date Statement in any
manner which could result in a violation of any provision of the Securities Act of 1933, as amended (the “Securities
Act”), or the Securities Exchange Act of 1934, as amended, or would require registration of any Certificate not previously
registered pursuant to Section 5 of the Securities Act.

 

6.          The
undersigned shall be fully liable for any breach of the Pooling and Servicing Agreement by itself or any of its Representatives
and shall indemnify the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the
Operating Advisor, the Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss,
liability or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

7.          The
undersigned shall be deemed to have recertified to the provisions herein each time it accesses the Distribution Date Statement
on the Certificate Administrator’s Website, and the Certificate Administrator shall have no obligation to monitor, determine
or verify whether the undersigned has properly certified or recertified under this Investor Certification any time the undersigned
accesses the Certificate Administrator’s Website.

 

8.          Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement. 

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have
caused its name to be signed hereto by its duly authorized signatory, as of the date certified.

 

    Exhibit P-1C-2

     

    

 

EXHIBIT P-1D

 

FORM
OF INVESTOR CERTIFICATION for Borrower PartY

(for the DIRECTING CERTIFICATEHOLDER and/or
a Controlling Class Certificateholder)

 

[Date]

 

	Wells
    Fargo Bank, National Association

    Commercial Mortgage Servicing

    MAC D1086-120, 550 South Tryon Street, 14th Floor

    Charlotte, North Carolina  28202

    Attention:  WFCM 2015-P2 Asset Manager	Wells
    Fargo Bank, National Association

    9062 Old Annapolis Road

    Columbia, Maryland  21045-1951

    Attention:  Corporate Trust Services (CMBS)

    Wells Fargo Commercial Mortgage Trust Series 2015-P2

    trustadministrationgroup@wellsfargo.com

    cts.cmbs.bond.admin@wellsfargo.com
	 	 
	Pentalpha
Surveillance LLC 

        375
N. French Road, Suite 100 

        Amherst,
New York 14228 

        Attention:
Don Simon, Chief Operating Officer
	Wells
Fargo Bank, National Association, 

        Sixth
Street and Marquette Avenue 

        Minneapolis,
Minnesota 55479-0113

Attention: Corporate Trust Services (CMBS)

Wells Fargo Commercial Mortgage Trust Series 2015-P2

	 	 
	Wilmington
    Trust, National Association

    1100 North Market Street

    Wilmington, Delaware 19890

    Attention: WFCM 2015-P2	C-III
Asset Management LLC 

        5221
N. O’Connor Blvd., Suite 600 

        Irving,
Texas 75039 

        Attention:
Lindsey Wright 

        WFCM
2015-P2

 

		Re:	Wells
Fargo Commercial Mortgage Trust 2015-P2, Commercial Mortgage Pass-Through Certificates, Series 2015-P2, Class Certificates

 

In
accordance with the Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling and Servicing Agreement”),
by and among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, C-III Asset Management LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, Wells Fargo Bank,
National Association, as Certificate Administrator, and Pentalpha Surveillance LLC, as Asset Representations Reviewer and as Operating
Advisor, with respect to the certificates (the “Certificates”), the undersigned hereby certifies and agrees
as follows:

 

1.          The undersigned is [the Directing Certificateholder][the Holder of the majority of the Controlling Class][a Controlling Class
Certificateholder].

 

2.          The
undersigned is a Borrower Party with respect to the following [Excluded Loan][Excluded Controlling Class Loan](s):

 

    Exhibit P-1D-1

     

    

 

[IDENTIFY
[EXCLUDED LOAN][EXCLUDED CONTROLLING CLASS LOAN](S)] (the “[Excluded Loan][Excluded Controlling Class Loan](s)”)

 

The
undersigned is not a Borrower Party with respect to any other Mortgage Loan.

 

3.          The
undersigned has received a copy of the Prospectus.

 

4.          Except
with respect to the [Excluded Loan][Excluded Controlling Class Loan](s), the undersigned is requesting access pursuant to
the Pooling and Servicing Agreement to certain information (the “Information”) on the 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 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 (except from such outside persons as are assisting it in making an evaluation in connection with purchasing the
related Certificates, from its accountants and attorneys, and otherwise from such governmental or banking authorities or
agencies to which the undersigned is subject), and such Information will not, without the prior written consent of the
Depositor, be otherwise disclosed by the undersigned or by its officers, directors, partners, employees, agents or
representatives (collectively, the “Representatives”) in any manner whatsoever, in whole or in part; provided, however,
that the obligations of the undersigned to keep any such Information confidential shall expire one year following the date
that the undersigned receives such Information (with respect to a prospective purchaser only) or is no longer a
Certificateholder, a beneficial owner or prospective purchaser of the Class of Certificates referenced above. 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 hereby acknowledges and agrees that it is prohibited from accessing, reviewing and using Excluded Information (as
defined in the Pooling and Servicing Agreement) relating to the [Excluded Loan][Excluded Controlling Class Loan](s) to the extent
the undersigned receives access to such Excluded Information on the Certificate Administrator’s Website or otherwise receives
access to such Excluded Information in connection with its duties, or exercise of its rights pursuant to the Pooling and Servicing
Agreement.

 

6.          The
undersigned shall be fully liable for any breach of the Pooling and Servicing Agreement by itself or any of its Representatives
and shall indemnify the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the
Operating Advisor, the Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss,
liability or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

7.          To
the extent the undersigned receives access to any Excluded Information on the Certificate Administrator’s Website or
otherwise receives access to such Excluded Information, the undersigned shall be deemed to have agreed that it (i) will not
directly or indirectly provide any such Excluded Information to (A) the related Borrower Party, (B) any related Excluded
Controlling Class Holder, (C) any employees or personnel of the undersigned or any of its Affiliates involved in the
management of any investment in the related Borrower Party or the 

 

    Exhibit P-1D-2

     

    

 

related Mortgaged Property or (D) to its actual knowledge,
any non-Affiliate that holds a direct or indirect ownership interest in the related Borrower Party, and (ii) will maintain
sufficient internal controls and appropriate policies and procedures in place in order to comply with the obligations
described in clause (i) above.

 

8.          The
undersigned shall be deemed to have recertified to the provisions herein each time it accesses the Information on the Certificate
Administrator’s Website, and the Certificate Administrator shall have no obligation to monitor, determine or verify whether
the undersigned has properly certified or recertified under this Investor Certification any time the undersigned accesses the
Certificate Administrator’s Website.

 

9.          The
undersigned hereby certifies that an executed copy of this certification in [paper][electronic click-through] form has been delivered
in accordance with the notice provisions of the Pooling and Servicing Agreement to the applicable Information provider listed
above [(a) by overnight courier or (b) mailed by registered mail, postage prepaid].

 

10.         Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have
caused its name to be signed hereto by its duly authorized signatory, as of the date certified.

 

    Exhibit P-1D-3

     

    

 

EXHIBIT P-1E

 

FORM OF NOTICE OF EXCLUDED CONTROLLING
CLASS HOLDER

 

[Date]

 

	Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086-120, 550 South Tryon Street, 14th Floor

Charlotte, North Carolina  28202

Attention:  WFCM 2015-P2 Asset Manager	 	Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland  21045-1951

Attention:  Corporate Trust Services (CMBS)

Wells Fargo Commercial Mortgage Trust Series 2015-P2

trustadministrationgroup@wellsfargo.com

cts.cmbs.bond.admin@wellsfargo.com
	 	 	 
	
        Pentalpha Surveillance
LLC 

        375 N. French Road, Suite
100 

        Amherst, New York 14228 

        Attention: Don Simon, Chief Operating
        Officer

         
	 	
        Wells Fargo Bank, National
Association, 

        Sixth Street and Marquette Avenue 

        Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust Services (CMBS)

Wells Fargo Commercial Mortgage Trust Series 2015-P2 

	 	 	 
	Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: WFCM 2015-P2	 	
        C-III Asset Management
LLC 

        5221 N. O’Connor
Blvd., Suite 600 

        Irving, Texas 75039 

        Attention: Lindsey Wright 

        WFCM 2015-P2 

 

		Re:	Wells Fargo Commercial Mortgage Trust 2015-P2, Commercial
Mortgage Pass-Through Certificates, Series 2015-P2, Class Certificates

 

THIS NOTICE IDENTIFIES
AN “[EXCLUDED LOAN][EXCLUDED CONTROLLING CLASS LOAN]” RELATING TO THE WELLS FARGO COMMERCIAL MORTGAGE TRUST 2015-P2,
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2015-P2, REQUIRING ACTION BY YOU AS THE RECIPIENT PURSUANT TO SECTION
3.13(b) OF THE POOLING AND SERVICING AGREEMENT.

 

In accordance with Section
3.13(b) of the Pooling and Servicing Agreement, with respect to the above-referenced certificates (the “Certificates”),
the undersigned (the “Excluded Controlling Class Holder”) hereby certifies and agrees as follows:

 

1.          
The undersigned is [the Directing Certificateholder][the Holder of the majority of the Controlling Class][a Controlling Class
Certificateholder] as of the date hereof.

 

 

     Exhibit P-1E-1

     

    

 

2.          
The undersigned has become a Borrower Party with respect to the following [Mortgage Loan(s)] [and] [Whole Loan(s)] (the
“[Excluded Loan][Excluded Controlling Class Loan](s)”):

  

	Loan Number	ODCR	Loan Name	Borrower Name
	 	 	 	 
	 	 	 	 
	 	 	 	 

[[If applicable] For the avoidance of doubt, [each] of the foregoing
loans is both an Excluded Loan and an Excluded Controlling Class Loan.]

 

3.          
As of the date above, the undersigned is the beneficial owner of the following certificates, and is providing the below
information to the addressees hereto for purposes of their compliance with the Pooling and Servicing Agreement, including, among
other things, the Certificate Administrator’s determination as to whether a Consultation Termination Event is in effect with
respect to the Excluded Controlling Class Loans listed in paragraph 2 if any such mortgage loan is an Excluded Loan:

 

	CUSIP	Class	Outstanding Certificate Balance	Initial Certificate Balance
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

The undersigned is not a Borrower
Party with respect to any other Mortgage Loan.

 

4.          
Except with respect to the [Excluded Loan][Excluded Controlling Class Loan](s), the undersigned is requesting access pursuant
to the Pooling and Servicing Agreement to certain information (the “Information”) on the 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 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 (except from such outside persons as
are assisting it in making an evaluation in connection with purchasing the related Certificates, from its accountants and attorneys,
and otherwise from such governmental or banking authorities or agencies to which the undersigned is subject), and such Information
will not, without the prior written consent of the Depositor, be otherwise disclosed by the undersigned or by its officers, directors,
partners, employees, agents or representatives (collectively, the “Representatives”) in any manner whatsoever,
in whole or in part; provided, however, that the obligations of the undersigned to keep any such Information confidential
shall expire one year following the date that the undersigned receives such Information (with respect to a prospective purchaser
only) or is no longer a Certificateholder, a

 

     Exhibit P-1E-2

     

    

 

beneficial owner or prospective purchaser of the Class of Certificates referenced
above. 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 hereby acknowledges and agrees that it is prohibited from accessing, reviewing and using Excluded Information
(as defined in the Pooling and Servicing Agreement) relating to the [Excluded Loan][Excluded Controlling Class Loan](s) to the
extent the undersigned receives access to such Excluded Information on the Certificate Administrator’s Website or otherwise
receives access to such Excluded Information in connection with its duties, or exercise of its rights pursuant to the Pooling and
Servicing Agreement.

 

6.          
The undersigned shall be fully liable for any breach of the Pooling and Servicing Agreement by itself or any of its Representatives
and shall indemnify the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability
or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

7.          
To the extent the undersigned receives access to any Excluded Information on the Certificate Administrator’s Website
or otherwise receives access to such Excluded Information, the undersigned shall be deemed to have agreed that it (i) will not
directly or indirectly provide any such Excluded Information to (A) the related Borrower Party, (B) any related Excluded Controlling
Class Holder, (C) any employees or personnel of the undersigned or any of its Affiliates involved in the management of any investment
in the related Borrower Party or the related Mortgaged Property or (D) to its actual knowledge, any non-Affiliate that holds a
direct or indirect ownership interest in the related Borrower Party, and (ii) will maintain sufficient internal controls and appropriate
policies and procedures in place in order to comply with the obligations described in clause (i) above.

 

8.           The
undersigned shall be deemed to have recertified to the provisions herein each time it accesses the Information on the Certificate
Administrator’s Website, and the Certificate Administrator shall have no obligation to monitor, determine or verify whether
the undersigned has properly certified or recertified under this Investor Certification any time the undersigned accesses the
Certificate Administrator’s Website.

 

9.          
The undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance
with the notice provisions of the Pooling and Servicing Agreement to each of the addressees listed above (a) by overnight courier
or (b) mailed by registered mail, postage prepaid.

 

10.        
The undersigned is simultaneously providing notice to the Certificate Administrator in the form of Exhibit P-1F to the Pooling
and Servicing Agreement, requesting termination of access to any Excluded Information. The undersigned acknowledges that it is
not permitted to access and shall not access any Excluded Information relating to the [Excluded Loan][Excluded Controlling Class
Loan](s) on the Certificate Administrator’s Website unless and until it has (i) delivered notice of the termination of the
related Excluded Controlling Class

 

     Exhibit P-1E-3

     

    

 

Holder status and (ii) submitted a new investor certification in accordance with Section 3.13(b)
of the Pooling and Servicing Agreement.

 

11.         
The undersigned agrees to indemnify and hold harmless each party to the Pooling and Servicing Agreement, the Underwriters,
the Initial Purchasers and the Trust Fund from any damage, loss, cost or liability (including legal fees and expenses and the cost
of enforcing this indemnity) arising out of or resulting from any unauthorized access by the undersigned or any agent, employee,
representative or person acting on its behalf of any Excluded Information relating to the [Excluded Loan][Excluded Controlling
Class Loan](s) listed in Paragraph 2 above.

 

Capitalized terms used
but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused its name to
be signed hereto by its duly authorized signatory, as of the date certified.

	 	 	 
	 	[Directing Certificateholder][Holder of the majority of the Controlling Class][Controlling Class Certificateholder]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated: _______

cc: Wells Fargo Commercial Mortgage Securities, Inc.

 

     Exhibit P-1E-4

     

    

 

EXHIBIT P-1F

 

FORM OF NOTICE OF [EXCLUDED LOAN] [EXCLUDED
CONTROLLING CLASS HOLDER] TO CERTIFICATE ADMINISTRATOR

 

[Date]

 

	
        Via: Email

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services (CMBS)

Wells Fargo Commercial Mortgage Trust Series 2015-P2

cts.cmbs.bond.admin@wellsfargo.com 

        trustadministrationgroup@wellsfargo.com

         

	
        with a copy to: 

         

        Wells Fargo Bank, National
Association,

        8480 Stagecoach Circle

Frederick, Maryland 21701-4747 

        Attention: Wells Fargo Commercial Mortgage Trust Series
2015-P2 

 

		Re:	Wells Fargo Commercial Mortgage Trust 2015-P2, Commercial
Mortgage Pass-Through Certificates, Series 2015-P2

 

In accordance with Section 3.13(b) of the
Pooling and Servicing Agreement, with respect to the above-referenced certificates (the “Certificates”), the
undersigned (the “Excluded Controlling Class Holder”) hereby directs you as follows:

 

1.          
The undersigned is [the Directing Certificateholder][the Holder of the majority of the Controlling Class][a Controlling
Class Certificateholder] as of the date hereof.

 

2.          
The undersigned has become a Borrower Party with respect to the following [Mortgage Loan(s)] [and] [Whole Loan(s)] (the
“[Excluded Loan][Excluded Controlling Class Loan](s)”):

  

	Loan Number	ODCR	Loan Name	Borrower Name
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

     Exhibit P-1F-1

     

    

 

3.          
The following USER IDs for CTSLink are affiliated with the undersigned and access to any information on the Certificate
Administrator’s Website with respect to the Wells Fargo Commercial Mortgage Trust 2015-P2 securitization should be revoked
as to such users:

 

	 	 	 
	 	 

                                                
	 
	 	 

                                                
	 
	 	 

                                                
	 

 

4.          
The undersigned acknowledges that it is not permitted to access and shall not access any Excluded Information with respect
to such [Excluded Loan][Excluded Controlling Class Loan](s) on the Certificate Administrator’s Website unless and until it
(i) is no longer an Excluded Controlling Class Holder with respect to such [Excluded Loan][Excluded Controlling Class Loan](s),
(ii) has delivered notice of the termination of the related Excluded Controlling Class Holder status and (iii) has submitted an
investor certification in the form of Exhibit P-1B to the Pooling and Servicing Agreement.

 

Capitalized terms used but not defined herein
have the respective meanings given to them in the Pooling and Servicing Agreement.

 

BY ITS CERTIFICATION HEREOF, the undersigned
has made the representations above and shall have caused, or shall be deemed to have caused its name to be signed hereto by its
duly authorized signatory, as of the date certified. 

	 	 	 
	 	[Directing Certificateholder][Holder of the majority of the Controlling Class][Controlling Class Certificateholder]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated: _______ 

 

cc: Wells Fargo Commercial Mortgage Securities, Inc.

 

The undersigned hereby acknowledges that

access to CTSLink has been revoked for

the users listed in Paragraph 3.

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

Certificate Administrator 

	 	 
	Name:	 
	Title:	 

 

     Exhibit P-1F-2

     

    

  

EXHIBIT P-1G 

 

Form
of Certification of the Directing Certificateholder

  

[Date]

 

	Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086-120, 550 South Tryon Street, 14th Floor

Charlotte, North Carolina  28202

Attention:  WFCM 2015-P2 Asset Manager	Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland  21045-1951

Attention:  Corporate Trust Services (CMBS)

Wells Fargo Commercial Mortgage Trust Series 2015-P2

trustadministrationgroup@wellsfargo.com

cts.cmbs.bond.admin@wellsfargo.com
	 	 
	
        Pentalpha Surveillance
LLC 

        375 N. French Road, Suite
100 

        Amherst, New York 14228 

        Attention: Don Simon,
Chief Operating Officer 
	
        Wells Fargo Bank, National
Association, 

        Sixth Street and Marquette Avenue 

        Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust Services (CMBS)

Wells Fargo Commercial Mortgage Trust Series 2015-P2 

	 	 
	Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: WFCM 2015-P2	
        C-III Asset Management
LLC 

        5221 N. O’Connor
Blvd., Suite 600 

        Irving, Texas 75039 

        Attention: Lindsey Wright 

        WFCM 2015-P2 

 

		Re:	Wells Fargo Commercial Mortgage Trust 2015-P2, Commercial
Mortgage Pass-Through Certificates, Series 2015-P2, Class [__] Certificates

 

In accordance with Section
3.23 of the Pooling and Servicing Agreement, the undersigned hereby certifies and agrees as follows:

 

1.          The undersigned
has been appointed to act as the Directing Certificateholder.

 

2.          The undersigned
is not a Borrower Party.

 

3.          If the undersigned
becomes a Borrower Party with respect to any Mortgage Loan or Whole Loan, the undersigned agrees to and shall deliver the certification
attached as Exhibit P-1D to the Pooling and Servicing Agreement and shall deliver to the applicable parties the notices attached
as Exhibit P-1E and Exhibit P-1F to the Pooling and Servicing Agreement.

 

4.          [For use with
any party other than the initial Directing Certificateholder]The undersigned hereby certifies that an executed copy of this certification
in paper form has been

 

     Exhibit P-1G-1

     

    

 

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 have caused, or shall be deemed to have caused its name to be signed hereto by its duly authorized
signatory, as of the date certified.

 

	 	[Directing Certificateholder]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated: _______

cc: Wells Fargo Commercial Mortgage Securities, Inc.

 

     Exhibit P-1G-2

     

    

 

EXHIBIT P-2

 

FORM OF CERTIFICATION FOR NRSROs

 

[Date]

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services WFCM 2015-P2

 

Attention:Wells
Fargo Commercial Mortgage Trust 2015-P2, Commercial Mortgage Pass-Through Certificates, Series 2015-P2_________________________________________

 

In accordance with the
requirements for obtaining certain information pursuant to the Pooling and Servicing Agreement, dated as of December 1, 2015 (the
“Pooling and Servicing Agreement”), by and among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor,
Wells Fargo Bank, National Association, as Master Servicer, C-III Asset Management LLC, as Special Servicer, Wilmington Trust,
National Association, as Trustee, Wells Fargo Bank, National Association, as Certificate Administrator, and Pentalpha Surveillance
LLC, as Asset Representations Reviewer and as Operating Advisor, with respect to the certificates (the “Certificates”),
the undersigned hereby certifies and agrees as follows:

 

		1.	The undersigned is a Rating Agency hired by the Depositor to provide ratings on the Certificates;
or

 

		2.	The undersigned, a Nationally Recognized Statistical Rating Organization (“NRSRO”);

 

a.          
has provided the Depositor with the appropriate certifications under Exchange Act 17g-5(e);

 

b.          
has access to the Depositor’s 17g-5 website; and

 

c.          
 agrees that the confidentiality agreement attached as Annex A hereto shall be applicable to the undersigned with
respect to information obtained from the Depositor’s 17g-5 website shall also be applicable to information obtained from the 17g-5
Information Provider’s Website.

 

The undersigned shall
be deemed to have recertified to the provisions herein each time it accesses the Information on the Certificate Administrator’s
Website and the 17g-5 Information Provider’s Website.

 

Capitalized terms used
but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused its name to
be signed hereto by its duly authorized signatory, as of the date certified.

 

 

     Exhibit P-2-1

     

    

 

ANNEX A

 

CONFIDENTIALITY AGREEMENT

 

This Confidentiality Agreement (the “Confidentiality
Agreement”) is made in connection with Wells Fargo Securities, LLC (together with its affiliates, the “Furnishing
Entities” and each a “Furnishing Entity”) furnishing certain financial, operational, structural and
other information relating to the issuance of the Wells Fargo Commercial Mortgage Trust 2015-P2, Commercial Mortgage Pass-Through
Certificates, Series 2015-P2 (the “Certificates”) pursuant to the Pooling and Servicing Agreement, dated as
of December 1, 2015 (the “Pooling and Servicing Agreement”), by and among Wells Fargo Commercial Mortgage Securities,
Inc., as Depositor (the “Depositor”), Wells Fargo Bank, National Association, as Master Servicer, C-III Asset
Management LLC, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor and as Asset Representations Reviewer, Wells
Fargo Bank, National Association, as Certificate Administrator and as Custodian, and Wilmington Trust, National Association, as
Trustee and the assets underlying or referenced by the Certificates, including the identity of, and financial information with
respect to borrowers, sponsors, guarantors, managers and lessees with respect to such assets (together, the “Collateral”)
to you (the “NRSRO”) through the website of Wells Fargo Bank, National Association, as 17g-5 Information Provider
under the Pooling and Servicing Agreement, including the [section of the 17g-5 Information Provider’s Website that hosts
the Depositor’s 17g-5 website after the Closing Date (as defined in the Pooling and Servicing Agreement)]. Information provided
by each Furnishing Entity is labeled as provided by the specific Furnishing Entity.

 

Definition of Confidential Information.
For purposes of this Confidentiality Agreement, the term “Confidential Information” shall include the following
information (irrespective of its source or form of communication, including information obtained by you through access to this
site) that may be furnished to you by or on behalf of a Furnishing Entity in connection with the issuance or monitoring of a rating
with respect to the Certificates: (x) all data, reports, interpretations, forecasts, records, agreements, legal documents
and other information (such information, the “Evaluation Material”) and (y)  any of the terms, conditions
or other facts with respect to the transactions contemplated by the Pooling and Servicing Agreement, including the status thereof;
provided, however, that the term Confidential Information shall not include information which:

 

was or becomes generally
available to the public (including through filing with the Securities and Exchange Commission or disclosure in an offering document)
other than as a result of a disclosure by you or a NRSRO Representative (as defined in Section 2(c)(i) below) in violation
of this Confidentiality Agreement;

 

was or is lawfully obtained
by you from a source other than a Furnishing Entity or its representatives that (i) is reasonably believed by you to be under
no obligation to maintain the information as confidential and (ii) provides it to you without any obligation to maintain the
information as confidential; or

 

is independently developed
by the NRSRO without reference to any Confidential Information.

 

Information to Be Held in Confidence.

 

You will use the Confidential
Information solely for the purpose of determining or monitoring a credit rating on the Certificates and, to the extent that any
information used is derived from but does not reveal any Confidential Information, for benchmarking, modeling or research purposes
(the “Intended Purpose”).

 

You acknowledge that
you are aware that the United States and state securities laws impose restrictions on trading in securities when in possession
of material, non-public information and that the NRSRO will advise (through policy manuals or otherwise) each NRSRO Representative
who is informed of the matters that are the subject of this Confidentiality Agreement to that effect.

 

You will treat the Confidential
Information as private and confidential. Subject to Section 4, without the prior written consent of the applicable Furnishing Entity,
you will not disclose to any person any Confidential Information, whether such Confidential Information was furnished to you before,
on or after the date of this Confidentiality Agreement. Notwithstanding the foregoing, you may:

 

     Exhibit P-2-2

     

    

 

disclose the
Confidential Information to any of the NRSRO’s affiliates, directors, officers, employees, legal representatives, agents
and advisors (each, a “NRSRO Representative”) who, in the reasonable judgment of the NRSRO, need to know such
Confidential Information in connection with the Intended Purpose; provided, that, prior to disclosure of the Confidential
Information to a NRSRO Representative, the NRSRO shall have taken reasonable precautions to ensure, and shall be satisfied, that
such NRSRO Representative will act in accordance with this Confidentiality Agreement;

 

solely to
the extent required for compliance with Rule 17g-5(a)(3) of the Act (17 C.F.R. 240.17g-5), post the Confidential Information
to the NRSRO’s password protected website; and

 

use information
derived from the Confidential Information in connection with an Intended Purpose, if such derived information does not reveal any
Confidential Information.

 

Disclosures Required by Law. If
you or any NRSRO Representative is requested or required (orally or in writing, by interrogatory, subpoena, civil investigatory
demand, request for information or documents, deposition or similar process relating to any legal proceeding, investigation, hearing
or otherwise) to disclose any Confidential Information, you agree to provide the relevant Furnishing Entity with notice as soon
as practicable (except in the case of regulatory or other governmental inquiry, examination or investigation, and otherwise to
the extent practical and permitted by law, regulation or regulatory or other governmental authority) that a request to disclose
the Confidential Information has been made so that the relevant Furnishing Entity may seek an appropriate protective order or other
reasonable assurance that confidential treatment will be accorded the Confidential Information if it so chooses. Unless otherwise
required by a court or other governmental or regulatory authority to do so, and provided that you been informed by written notice
that the related Furnishing Entity is seeking a protective order or other reasonable assurance for confidential treatment with
respect to the requested Confidential Information, you agree not to disclose the Confidential Information while the Furnishing
Entity’s effort to obtain such a protective order or other reasonable assurance for confidential treatment is pending. You
agree to reasonably cooperate with each Furnishing Entity in its efforts to obtain a protective order or other reasonable assurance
that confidential treatment will be accorded to the portion of the Confidential Information that is being disclosed, at the sole
expense of such Furnishing Entity; provided, however, that in no event shall the NRSRO be required to take a position
that such information should be entitled to receive such a protective order or reasonable assurance as to confidential treatment.
If a Furnishing Entity succeeds in obtaining a protective order or other remedy, you agree to comply with its terms with respect
to the disclosure of the Confidential Information, at the sole expense of such Furnishing Entity. If a protective order or other
remedy is not obtained or if the relevant Furnishing Entity waives compliance with the provisions of this Confidentiality Agreement
in writing, you agree to furnish only such information as you are legally required to disclose, at the sole expense of the relevant
Furnishing Entity.

 

Obligation to Return Evaluation Material.
Promptly upon written request by or on behalf of the relevant Furnishing Entity, all material or documents, including copies thereof,
that contain Evaluation Material will be destroyed or, in your sole discretion, returned to the relevant Furnishing Entity. Notwithstanding
the foregoing, (a) the NRSRO may retain one or more copies of any document or other material containing Evaluation Material
to the extent necessary for legal or regulatory compliance (or compliance with the NRSRO’s internal policies and procedures
designed to ensure legal or regulatory compliance) and (b) the NRSRO may retain any portion of the Evaluation Material that
may be found in backup tapes or other archive or electronic media or other documents prepared by the NRSRO and any Evaluation Material
obtained in an oral communication; provided, that any Evaluation Material so retained by the NRSRO will remain subject to
this Confidentiality Agreement and the NRSRO will remain bound by the terms of this Confidentiality Agreement.

 

     Exhibit P-2-3

     

    

 

Violations of this Confidentiality Agreement.

 

The NRSRO will be responsible
for any breach of this Confidentiality Agreement by you, the NRSRO or any NRSRO Representative.

 

You agree promptly to
advise each relevant Furnishing Entity in writing of any misappropriation or unauthorized disclosure or use by any person of the
Confidential Information which may come to your attention and to take all steps reasonably requested by such Furnishing Entity
to limit, stop or otherwise remedy such misappropriation, or unauthorized disclosure or use.

 

You acknowledge and
agree that the Furnishing Entities would not have an adequate remedy at law and would be irreparably harmed in the event that any
of the provisions of this Confidentiality Agreement were not performed in accordance with their specific terms or were otherwise
breached. It is accordingly agreed that each Furnishing Entity shall be entitled to specific performance and injunctive relief
to prevent breaches of this Confidentiality Agreement and to specifically enforce the terms and provisions hereof, in addition
to any other remedy to which a Furnishing Entity may be entitled at law or in equity. It is further understood and agreed that
no failure to or delay in exercising any right, power or privilege hereunder shall preclude any other or further exercise of any
right, power or privilege.

 

Term. Notwithstanding the termination
or cancellation of this Confidentiality Agreement and regardless of whether the NRSRO has provided a credit rating on a Security,
your obligations under this Confidentiality Agreement will survive indefinitely.

 

Governing Law. This Confidentiality
Agreement and any claim, controversy or dispute arising under the Confidentiality Agreement, the relationships of the parties and/or
the interpretation and enforcement of the rights and duties of the parties shall be governed by and construed in accordance with
the laws of the State of New York applicable to agreements made and to be performed within such State.

 

Amendments. This Confidentiality
Agreement may be modified or waived only by a separate writing by the NRSRO and each Furnishing Entity.

 

Entire Agreement. This Confidentiality
Agreement represents the entire agreement between you and the Furnishing Entities relating to the treatment of Confidential Information
heretofore or hereafter reviewed or inspected by you. This agreement supersedes all other understandings and agreements between
us relating to such matters; provided, however, that, if the terms of this Confidentiality Agreement conflict with
another agreement relating to the Confidential Information that specifically states that the terms of such agreement shall supersede,
modify or amend the terms of this Confidentiality Agreement, then to the extent the terms of this Confidentiality Agreement conflict
with such agreement, the terms of such agreement shall control notwithstanding acceptance by you of the terms hereof by entry into
this website.

 

Contact Information. Notices for
each Furnishing Entity under this Confidentiality Agreement, shall be directed as set forth below:

 

Wells Fargo Securities, LLC

375 Park Avenue, 2nd Floor

New York, NY 10152

Attention: Matthew Orrino

E-mail: wfs.cmbs@wellsfargo.com

 

     Exhibit P-2-4

     

    

 

EXHIBIT P-3

 

ONLINE MARKET DATA PROVIDER CERTIFICATION

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services WFCM 2015-P2

 

		Attention:	Wells Fargo Commercial Mortgage Trust 2015-P2, Commercial
Mortgage Pass-Through Certificates, Series 2015-P2_____________________________________________________________________________

 

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 Market Data Provider not listed herein and would like access to the information, please contact CTSLink at 866-846-4526,
or at ctslink.customerservice@wellsfargo.com.

 

In accordance with the
requirements for obtaining certain information pursuant to the Pooling and Servicing Agreement, dated as of December 1, 2015 (the
“Pooling and Servicing Agreement”), by and among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor,
Wells Fargo Bank, National Association, as Master Servicer, C-III Asset Management LLC, as Special Servicer, Wilmington Trust,
National Association, as Trustee, Wells Fargo Bank, National Association, as Certificate Administrator, and Pentalpha Surveillance
LLC, as Asset Representations Reviewer and as Operating Advisor, with respect to the above-referenced certificates (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., Interactive Data Corp., CMBS.com, Inc., Markit Group Limited or Thomson Reuters Corporation,
a market data provider that has been given access to the Statements to Certificateholders, CREFC® Reports and supplemental
notices on www.ctslink.com (“CTSLink”) by request
of the Depositor.

 

		2.	The undersigned agrees that each time it accesses CTSLink, the undersigned is deemed to have recertified
that the representation above remains true and correct.

 

		3.	The undersigned acknowledges and agrees that the provision to it of information and/or reports
on CTSLink is for its own use only, and agrees that it will not disseminate or otherwise make such information available to any
other person without the written consent of the Depositor.

 

		4.	The undersigned shall be fully liable for any breach of the Pooling and Servicing Agreement by
itself or any of its Representatives and shall indemnify the Depositor, the Trustee, the Certificate Administrator, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and the Trust Fund for any loss, 

 

     Exhibit P-3-1

     

    

 

			liability
or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

		5.	Capitalized terms used but not defined herein shall have the respective meanings assigned thereto
in the Pooling and Servicing Agreement.

  

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused its name to
be signed hereto by its duly authorized signatory, as of the date certified.

 

     Exhibit P-3-2

     

    

  

EXHIBIT Q

 

CUSTODIAN CERTIFICATION/EXCEPTION REPORT

 

[DATE]

 

To the Persons Listed on the attached Schedule A

 

		Re:	Wells Fargo Commercial Mortgage Trust 2015-P2, Commercial
Mortgage Pass-Through Certificates, Series 2015-P2

 

Ladies and Gentlemen:

 

In accordance with Section
2.02 of the Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling and Servicing Agreement”),
by and among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, C-III Asset Management LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator,
Wilmington Trust, National Association, as Trustee, and Pentalpha Surveillance LLC, as Asset Representations Reviewer and as Operating
Advisor, the undersigned, as Custodian, hereby certifies that, except as noted on the attached Custodial Exception Report, as to
each Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid in full or for which a Liquidation Event
has occurred) the Custodian has, subject to Section 2.02(c) of the Pooling and Servicing Agreement, reviewed the documents delivered
to it pursuant to Section 2.01 of the Pooling and Servicing Agreement and has determined that (i) all documents specified in [clauses
(i) through (v), (viii), (ix), (xi), (xii) and (xiii) (or, with respect to clause (xii), a copy of such letter of credit and the
required officer’s certificate), if any, of the definition of “Mortgage File,” as applicable, with respect to
the Mortgage Loans are in its possession], (ii) the foregoing documents delivered or caused to be delivered by the Mortgage Loan
Seller have been reviewed by it or by a Custodian on its behalf and appear regular on their face and appear to be executed and
to relate to such Mortgage Loan and (iii) based on such examination and only as to the foregoing documents, the information set
forth in the Mortgage Loan Schedule with respect to the items specified in [clauses (iv), (vi) and (viii)(c)] in the definition
of “Mortgage Loan Schedule” is correct.

 

Capitalized words and
phrases used herein shall have the respective meanings assigned to them in the above-captioned Pooling and Servicing Agreement.

		 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
    

as Custodian
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

     Exhibit Q-1

     

    

 

SCHEDULE A

 

[APPLICABLE MORTGAGE LOAN SELLER’S
NOTICE ADDRESS]

 

Wells Fargo Commercial Mortgage Securities,
Inc.

c/o Wells Fargo Securities, LLC

375 Park Avenue, 2nd Floor, J0127 023

New York, New York 10152

Attention: A.J. Sfarra

 

Fitch Ratings, Inc.

One State Street Plaza

New York, New York 10004

Attention: Commercial Mortgage Backed Securities Surveillance

Facsimile No.: (212) 635-0295

E-mail: info.cmbs@fitchratings.com

  

Kroll Bond Rating Agency, Inc.

845 Third Avenue, 4th Floor

New York, New York 10022

Attention: CMBS Surveillance

Facsimile No.: (646) 731-2395

  

Moody’s Investors Service,
Inc.

7 World Trade Center

250 Greenwich Street

New York, New York 10007

Attention: Commercial Mortgage Surveillance Group

E-mail: CMBSSurveillance@moodys.com

 

C-III Asset Management LLC

5221 N. O’Connor Blvd., Suite 600

Irving, Texas 75039

Fax number: (972) 868-5490

Attention: Lindsey Wright

 

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086-120, 550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: WFCM 2015-P2 Asset Manager

 

     Exhibit Q-2

     

    

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services WFCM 2015-P2

 

Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee WFCM 2015-P2

 

Raith Capital Management, LLC 

295 Madison Avenue, 42nd Floor 

New York, New York 10017 

Fax number: (212) 938-6995 

Attention:

 

     Exhibit Q-3

     

    

 

EXHIBIT R-1

 

FORM OF POWER OF ATTORNEY BY TRUSTEE

FOR MASTER SERVICER

 

RECORDING REQUESTED BY: 

 

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086-120, 550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: Wells Fargo Commercial Mortgage Trust 2015-P2 Asset Manager

Telecopy Number: (704) 715-0036

	 
	SPACE ABOVE THIS LINE FOR RECORDER’S USE

  

LIMITED POWER OF ATTORNEY

 

KNOW ALL MEN BY THESE
PRESENTS, that Wilmington Trust, National Association, a national banking association, incorporated and existing under the laws
of the United States, having its usual place of business at 1100 North Market Street, Wilmington, Delaware 19890, Attention: CMBS
Trustee WFCM 2015-P2, as trustee (the “Trustee”), pursuant to that Pooling and Servicing Agreement dated as
of December 1, 2015 (the “Agreement”), by and among Wells Fargo Commercial Mortgage Securities, Inc., as the
depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
C-III Asset Management LLC, as special servicer, Wells Fargo Bank, National Association, as certificate administrator (in such
capacity, the “Certificate Administrator”), the Trustee, and Pentalpha Surveillance LLC, as operating advisor
and as asset representations reviewer hereby constitutes and appoints the Master Servicer, by and through the Master Servicer’s
officers, the Trustee’s true and lawful Attorney-in-Fact, in the Trustee’s name, place and stead and for the Trustee’s
benefit, in connection with all mortgage loans (the “Mortgage Loans”) serviced by the Master Servicer and all
properties (“Mortgaged Properties”) administered by the Master Servicer pursuant to the Agreement, to execute
and acknowledge in writing or by facsimile stamp all documents customarily and reasonably necessary and appropriate to effectuate
the enumerated transactions described in items 1 through 12 below with respect to the Mortgage Loans and Mortgaged Properties;
provided, however, that the documents described below may only be executed and delivered by such Attorneys-in-Fact if such documents
are required or permitted under the Agreement. Capitalized terms used herein and not otherwise defined herein have the meanings
set forth in the Agreement.

 

1.          
The endorsement on behalf of the Trustee of all checks, drafts and/or other negotiable instruments made payable to the Trustee
and draw upon, replace, substitute, release or amend letters of credit standing as collateral securing any Mortgage Loan.

 

2.          
The modification or re-recording of a Mortgage or deed of trust, where said modification or re-recording is solely for the
purpose of correcting the Mortgage or deed of

 

     Exhibit R-1-1

     

    

 

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 of a government
agency or unit with powers of eminent domain; this section shall include, without limitation, the execution of partial satisfactions/releases,
partial reconveyances or the execution or requests to trustees to accomplish same.

 

4.          
The conveyance of the properties to the mortgage insurer, or the closing of the title to the property to be acquired as
real estate owned, or conveyance of title to real estate owned.

 

5.          
The completion of loan assumption agreements.

 

6.          
The full satisfaction/release of a Mortgage or deed of trust or full conveyance upon payment and discharge of all sums secured
thereby, including, without limitation, cancellation of the related Mortgage Note.

 

7.          
The assignment of any Mortgage or deed of trust and the related Mortgage Note, in connection with the repurchase of the
Mortgage Loan secured and evidenced thereby.

 

8.          
The full assignment of a Mortgage or deed of trust upon payment and discharge of all sums secured thereby in conjunction
with the refinancing thereof, including, without limitation, the assignment of the related Mortgage Note.

 

9.          
The full enforcement of and preservation of the Trustee’s interests in the Mortgage Notes, Mortgages or deeds of trust,
and in the proceeds thereof, by way of, including but not limited to, foreclosure, the taking of a deed in lieu of foreclosure,
or the completion of judicial or non-judicial foreclosure or the termination, cancellation or rescission of any such foreclosure,
the initiation, prosecution and completion of eviction actions or proceedings with respect to, or the termination, cancellation
or rescission of any such eviction actions or proceedings, and the pursuit of title insurance, hazard insurance and claims in bankruptcy
proceedings, including, without limitation, any and all of the following acts:

 

		a.	the substitution of trustee(s) serving under a deed of trust, in accordance with state law and
the deed of trust;

 

		b.	the preparation and issuance of statements of breach or non-performance;

 

		c.	the preparation and filing of notices of default and/or notices of sale;

 

		d.	the cancellation/rescission of notices of default and/or notices of sale;

 

		e.	the taking of deed in lieu of foreclosure;

 

     Exhibit R-1-2

     

    

 

		f.	the filing, prosecution and defense of claims, and to appear on behalf of the Trustee, in bankruptcy
cases affecting Mortgage Notes, Mortgages or deeds of trust;

 

		g.	the preparation and service of notices to quit and all other documents necessary to initiate, prosecute
and complete eviction actions or proceedings;

 

		h.	the tendering, filing, prosecution and defense, as applicable, of hazard insurance and title insurance
claims, including but not limited to appearing on behalf of the Trustee in quiet title actions; and

 

		i.	the preparation and execution of such other documents and performance of such other actions as
may be necessary under the terms of the Mortgage, deed of trust or state law to expeditiously complete said transactions in paragraphs
9.a. through 9.h. above.

 

10.          With
respect to the sale of property acquired through a foreclosure or deed-in lieu of foreclosure, including, without limitation,
the execution of the following documentation:

 

		a.	listing agreements;

 

		b.	purchase and sale agreements;

 

		c.	grant/warranty/quit claim deeds or any other deed causing the transfer of title of the property
to a party contracted to purchase same;

 

		d.	escrow instructions; and

 

		e.	any and all documents necessary to effect the transfer of property.

 

11.         
The modification or amendment of escrow agreements established for repairs to the Mortgaged Property or reserves for replacement
of personal property.

 

12.         
The execution and delivery of the following:

 

		a.	any and all financing statements, continuation statements and other documents or instruments necessary
to maintain the lien created by the Mortgage, deed of trust or other security document in the related Mortgage File or the related
Mortgaged Property and other related collateral;

 

		b.	any and all instruments of satisfaction or cancellation, or of partial or full release or discharge,
or of partial or full defeasance, and all other comparable instruments; and

 

		c.	any and all assumptions, modifications, waivers, substitutions, extensions, amendments, consents
to transfers of interests in borrowers, consents to any subordinate financings to be secured by any related Mortgaged Property,
consents to any mezzanine financing to be secured by the ownership interests in a borrower, consents to and monitoring of the application
of any proceeds of insurance policies or condemnation awards to the restoration of the related Mortgaged Property, REO Property
or otherwise, documents relating to the management, operation, 

 

     Exhibit R-1-3

     

    

 

			maintenance, repair, leasing and marketing of the related Mortgaged
Properties or REO 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 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.

 

The undersigned gives
said Attorney-in-Fact full power and authority to execute such instruments and to do and perform all and every act and thing necessary
and proper to carry into effect the power or powers granted by or under this Limited Power of Attorney as fully as the undersigned
might or could do, and hereby does ratify and confirm to all that said Attorney-in-Fact shall be effective as of the date set forth
below.

 

This appointment is
to be construed and interpreted as a limited power of attorney. The enumeration of specific items, rights, acts or powers herein
is not intended to, nor does it give rise to, and it is not to be construed as a general power of attorney.

 

Solely to the extent
that the Master Servicer has the power to delegate its rights or obligations under the Agreement, the Master Servicer also has
the power to delegate the authority given to it by Wilmington Trust, National Association, as Trustee, under this Limited Power
of Attorney, for purposes of performing its obligations and duties by executing such additional powers of attorney in favor of
its attorneys-in-fact as are necessary for such purpose. The Master Servicer’s attorneys-in-fact shall have no greater authority
than that held by the Master Servicer.

 

Nothing contained herein
shall: (i) limit in any manner any indemnification provided to the Trustee under the Agreement, (ii) limit in any manner the rights
and protections afforded the Trustee under the Agreement, or (iii) be construed to grant the Master Servicer the power to initiate
or defend any suit, litigation or proceeding in the name of Wilmington Trust, National Association except as specifically provided
for herein. If the Master Servicer receives any notice of suit, litigation or proceeding in the name of Wilmington Trust, National
Association, then the Master Servicer shall promptly forward a copy of same to the Trustee.

 

This limited power of
attorney is not intended to extend the powers granted to the Master Servicer under the Agreement or to allow the Master Servicer
to take any action with respect to Mortgages, deeds of trust or Mortgage Notes not authorized by the Agreement.

 

The Master Servicer
hereby agrees to indemnify and hold the Trustee and its directors, officers, employees and agents harmless from and against any
and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any
kind or nature whatsoever incurred by reason or result of the negligent use, or negligent or willful misuse, of this Limited Power
of Attorney by the Master Servicer. The

 

     Exhibit R-1-4

     

    

 

foregoing indemnity shall survive the termination of this Limited Power of Attorney and
the Agreement or the earlier resignation or removal of the Trustee under the Agreement.

 

This Limited Power of
Attorney is entered into and shall be governed by the laws of the State of New York, without regard to conflicts of law principles
of such state.

 

Third parties without
actual notice may rely upon the exercise of the power granted under this Limited Power of Attorney; and may be satisfied that this
Limited Power of Attorney shall continue in full force and effect and has not been revoked unless an instrument of revocation has
been made in writing by the undersigned.

 

IN WITNESS WHEREOF,
Wilmington Trust, National Association, as Trustee for Wells Fargo Commercial Mortgage Trust 2015-P2 has caused its corporate
seal to be hereto affixed and these presents to be signed and acknowledged in its name and behalf by a duly elected and authorized
signatory this ___________ day of ____________. 

	 	 	 
	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee for Wells Fargo Commercial Mortgage Trust 2015-P2
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	Prepared by:
	 	 	 
	 	 	Name:

 

	Witness:	 
	 	 
	 	 
	Witness:	 
	 	 

 

     Exhibit R-1-5

     

    

 

	STATE OF DELAWARE)	 	 
	 	)	ss.:
	COUNTY OF	)	 

  

On ________________________,
before me, _________________________________ Notary Public, personally appeared ___________________________, who proved to me on
the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that
he/she executed the same in his/her authorized capacity and that by his/her signature on the instrument the person, or the entity
upon behalf of which the person acted, executed the instrument.

 

I certify under PENALTY
OF PERJURY under the laws of the State of Delaware that the foregoing paragraph is true and correct.

 

Witness my hand and
official seal. 

	 	 
	 	Notary
    Public

 

	[SEAL]	 
	 	 
	My commission expires:	 
	 	 

 

     Exhibit R-1-6

     

    

 

EXHIBIT R-2

 

FORM OF POWER OF ATTORNEY BY TRUSTEE

FOR SPECIAL SERVICER

 

RECORDING REQUESTED BY:

 

C-III Asset Management LLC

5221 N. O’Connor Blvd., Suite 600

Irving, Texas 75039

Fax number: (972) 868-5490

Attention: Lindsey Wright

	 

SPACE ABOVE THIS LINE FOR RECORDER’S
USE

 

LIMITED POWER OF ATTORNEY

 

KNOW ALL MEN BY THESE PRESENTS, that
Wilmington Trust, National Association, a national banking association, incorporated and existing under the laws of the
United States, having its usual place of business at 1100 North Market Street, Wilmington, Delaware 19890 as Trustee (the
“Trustee”) pursuant to that Pooling and Servicing Agreement dated as of  December 1, 2015 (the
“Agreement”) by and among Wells Fargo Commercial Mortgage Securities, Inc., as the depositor, Wells Fargo
Bank, National Association, as master servicer, C-III Asset Management, LLC, as special servicer (the “Special
Servicer”), Wells Fargo Bank, National Association, as certificate administrator, the Trustee and Pentalpha
Surveillance LLC, as operating advisor and as asset representations reviewer, relating to the Wells Fargo Commercial Mortgage
Trust 2015-P2, Commercial Mortgage Pass-Through Certificates, Series 2015-P2, hereby constitutes and appoints the Special
Servicer, by and through the Special Servicer 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 Special Servicer and all properties (“REO
Properties”) administered by the Special Servicer pursuant to the Agreement, to execute and acknowledge in writing
or by facsimile stamp all documents customarily and reasonably necessary and appropriate to effectuate the enumerated
transactions described in items 1 through 12 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 Agreement. Capitalized terms used herein and not otherwise defined herein have the meanings
set forth in the Agreement.

 

		1.	The endorsement on behalf of the Trustee of all checks, drafts and/or other negotiable instruments made payable to the Trustee
and draw upon, replace, substitute, release or amend letters of credit standing as collateral securing any Mortgage Loan.

 

		2.	The modification or re-recording of a Mortgage or deed of trust, where said modification or re-recording
is solely for the purpose of correcting the Mortgage or deed of trust to

 

    	Exhibit R-2-1

    	 

    

 

		 	conform same to the original intent of the parties thereto or to correct
title errors discovered after such title insurance was issued; provided that (i) said modification or re-recording, in either instance,
does not adversely affect the lien of the Mortgage or deed of trust as insured and (ii) otherwise conforms to the provisions of
the Agreement.

 

		3.	The subordination of the lien of a Mortgage or deed of trust to an easement in favor of a public utility company of a government
agency or unit with powers of eminent domain; this section shall include, without limitation, the execution of partial satisfactions/releases,
partial reconveyances or the execution or requests to trustees to accomplish same.

 

		4.	The conveyance of the properties to the mortgage insurer, or the closing of the title to the property to be acquired as real
estate owned, or conveyance of title to real estate owned.

 

		5.	The completion of loan assumption agreements 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 Mortgage Note.

 

		7.	The assignment of any Mortgage or deed of trust and the related Mortgage Note, in connection with the sale 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 Mortgage Note.

 

		9.	The full enforcement of and preservation of the Trustee’s interests in any Mortgage or the related promissory note, and
in the proceeds thereof, by way of, including but not limited to, taking title to any Mortgaged Property on behalf of the Trust,
foreclosure, the taking of a deed-in-lieu of foreclosure, or the completion of judicial or non-judicial foreclosure and/or any
related litigation, including without limitation, guaranty or receivership litigation, or litigation on the note, or the termination,
cancellation or rescission of any such foreclosure, the initiation, prosecution and completion of eviction actions or proceedings
with respect to, or the termination, cancellation or rescission of any such eviction actions or proceedings, the initiation or
defense of any litigation related to the ownership of any REO Property, and the pursuit of title insurance, hazard insurance and
claims in bankruptcy proceedings, including, without limitation, any and all of the following acts:

 

		a.	the substitution of trustee(s) serving under a deed of trust, in accordance with state law and the deed of trust;

 

    	Exhibit R-2-2

    	 

    

 

		b.	the preparation and issuance of statements of breach or non-performance;

 

		c.	the preparation and filing of notices of default and/or notices of sale;

 

		d.	the cancellation/rescission of notices of default and/or notices of sale;

 

		e.	the taking of deed in lieu of foreclosure;

 

		f.	the filing, prosecution and defense of claims, and to appear on behalf of the Trustee, in bankruptcy cases affecting Mortgage
Notes, Mortgages or deeds of trust;

 

		g.	the preparation and service of notices to quit and all other documents necessary to initiate, prosecute and complete eviction
actions or proceedings;

 

		h.	the tendering, filing, prosecution and defense, as applicable, of hazard insurance and title insurance claims, including but
not limited to appearing on behalf of the Trustee in quiet title actions;

 

		i.	the creation of a wholly-owned entity of the Trust for purposes of holding foreclosed property; and

 

		j.	the preparation and execution of such other documents and performance of such other actions as may be necessary under the terms
of the Mortgage, deed of trust or state law to expeditiously complete said transactions in paragraphs 8.a. through 8.h. above.

 

		10.	With respect to the sale of property acquired through a foreclosure or deed-in lieu of foreclosure, including, without limitation,
the execution of the following documentation:

 

		a.	listing agreements;

 

		b.	purchase and sale agreements;

 

		c.	grant/warranty/quit claim deeds or any other deed causing the transfer of title of the property to a party contracted to purchase
same;

 

		d.	escrow instructions; and

 

		e.	any and all documents necessary to effect the transfer of property.

 

		11.	The modification or amendment of escrow agreements established for repairs to the mortgaged property or reserves for replacement
of personal property.

 

		12.	The execution and delivery of the following:

 

    	Exhibit R-2-3

    	 

    

 

		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;

 

		c.	any and all assumptions, modifications, waivers, substitutions, extensions, amendments, consents to transfers of interests
in borrowers, consents to any subordinate financings to be secured by any related Mortgaged Property, consents to any mezzanine
financing to be secured by the ownership interests in a borrower, consents to and monitoring of the application of any proceeds
of insurance policies or condemnation awards to the restoration of the related Mortgaged Property, REO Property or otherwise, documents
relating to the management, operation, maintenance, repair, leasing and marketing of the related Mortgaged Properties (including
agreements and requests by any borrower with respect to modifications of the standards of operation and management of such Mortgaged
Properties or the replacement of asset managers) or REO Properties, documents exercising any or all of the rights, powers and privileges
granted or provided to the holder of any Mortgage Loan under the related loan documents, lease subordination agreements, non-disturbance
and attornment agreements or other leasing or rental arrangements, management agreements, any easements, covenants, conditions,
restrictions, equitable servitudes, or land use or zoning requirements with respect to the Mortgaged Properties or REO Properties,
instruments relating to the custody of any collateral that now secures or hereafter may secure any Mortgage Loan and any other
consents; and

 

		d.	any and all documents, instruments and certifications as are reasonably necessary to complete or accomplish the Special Servicer’s
duties and responsibilities under the Agreement.

 

The undersigned gives said Attorney-in-Fact full power and authority
to execute such instruments and to do and perform all and every act and thing necessary and proper to carry into effect the power
or powers granted by or under this Limited Power of Attorney as fully as the undersigned might or could do, and hereby does ratify
and confirm to all that said Attorney-in-Fact shall be effective as of the date set forth below.

 

This appointment is to be construed and interpreted as a limited
power of attorney. The enumeration of specific items, rights, acts or powers herein is not intended to, nor does it give rise to,
and it is not to be construed as a general power of attorney.

 

Solely to the extent that the Special Servicer has the power
to delegate its rights or obligations under the Agreement, the Special Servicer also has the power to delegate the authority given
to it by Wilmington Trust, National Association, as Trustee, under this Limited Power of Attorney,

 

    	Exhibit R-2-4

    	 

    

 

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 Special Servicer’s attorneys-in-fact shall have no greater authority than that held by the Special Servicer.

 

Nothing contained herein shall: (i) limit in any manner any
indemnification provided to the Trustee under the Agreement, (ii) limit in any manner the rights and protections afforded the Trustee
under the Agreement, or (iii) be construed to grant the Special Servicer the power to initiate or defend any suit, litigation or
proceeding in the name of Wilmington Trust, National Association except as specifically provided for herein. If the Special Servicer
receives any notice of suit, litigation or proceeding in the name of Wilmington Trust, National Association, then the Special 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 Special Servicer under the Agreement or to allow the Special Servicer to take any action with respect to
Mortgages, deeds of trust or Mortgage Notes not authorized by the Agreement.

 

The Special Servicer hereby agrees to indemnify and hold the
Trustee and its directors, officers, employees and agents harmless from and against any and all liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever incurred by reason
or result of the negligent use, or negligent or willful misuse, of this Limited Power of Attorney by the Special Servicer. The
foregoing indemnity shall survive the termination of this Limited Power of Attorney and the Agreement or the earlier resignation
or removal of the Trustee under the Agreement.

 

This Limited Power of Attorney is entered into and shall be
governed by the laws of the State of New York, without regard to conflicts of law principles of such state.

 

Third parties without actual notice may rely upon the exercise
of the power granted under this Limited Power of Attorney; and may be satisfied that this Limited Power of Attorney shall continue
in full force and effect and has not been revoked unless an instrument of revocation has been made in writing by the undersigned.

 

IN WITNESS WHEREOF, Wilmington Trust, National Association,
as Trustee for Wells Fargo Commercial Mortgage Trust 2015-P2, has caused its corporate seal to be hereto affixed and these presents
to be signed and acknowledged in its name and behalf by a duly elected and authorized signatory this ___________ day of ____________.

	 	 	 	 
	 	Wilmington Trust, National Association,

                    as Trustee for [________________]
	 
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

    	Exhibit R-2-5

    	 

    

 

Witness: 

	 

 

Witness:

	 

 

    	Exhibit R-2-6

    	 

    

 

State of Delaware}

County of           }

On ________________________, before me,
_________________________________Notary Public, personally appeared ___________________________, who proved to me on the basis
of satisfactory evidence to be the person whose name is subscribed
to the within instrument and acknowledged to me that he/she executed the same in his/her authorized capacity and that by his/her
signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument.

 

I certify under PENALTY OF PERJURY under the laws of the State
of Delaware that the foregoing paragraph is true and correct.

Witness my hand and official seal.

	 	 

Notary signature

 

    	Exhibit R-2-7

    	 

    

 

EXHIBIT S

 

INITIAL COMPANION HOLDERS 

 

	Loan	Companion Holder
	Empire Mall Mortgage Loan	
        

        NOTE A-1, NOTE A-3, NOTE A-4 and NOTE A-5

         

        Société Générale

         

        NOTICE ADDRESS:

Société Générale

245 Park Avenue

New York, New York 10167

Attention: Jim Barnard

with a copy to:

Société Générale

245 Park Avenue, 11th Floor

New York, New York 10167

Attention: General Counsel

        
	Heritage Industrial Portfolio Mortgage Loan	
        NOTE A-2

         

        Macquarie US Trading LLC d/b/ Principal Commercial Capital

         

        NOTICE ADDRESS:

        Macquarie US Trading LLC d/b/ Principal Commercial Capital

        125 West 55th Street

        New York, New York 10019

        Attention: Joshua Karlin

        

 

    	Exhibit S-1

    	 

    

 

	Harbor Pointe Apartments Mortgage Loan	
        NOTE A-1

         

        Deutsche Bank Trust Company Americas for the Holders of CGCMT
        2015-GC35 Mortgage Trust Commercial Mortgage Pass Through Certificates

         

        NOTICE ADDRESS:

        Deutsche Bank Trust Company Americas

        1761 East St. Andrew Place

        Santa Ana, California, 92705-4934

        Attention: Trust Administration – CI1535

        Facsimile number: (714) 247-6022

         

	Anchorage Marriott Downtown Mortgage Loan	
        NOTE A-1

         

        Deutsche Bank Trust Company Americas for the Holders of CGCMT
        2015-GC35 Mortgage Trust Commercial Mortgage Pass Through Certificates

         

        NOTICE ADDRESS:

        Deutsche Bank Trust Company Americas

        1761 East St. Andrew Place

        Santa Ana, California, 92705-4934

        Attention: Trust Administration – CI1535

        Facsimile number: (714) 247-6022

        
	Harvey Building Products Portfolio Mortgage Loan	
        NOTE A-1, NOTE 2-A2, NOTE A-2B and NOTE A-3

         

        Wilmington Trust, National Association for the Holders of COMM
        2015-LC23 Mortgage Trust Commercial Mortgage Pass Through Certificates

         

        NOTICE ADDRESS:

        Wilmington Trust, National Association

        1100 North Market Street

        Wilmington, Delaware 19890

        Attention: CMBS Trustee COMM 2015-LC23

        

 

    	Exhibit S-2

    	 

    

 

	JW Marriott Santa Monica Le Merigot Mortgage Loan	
        NOTE A-1

         

        Deutsche Bank Trust Company Americas for the Holders of CGCMT
        2015-GC35 Mortgage Trust Commercial Mortgage Pass Through Certificates

         

        NOTICE ADDRESS:

        Deutsche Bank Trust Company Americas

        1761 East St. Andrew Place

        Santa Ana, California, 92705-4934

        Attention: Trust Administration – CI1535

        Facsimile number: (714) 247-6022

        

 

    	Exhibit S-3

    	 

    

 

EXHIBIT T

 

FORM OF NOTICE RELATING TO THE NON-SERVICED
MORTGAGE LOANS

 

[Date]

 

[Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086-120, 550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: COMM 2015-LC23 Asset Manager

Telecopy Number: (704) 715-0036]

 

[Midland Loan Services, a Division of PNC Bank, National Association

10851 Mastin Street

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head

Telecopy Number: (913) 253-9001]

 

VIA FACSIMILE

 

		Re:	Wells Fargo Commercial Mortgage Trust 2015-P2, Commercial
Mortgage Pass-Through Certificates, Series 2015-P2

 

Dear [__________]:

 

[Wells
Fargo Bank, National Association][Midland Loan Services, a Division of PNC Bank, National Association], is the master servicer
(the “Non-Serviced Master Servicer”) for the [Harbor Pointe Apartments Whole Loan][Anchorage Marriott
Downtown Whole Loan][Harvey Building Products Portfolio Whole Loan][JW Marriott Santa Monica Le Merigot Whole Loan], as such term
is defined under the Pooling and Servicing Agreement, dated December 1, 2015 (the “2015-P2 Pooling Agreement”)
by and among Wells Fargo Commercial Mortgage Securities, Inc., as depositor, Wells Fargo Bank, National Association, as master
servicer (in such capacity, the “[Harbor Pointe Apartments][Anchorage Marriott Downtown][Harvey Building
Products Portfolio][JW Marriott Santa Monica Le Merigot] Mortgage Loan Master Servicer”), C-III Asset Management
LLC, as special servicer, Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate
Administrator”), Wilmington Trust, National Association, as trustee, and Pentalpha Surveillance LLC, as asset representations
reviewer and as operating advisor. The Certificate Administrator hereby directs the Non-Serviced Master Servicer, as follows:

 

The Non-Serviced Master
Servicer shall remit to Wells Fargo Bank, National Association, as the master servicer with respect to the Wells Fargo Commercial
Mortgage Trust 2015-P2 (the “Master Servicer”) all amounts payable to, and 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 the [Harbor Pointe Apartments Mortgage Loan][Anchorage
Marriott 

 

    	Exhibit T-1

    	 

    

 

Downtown Mortgage Loan][Harvey Building Products Portfolio Mortgage Loan][JW Marriott Santa Monica Le Merigot Mortgage
Loan] (as such term is defined in the 2015-P2 Pooling Agreement) under the [Harbor Pointe Apartments Intercreditor Agreement][Anchorage
Marriott Downtown
Intercreditor Agreement][Harvey Building Products Portfolio Intercreditor Agreement][JW Marriott Santa Monica Le Merigot Intercreditor
Agreement] (as defined in the 2015-P2 Pooling Agreement).

 

The [Harbor Pointe Apartments
Mortgage Loan][Anchorage Marriott Downtown Mortgage Loan][Harvey Building Products Portfolio Mortgage Loan][JW Marriott Santa Monica
Le Merigot Mortgage Loan] [is][is not] a Significant Obligor (as such term is defined in the 2015-P2 Pooling Agreement) under the
2015-P2 Pooling Agreement.

 

Thank you for your attention
to this matter.

 

    	Exhibit T-2

    	 

    

 

Date:_________________________

	 	 	 
	 	Wells Fargo Bank, National Association, as Certificate Administrator for the Holders of the Wells Fargo
Commercial Mortgage Trust 2015-P2, Commercial Mortgage Pass-Through Certificates, Series 2015-P2
	 	 	 
	 	By:	 
	 	 	[Name]
	 	 	[Title]

 

    	Exhibit T-3

    	 

    

 

EXHIBIT U

 

FORM OF NOTICE AND CERTIFICATION

REGARDING DEFEASANCE OF MORTGAGE LOAN

 

		To:	Fitch Ratings, Inc.

One State Street Plaza

New York, New York 10004

Attention: Commercial Mortgage Backed Securities Surveillance

Facsimile No.: (212) 635-0295

E-mail: info.cmbs@fitchratings.com

 

		 	Kroll Bond Rating Agency, Inc.

845 Third Avenue, 4th Floor

New York, New York 10022

Attention: CMBS Surveillance

Facsimile No.: (646) 731-2395

 

		 	Moody’s Investors Service, Inc.

7 World Trade Center

250 Greenwich Street

New York, New York 10007

Attention: Commercial Mortgage Surveillance Group

E-mail: CMBSSurveillance@moodys.com

 

		From:	Wells Fargo Bank, National Association, in its capacity as Master Servicer under the Pooling and Servicing Agreement dated
as of December 1, 2015 (the “Pooling and Servicing Agreement”), by and among Wells Fargo Commercial Mortgage
Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer, C-III Asset Management LLC, as Special
Servicer, Wilmington Trust, National Association, as Trustee, Wells Fargo Bank, National Association, as Certificate Administrator,
and Pentalpha Surveillance LLC, as Asset Representations Reviewer and as Operating Advisor.

 

		Date:	_________, 20___

 

    	Exhibit U-1

    	 

    

 

		Re:	Wells Fargo Commercial Mortgage Trust 2015-P2, Commercial Mortgage Pass-Through Certificates, Series 2015-P2

Mortgage Loan (the “Mortgage Loan”) identified by loan number _____ [and loan number [_______]] on the Mortgage
Loan Schedule attached to the Pooling and Servicing Agreement and heretofore secured by the Mortgaged Properties identified on
the Mortgage Loan Schedule by the following names:____________________

          ____________________

 

Reference is made to
the Pooling and Servicing Agreement described above. Capitalized terms used but not defined herein have the meanings assigned to
such terms in the Pooling and Servicing Agreement.

 

As Servicer under the
Pooling and Servicing Agreement, we hereby:

 

(a)          Notify you that
the Mortgagor has consummated a defeasance of the Mortgage Loan pursuant to the terms of the Mortgage Loan, of the type checked
below:

 

____a full defeasance of the
entire principal balance of the Mortgage Loan; or

 

____a partial defeasance of
a portion of the principal balance of the Mortgage Loan that represents and, an allocated loan amount of $____________ or _______%
of the entire principal balance of the Mortgage Loan;

 

(b)          Certify that each
of the following is true, subject to those exceptions set forth with explanatory notes on Exhibit A hereto, which exceptions
the Master Servicer has determined, consistent with the Servicing Standards, will have no material adverse effect on the Mortgage
Loan or the defeasance transaction:

 

(i)           The
Mortgage Loan documents permit the defeasance, and the terms and conditions for defeasance specified therein were satisfied in
all material respects in completing the defeasance.

 

(ii)          The
defeasance was consummated on __________, 20__.

 

(iii)         The
defeasance collateral consists of securities that (i) constitute “government securities” as defined in Section 2(a)(16)
of the Investment Company Act of 1940 as amended (15 U.S.C. 80A1), (ii) are listed as “Qualified Investments for ‘AAA’
Financings” under Paragraphs 1, 2 or 3 of “Cash Flow Approach” in Standard & Poor’s Public Finance
Criteria 2000, as amended to the date of the defeasance, (iii) if they include a principal obligation, the principal due at maturity
cannot vary or change, and (iv) are not subject to prepayment, call or early redemption.

 

(iv)         The
Master Servicer received an opinion of counsel (from counsel approved by the Servicer in accordance with the Servicing Standard)
that the defeasance will not result in an Adverse REMIC Event.

 

    	Exhibit U-2

    	 

    

 

(v)          The
Master Servicer determined that the defeasance collateral will be owned by an entity (the “Defeasance Obligor”)
that is a Single-Purpose Entity (as defined in Standard & Poor’s Structured Finance Ratings Real Estate Finance Criteria,
as amended to the date of the defeasance (the “S&P Criteria”)) or is subject to restrictions in its organizational
documents substantially similar to those contained in the organization documents of the original Borrower with respect to bankruptcy
remoteness and single purpose as of the date of the defeasance, and after the defeasance owns no assets other than the defeasance
collateral and real property securing Mortgage Loans included in the pool.

 

(vi)         The
defeasance documents require the crediting of the defeasance collateral to an Eligible Account (as defined in the S&P Criteria)
in the name of the Trustee on behalf of the Trust, which account is maintained as a securities account by a securities intermediary
and has been pledged to the Trustee on behalf of the Trust.

 

(vii)        The
agreements executed in connection with the defeasance (i) grant control of the pledged securities account to Trustee on behalf
of the Trust, (ii) require the securities intermediary to make the scheduled payments on the Mortgage Loan from the proceeds of
the defeasance collateral directly to the Master Servicer’s collection account in the amounts and on the dates specified
in the Mortgage Loan documents or, in a partial defeasance, the portion of such scheduled payments attributed to the allocated
loan amount for the real property defeased, increased by any defeasance premium specified in the Mortgage Loan documents (the “Scheduled
Payments”), (iii) permit reinvestment of proceeds of the defeasance collateral only in Permitted Investments (as defined
in the Pooling and Servicing Agreement or as defined in the documents evidencing the defeasance), (iv) permit release of surplus
defeasance collateral and earnings on reinvestment from the pledged securities account only after the Mortgage Loan has been paid
in full, if any such release is permitted, (v) prohibit transfers by the Defeasance Obligor of the defeasance collateral and subordinate
liens against the defeasance collateral, and (vi) provide for payment from sources other than the defeasance collateral or other
assets of the Defeasance Obligor 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.

 

(viii)       The
Master Servicer received written confirmation from a firm of independent certified public accountants, who were approved by the
Master Servicer in accordance with the Servicing Standard 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 Scheduled Payments after
the defeasance including the payment in full of the 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) the revenues received
in any month from the defeasance collateral will be applied to make Scheduled Payments within four (4) months after the date of
receipt, and (iii) interest income from the defeasance collateral to the Defeasance Obligor in any calendar or fiscal year will
not exceed such Defeasance Obligor’s interest expense for the Mortgage Loan (or the allocated portion thereof in a partial
defeasance) for such year.

 

    	Exhibit U-3

    	 

    

 

(ix)          The
Mortgage Loan is not among the ten (10) largest loans in the pool as of the date of the Current Report (as defined below). The
entire principal balance of the Mortgage Loan as of the date of defeasance was less than both $[______] and five percent of pool
balance, which is less than [__]% of the aggregate Certificate Balance of the Certificates as of the date of the most recent Distribution
Date Statement received by us (the “Current Report”).

 

(x)           The
Master Servicer has received opinions of counsel stating that the Trustee on behalf of the Trust possesses a valid, perfected first
priority security interest in the defeasance collateral and that the documents executed in connection with the defeasance are enforceable
in accordance with their respective terms.

 

(c)          Certify that Exhibit
B hereto is a list of the material agreements, instruments, organizational documents for the Defeasance Obligor, and opinions
of counsel and independent accountants executed and delivered in connection with the defeasance.

 

(d)         Certify that
the individual under whose hand the Master Servicer has caused this Notice and Certification to be executed did constitute a Servicing
Officer as of the date of the defeasance described above.

 

(e)         Agree to provide
copies of all items listed in Exhibit B to you upon request.

 

    	Exhibit U-4

    	 

    

 

IN WITNESS WHEREOF,
the Master Servicer has caused this Notice and Certification to be executed as of the date captioned above.

	 	 	 
	 	[____________]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	Exhibit U-5

    	 

    

 

EXHIBIT V

 

FORM OF OPERATING ADVISOR
ANNUAL REPORT1

 

Report
Date: This report will be delivered annually no later than [INSERT DATE], pursuant to the terms and conditions of the
Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling and Servicing Agreement”).

Transaction: Wells Fargo Commercial Mortgage Trust 2015-P2, Commercial Mortgage Pass-Through Certificates, Series 2015-P2

Operating Advisor: Pentalpha Surveillance LLC

Special Servicer: C-III Asset Management LLC

Directing Certificateholder: [______]

 

		I.	Population of Mortgage Loans that Were
Considered in Compiling this Report

 

		1.	The Special Servicer has notified the
Operating Advisor that [·]
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.	Asset Status Reports were issued with respect
to [·] of such Specially
Serviced Loans. This report is based only on the Specially Serviced Loans in respect of which an Asset Status Report has been issued.
The 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, as well as the items listed below, the Operating Advisor (in
accordance with the Operating Advisor’s analysis requirements outlined in the Pooling and Servicing Agreement) has undertaken
a limited review of the Special Servicer’s operational activities to service certain Specially Serviced Loans in accordance
with the Servicing Standard. Based on such limited review, the Operating Advisor [does, does not] believe there are material violations
of the Special Servicer’s compliance with its obligations under the Pooling and Servicing Agreement. In addition, the Operating
Advisor notes the following: [PROVIDE SUMMARY OF ANY ADDITIONAL MATERIAL INFORMATION].

 

 

 

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 the
compliance with the terms of the Pooling and Servicing Agreement, including, without limitation, provisions relating to Privileged
Information.

 

    	Exhibit V-1

    	 

    

 

In connection with the
assessment set forth in this report, the Operating Advisor:

 

		1.	Reviewed the Asset Status Reports, the
Special Servicer’s assessment of compliance report, attestation report by a third party regarding the Special Servicer’s
compliance with its obligations and net present value calculations and Appraisal Reduction calculations and [LIST OTHER REVIEWED
INFORMATION] for the following [·]
Specially Serviced Loans: [List related mortgage loans]

 

		2.	Consulted with the Special Servicer as
provided under the Pooling and Servicing Agreement. The Operating Advisor’s analysis of the Asset Status Reports (including
related net present value calculations and Appraisal Reduction calculations) related to the Specially Serviced Loans should be
considered a limited investigation and not be considered a full or limited audit. For instance, we did not review each page of
the Special Servicer’s policy and procedure manuals (including amendments and appendices), re-engineer the quantitative aspects
of their net present value calculator, visit any property, visit the Special Servicer, visit the Directing Certificateholder or
interact with any borrower. In addition, our review of the net present value calculations and Appraisal Reduction calculations
is limited to the mathematical accuracy of the calculations and the corresponding application of the non-discretionary portions
of the applicable formulas, and as such, does not take into account the reasonableness of the discretionary portions of such formulas.

 

		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 material recommendations made by the Operating Advisor. Such recommendations generally included the following:
[LIST].

 

		3.	Appraisal Reduction calculations and net
present value calculations:

 

		4.	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 what course of action to take in connection
with the workout or liquidation of a Specially Serviced Loan prior to the utilization by the Special Servicer.

 

    	Exhibit V-2

    	 

    

 

		a.	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.

 

		b.	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.

 

		5.	The following is a general discussion
of certain concerns raised by the Operating Advisor discussed in this report: [LIST CONCERNS].

 

		6.	In addition to the other information presented
herein, the Operating Advisor notes the following additional items, if any: [LIST ADDITIONAL ITEMS].

 

		IV.	Qualifications Related to the Work Product
Undertaken and Opinions Related to this Report

 

		1.	The Operating Advisor did not participate
in, or have access to, the Special Servicer’s and Directing Certificateholder’s discussion(s) regarding any Specially
Serviced Loan. The Operating Advisor does not have authority to speak with the Directing Certificateholder directly. As such, the
Operating Advisor generally relied upon the information delivered to it by the Special Servicer as well as its interaction with
the Special Servicer, if any, 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 the discussions held between it
and the Special Servicer regarding any Specially Serviced Loans and 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.	There are many tasks that the Special
Servicer undertakes on an on-going basis related to Specially Serviced Loans. These include, but are not limited to, assumptions,
ownership changes, collateral substitutions, capital reserve changes, etc. The Operating Advisor does not participate in any discussions
regarding such actions. As such, Operating Advisor has not assessed the Special Servicer’s operational compliance with respect
to those types of actions.

 

		5.	The Operating Advisor is not empowered
to speak with any investors directly. If the investors have questions regarding this report, they should address such questions
to the Certificate Administrator through the Certificate Administrator’s Website.

 

    	Exhibit V-3

    	 

    

 

Terms used but not defined herein have
the meaning set forth in the Pooling and Servicing Agreement.

 

    	Exhibit V-4

    	 

    

 

EXHIBIT W

 

Form
of Notice from Operating Advisor Recommending Replacement of Special Servicer

 

Wilmington
Trust, National Association

  as Trustee

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee WFCM 2015-P2

Telecopy number: (302) 630-4140

 

Wells
Fargo Bank, National Association

  as Certificate Administrator

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS)

Wells Fargo Commercial Mortgage Trust 2015-P2

Telecopy Number: (410) 715-2380

 

C-III Asset Management LLC

5221 N. O’Connor Blvd., Suite 600

Irving, Texas 75039

Fax number: (972) 868-5490

Attention: Lindsey Wright

 

		Re:	Wells
Fargo Commercial Mortgage Trust 2015-P2, Commercial Mortgage Pass-Through Certificates, Series 2015-P2,

Recommendation of Replacement of Special Servicer

 

Ladies and Gentlemen:

 

This letter is delivered
pursuant to Section 7.01(d) of the Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling and Servicing
Agreement”), by and among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, C-III Asset Management LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee,
Wells Fargo Bank, National Association, as Certificate Administrator, Pentalpha Surveillance LLC, as Asset Representations Reviewer
and as Operating Advisor, on behalf of the holders of Wells Fargo Commercial Mortgage Trust 2015-P2, Commercial Mortgage Pass-Through
Certificates, Series 2015-P2 (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.

 

    	Exhibit W-1

    	 

    

 

Based upon our review
of the Special Servicer’s operational practices conducted pursuant to and in accordance with Section 3.23 of the Pooling
and Servicing Agreement, it is our assessment that C-III Asset Management LLC, in its current capacity as Special Servicer, is
not [performing its duties under the Pooling and Servicing Agreement][acting in accordance with the Servicing Standard]. The following
factors support our assessment: [________].

 

Based upon such assessment,
we further hereby recommend that C-III Asset Management LLC be removed as Special Servicer and that [________] be appointed its
successor in such capacity.

	 	 	 	 
	 	Very truly yours,	 
	 	 	 	 
	 	[The Operating Advisor]
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

Dated:

 

    	Exhibit W-2

    	 

    

 

EXHIBIT X

 

Form
of CONFIDENTIALITY Agreement

 

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086-120, 550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: WFCM 2015-P2 Asset Manager

Telecopy Number: (704) 715-0036

 

C-III Asset Management LLC

5221 N. O’Connor Blvd., Suite 600

Irving, Texas 75039

Fax number: (972) 868-5490

Attention: Lindsey Wright

 

		Re:	Access to Certain Information Regarding Wells Fargo Commercial Mortgage Trust
2015-P2, Commercial Mortgage Pass-Through Certificates, Series 2015-P2

 

Ladies and Gentlemen:

 

Reference is hereby made to that certain
Pooling and Servicing Agreement dated as of December 1, 2015 (the “Pooling and Servicing Agreement”), among
the Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
C-III Asset Management LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, Wells Fargo Bank, National
Association, as Certificate Administrator, and Pentalpha Surveillance LLC, as Asset Representations Reviewer and as Operating Advisor.
Defined terms used herein and not otherwise defined shall have the meanings set forth in the Pooling and Servicing Agreement.

 

[Wells Fargo Bank, National Association
(“Wells Fargo”)/ C-III Asset Management LLC (“C-III”)] understands that [____] (the “Company”)
is requesting certain confidential or non-public information relating to the Mortgage Loans to which the Company has continuing
rights as a Certificateholder. The Company is requesting such information for the purpose of analyzing asset performance and evaluating
any continuing rights the Company may have under the Trust (the “Permitted Purpose”). The Company agrees that
the Permitted Purpose shall not include the use or disclosure of the Confidential Information (as defined below) in any manner
that violates any applicable law, the Pooling and Servicing Agreement or the related mortgage loan documents.

 

[Wells Fargo/C-III] will provide the Company
with certain confidential, non-public servicing information (the “Confidential Information”) pertaining to the
Mortgage Loans and the related Mortgaged Properties and borrowers. The Company acknowledges that the Confidential Information (a)
includes or may be based upon information provided to [Wells Fargo/C-III] by

 

     Exhibit X-1

    	 

    

 

[_____] [__], 20[__]

Page 2

 

third parties, (b) may not have been
verified by [Wells Fargo/C-III], and (c) may be incomplete or contain inaccuracies. The Company agrees that [Wells
Fargo/C-III], the [“Master Servicer”/”Special Servicer”] (as defined in the Pooling and
Servicing Agreement) and its respective Representatives (as defined below) shall not have any liability to the Company or its
Representatives resulting from (x) any inaccuracies or omissions in the Confidential Information, (y) any use of the
Confidential Information, or (z) [Wells Fargo/C-III]’s failure or inability to provide the Confidential Information to
the Company for any reason. Notwithstanding the foregoing, the following will not constitute “Confidential
Information” for purposes of this letter agreement: (a) information that was already in Company’s possession
prior to its receipt from [Wells Fargo/C-III]; (b) information that is obtained by Company from a third person who, insofar
as is known to Company, is not prohibited from transmitting the information to Company by a contractual, legal or fiduciary
obligation to [Wells Fargo/C-III]; (c) information that is or becomes publicly available through no fault of Company; and (d)
information that is independently developed by Company. The term “Representatives” with respect to any entity
shall mean the officers, directors, general partners, employees, agents, affiliates, auditors and legal counsel (which may be
internal counsel) of that entity.

 

The Company may have access to the Confidential
Information through (at [Wells Fargo/C III]’s election): (i) responses to reasonable written inquiries received from the
Company, (ii) conference calls conducted on a reasonably scheduled basis with [Wells Fargo/C III]’s surveillance group, or
(iii) direct on-line access (read-only capacity) to the information available on the applicable [____] system or any successor
or replacement system (“System”). [Wells Fargo/C III] may cease or defer providing the Company with Confidential
Information in the event that (a) the Company or its Representatives violate any provision hereof, or (b) [Wells Fargo/C III] determines
(in its sole discretion) that such termination is necessary for any reason, including its determination that such action is required
pursuant to the terms of the Pooling and Servicing Agreement, the related Mortgage Loan documents, or any applicable law. [Wells
Fargo/C III] shall cease to provide the Company with Confidential Information if [Wells Fargo/C III] has actual knowledge that
the Company or its Representatives are affiliates of any borrower under the Mortgage Loan documents and [Wells Fargo/C III] determines
that the provision, notice or access to such Confidential Information would violate the accepted servicing practices or servicing
standards as defined in the Pooling and Servicing Agreement. The Company’s obligations and the restrictions applicable to
the protection of the Confidential Information hereunder shall survive the termination of the Company’s access to the Confidential
Information. [Wells Fargo/C III]’s remedies hereunder, at law or at equity, are cumulative and may be combined.

 

The Company agrees that it will not, and
it shall not permit its Representatives, to disclose the Confidential Information in any manner whatsoever to any other person
or entity, other than its Representatives (but only to the extent necessary to accomplish the Permitted Purpose) who have a need
to know the information, or as otherwise required by applicable law, court order or any governmental agency or regulator. The Company
acknowledges (i) its obligations under the U.S. federal securities laws, and (ii) that any disclosure of the Confidential Information
by it or its Representatives for any purpose other than a Permitted Purpose, in addition to being a breach of this letter agreement,
may constitute a violation of federal and state securities laws. The Company will take reasonable measures to ensure that each
Representative is advised of this letter agreement and agrees to keep the Confidential Information confidential. The Company

 

     Exhibit X-2

    	 

    

 

[_____] [__], 20[__]

Page 3

 

shall
be liable for any breach of this letter agreement by its Representatives. Notwithstanding the foregoing, the Company may subsequently
provide all or any part of such Confidential Information to any other person or entity that holds or is contemplating the purchase
of any Certificate or interest therein, but only if such person or entity confirms such ownership interest or prospective ownership
interest and provided that, prior to the delivery of such Confidential Information, such persons shall have executed and
delivered to the Company an agreement that is substantially similar in form and substance to this agreement.

 

This letter agreement shall be governed
by and construed in accordance with the laws of the State of New York without the application of conflict of laws principles. Anything
herein to the contrary notwithstanding, [Wells Fargo/C-III] intends at all times to comply with the terms and provisions of the
Pooling and Servicing Agreement and nothing in this letter agreement should be construed to limit or qualify any of [Wells Fargo/C-III]’s
rights or obligations under the Pooling and Servicing Agreement. This letter agreement may be executed in counterparts and by facsimile/Portable
Document Format (PDF); each such counterpart shall be deemed to be an original instrument, and all such counterparts together shall
constitute one agreement.

 

This agreement shall terminate with respect
to the information received by the Company one year after the Company receives such information or ceases to be a Certificateholder.
Company agrees that this letter agreement supersedes and replaces and survives any click-through agreement regarding confidentiality
of Confidential Information agreed to in connection with accessing the System whether agreed to in accessing the System before
or after signing this letter agreement.

 

     Exhibit X-3

    	 

    

 

Please have an authorized signatory countersign
in the space provided below to indicate the Company’s confirmation of, and agreement to, the matters set forth herein. 

	 	 	 
	 	Very truly yours,
	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:]
	 	 	 
	 	C-III ASSET MANAGEMENT LLC
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:]

	 	 	 
	CONFIRMED AND AGREED TO:	 
	 	 
	[COMPANY NAME]	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

     Exhibit X-4

    	 

    

 

EXHIBIT Y

 

FORM CERTIFICATION TO BE PROVIDED WITH
FORM 10-K

 

CERTIFICATION

 

I, [identifying the certifying
individual], the President and Chief Executive Officer of Wells Fargo Commercial Mortgage Securities, Inc., the depositor into
the above-referenced Trust, certify that:

 

		1.	I have reviewed this report on Form 10-K, and all reports on Form 10-D required to be filed in
respect of the period covered by this report on Form 10-K of the Wells Fargo Commercial Mortgage Trust 2015-P2 (the “Exchange
Act periodic reports”);

 

		2.	Based on my knowledge, the Exchange Act periodic reports, taken as a whole, do not contain any
untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered by this report;

 

		3.	Based on my knowledge, all of the distribution, servicing and other information required to be
provided under Form 10-D for the period covered by this report is included in the Exchange Act periodic reports;

 

		4.	Based on my knowledge and the servicer compliance statements required in this report under Item
1123 of Regulation AB, and except as disclosed in the Exchange Act periodic reports, the servicers have fulfilled their obligations
under the servicing agreements in all material respects; and

 

		5.	All of the reports on assessment of compliance with servicing criteria for asset-backed securities
and their related attestation reports on assessment of compliance with servicing criteria for asset-backed securities required
to be included in this report in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been
included as an exhibit to this report, except as otherwise disclosed in this report. Any material instances of noncompliance described
in such reports have been disclosed in this report on Form 10-K.

 

In giving the certifications
above, I have reasonably relied on information provided to me by the following unaffiliated parties:

 

(A) Wells Fargo Bank, National Association, as Master Servicer, C-III Asset Management LLC, as Special Servicer,
Wells Fargo Bank, National Association, as Certificate Administrator and as Custodian, Wilmington Trust, National Association,
as Trustee, and Pentalpha Surveillance LLC, as Asset Representations Reviewer and Operating Advisor; (B) Midland Loan
Services, a Division of PNC Bank, National Association, as Non-Serviced Master Servicer, C-III Asset Management LLC, as Non-Serviced
Special Servicer, Citibank, N.A., as Non-Serviced Certificate Administrator, Deutsche Bank Trust Company

 

     Exhibit Y-1

    	 

    

 

Americas, as Non-Serviced Trustee, and Park Bridge Lender Services LLC, as Non-Serviced Operating Advisor
of each of the Harbor Pointe Apartments Mortgage Loan, Anchorage Marriott Downtown Mortgage Loan and JW Marriott Santa Monica Le
Merigot Mortgage Loan; and (C) Wells Fargo Bank, National Association, as Non-Serviced Master Servicer, LNR Partners, LLC,
as Non-Serviced Special Servicer, Wells Fargo Bank, National Association, as Non-Serviced Certificate Administrator, Wilmington
Trust, National Association, as Non-Serviced Trustee, and Park Bridge Lender Services LLC, as Non-Serviced Operating Advisor
of the Harvey Building Products Portfolio Mortgage Loan.

 

Date:_________________________ 

 

	 	 
	President and Chief Executive Officer

Wells Fargo Commercial Mortgage Securities, Inc.

(Senior officer in charge of the securitization of the depositor)	 

 

     Exhibit Y-2

    	 

    

 

EXHIBIT Z-1

 

FORM OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY CERTIFICATE ADMINISTRATOR 

 

WELLS FARGO COMMERCIAL MORTGAGE TRUST 2015-P2
(the “Trust”)

 

The undersigned, __________,
a __________ of WELLS FARGO BANK, NATIONAL ASSOCIATION, on behalf of WELLS FARGO BANK, NATIONAL ASSOCIATION, as Certificate Administrator
(in such capacity, the “Certificate Administrator”), under that certain Pooling and Servicing Agreement, dated
as of December 1, 2015 (the “Pooling and Servicing Agreement”), entered into by Wells Fargo Commercial Mortgage
Securities, Inc., as depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master
Servicer”), C-III Asset Management LLC, as special servicer (the “Special Servicer”), Wilmington Trust,
National Association, as trustee, the Certificate Administrator, and Pentalpha Surveillance LLC, as operating advisor and as asset
representations reviewer, certifies to [_______], Wells Fargo Commercial Mortgage Securities, Inc. and its officers, directors
and affiliates, to the extent that the following information is within our normal area of responsibilities and duties under the
Pooling and Servicing Agreement, and with the knowledge and intent that they will rely upon this certification, that:

 

		1.	I have reviewed the annual report on Form 10-K for the fiscal year 20[__] (the “Annual
Report”), and all reports on Form 10-D and Form 8-K to be filed in respect of periods included in the year covered by
the Annual Report (collectively with the Annual Report, the “Reports”), of the Trust;

 

		2.	To my knowledge, the Reports taken as a whole, do not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by the Annual Report;

 

		3.	To my knowledge, the distribution information required to be provided by the Certificate Administrator
under the Pooling and Servicing Agreement for inclusion in the Reports is included in the Reports;

 

		4.	I am responsible for reviewing the activities performed by the Certificate Administrator under
the Pooling and Servicing Agreement and based on my knowledge and the compliance reviews conducted in preparing the Certificate
Administrator compliance statements required for inclusion on Form 10-K pursuant to Item 1123 of Regulation AB, and except as disclosed
on any Reports, the Certificate Administrator has fulfilled its obligations in all material respects under the Pooling and Servicing
Agreement; and

 

     Exhibit Z-1-1

    	 

    

 

		5.	The report on assessment of compliance with servicing criteria applicable to the Certificate Administrator
for asset-backed securities with respect to the Certificate Administrator or any Servicing Function Participant retained by the
Certificate Administrator and related attestation report on assessment of compliance with servicing criteria applicable to it required
to be included in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange
Act Rules 13a-18 and 15d-18 has been provided to the Depositor for inclusion as an exhibit to such Form 10-K. Any material instances
of noncompliance described in such reports have been provided to the Depositor for disclosure in such annual report on Form 10-K.

 

In giving the certifications
above, the Certificate Administrator has reasonably relied on information provided to it by the following unaffiliated persons:
the Master Servicer, the Special Servicer, the Depositor, the Trustee and/or the Custodian.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date: 

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

 

     Exhibit Z-1-2

    	 

    

  

Exhibit
Z-2

 

FORM OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY MASTER SERVICER

 

WELLS FARGO COMMERCIAL MORTGAGE TRUST 2015-P2
(the “Trust”)

 

I, [identify the certifying
individual], a [_______________] of [WELLS FARGO BANK, NATIONAL ASSOCIATION, as Master Servicer] under that certain Pooling and
Servicing Agreement, dated as of December 1, 2015 (the “Pooling and Servicing Agreement”), entered into by Wells
Fargo Commercial Mortgage Securities, Inc., as depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity,
the “Master Servicer”), C-III Asset Management LLC, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee, Wells Fargo Bank, National Association, as certificate administrator (the “Certificate
Administrator”), and Pentalpha Surveillance LLC, as operating advisor and as asset representations reviewer, on behalf
of the Master Servicer, certify to [Name of Certifying Person(s) for Sarbanes-Oxley Certification], the Depositor, and its officers,
directors and affiliates, and with the knowledge and intent that they will rely upon this certification, that:

 

		1.	Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
Period”), and assuming the accuracy of the statements required to be made by the Special Servicer in the special servicer
backup certificate delivered by the Special Servicer relating to the Relevant Period, all servicing information and all reports
(the “Servicer Reports”) required to be submitted by the Master Servicer to the Certificate Administrator pursuant
to Sections 3.12(b) and (d) of the Pooling and Servicing Agreement for inclusion in the annual report on Form 10-K for the Relevant
Period and inclusion in all reports on Form 10-D or Form 8-K have been submitted by the Master Servicer to the Certificate Administrator
for inclusion in these reports;

 

		2.	Based on my knowledge, and assuming the accuracy of the statements required to be made by the Special
Servicer in the special servicer backup certificate delivered by the Special Servicer relating to the Relevant Period, the master
servicing information contained in the Servicer Reports, taken as a whole, does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by these reports;

 

		3.	I am, or a Servicing Officer under my supervision is, responsible for reviewing the activities
performed by the Master Servicer under the Pooling and Servicing Agreement and based upon my knowledge and the annual compliance
reviews conducted in preparing the servicer compliance statements required to be delivered under Article XI of the Pooling and
Servicing Agreement for inclusion on Form 10-K pursuant to Item 1123 of Regulation AB with respect to the Master Servicer, and
except as disclosed in the compliance certificate delivered by the Master Servicer under Section 11.09 of the

 

     Exhibit Z-2-1

    	 

    

 

			Pooling and Servicing
Agreement, the Master Servicer has fulfilled its obligations under the Pooling and Servicing Agreement in all material respects
during the Relevant Period;

 

		4.	The accountants that are to deliver the annual attestation report on assessment of compliance with
the Relevant Servicing Criteria in respect of the Master Servicer with respect to the Trust’s fiscal year _____ have been
provided all information relating to the Master Servicer’s assessment of compliance with the Relevant Servicing Criteria
in order to enable them to conduct a review in compliance with the standards for attestation engagements issued or adopted by the
PCAOB; and

 

		5.	The report on assessment of compliance with servicing criteria applicable to the Master Servicer
for asset-backed securities with respect to the Master Servicer or any Servicing Function Participant retained by the Master Servicer
and related attestation report on assessment of compliance with servicing criteria applicable to it required to be included in
the annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18
and 15d-18 has been provided to the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form 10-K.
Any material instances of noncompliance described in such reports have been provided to the Certificate Administrator and the Depositor
for disclosure in such annual report on Form 10-K.

 

[In giving the certification
above, I have reasonably relied on and make no certification as to information provided to me by the following unaffiliated parties:
[name(s) of third parties (including the Special Servicer, but other than a Sub-Servicer, Additional Servicer or any other third
party retained by the Master Servicer that is not a Sub-Servicer appointed pursuant to Section 3.20 of the Pooling and Servicing
Agreement) and, notwithstanding the foregoing certifications, neither I nor the Master Servicer makes any certification under the
foregoing clauses (2) and (3) with respect to the information in the Servicer Reports that is in turn dependent upon information
provided by the Special Servicer under the Pooling and Servicing Agreement. 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
Master 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.]

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:

 

     Exhibit Z-2-2

    	 

    

 

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

 

     Exhibit Z-2-3

    	 

    

  

EXHIBIT Z-3

 

FORM OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY SPECIAL SERVICER

 

WELLS FARGO COMMERCIAL MORTGAGE TRUST 2015-P2
(the “Trust”)

 

I, [identify the certifying
individual], a [_______________ ] of [C-III ASSET MANAGEMENT LLC] (the “Special Servicer”) as Special Servicer
under that certain Pooling and Servicing Agreement dated as of December 1, 2015 (the “Pooling and Servicing Agreement”),
entered into by Wells Fargo Commercial Mortgage Securities, Inc., as depositor, Wells Fargo Bank, National Association, as master
servicer (in such capacity, the “Master Servicer”), C-III Asset Management LLC, as special servicer (the “Special
Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), and
Pentalpha Surveillance LLC, as operating advisor and as asset representations reviewer, on behalf of the Special Servicer, certify
to [Name of Certifying Person(s) for Sarbanes-Oxley Certification], the Depositor, and its officers, directors and affiliates,
and with the knowledge and intent that they will rely upon this certification, that:

 

		1.	Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
Period”), all servicing information and all required reports (the “Special Servicer Reports”) required
to be submitted by the Special Servicer pursuant to the Pooling and Servicing Agreement for inclusion in the annual report on Form
10-K for the Relevant Period and inclusion in all reports on Form 10-D or Form 8-K have been submitted by the Special Servicer
to the Master Servicer, the Depositor, the Trustee or the Certificate Administrator, as applicable, for inclusion in these reports;

 

		2.	Based on my knowledge, the special servicing information contained in the Special Servicer Reports,
taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by these reports;

 

		3.	I am, or a Servicing Officer under my supervision is, responsible for reviewing the activities
performed by the Special Servicer under the Pooling and Servicing Agreement and based upon my knowledge and the annual compliance
reviews conducted in preparing the servicer compliance statements required to be delivered under Article XI of the Pooling and
Servicing Agreement for inclusion in the Form 10-K under Item 1123 of Regulation AB with respect to the Special Servicer, and except
as disclosed in the compliance certificate delivered by the Special Servicer under Section 11.09 of the Pooling and Servicing Agreement,
the Special Servicer has fulfilled its obligations under the Pooling and Servicing Agreement in all material respects during the
Relevant Period;

 

		4.	The accountants that are to deliver the annual attestation report on assessment of compliance with
the Relevant Servicing Criteria in respect of the Special Servicer with respect to the Trust’s fiscal year _____ have been
provided all information relating to the

 

     Exhibit Z-3-1

    	 

    

 

			Special Servicer assessment of compliance with the Relevant Servicing Criteria, in order
to enable them to conduct a review in compliance with the standards for attestation engagements issued or adopted by the PCAOB;
and

 

		5.	The report on assessment of compliance with servicing criteria applicable to the Special Servicer
for asset-backed securities with respect to the Special Servicer or any Servicing Function Participant retained by the Special
Servicer and related attestation report on assessment of compliance with servicing criteria applicable to it required to be included
in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules
13a-18 and 15d-18 has been provided to the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form
10-K. Any material instances of noncompliance described in such reports have been provided to the Certificate Administrator and
the Depositor for disclosure in such annual report on Form 10-K.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:

	 	 	 
	 	Special Servicer
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     Exhibit Z-3-2

    	 

    

  

Exhibit
Z-4

 

Form
of Certification to be Provided

to Depositor by Trustee

 

WELLS FARGO COMMERCIAL MORTGAGE TRUST 2015-P2
(The “Trust”)

 

The undersigned, __________,
a __________ of WILMINGTON TRUST, NATIONAL ASSOCIATION, on behalf of WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee (the “Trustee”),
under that certain Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling and Servicing Agreement”),
entered into by Wells Fargo Commercial Mortgage Securities, Inc., as depositor, Wells Fargo Bank, National Association, as master
servicer (in such capacity, the “Master Servicer”), C-III Asset Management LLC, as special servicer (the “Special
Servicer”), the Trustee, Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the
“Certificate Administrator”), and Pentalpha Surveillance LLC, as operating advisor and as asset representations
reviewer, certifies to [______], Wells Fargo Commercial Mortgage Securities, Inc. and its officers, directors and affiliates, to
the extent that the following information is within our normal area of responsibilities and duties under the Pooling and Servicing
Agreement, and with the knowledge and intent that they will rely upon this certification, that:

 

The report on assessment of compliance
with servicing criteria applicable to the Trustee for asset-backed securities with respect to the Trustee or any Servicing Function
Participant retained by the Trustee and related attestation report on assessment of compliance with servicing criteria applicable
to it required to be included in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation
AB and Exchange Act Rules 13a-18 and 15d-18 has been provided to the Depositor and to the Certificate Administrator for inclusion
as an exhibit to such Form 10-K. Any material instances of noncompliance described in such reports have been provided to the Certificate
Administrator and the Depositor for disclosure in such annual report on Form 10-K.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date: 

	 	 	 
	 	WILMINGTON TRUST, NATIONAL ASSOCIATION
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

     Exhibit Z-4-1

    	 

    

 

Exhibit
Z-5

 

FORM OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY OPERATING ADVISOR

 

WELLS FARGO COMMERCIAL MORTGAGE TRUST 2015-P2
(the “Trust”)

 

I, [identify the certifying
individual], a [_______________] of PENTALPHA SURVEILLANCE LLC (the “Operating
Advisor”) as Operating Advisor under that certain Pooling and Servicing Agreement dated as of December 1, 2015 (the “Pooling
and Servicing Agreement”), entered into by Wells Fargo Commercial Mortgage Securities, Inc., as depositor, Wells Fargo
Bank, National Association, as master servicer (in such capacity, the “Master Servicer”), C-III Asset Management
LLC, as special servicer (the “Special Servicer”), Wilmington Trust, National Association, as trustee, and Wells
Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate Administrator”)
and Pentalpha Surveillance, as the Operating Advisor and as the asset representations reviewer, on behalf of the Operating Advisor,
certify to [Name of Certifying Person(s) for Sarbanes-Oxley Certification], the Depositor, and its officers, directors and affiliates,
and with the knowledge and intent that they will rely upon this certification, that:

 

		1.	Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
Period”), all information required to be submitted by the Operating Advisor to the Master Servicer, the Depositor, Trustee
or Certificate Administrator, as applicable, pursuant to the Pooling and Servicing Agreement for inclusion in the annual report
on Form 10-K for the Relevant Period and inclusion in all reports on Form 10-D or Form 8-K (the “Reports”) (such
information provided by the Operating Advisor, collectively, the “Operating Advisor Periodic Information”) have
been submitted by the Operating Advisor to the Master Servicer, the Depositor, the Trustee or the Certificate Administrator, as
applicable, for inclusion in these reports;

 

		2.	Based on my knowledge, the Operating Advisor Periodic Information contained in the Reports, taken
as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by
these reports;

 

		3.	The accountants that are to deliver the annual attestation report on assessment of compliance with
the Relevant Servicing Criteria in respect of the Operating Advisor with respect to the Trust’s fiscal year ________ have
been provided all information relating to the Operating Advisor’s assessment of compliance with the Relevant Servicing Criteria,
in order to enable them to conduct a review in compliance with the standards for attestation engagements issued or adopted by the
PCAOB; and

 

     Exhibit Z-5-1

    	 

    

 

		4.	The report on assessment of compliance with servicing criteria applicable to the Operating Advisor
for asset-backed securities with respect to the Operating Advisor or any Servicing Function Participant retained by the Operating
Advisor and related attestation report on assessment of compliance with servicing criteria applicable to it required to be included
in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules
13a-18 and 15d-18 has been provided to the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form
10-K. Any material instances of noncompliance described in such reports have been provided to the Certificate Administrator and
the Depositor for disclosure in such annual report on Form 10-K.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:

	 	 	 
	 	PENTALPHA SURVEILLANCE
LLC
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

     Exhibit Z-5-2

    	 

    

 

Exhibit
Z-6

 

Form
of Certification to be Provided

to Depositor by CUSTODIAN

 

WELLS FARGO COMMERCIAL MORTGAGE TRUST 2015-P2
(The “Trust”)

 

The undersigned, __________,
a __________ of WELLS FARGO BANK, NATIONAL ASSOCIATION, on behalf of WELLS FARGO BANK, NATIONAL ASSOCIATION, as Custodian (the
“Custodian”), under that certain Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling
and Servicing Agreement”), entered into by Wells Fargo Commercial Mortgage Securities, Inc., as depositor, Wells Fargo
Bank, National Association, as master servicer (in such capacity, the “Master Servicer”), C-III Asset Management
LLC, as special servicer (the “Special Servicer”), Wilmington Trust, National Association, as trustee, Wells
Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate Administrator”),
and Pentalpha Surveillance LLC, as operating advisor and as asset representations reviewer, certifies to [______], Wells Fargo
Commercial Mortgage Securities, Inc. and its officers, directors and affiliates, to the extent that the following information is
within our normal area of responsibilities and duties under the Pooling and Servicing Agreement, and with the knowledge and intent
that they will rely upon this certification, that:

 

The report on assessment of compliance
with servicing criteria applicable to the Custodian for asset-backed securities with respect to the Custodian or any Servicing
Function Participant retained by the Custodian and related attestation report on assessment of compliance with servicing criteria
applicable to it required to be included in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122
of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has been provided to the Depositor and to the Certificate Administrator
for inclusion as an exhibit to such Form 10-K. Any material instances of noncompliance described in such reports have been provided
to the Certificate Administrator and the Depositor for disclosure in such annual report on Form 10-K.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date: 

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

 

     Exhibit Z-6-1

    	 

    

  

Exhibit
Z-7

 

FORM OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY ASSET REPRESENTATIONS REVIEWER

 

WELLS FARGO COMMERCIAL MORTGAGE TRUST 2015-P2
(the “Trust”)

 

I, [identify the certifying
individual], a [_______________] of PENTALPHA SURVEILLANCE LLC (the “Asset
Representations Reviewer”) as Asset Representations Reviewer under that certain Pooling and Servicing Agreement dated
as of December 1, 2015 (the “Pooling and Servicing Agreement”), entered into by Wells Fargo Commercial Mortgage
Securities, Inc., as depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master
Servicer”), C-III Asset Management LLC, as special servicer (the “Special Servicer”), Wilmington Trust,
National Association, as trustee, and Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the
“Certificate Administrator”) and Pentalpha Surveillance, as the operating advisor and as the Asset Representations
Reviewer, on behalf of the Asset Representations Reviewer, certify to [Name of Certifying Person(s) for Sarbanes-Oxley Certification],
the Depositor, and its officers, directors and affiliates, and with the knowledge and intent that they will rely upon this certification,
that:

 

		1.	Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
Period”), all information required to be submitted by the Asset Representations Reviewer to the Master Servicer, the
Depositor, Trustee or Certificate Administrator, as applicable, pursuant to the Pooling and Servicing Agreement for inclusion in
the annual report on Form 10-K for the Relevant Period and inclusion in all reports on Form 10-D or Form 8-K (the “Reports”)
(such information provided by the Asset Representations Reviewer, collectively, the “Asset Representations Reviewer Periodic
Information”) have been submitted by the Asset Representations Reviewer to the Master Servicer, the Depositor, the Trustee
or the Certificate Administrator, as applicable, for inclusion in these reports; and

 

		2.	Based on my knowledge, the Asset Representations Reviewer Periodic Information contained in the
Reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by these reports.

 

     Exhibit Z-7-1

    	 

    

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date: 

	 	 	 
	 	PENTALPHA SURVEILLANCE
LLC
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     Exhibit Z-7-2

    	 

    

 

EXHIBIT AA

 

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). In addition, this Exhibit AA shall not
be construed to impose on any Person any servicing duty that is not otherwise imposed on such Person under the main body of the
Pooling and Servicing Agreement of which this Exhibit AA forms a part or to require an assessment of a criterion that is
not encompassed by the servicing duties of the applicable party that are set forth in the main body of such Pooling and Servicing
Agreement. For the avoidance of doubt, for purposes of this Exhibit AA, other than with respect to Item 1122(d)(2)(iii),
references to 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.	Certificate
Administrator 

        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.	Certificate
Administrator 

        Master
        Servicer

        Special Servicer 

	1122(d)(1)(iii)	Any
    requirements in the transaction agreements to maintain a back-up servicer for the mortgage loans are maintained.	N/A
	1122(d)(1)(iv)	A
    fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout
    the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.	Master
Servicer 

        Special
        Servicer

        Custodian (as applicable) 

	1122(d)(1)(v)	Aggregation
    of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.	Master
    Servicer

    Special Servicer

    Certificate Administrator
	 	Cash
    Collection and Administration	 
	1122(d)(2)(i)	Payments
    on mortgage loans are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than
    two business days following receipt, or such other number of days specified in the transaction agreements.	Certificate
Administrator 

        Master
        Servicer

        Special Servicer 

	1122(d)(2)(ii)	Disbursements
    made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	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

    Special Servicer

    Trustee (as applicable)1

 

     Exhibit AA-1

    	 

    

 

	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.	Certificate
Administrator 

        Master
        Servicer

        Special Servicer 

	1122(d)(2)(v)	Each
    custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements.
    For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial
    institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Exchange Act.	Certificate
Administrator 

        Master
        Servicer

        Special Servicer 

	1122(d)(2)(vi)	Unissued
    checks are safeguarded so as to prevent unauthorized access.	Certificate
Administrator 

        Master
        Servicer

        Special Servicer 

	1122(d)(2)(vii)	Reconciliations
    are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related
    bank clearing accounts. These reconciliations (A) are mathematically accurate; (B) are prepared within 30 calendar days after
    the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) are 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.	Certificate
Administrator 

        Master
        Servicer

        Special Servicer

         

	 	Investor
    Remittances and Reporting	 
	1122(d)(3)(i)	Reports
    to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements
    and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other
    terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in
    the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with
    investors’ or the trustee’s records as to the total unpaid principal balance and number of mortgage loans serviced
    by the Reporting Servicer.	Certificate
    Administrator

    Operating Advisor (with respect to A and B)
	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 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.	Custodian

    Master Servicer

    Special Servicer
	1122(d)(4)(ii)	Mortgage
    loan and related documents are safeguarded as required by the transaction agreements	Custodian
	1122(d)(4)(iii)	Any
    additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or
    requirements in the transaction agreements.	Certificate
    Administrator

    Master Servicer

    Special Servicer
	1122(d)(4)(iv)	Payments
    on mortgage loans, including any payoffs, made in accordance with the related mortgage loan documents are posted to the Servicer’s
    obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction
    agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related mortgage loan
    documents.	Master
    Servicer
	1122(d)(4)(v)	The
    Reporting Servicer’s records regarding the mortgage loans agree with the Reporting Servicer’s records with respect
    to an obligor’s unpaid principal balance.	Master
    Servicer

 

 

 

 
 1
Only to the extent that the Trustee was required to make an Advance pursuant to the Pooling and Servicing Agreement during the
applicable calendar year.

 

     Exhibit AA-2

    	 

    

 

	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

 

At all times that the
Certificate Administrator and the Trustee are the same entity, the Trustee and Certificate Administrator may provide a combined
assessment of compliance in respect of their combined responsibilities under Section 1122 of Regulation AB.

 

At all times that the
Master Servicer and the Special Servicer are the same entity, the Master Servicer and the Special Servicer may provide a combined
assessment of compliance in respect of their combined responsibilities under Section 1122 of Regulation AB.

 

     Exhibit AA-3

    	 

    

 

EXHIBIT BB

 

ADDITIONAL
FORM 10-D DISCLOSURE

 

The parties identified in the “Party
Responsible” column are obligated pursuant to Section 11.04 of the Pooling and Servicing Agreement to disclose to the Depositor
and the Certificate Administrator (or the Master Servicer, to the extent specified in Section 11.04 of the Pooling and Servicing
Agreement) any information described in the corresponding Form 10-D Item described in the “Item on Form 10-D” column
to the extent such party has actual knowledge (and in the case of net operating income information, financial statements, annual
operating statements, budgets and/or rent rolls required to be provided in connection with Item 6 below, possession) of such information
(other than information as to itself). Each of the Certificate Administrator, the Trustee, the Master Servicer and the Special
Servicer (in its capacity as such) shall be entitled to rely on the accuracy of the Prospectus (other than information with respect
to itself that is set forth in or omitted from the Prospectus), in the absence of specific written notice to the contrary from
the Depositor or a Mortgage Loan Seller. 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 or property identified as such in the Prospectus and to assume that no other party or property will constitute
a “significant obligor” after the Cut-off Date. In no event shall the Master Servicer or the Special Servicer be required
to provide any information for inclusion in a Form 10-D that relates to any Mortgage Loan for which the Master Servicer or the
Special Servicer is not the Master Servicer or the Special Servicer, as the case may be. For this Series 2015-P2 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.

 

	Item on Form 10-D	Party Responsible
	
        Item 1A: Distribution and Pool Performance Information:

         

        ·     Item
        1121(a)(13) of Regulation AB

         
	
        ·     Certificate
        Administrator

         

	
        Item 1B: Distribution and Pool Performance Information:

         

        ·     Item
        1121(a)(14) of Regulation AB

        ·     Item
        1121(d) of Regulation AB

        ·     Item
        1121(e) of Regulation AB

         
	
        ·     Certificate
        Administrator

         

        ·     Depositor

         

        ·     Asset
        Representations Reviewer

	
        Item 2: Legal Proceedings:

         

        ·     Item
        1117 of Regulation AB (it being acknowledged that such Item 1117 
	
        ·     Master
        Servicer (as to itself)

         

        ·     Special
        Servicer (as to itself)

         

 

    	Exhibit BB-1

    	 

    

 

	requires disclosure only of proceedings described therein that are material to security holders)	
        ·     Certificate
        Administrator (as to itself)

         

        ·     Trustee
        (as to itself)

         

        ·     Depositor
        (as to itself)

         

        ·     Operating
        Advisor (as to itself)

         

        ·     Any
        other Reporting Servicer (as to itself)

         

        ·     Trustee/Certificate
        Administrator/Master Servicer/Depositor/Special Servicer as to the Trust (whichever of them is in principal control of the proceedings)

         

        ·     Each
        Mortgage Loan Seller as sponsor (as defined in Regulation AB)

         

        ·     Originators
        under Item 1110 of Regulation AB

         

        ·     Party
        under Item 1100(d)(1) of Regulation AB

	Item 3: Sale of Securities and Use of Proceeds	
        ·     Depositor

         

	Item 4: Defaults Upon Senior Securities	
        ·     Certificate
        Administrator

         

	Item 5: Submission of Matters to a Vote of Security Holders
	
        ·     Certificate
        Administrator

         

	
        Item 6: Significant Obligors of Pool Assets:

         

        ·     Item
        1112(b) of Regulation AB provided, however, that all of the following conditions shall apply:

         

        (a) information shall be required to be reported only with respect
        to a party or property (if any) identified as a “significant obligor” in the Prospectus;

         

        (b) the information to be reported shall consist of such quarterly
        and annual operating statements, budgets and rent rolls of the related Mortgaged Property or REO
	
        ·     Master
        Servicer (excluding information for which the Special Servicer is the “Party Responsible”)

         

        ·     Special
        Servicer (as to Specially Serviced Loans and REO Properties)

 

    	Exhibit BB-2

    	 

    

 

	
        Property (as applicable), and quarterly and annual financial
        statements of the related Borrower (except in the case of an REO Property), received or prepared by the “Party Responsible”
        pursuant to its obligations under Section 3.12(b) of this Pooling and Servicing Agreement; provided, however, that
        for a significant obligor under item 1101(k)(2) of Regulation AB, only net operating income for the most recent fiscal year and
        interim period is required and, if such information for a prior period was required but not previously reported, such information
        for such prior period; and

         

        (c) the information shall be reportable in the Form 10-D that
        relates to the Distribution Date that immediately follows the Collection Period in which the information was received or prepared
        by the “Party Responsible” as described in clause (b) above.

         
	 
	
        Item 7: Change in Sponsor Interest in the Securities:

         

        ·     Item
        1124 of Regulation AB.

         
	
        ·     Each
        Mortgage Loan Seller (as to itself in its capacity as a sponsor as defined in Regulation AB)

         

	
        Item 8: Significant Enhancement Provider Information:

         

        ·     Item
        1114(b)(2) and Item 1115(b) of Regulation AB

         
	
        ·     Depositor

         

	Item 9: Other Information, but only to the extent of any information that meets all the following conditions: (a) such information constitutes “Additional Form 8-K Disclosure” pursuant to Exhibit DD, (b) such information is required to be reported as “Additional Form 8-K Disclosure” during the period to which the Form 10-D relates, and (c) such information was not previously reported as “Additional Form 8-K Disclosure”.	
        ·     Certificate
        Administrator, Trustee, Master Servicer and/or Special Servicer, in each case to the extent that such party is the “Party
        Responsible” with respect to such information pursuant to Exhibit DD.

        ·     Certificate
        Administrator (including the balances of the Distribution Account, the Interest Reserve Account and the Gain-on-Sale Reserve Account
        as of the related Distribution Date and the preceding Distribution Date)

        ·     Master
        Servicer (with respect to the balance of the Collection Account as of the related

 

    	Exhibit BB-3

    	 

    

 

	 	
        Distribution Date and the preceding Distribution Date)

        ·     Special
        Servicer (with respect to the balance of each REO Account as of the related Distribution Date and the preceding Distribution Date)

        ·     Any
        other party responsible for disclosure items on Form 8-K (including each applicable Seller with respect to Item 1100(e) of Regulation
        AB to the extent material to Certificateholders)

	
        Item 10: Exhibits (no. 3):

         

        Articles of incorporation and by-laws (Exhibit No. 3(i) and
        3(ii) of Item 601 of Regulation S-K)
	
        ·     Depositor

         

	
        Item 10: Exhibits (no. 4):

         

        With respect to instruments defining the rights of security
        holders (Exhibit No. 4 of Item 601 of Regulation S-K)
	
        ·     Certificate
        Administrator

        ·     Depositor

         

        provided, in each case, that this shall in no event
        be construed to make such party responsible for the initial filing of this Pooling and Servicing Agreement

        provided further, in each case, that in the event
        any reportable agreement is executed by the Depositor and the Trustee or Certificate Administrator, then the Depositor shall be
        the responsible party.

	
        Item 10: Exhibits (no. 10):

         

        Material contracts (Exhibit No. 10 of Item 601 of Regulation
        S-K)
	
        ·     Certificate
        Administrator, Trustee, Master Servicer and/or Special Servicer, in each case to the extent of any contract that satisfies all
        the following conditions: (a) such contract relates to the Trust or one or more Mortgage Loans or REO Mortgage Loans, and (b) such
        contract is a contract to which such party (or a subcontractor or vendor engaged by such party) is a party or that such party (or
        a subcontractor or vendor engaged by such party) has caused to have been executed on behalf of the Trust.

         

	
        Item 10: Exhibits (no. 22):

         

        Published Report Regarding Matters Submitted to a Vote of Security
        Holders (Exhibit No. 22 of Item 601 of Regulation S-K), but only if the party that is the “Party
	
        ·     The
        applicable party that is the “Party Responsible” with respect to Item 5 as set forth above.

         

 

    	Exhibit BB-4

    	 

    

 

	Responsible” with respect to Item 5 above elects to publish a report containing the information required by such Item 5 above and also elects to report the information on Form 10-D by means of filing the published report and answering Item 5 by referencing the published report.	 
	
        Item 10: Exhibits (no. 23):

         

        Consents of Experts and Counsel (Exhibit No. 23(ii) of Item
        601 of Regulation S-K), where the filing of a written consent is required with respect to material (in the Form 10-D) that is incorporated
        by reference in the Depositor’s registration statement.
	
        ·     Depositor

         

	
        Item 10: Exhibits (no. 24)

         

        Power of Attorney (Exhibit No. 24 of Item 601 of Regulation
        S-K), but only if the name of any party signing the Form 10-D, or the name of any officer signing the Form 10-D on behalf of a
        party, is signed pursuant to a power of attorney.
	
        ·     Certificate
        Administrator

         

	
        Item 10: Exhibits (no. 99)

         

        Additional exhibits (Exhibit No. 99 of Item 601 of Regulation
        S-K)
	
        ·     Not Applicable.

	
        Item 10: Exhibits (no. 100)

         

        XBRL-Related Documents (Exhibit No. 100 of Item 601 of Regulation
        S-K).
	
        ·     Not
        Applicable.

         

	Item 10: Exhibits (By Operation of Item 8 Above), but only to the extent of any document that meets all the following conditions: (a) such document constitutes “Additional Form 8-K Disclosure” pursuant to Item 9.01(d) of Exhibit DD, (b) such document is required to be reported as “Additional Form 8-K Disclosure” during the period to which the Form 10-D relates, and (c) such document was not previously reported as “Additional Form 8-K Disclosure”.	
        ·     Certificate
Administrator, Depositor and Trustee, in each case only to the extent that such party is the “Party Responsible”
for the exhibit pursuant to Item 9(d) of Exhibit DD (it being acknowledged that none of the Master Servicer or the Special
Servicer constitutes a “Party Responsible” under Exhibit DD with respect to any exhibits to a Form 10-K);
provided, in each case, that in the event any reportable agreement is executed by the Depositor and the Trustee
or Certificate Administrator, then the Depositor shall be the responsible party for this Item 9. 

 

    	Exhibit BB-5

    	 

    

 

EXHIBIT CC

 

ADDITIONAL
FORM 10-K DISCLOSURE

 

The parties identified in the “Party
Responsible” column are obligated pursuant to Section 11.05 of the Pooling and Servicing Agreement to disclose to the Depositor
and the Certificate Administrator any information described in the corresponding Form 10-K Item described in the “Item on
Form 10-K” column to the extent such party has actual knowledge (and in the case of net operating income information, financial
statements, annual operating statements, budgets and/or rent rolls required to be provided in connection with 1112(b) below, possession)
of such information (other than information as to itself). Each of the Certificate Administrator, the Trustee, the Master Servicer
and the Special Servicer (in its capacity as such) shall be entitled to rely on the accuracy of the Prospectus (other than information
with respect to itself that is set forth in or omitted from the Prospectus), in the absence of specific written notice to the contrary
from the Depositor or a Mortgage Loan Seller. 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 or property identified as such in the Prospectus and to assume that no other party or property will constitute
a “significant obligor” after the Cut-off Date. In no event shall the Master Servicer or the Special Servicer be required
to provide any information for inclusion in a Form 10-K that relates to any Mortgage Loan for which the Master Servicer or the
Special Servicer is not the applicable Master Servicer or Special Servicer, as the case may be. For this Series 2015-P2 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.

 

	Item on Form 10-K	Party Responsible
	
        Item 1B: Unresolved Staff Comments

         
	
        ·     Depositor

         

	
        Item 9B: Other Information, but only to the extent of any information
        that meets all the following conditions:

         

        (a) such information constitutes “Additional Form 8-K
        Disclosure” pursuant to Exhibit DD,

         

        (b) such information is required to be reported as “Additional
        Form 8-K Disclosure” during the period to which the Form 10-K relates, and

         

        (c) such information was not previously reported as “Additional
        Form 8-K Disclosure” or as “Additional Form 10-D Disclosure”
	
        ·     Certificate
        Administrator, Trustee, Master Servicer and/or Special Servicer, in each case to the extent that such party is the “Party
        Responsible” with respect to such information pursuant to Exhibit DD.

         

 

    	Exhibit CC-1

    	 

    

 

	Item 15: Exhibits, Financial Statement Schedules (SEE BELOW)	SEE BELOW
	
        Instruction J(2)(b) (Significant Obligors of Pool Assets) –
        Part 1 of 3 Parts:

         

        ·     Item
        1112(b) of Regulation AB, but only to the extent that (i) such information was required to have been set forth in the Prospectus,
        (ii) such information was not so set forth and (iii) the applicable Master Servicer has not previously reported such information
        as “Additional Form 10-D Information”.

         
	
        ·     The
        applicable Mortgage Loan Seller.

         

	
        Instruction J(2)(b) (Significant Obligors of Pool Assets) –
        Part 2 of 3 Parts:

         

        ·     Item
        1112(b) of Regulation AB, but only to the extent that (i) such information was set forth in the Prospectus and (ii) the applicable
        Master Servicer has not previously reported such information or updated versions thereof as “Additional Form 10-D Information”.

         
	·     The Depositor

 

    	Exhibit CC-2

    	 

    

 

	
        Instruction J(2)(b) (Significant Obligors of Pool Assets) –
        Part 3 of 3 Parts:

         

        ·     Item
        1112(b) of Regulation AB; provided, however, that all of the following conditions shall apply:

         

        (a) information shall be required to be reported only with respect
        to a party or property (if any) identified as a “significant obligor” in the Prospectus;

         

        (b) the information to be reported shall consist of such quarterly
        and annual operating statements, budgets and rent rolls of the related Mortgaged Property or REO Property (as applicable), and
        quarterly and annual financial statements of the related Borrower (except in the case of an REO Property), received or prepared
        by the “Party Responsible” pursuant to its obligations under Section 3.12(b) of this Pooling and Servicing Agreement;
        provided, however, that for a significant obligor described under item 1101(k)(2) of Regulation AB, only net operating
        income for the most recent fiscal year and interim period is required and, if such information for a prior period was required
        but not previously reported, such information for such prior period; and

         

        (c) the information shall be reportable only to the extent that
        is has not previously been reported as “Additional Form 10-D Information”.

         
	
        ·     Master
        Servicer (excluding information for which the Special Servicer is the “Party Responsible”)

         

        ·     Special
        Servicer (as to Specially Serviced Loans and REO Properties)

	
        Instruction J(2)(c) (Significant Enhancement Provider Information):

         

        ·     Items
        1114(b)(2) and 1115(b) of Regulation AB

         
	·     Depositor

 

    	Exhibit CC-3

    	 

    

 

	
        Instruction J(2)(d) (Legal Proceedings):

         

        ·     Item
        1117 of Regulation AB (it being acknowledged that such Item 1117 requires disclosure only of proceedings described therein that
        are material to security holders)
	
        ·     Master
        Servicer (as to itself)

         

        ·     Special
        Servicer (as to itself)

         

        ·     Certificate
        Administrator (as to itself)

         

        ·     Trustee
        (as to itself)

         

        ·     Depositor
        (as to itself)

         

        ·     Trustee/Certificate
        Administrator /Master Servicer/Depositor/Special Servicer as to the Trust (whichever of them is in principal control of the proceedings)

         

        ·     Each
        Mortgage Loan Seller as sponsor (as defined in Regulation AB)

         

        ·     Originators
        under Item 1110 of Regulation AB

         

        ·     Party
        under Item 1100(d)(1) of Regulation AB

	
        Instruction J(2)(e) (Affiliations and Certain Relationships
        and Related Transactions) – Part 1 of 2 Parts:

         

        1119(a) of Regulation AB,

         

        but only the existence and (if existent) how there is (that
        is, the nature of) any affiliation between itself (that is, the particular “Party Responsible”), on the one hand, and
        any one or more of the following, on the other: (1) the Depositor, (2) any Mortgage Loan Seller, (3) the Trust and (4) any other
        party listed under this item as a “Party Responsible”; provided, however, that an affiliation
        need not be disclosed for purposes of the applicable Form 10-K if it was disclosed in the Prospectus or if it was previously reported
        as “Additional Form 10-K Disclosure”.

         

        and

         

        ·     1119(b)
        of Regulation AB,
	
        ·     Master
        Servicer (as to itself) (only as to affiliations under Item 1119(a) with the Trustee, Certificate Administrator, each Special Servicer
        or a sub-servicer retained by it meeting any of the descriptions in Item 1108(a)(3)).

        ·     Special
        Servicer

        ·     Certificate
        Administrator

        ·     Trustee

        ·     Each
        party (other than a Mortgage Loan Seller), if any, that is identified in the Prospectus as an “originator” of one or
        more Mortgage Loans, if the Prospectus specifically states that the applicable Mortgage Loans were 10% or more of the assets of
        the Trust at the date of the Prospectus (provided that such a party shall no longer constitute a “Party Responsible”
        under this item from and after the date (if any) when the Depositor notifies the parties to the Pooling and Servicing Agreement
        to the effect that such party no longer

 

    	Exhibit CC-4

    	 

    

 

	
         

        but only the existence and (if existent) the general character
        of any business relationship, agreement, arrangement, transaction or understanding that is entered into outside the ordinary course
        of business or is on terms other than would be obtained in an arm’s length transaction with an unrelated third party (apart
        from the Series 2015-P2 transaction) between itself (that is, the particular “Party Responsible”) or any of its affiliates,
        on the one hand, and any one or more of the following, on the other: (1) the Depositor, (2) any Mortgage Loan Seller, and (3) the
        Trust; provided, however, that a relationship, agreement, arrangement, transaction or understanding (A) must be reported
        only if it then exists or existed within the two prior years, (B) need not be reported if it is not material to an investor’s
        understanding of the Certificates and (C) need not be disclosed for purposes of the applicable Form 10-K if it was disclosed in
        the Prospectus or if it was previously reported as “Additional Form 10-K Disclosure”.

         

        and

         

        ·     1119(c)
        of Regulation AB,

         

        but only the existence and (if existent) a description (including
        the terms and approximate dollar amount) of any specific relationship involving or related to the Series 2015-P2 transaction or
        the Mortgage Loans between itself (that is, the particular “Party Responsible”) or any of its affiliates, on the one
        hand, and any one or more of the following, on the other: (1) the Depositor, (2) any Mortgage Loan Seller, and (3) the Trust; provided,
        however, that a relationship (A) must be reported only if it then exists or existed within the two prior years, (B) need
        not be reported if it is not material to an investor’s understanding of the Certificates and (C) need not be disclosed for
        purposes of the applicable Form 10-K if it was disclosed in the Prospectus or if
	
        constitutes an originator of 10% or more of the assets
        of the Trust).

        ·     Each
        party (other than a Mortgage Loan Seller), if any, that is specifically identified as an “originator of 10% or more of the
        assets of the Trust for purposes of Regulation AB and the upcoming Form 10-K” in a written notice delivered to the parties
        to this Pooling and Servicing Agreement, which notice is delivered not later than February 15 of the year in which the Form 10-K
        is due.

        ·     Each
        party (if any) that is identified in the Prospectus as an “other material party to the securities or transaction” (or
        substantially similar phrasing); provided, however, that such a party shall no longer constitute a “Party Responsible”
        under this item from and after the date (if any) when the Depositor notifies the parties to the Pooling and Servicing Agreement
        to the effect that such party no longer constitutes a material party for purposes of Regulation AB.

        ·     Each
        party (if any) that that is specifically identified as an “other material party to the securities or transaction for purposes
        of Regulation AB and the upcoming Form 10-K” (or substantially similar phrasing) in a written notice delivered by the Depositor
        to the parties to this Pooling and Servicing Agreement, which notice is delivered not later than February 15 of the year in which
        the Form 10-K is due.

 

    	Exhibit CC-5

    	 

    

 

	it was previously reported as “Additional Form 10-K Disclosure”.	 
	
        Instruction J(2)(e) (Affiliations and Certain Relationships
        and Related Transactions) – Part 2 of 2 Parts:

         

        1119(a) of Regulation AB,

         

        But only the existence and (if existent) how there is any affiliation
        between itself (that is, the particular “Party Responsible”), on the one hand, and any one or more of the parties listed
        under the preceding item as a “Party Responsible”, on the other; provided, however, that an affiliation
        need not be disclosed for purposes of the applicable Form 10-K if it was disclosed in the Prospectus or if it was previously reported
        as “Additional Form 10-K Disclosure”.

         

        and

         

        ·     1119(b)
        of Regulation AB,

         

        but only the existence and (if existent) the general character
        of any business relationship, agreement, arrangement, transaction or understanding that is entered into outside the ordinary course
        of business or is on terms other than would be obtained in an arm’s length transaction with an unrelated third party (apart
        from the Series 2015-P2 transaction) between itself (that is, the particular “Party Responsible”), on the one hand,
        and any one or more of the parties listed under the preceding item as a “Party Responsible”, on the other; provided,
        however, that a relationship, agreement, arrangement, transaction or understanding (A) must be reported only if it then
        exists or existed within the two prior years, (B) need not be reported if it is not material to an investor’s understanding
        of the Certificates and (C) need not be disclosed for purposes of the applicable Form 10-K if it was disclosed in the Prospectus
        or if it was
	
        ·     The
        Depositor

        ·     Each
        Mortgage Loan Seller

         

 

    	Exhibit CC-6

    	 

    

 

	
        previously reported as “Additional Form 10-K Disclosure”.

         

        and

         

        ·     1119(c)
        of Regulation AB,

         

        but only the existence and (if existent) a description (including
        the terms and approximate dollar amount) of any specific relationship involving or related to the Series 201[_]-[_] transaction
        or the Mortgage Loans between itself (that is, the particular “Party Responsible”) or any of its affiliates, on the
        one hand, and any one or more of the parties listed under the preceding item as a “Party Responsible”, on the
        other; provided, however, that a relationship (A) must be reported only if it then exists or existed within the two
        prior years, (B) need not be reported if it is not material to an investor’s understanding of the Certificates and (C) need
        not be disclosed for purposes of the applicable Form 10-K if it was disclosed in the Prospectus or if it was previously reported
        as “Additional Form 10-K Disclosure”.
	 
	
        Item 15: Exhibits (no. 2):

         

        Plan of acquisition, reorganization, arrangement, liquidation
        or succession (Exhibit No. 2 of Item 601 of Regulation S-K)
	
        ·     Depositor

         

	
        Item 15: Exhibits (no. 3):

         

        Articles of incorporation and by-laws (Exhibit No. 3(i) and
        3(ii) of Item 601 of Regulation S-K)
	
        ·     Depositor

         

 

    	Exhibit CC-7

    	 

    

 

	
        Item 15: Exhibits (no. 4):

         

        With respect to instruments defining the rights of security
        holders (Exhibit No. 4 of Item 601 of Regulation S-K)

         
	
        ·     Trustee

        ·     Certificate
        Administrator

        ·     Depositor

         

        provided, in each case, that this shall in no event
        be construed to make such party responsible for the initial filing of this Pooling and Servicing Agreement

         

        provided further, in each case, that in the event
        any reportable agreement is executed by the Depositor and the Trustee or Certificate Administrator, then the Depositor shall be
        the responsible party.

	
        Item 15: Exhibits (no. 10):

         

        Material contracts (Exhibit No. 10 of Item 601 of Regulation
        S-K)
	
        ·     Certificate
        Administrator, Trustee, Master Servicer and/or Special Servicer, in each case to the extent of any contract that satisfies all
        the following conditions: (a) such contract relates to the Trust or one or more Mortgage Loans or REO Mortgage Loans, and (b) such
        contract is a contract to which such party (or a subcontractor or vendor engaged by such party) is a party or that such party (or
        a subcontractor or vendor engaged by such party) has caused to have been executed on behalf of the Trust.

         

	
        Item 15: Exhibits (no. 11):

         

        Statement regarding computation of per share earnings (Exhibit
        No. 11 of Item 601 of Regulation S-K)
	
        ·     Not
        Applicable

         

	
        Item 15: Exhibits (no. 12):

         

        Statement regarding computation of ratios (Exhibit No. 12 of
        Item 601 of Regulation S-K)
	
        ·     Not
        Applicable.

         

	
        Item 15: Exhibits (no. 13):

         

        Annual report to security holders, Form 10-Q and Form 10-QSB,
        or quarterly report to security holders (Exhibit No. 13 of Item 601 of Regulation S-K)
	
        ·     Not
        Applicable

         

	
        Item 15: Exhibits (no. 14):

         

        Code of Ethics (Exhibit No. 14 of Item 601 of Regulation S-K)
	
        ·     Not
        Applicable.

         

 

    	Exhibit CC-8

    	 

    

 

	
        Item 15: Exhibits (no. 16):

         

        Letter re change in certifying accountant (Exhibit No. 16 of
        Item 601 of Regulation S-K)
	
        ·     Not
        Applicable

         

	
        Item 15: Exhibits (no. 18):

         

        Letter re change in accounting principles (Exhibit No. 18 of
        Item 601 of Regulation S-K)
	
        ·     Not
        Applicable.

         

	
        Item 15: Exhibits (no. 21):

         

        Subsidiaries of registrant (Exhibit No. 18 of Item 601 of Regulation
        S-K)
	
        ·     Depositor.

         

	
        Item 15: Exhibits (no. 22):

         

        Published Report Regarding Matters Submitted to a Vote of Security
        Holders (Exhibit No. 22 of Item 601 of Regulation S-K).
	
        ·     Not
        Applicable.

         

	
        Item 15: Exhibits (no. 23) – Part 1 of 2 Parts:

         

        Consents of Experts and Counsel (Exhibit No. 23(ii) of Item
        601 of Regulation S-K), where (a) the filing of a written consent is required with respect to material (in the Form 10-D) that
        is incorporated by reference in the Depositor’s registration statement and (b) the consent is not the consent of a registered
        public accounting firm in connection with an attestation delivered pursuant to Section 11.13 of this Pooling and Servicing Agreement.
	
        ·     Depositor

         

	
        Item 15: Exhibits (no. 23) – Part 2 of 2 Parts:

         

        Consents of Experts and Counsel (Exhibit No. 23(ii) of Item
        601 of Regulation S-K), but the required shall consist of a consent of the registered public accounting firm for purposes of any
        attestation report rendered with respect to the particular “Party Responsible” pursuant to Section 11.13 of this Pooling
        and Servicing Agreement.
	
        ·     Master
        Servicer

        ·     Special
        Servicer

        ·     Depositor

        ·     Any
        other Servicing Function Participant

         

        provided, however, in each case, that such
        party shall have the duty to report or deliver, or cause the reporting or delivery, of such consent only to the extent that such
        party is required to deliver or cause the delivery of the related attestation report.

 

    	Exhibit CC-9

    	 

    

 

	
        Item 15: Exhibits (no. 24)

         

        Power of Attorney (Exhibit No. 24 of Item 601 of Regulation
        S-K), but only if the name of any party signing the Form 10-D, or the name of any officer signing the Form 10-D on behalf of a
        party, is signed pursuant to a power of attorney.
	
        ·     Certificate Administrator 

	
        Item 15: Exhibits (no. 31(i))

         

        Rule 13a-14(a)/15d-14(a) Certifications (Exhibit No. 31(i) of
        Item 601 of Regulation S-K).
	
        ·     Not Applicable

	
        Item 15: Exhibits (no. 31(ii))

         

        Rule 13a-14(d)/15d-14(d) Certifications (Exhibit No. 31(ii)
        of Item 601 of Regulation S-K).
	
        ·     Delivery of this exhibit (Sarbanes-Oxley certification and backup certifications) is governed by Section 11.08 (and Section 11.07) of this Pooling and Servicing Agreement.

	
        Item 15: Exhibits (no. 32)

         

        Section 1350 Certifications (Exhibit No. 32 of Item 601 of Regulation
        S-K).
	
        ·     Not Applicable.

	
        Item 15: Exhibits (no. 33)

         

        Report on assessment of compliance with servicing criteria for
        asset-backed securities (Exhibit No. 33 of Item 601 of Regulation S-K).
	
        ·     Delivery of this exhibit (annual compliance assessment) is governed by Section 11.10 (and Section 11.07) of this Pooling and Servicing Agreement.

	
        Item 15: Exhibits (no. 34)

         

        Attestation report on assessment of compliance with servicing
        criteria for asset-backed securities (Exhibit No. 34 of Item 601 of Regulation S-K).
	
        ·     Delivery of this exhibit (annual accountants’ attestation report) is governed by Section 11.11 (and Section 11.07) of this Pooling and Servicing Agreement.

	
        Item 15: Exhibits (no. 35)

         

        Servicer compliance statement (Exhibit No. 35 of Item 601 of
        Regulation S-K).
	
        ·     Delivery of this exhibit (annual servicer compliance statements) is governed by Section 11.09 (and Section 11.07) of this Pooling and Servicing Agreement.

	
        Item 15: Exhibit (no. 36)

         

        Certification For Shelf Offerings of Asset-Backed Securities
        (Exhibit No. 36 of Item 601 of Regulation S-K).
	
        ·     Depositor

 

    	Exhibit CC-10

    	 

    

 

	
        Item 15: Exhibits (no. 99)

         

        Additional exhibits (Exhibit No. 99 of Item 601 of Regulation
        S-K)
	
        ·     Not Applicable.

	
        Item 15: Exhibits (no. 100)

         

        XBRL-Related Documents (Exhibit No. 100 of Item 601 of Regulation
        S-K).
	
        ·     Not Applicable.

	Item 15: Exhibits (By Operation of Item 9B Above), but only to the extent of any document that meets all the following conditions: (a) such document constitutes “Additional Form 8-K Disclosure” pursuant to Item 9.01(d) of Exhibit DD, (b) such document is required to be reported as “Additional Form 8-K Disclosure” during the period to which the Form 10-K relates, and (c) such document was not previously reported as “Additional Form 8-K Disclosure”.	
        ·     Certificate Administrator, Depositor and Trustee, in each case only to the extent that such party is the “Party Responsible” for the exhibit pursuant to Item 9(d) of Exhibit DD (it being acknowledged that none of the Master Servicer or the Special Servicer constitutes a “Party Responsible” under Exhibit DD with respect to any exhibits to a Form 10-K).

	
        Item 15: Exhibit (no. 101)

         

        Interactive Data File (Exhibit No. 101 of Item 601 of Regulation
        S-K).
	Not Applicable
	
        Item 15: Exhibit (no. 102)

         

        Asset Data File (Exhibit No. 102 of Item 601 of Regulation S-K).
	
        [Certificate Administrator]

        [Depositor]

	
        Item 15: Exhibit (no. 103)

         

        Asset Related Document (Exhibit No, 103 of Item 601 of Regulation
        S-K).
	
        [Certificate Administrator]

        [Depositor]

 

    	Exhibit CC-11

    	 

    

 

EXHIBIT DD

 

FORM
8-K DISCLOSURE INFORMATION

 

The parties identified in the “Party
Responsible” column are obligated pursuant to Section 11.07 of the Pooling and Servicing Agreement to report to the Depositor
and the Certificate Administrator the occurrence of any event described in the corresponding Form 8-K Item described in the “Item
on Form 8-K” column to the extent such party has actual knowledge of such information (other than information as to itself).
Each of the Certificate Administrator, the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall
be entitled to rely on the accuracy of the Prospectus (other than information with respect to itself that is set forth in or omitted
from the Prospectus), in the absence of specific written notice to the contrary from the Depositor or a Mortgage Loan Seller. 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 or property identified as
such in the Prospectus and to assume that no other party or property will constitute a “significant obligor” after
the Cut-off Date. In no event shall the Master Servicer or the Special Servicer be required to provide any information for inclusion
in a Form 8-K that relates to any Mortgage Loan for which the Master Servicer or the Special Servicer is not the applicable Master
Servicer or Special Servicer, as the case may be. For this Series 2015-P2 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.

 

	Item on Form 8-K	Party Responsible 
	
        Item 1.01: Entry into a Material Definitive Agreement

         
	
        ·     Depositor,
        except as described in the next bullet (it being acknowledged that Item 601 of Regulation S-K requires filing of material contracts
        to which the registrant or a subsidiary thereof is a party).

        

        

        ·     Certificate
        Administrator, Trustee, Master Servicer and/or Special Servicer (it being acknowledged that Instruction 3 to Item 1.01 of Form
        8-K requires disclosure regarding the entry into or an amendment of a definitive agreement that is material to the asset-backed
        securities transaction, even if the registrant is not a party to such agreement), in each case to the extent of any amendment or
        definitive agreement 

 

    	Exhibit DD-1

    	 

    

 

	 	
        that satisfies all the following conditions: (a) such amendment or definitive agreement relates to the Trust or one or more Mortgage Loans or REO Mortgage Loans, and (b) such amendment or definitive agreement is an amendment or definitive agreement to which such party (or a subcontractor or vendor engaged by such party) is a party or that such party (or a subcontractor or vendor engaged by such party) has caused to have been executed on behalf of the Trust; provided, however, that the Certificate Administrator shall be the “Party Responsible” in connection with any amendment to this Pooling and Servicing Agreement.

	Item 1.02: Termination of a Material Definitive Agreement– Part 1 of 2 Parts	
        ·     Certificate Administrator, Trustee, Master Servicer and/or Special Servicer, in each case to the extent of any contract that satisfies all the following conditions: (a) such contract relates to the Trust or one or more Mortgage Loans or REO Mortgage Loans, and (b) such contract is a contract to which such party (or a subcontractor or vendor engaged by such party) is a party or that such party (or a subcontractor or vendor engaged by such party) has caused to have been executed on behalf of the Trust; provided, however, that the Certificate Administrator shall be the “Party Responsible” in connection with any amendment to this Pooling and Servicing Agreement.

	Item 1.02: Termination of a Material Definitive Agreement– Part 2 of 2 Parts	
        ·     Depositor,
        to the extent of any material agreement not covered in the prior item

         

	Item 1.03: Bankruptcy or Receivership	
        ·     Depositor

         

	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

 

    	Exhibit DD-2

    	 

    

 

	Item 3.03: Material Modification to Rights of Security Holders	
        ·     Certificate
        Administrator

         

	Item 5.03: Amendments of Articles of Incorporation or Bylaws; Change of Fiscal Year	
        ·     Depositor

         

	Item 6.01: ABS Informational and Computational Material	
        ·     Depositor

         

	Item 6.02 (Part 1 of 3 Parts): Change of Servicer or Trustee, but only to the extent related to a change in trustee	
        ·     Trustee

        ·     Depositor

	Item 6.02 (Part 2 of 3 Parts): Change of Servicer or Trustee, but only to the extent related to a change in Master Servicer or Special Servicer	
        ·     Certificate
        Administrator

        ·     Master
        Servicer or Special Servicer, as the case may be (in each case, as to itself)

	Item 6.02 (Part 3 of 3 Parts): Change of Servicer or Trustee, but only to the extent related to a servicer (other than a party to the Pooling and Servicing Agreement) appointed by the particular “Party Responsible”.	
        ·     Master
        Servicer (as to a party appointed by the Master Servicer)

        ·     Special
        Servicer

        ·     Certificate
        Administrator

        ·     Depositor

	Item 6.03: Change in Credit Enhancement or External Support	
        ·     Depositor

        ·     Certificate
        Administrator

	Item 6.04: Failure to Make a Required Distribution	
        ·     Certificate
        Administrator

         

	Item 6.05: Securities Act Updating Disclosure	
        ·     Depositor

         

	Item 7.01: Regulation FD Disclosure	
        ·     Depositor

         

	Item 8.01: Other Events	
        ·     Depositor

         

	
        Item 9.01(d): Exhibits (no. 1):

         

        Underwriting agreement (Exhibit No. 1 of Item 601 of Regulation
        S-K)
	
        ·     Not
        applicable

         

	
        Item 9.01(d): Exhibits (no. 2):

         

        Plan of acquisition, reorganization, arrangement, liquidation
        or succession (Exhibit No. 2 of Item 601 of Regulation S-K)
	
        ·     Depositor

         

	
        Item 9.01(d): Exhibits (no. 3):

         

        Articles of incorporation and by-laws (Exhibit No. 3(i) and
        3(ii) of Item 601 of Regulation S-K)
	
        ·     Depositor

	
        Item 9.01(d): Exhibits (no. 4):

         

        With respect to instruments defining the
	
        ·     Certificate
        Administrator

         

        provided, in each case, that this shall in no 

 

    	Exhibit DD-3

    	 

    

 

	rights of security holders (Exhibit No. 4 of Item 601 of Regulation S-K)	event be construed to make such party responsible for the initial filing of this Pooling and Servicing Agreement
	
        Item 9.01(d): Exhibits (no. 7):

         

        Correspondence from an independent accountant regarding non-reliance
        on a previously issued audit report or completed interim review. (Exhibit No. 7 of Item 601 of Regulation S-K)
	·     Not Applicable

	
        Item 9.01(d): Exhibits (no. 14):

         

        Code of Ethics (Exhibit No. 14 of Item 601 of Regulation S-K)
	·     Not Applicable

	
        Item 9.01(d): Exhibits (no. 16):

         

        Letter re change in certifying accountant (Exhibit No. 16 of
        Item 601 of Regulation S-K)
	·     Not Applicable

	
        Item 9.01(d): Exhibits (no. 17):

         

        Correspondence on departure of director (Exhibit No. 17 of Item
        601 of Regulation S-K)
	·     Not Applicable

	
        Item 9.01(d): Exhibits (no. 20):

         

        Other documents or statements to security holders (Exhibit No.
        20 of Item 601 of Regulation S-K)
	·     Not Applicable

	
        Item 9.01(d): Exhibits (no. 23):

         

        Consents of Experts and Counsel (Exhibit No. 23(ii) of Item
        601 of Regulation S-K), where the filing of a written consent is required with respect to material (in the Form 10-D) that is incorporated
        by reference in the Depositor’s registration statement.
	·     Depositor

	
        Item 9.01(d): Exhibits (no. 24)

         

        Power of Attorney (Exhibit No. 24 of Item 601 of Regulation
        S-K), but only if the name of any party signing the Form 10-D, or the name of any officer signing the Form 10-D on behalf of a
        party, is signed pursuant to a power of attorney.
	·     Certificate Administrator 

	Item 15: Exhibits (no. 99)	·     Not Applicable.

 

    	Exhibit DD-4

    	 

    

 

	Additional exhibits (Exhibit No. 99 of Item 601 of Regulation S-K)	 
	
        Item 15: Exhibits (no. 100)

         

        XBRL-Related Documents (Exhibit No. 100 of Item 601 of Regulation
        S-K).
	·     Not Applicable.

 

    	Exhibit DD-5

    	 

    

 

EXHIBIT
EE

 

ADDITIONAL
DISCLOSURE NOTIFICATION

 

**SEND VIA FAX TO 410-715-2380 AND VIA EMAIL TO cts.sec.notifications@wellsfargo.com
AND VIA OVERNIGHT MAIL TO THE ADDRESS IMMEDIATELY BELOW**

 

Wells Fargo Bank, National Association,
as Certificate Administrator

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS) (CMBS)

Wells Fargo Commercial Mortgage Securities, Inc., Commercial Mortgage Pass-Through Certificates, Series 2015-P2—SEC REPORT
PROCESSING

 

RE: **Additional Form [10-D][10-K][8-K]
Disclosure** Required

 

Ladies and Gentlemen:

 

In accordance with Section [11.04] [11.05]
[11.07] of the Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling and Servicing Agreement”),
by and among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor (the “Depositor”), Wells Fargo Bank,
National Association, as Master Servicer, C-III Asset Management LLC, as Special Servicer, Wilmington Trust, National Association,
as Trustee, Wells Fargo Bank, National Association, as Certificate Administrator, Pentalpha Surveillance LLC, as Asset Representations
Reviewer and as Operating Advisor, the undersigned, as [ ], hereby notifies you that certain events have come to our attention
that [will] [may] need to be disclosed on Form [10-D][10-K][8-K].

 

Description of Additional Form [10-D][10-K][8-K]
Disclosure:

 

List of any Attachments hereto to be
included in the Additional Form [10-D][10-K][8-K] Disclosure:

 

Any inquiries related to this notification should be directed
to [                    ],
phone number: [          ]; email address: [               ].

	 	 	 
	 	[NAME OF PARTY], as [role]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

cc: Depositor

 

    	Exhibit EE-1

    	 

    

 

EXHIBIT FF

 

INITIAL SUB-SERVICERS

 

		1.	Barry S. Slatt Mortgage Company

 

		2.	GEMSA Loan Services, L.P.

 

		3.	NorthMarq Capital, LLC

 

		4.	NRC Group, Inc.

 

		5.	Principal Global Investors, LLC

 

		6.	RiverCore Servicing, LLC

 

		7.	Wells Fargo Bank, National Association

 

    	Exhibit FF-1

    	 

    

 

EXHIBIT GG

 

SERVICING
FUNCTION PARTICIPANTS

 

		1.	Principal Global Investors, LLC

 

    	Exhibit GG-1

    	 

    

 

EXHIBIT HH

 

FORM
OF ANNUAL COMPLIANCE STATEMENT

 

CERTIFICATION

 

Wells Fargo Commercial Mortgage Trust 2015-P2,
Commercial Mortgage Pass-Through Certificates, Series 2015-P2 (the “Trust”)

 

I, [identifying the certifying
individual], on behalf of [Wells Fargo Bank, National Association, as Master Servicer] [C-III Asset Management LLC, as Special
Servicer] [Wells Fargo Bank, National Association, as Certificate Administrator] [Wilmington Trust, National Association, as Trustee]
(the “Certifying Servicer”), certify to Wells Fargo 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 (or Servicing Officers under my supervision) have reviewed the Certifying Servicer’s activities
[during the preceding calendar year] [between [__] and [__]] (the “Reporting Period”) and the Certifying Servicer’s
performance under the Pooling and Servicing Agreement; and

 

		2.	To the best of my knowledge, based on such review, the Certifying Servicer has fulfilled all of
its obligations under the Pooling and Servicing Agreement in all material respects during the Reporting Period. [To my knowledge,
the Certifying Servicer has failed to fulfill the following obligations under the Pooling and Servicing Agreement: [SPECIFY EACH
SUCH FAILURE AND THE NATURE AND STATUS THEREOF]].

 

	Date:	 	 

 

[WELLS FARGO BANK, NATIONAL ASSOCIATION, as
master servicer]

[C-III ASSET MANAGEMENT LLC, as special servicer]

[WELLS FARGO BANK, NATIONAL ASSOCIATION as
certificate administrator]

[WILMINGTON TRUST, NATIONAL ASSOCIATION, as
trustee]

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

    	Exhibit HH-1

    	 

    

 

EXHIBIT II

 

FORM
OF REPORT ON ASSESSMENT OF

COMPLIANCE with SERVICING CRITERIA

 

[Name of Reporting Servicer] (the “Reporting
Servicer”) is responsible for assessing compliance with the servicing criteria applicable to it under paragraph (d) of
Item 1122 of Regulation AB, as of and for the 12-month period ending December 31, 20[__] (the “Reporting Period”),
as set forth in Exhibit AA to the Pooling and Servicing Agreement. The transactions covered by this report include asset-backed
securities transactions for which the Reporting Servicer acted as [a master servicer, special servicer, trustee, certificate administrator]
involving commercial mortgage loans [other than __________________1] (the “Platform”);

 

The Reporting Servicer has engaged certain
vendors, which are not servicers as defined in Item 1101(j) of Regulation AB (the “Vendors”) to perform specific,
limited or scripted activities, and the Reporting Servicer elects to take responsibility for assessing compliance with the servicing
criteria or portion of the servicing criteria applicable to such Vendors’ activities as set forth on Schedule A;

 

Except as set forth in paragraph 4 below,
the Reporting Servicer used the criteria set forth in paragraph (d) of Item 1122 of Regulation AB to assess the compliance with
the applicable servicing criteria;

 

The criteria listed in the column titled
“Inapplicable Servicing Criteria” on Schedule A hereto are inapplicable to the Reporting Servicer based on the activities
it performs, directly or through its Vendors, with respect to the Platform;

 

The Reporting Servicer has complied, in
all material respects, with the applicable servicing criteria as of December 31, 20[__] and for the Reporting Period with respect
to the Platform taken as a whole[, except as described on Schedule B hereto];

 

The Reporting Servicer has not identified
and is not aware of any material instance of noncompliance by the Vendors with the applicable servicing criteria as of December
31, 20[__] and for the Reporting Period with respect to the Platform taken as a whole[, except as described on Schedule B hereto];

 

The Reporting Servicer has not identified
any material deficiency in its policies and procedures to monitor the compliance by the Vendors with the applicable servicing criteria
as of December 31, 20[__] and for the Reporting Period with respect to the Platform taken as a whole[, except as described on
Schedule B hereto]; and

 

 

1
Describe any permissible exclusions, including those permitted under telephone interpretation 17.04 (i.e., transactions registered
prior to compliance with Regulation AB, transactions involving an offer and sale of asset-backed securities that were not required
to be issued), if applicable.

 

    	Exhibit II-1

    	 

    

 

[____], a registered public accounting
firm, has issued an attestation report on the Reporting Servicer’s assessment of compliance with the applicable servicing
criteria for the Reporting Period.

 

[Date of Certification]

 

	 	[Name of Reporting Servicer]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

    	Exhibit II-2

    	 

    

 

EXHIBIT
JJ

 

CREFC®
PAYMENT INFORMATION

 

Payments shall be made to “CRE Finance Council”
and sent to:

Commercial Real Estate Finance Council, Inc.

900 7th Street, NW, Suite 820

Washington, DC 20001

Attn: Stephen M. Renna

 

or by wire transfer to:

 

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

Bank Name: Chase

Bank Address: 80 Broadway, New York, NY 10005

Routing Number: 021000021

Account Number: 213597397

 

    	Exhibit JJ-1

    	 

    

 

EXHIBIT KK

 

Form
of Notice of ADDITIONAL 

INDEBTEDNESS
NOTIFICATION

 

VIA E-MAIL:

To: Wells Fargo Bank, National Association, as Certificate Administrator;
cts.cmbs.bond.admin@weilsfargo.com and 

trustadministratorgroup@wellsfargo.com

 

Ref: WFCM 2015-P2, Additional Debt Notice for From 10-D

 

The following information is being furnished to you for inclusion
on Form 10-D pursuant to Section 3.18(g) of the Pooling and Servicing Agreement

 

	 	Portfolio
    Name	Mortgage

    Loan	Position
    in

 Debt Stack	Additional

    Debt	OPB	OPB
    Date	Appraised

    Value	Appraised

    Value Date	Aggregate

    LTV	Aggregate

    NCF DSCR	Aggregate

    NCF DSCR

 Date	Primary

    Servicer	Master

    Servicer	Lead

    Servicer	Prospectus

    ID
	1	WFCM
    2015-P2	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside
    the Trust	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside
    the Trust	 	 	$
	 	 	$	 	%	 	 	 	 	 	 
	 	Total	 	 	$	 	 	 	 	 	 	 	 	 	 	 
	2	WFCM
    2015-P2	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside
    the Trust	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside
    the Trust	 	 	$
	 	 	$	 	%	 	 	 	 	 	 
	 	Total	 	 	$	 	 	 	 	 	 	 	 	 	 	 
	3	WFCM
    2015-P2	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside
    the Trust	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside
    the Trust	 	 	$
	 	 	$	 	%	 	 	 	 	 	 
	 	Total	 	 	$	 	 	 	 	 	 	 	 	 	 	 

 

    	Exhibit KK-1

    	 

    

 

EXHIBIT
LL

[RESERVED]

 

    	Exhibit LL-1

    	 

    

 

EXHIBIT
MM

ADDITIONAL
DISCLOSURE NOTIFICATION (ACCOUNTS)

 

INSTRUCTIONS:

 

FOR ACCOUNT BALANCE REPORTING: SEND VIA EMAIL TO:

CTS.SEC.NOTIFICATIONS@WELLSFARGO.COM

 

FOR ALL OTHER NOTIFICATIONS: SEND
VIA FAX, EMAIL AND OVERNIGHT MAIL TO THE ADDRESS IMMEDIATELY BELOW**

 

Wells Fargo Bank, National Association, as Certificate Administrator

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS) WFCM 2015-P2—SEC REPORT PROCESSING

Email: cts.sec.notifications@wellsfargo.com

 

RE: **Additional Form [10-D][10-K][8-K] Disclosure** Required

 

Ladies and Gentlemen:

In accordance with Section 11.04 of
the Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling and Servicing Agreement”), by
and among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor (the “Depositor”), Wells Fargo Bank,
National Association, as Master Servicer, C-III Asset Management LLC, as Special Servicer, Wilmington Trust, National Association,
as Trustee, Wells Fargo Bank, National Association, as Certificate Administrator, and Pentalpha Surveillance LLC, as Asset Representations
Reviewer and as Operating Advisor, 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:

[With respect to the Collection Account and REO Account balance
information:

	Account
    Name	Beginning
        Balance as of 

        MM/DD/YYYY
	Ending
        Balance as of 

        MM/DD/YYYY

	Collection Account	 	 
	REO Account	 	 

 

    	Exhibit MM-1

    	 

    

 

List of any Attachments hereto to be included in the Additional
Form [10-D][10-K][8-K] Disclosure:

Any inquiries related to this notification should be directed
to [                               ], phone number: [                               ]; email address: [                               ].

	 	[NAME OF PARTY],
	 	as [role]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

cc: Depositor

 

    	Exhibit MM-2

    	 

    

 

EXHIBIT NN

Form
of notice of purchase of 

controlling
class certificate

[Date]

Wells Fargo Bank, National Association

as Certificate Administrator

9062 Old Annapolis Road

Columbia, Maryland 21045

Email: trustadministrationgroup@wellsfargo.com

Attention: Corporate Trust Services WFCM 2015-P2

Wells Fargo Bank, National Association

as Master Servicer

Commercial Mortgage Servicing

MAC D1086-120, 550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: WFCM 2015-P2 Asset Manager

Telecopy Number: (704) 715-0036

C-III Asset Management LLC

as Special Servicer

5221 N. O’Connor Blvd., Suite 600

Irving, TX 75039

Fax Number: (972) 868-5490

Attention: Lindsey Wright

WFCM 2015-P2

Pentalpha Surveillance LLC

as Operating Advisor

375 N. French Road, Suite 100

Amherst, New York 14228

Attention: Don Simon, Chief Operating Officer

Email: don.simon@pentalphasurveillance.com and notices@pentalphasurveillance.com

 

		Re:	Wells Fargo Commercial Mortgage Trust 2015-P2, Commercial
Mortgage Pass-Through Certificates, Series 2015-P2 (the “Certificates”) issued pursuant to the Pooling and Servicing
Agreement (the “Pooling and Servicing Agreement”), dated as of December 1, 2015, by and among Wells Fargo Commercial
Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer, C-III Asset Management LLC,
as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust, National Association,
as Trustee, Pentalpha Surveillance LLC, as Asset Representations Reviewer and as Operating Advisor

 

    	Exhibit NN-1

    	 

    

 

This letter is delivered
to you, pursuant to Section 3.23(a) of the Pooling and Servicing Agreement in connection with the transfer by ____________ (the
“Transferor”) to us (the “Transferee”) of $__________________ original principal balance
in the Class [__] Certificates, representing [_____]% of the Class [__] Certificates. The Certificates were issued pursuant to
the Pooling and Servicing Agreement.

		1.	Our name and address is as follows:

 

	 	 
	 	 
	 	 

Contact Info:
[Tel/Email]

		2.	[IF APPLICABLE] We hereby certify, represent and warrant to you, as Certificate Administrator,
that we are purchasing a majority interest in the Class [__] Certificates, and that we are not affiliated with the Transferor.
To the extent that any Control Termination Event or Consultation Termination Event has occurred due to a waiver of a prior Class [__]
Certificateholder of its rights under the Pooling and Servicing Agreement, we hereby request that you reinstate such rights and
post a “special notice” on your website to the following effect:

“A Consultation
Termination Event or a Control Termination Event has been terminated and is no longer in effect due to a transfer of a majority
interest of the Controlling Class to an unaffiliated third party which has terminated any waiver by the prior Holder.

All capitalized terms
used but not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement.

 

	 	Very truly yours,
	 	 
	 	(Transferee)
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	Exhibit NN-2

    	 

    

 

EXHIBIT OO

FORM OF ASSET REVIEW
REPORT BY THE 

ASSET REPRESENTATIONS REVIEWER1

To: [Addresses of Recipients]

 

		Re:	Wells Fargo Commercial Mortgage Trust 2015-P2, Commercial Mortgage Pass-Through Certificates, Series
2015-P2

 

Ladies and Gentlemen:

 

In accordance with
Section 12.01 of the Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling and Servicing Agreement”),
the undersigned, as asset representations reviewer (the “Asset Representations Reviewer”), has performed
an Asset Review on each Delinquent Loan identified by the Special Servicer, and is hereby issuing the following Asset Review Report.

 

		1.	As described in the detailed scorecard attached hereto as Exhibit A, we have
performed an Asset Review on each Delinquent Loan identified by the Special Servicer and our conclusion is that there is [no evidence
of a Test failure/evidence of [•] Test failures] with respect to the Delinquent Loans.

 

		2.	A conclusion by the Asset Representations Reviewer of a Test pass or a Test
failure shall not constitute a determination by the Asset Representations Reviewer of (i) the existence or nonexistence of a Material
Defect, or (ii) whether the Trust should enforce any rights it may have against the applicable Mortgage Loan Seller. In addition,
the Tests may not be sufficient to determine every instance of noncompliance.

 

		3.	The Asset Representations Reviewer, other than forwarding this report to
the persons listed above, will not be required to take or participate in any other or further action with respect to the aforementioned
Asset Review Report.

 

		4.	Capitalized words and phrases used herein shall have the respective meanings
assigned to them in the Pooling and Servicing Agreement.

 

	 	PENTALPHA SURVEILLANCE LLC,
	 	as Asset Representations Reviewer
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

1 This report is an indicative report, and the Asset Representations Reviewer
will have the ability to modify or alter the organization and content of this report, subject to compliance with the terms of
the Pooling and Servicing Agreement, including without limitation, provisions relating to Privileged Information.

 

    	Exhibit OO-1

    	 

    

 

Exhibit A

 

Detailed Scorecard

[Template Example Below]

 

	
        Test failures

         

	Loan #	Loan Name	R&W 

#	R&W Name	Test

 #	Test Description	Findings
	[Insert Loan Number]	[Insert Loan Name]	44	Lease Estoppels	44c	[Insert Test Description]	[Insert Test findings]
	32	Due on Sale or Encumbrance	32b	 	 

 

    	Exhibit OO-2

    	 

    

 

EXHIBIT PP

 

FORM OF ASSET REVIEW
REPORT SUMMARY 

BY THE ASSET REPRESENTATIONS REVIEWER1

To: [Addresses of Recipients]

 

		Re:	Wells Fargo Commercial Mortgage Trust 2015-P2, Commercial Mortgage Pass-Through Certificates, Series
2015-P2

 

Ladies and Gentlemen:

 

In accordance with
Section 12.01 of the Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling and Servicing Agreement”),
the undersigned, as asset representations reviewer (the “Asset Representations Reviewer”), has performed
an Asset Review on each Delinquent Loan identified by the Special Servicer, and is hereby issuing the following Asset Review Report
Summary.

 

		1.	As described in the summary scorecard attached hereto as Exhibit A, we have
performed an Asset Review on each Delinquent Loan identified by the Special Servicer and our conclusion is that there is [no evidence
of a Test failure/evidence of [•] Test failures] with respect to the Delinquent Loans.

 

		2.	A conclusion by the Asset Representations Reviewer of a Test pass or a Test
failure shall not constitute a determination by the Asset Representations Reviewer of (i) the existence or nonexistence of a Material
Defect, or (ii) whether the Trust should enforce any rights it may have against the applicable Mortgage Loan Seller. In addition,
the Tests may not be sufficient to determine every instance of noncompliance.

 

		3.	The Asset Representations Reviewer, other than forwarding this Asset Review
Report Summary to the parties listed above, will not be required to take or participate in any other or further action with respect
to the aforementioned Asset Review Report Summary.

 

		4.	Capitalized words and phrases used herein shall have the respective meanings
assigned to them in the Pooling and Servicing Agreement.

 

	 	PENTALPHA SURVEILLANCE LLC,
	 	as Asset Representations Reviewer
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

1 This report is an indicative report, and the Asset Representations Reviewer
will have the ability to modify or alter the organization and content of this report, subject to compliance with the terms of
the Pooling and Servicing Agreement, including without limitation, provisions relating to Privileged Information.

 

    	Exhibit PP-1

    	 

    

 

Exhibit A

 

Summary Scorecard

[Template Example Below]

 

	
        Test failures

         
	 	 	 	 
	Loan #	Loan Name	Representations

 and Warranty #	Representation and Warranty Name	Test #
	[Insert Loan #]	[Insert Loan Name]	44	Lease Estoppels	44c
	32	Due on Sale or Encumbrance	32b

 

    	Exhibit PP-2

    	 

    

  

EXHIBIT
QQ

 

ASSET
REVIEW PROCEDURES

 

Exhibit
QQ

 

Pursuant
to the terms and subject to the conditions set forth in the Pooling and Servicing Agreement, the Asset Representations Reviewer
(“Asset Representations Reviewer”) shall perform an Asset Review with respect to each representation and warranty
made by the related Mortgage Loan Seller only with respect to each Delinquent Loan in accordance with the procedures set forth
below (each such procedure, a “Test”). Capitalized terms used herein but not defined herein have the meaning
set forth in the Pooling and Servicing Agreement or, solely with respect to a representation and warranty, the meaning set forth
in the related Mortgage Loan Purchase Agreement. For the avoidance of doubt, in connection with the performance of the following
Tests:

 

		(A)	With
                                         respect to any representation and warranty that includes a knowledge qualifier (e.g.,
                                         to the Mortgage Loan Seller’s knowledge, etc.), the Asset Representations Reviewer
                                         shall not be responsible for any investigation or review beyond that set forth in the
                                         applicable Test related to such representation and warranty;

 

		(B)	With
                                         respect to any representation and warranty that includes the examination of an Insurance
                                         Policy, or Title Policy, the Asset Representations Reviewer will be permitted to engage
                                         a qualified consultant to perform a review of the Policy, and will be allowed to rely
                                         upon the conclusions of the consultant for the purpose of determining a Test pass or
                                         fail.

 

		(C)	The
                                         Asset Representations Reviewer shall be under no duty to provide or obtain a legal opinion,
                                         legal review or legal conclusion;

 

		(D)	Unless
                                         otherwise provided in the Test, the “as of” date for the testing of a representation
                                         is as of the Closing Date;

 

		(E)	Unless
                                         otherwise provided in the Test, if there is more than one version of the same document
                                         with respect to a particular Mortgage Loan or Mortgaged Property, the document that will
                                         be used by the Asset Representations Reviewer in testing is the document that is dated
                                         as of the Closing Date or, if none, the document closest prior to the Closing Date;

 

		(F)	With
                                         respect to each representation and warranty and its related Test(s), the Asset Representations
                                         Reviewer shall take into account any exceptions to such representation and warranty described
                                         in a Mortgage Loan Purchase Agreement with respect to a Mortgage Loan, and a Test pass
                                         shall be deemed to have occurred with respect to such Test if the sole reason for not
                                         satisfying the applicable Test is caused by such exception(s); and

 

		(G)	Evidence
                                         of a failure of a Test could result from (i) an affirmative determination by the Asset
                                         Representations Reviewer that the Test failed to achieve a Test pass, or (ii) a determination
                                         by the Asset Representations Reviewer that the documentation included in the Review Materials
                                         is not sufficient to perform the Test.

 

The
Asset Representations Reviewer will only be required to perform the Tests described in this Exhibit QQ, and will not be obligated
to perform additional procedures on any Delinquent Loan. Notwithstanding the required Tests, the Asset Representations Reviewer
will not be required to review any information other than (1) the Review Materials specified in the related Test and (2) if applicable,
Unsolicited Information. The Asset Representations Reviewer may, but is under no obligation to, consider Unsolicited Information
relevant to the Tests subject to the terms of the Pooling and Servicing Agreement. If the Asset Representations Reviewer considers
Unsolicited Information, the Asset Representations Reviewer shall take into account such Unsolicited Information, in addition
to the Review Materials referred to in the applicable Test(s) procedure when making a determination as to whether there is a Test
pass.

 

    	QQ-1
WFCM 2015-P2

    	 

    

 

	Representations
    and Warranties	          Test	Review
    Materials
	 	 	 	 
	1.   Whole
    Loan; Ownership of Mortgage Loans.  Except with respect to a Mortgage Loan that is part of a whole loan, each
    Mortgage Loan is a whole loan and not a participation interest in a Mortgage Loan.  Each Mortgage Loan that is part
    of a whole loan is a pari passu portion of a whole loan evidenced by a pari passu note.  At the time
    of the sale, transfer and assignment to Depositor, no Mortgage Note or Mortgage was subject to any assignment (other than
    assignments to the Seller), participation or pledge, and the Seller had good title to, and was the sole owner of, each Mortgage
    Loan free and clear of any and all liens, charges, pledges, encumbrances, participations, any other ownership interests on,
    in or to such Mortgage Loan other than any servicing rights appointment or similar agreement, any other pooling and servicing
    agreement with respect to a Non-Serviced Mortgage Loan and rights of the holder of a related Companion Loan pursuant to an
    Intercreditor Agreement.  The Seller has full right and authority to sell, assign and transfer each Mortgage Loan,
    and the assignment to Depositor constitutes a legal, valid and binding assignment of such Mortgage Loan free and clear of
    any and all liens, pledges, charges or security interests of any nature encumbering such Mortgage Loan other than the rights
    of the holder of a related Companion Loan pursuant to an Intercreditor Agreement.	1a	Except
    with respect to a Mortgage Loan that is part of a Whole Loan, review the amounts listed on the original Mortgage Note and
    Mortgage for an indication that they match the amounts listed on the Mortgage Loan Schedule.   If the amounts
    are the same, then such Mortgage Loan would be considered a Whole Loan.  If there is more than one property then
    the Mortgage for each Mortgaged Property would need to be aggregated. If identified as such, it will be a Test pass.	Mortgage;
    Mortgage Note; loan agreement related to the Mortgage Loan (“Loan Agreement”); Mortgage Loan guaranty;
    Assignment of Leases; and Environmental Indemnity Agreement (collectively, the “Mortgage Loan Documents”);
    Mortgage Loan Schedule.
	1b	If
    a Mortgage Loan is part of a Whole Loan, review the Intercreditor Agreement and the Mortgage(s), Mortgage Note, loan agreement
    related to the Mortgage Loan (“Loan Agreement”), Mortgage Loan guaranty, Assignment of Leases, and Environmental
    Indemnity Agreement (collectively, the “Mortgage Loan Documents”) for an indication that it is a senior
    portion (or a pari passu portion of a senior portion) of a Whole Loan. If identified as such, it will be a Test pass.	Mortgage
    Loan Documents or Intercreditor Agreement
	1c	Review
    all Asset Status Reports and Final Asset Status Reports to the extent previously prepared by the Special Servicer (collectively
    referred to in this Exhibit QQ as “Asset Status Reports”) for notation of any Mortgage Note or Mortgage
    that was subject to any assignment (other than assignments to the Mortgage Loan Seller), participation or pledge, or that
    the Mortgage Loan Seller did not have good title to, and was the sole owner of, each Mortgage Loan free and clear of any and
    all liens, charges, pledges, encumbrances, participations, any other ownership interests on, in or to such Mortgage Loan other
    than any servicing rights appointment or similar agreement, any Other Pooling and Servicing Agreement with respect to a Serviced
    Companion Loan and rights of the holder of a related Companion Loan pursuant to an Intercreditor Agreement.  If
    no such notation is found, it will be a Test pass.	Asset
    Status Reports
	1d	Review
    the Asset Status Reports for notation of any claim or assertion regarding the Mortgage Loan Seller not having the full right
    and authority to sell, assign and transfer the Mortgage Loan. If such notation is not found, it will be a Test pass.	Asset
    Status Reports

 

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	Representations
    and Warranties	          Test	Review
    Materials
	 	1e	Review
    the Asset Status Reports for notation of any claim or assertion regarding the assignment to the Depositor not constituting
    a legal, valid and binding assignment of such Mortgage Loan free and clear of any and all liens, pledges, charges or security
    interests of any nature encumbering such Mortgage Loan other than the rights of the holder of a related Companion Loan pursuant
    to an Intercreditor Agreement. If such notation is not found, it will be a Test pass.	Asset
    Status Reports
	2.    Loan
                                         Document Status. Each related Mortgage Note, Mortgage, Assignment of Leases (if a
                                         separate instrument), guaranty and other agreement executed by or on behalf of the related
                                         Mortgagor, guarantor or other obligor in connection with such Mortgage Loan is the legal,
                                         valid and binding obligation of the related Mortgagor, guarantor or other obligor (subject
                                         to any non-recourse provisions contained in any of the foregoing agreements and any applicable
                                         state anti-deficiency or market value limit deficiency legislation), as applicable, and
                                         is enforceable in accordance with its terms, except (i) as such enforcement may
                                         be limited by (a) bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium
                                         or other similar laws affecting the enforcement of creditors’ rights generally
                                         and (b) general principles of equity (regardless of whether such enforcement is
                                         considered in a proceeding in equity or at law) and (ii) that certain provisions
                                         in such Mortgage Loan documents (including, without limitation, provisions requiring
                                         the payment of default interest, late fees or prepayment/yield maintenance fees, charges
                                         and/or premiums) are, or may be, further limited or rendered unenforceable by or under
                                         applicable law, but (subject to the limitations set forth in clause (i) above)
                                         such limitations or unenforceability will not render such Mortgage Loan documents invalid
                                         as a whole or materially interfere with the Mortgagee’s realization of the principal
                                         benefits and/or security provided thereby (clauses (i) and (ii) collectively,
                                         the “Standard Qualifications”).

         

        Except
as set forth in the immediately preceding sentence, there is no valid offset, defense, counterclaim or right of rescission available
to the related Mortgagor with respect to any of the related Mortgage
	2a	Review
    the opinion of Mortgagor’s counsel (“Mortgagor’s Counsel Opinion”) for an indication that it
    contains language that the related Mortgage Note, Mortgage, Assignment of Leases (if a separate instrument), guaranty and
    other agreement executed by or on behalf of the related Mortgagor, guarantor or other obligor in connection with such Mortgage
    Loan is the legal, valid and binding obligation of the related Mortgagor, guarantor or other obligor (subject to any non-recourse
    provisions contained in any of the foregoing agreements and any applicable state anti-deficiency or market value limit deficiency
    legislation), as applicable, and is enforceable in accordance with its terms, except as specified in representation and warranty
    3. If such indication exists, it will be a Test pass.	Mortgagor’s
    Counsel Opinion
	2b	Review
    the Asset Status Reports for notation of any valid offset, defense, counterclaim or right of rescission available to the related
    Mortgagor with respect to any of the related Mortgage Notes, Mortgages or other Mortgage Loan Documents, including, without
    limitation, any such valid offset, defense, counterclaim or right based on intentional fraud by the Mortgage Loan Seller in
    connection with the origination of the Mortgage Loan, that would deny the Mortgagee (as defined in the related Mortgage Loan
    Purchase Agreement) the principal benefits intended to be provided by the Mortgage Note, Mortgage or other Mortgage Loan Documents.
    If no such notation is found, it will be a Test pass.	Asset
    Status Reports

 

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	Representations
    and Warranties	          Test	Review
    Materials
	Notes, Mortgages or other Mortgage Loan documents, including, without limitation, any
    such valid offset, defense, counterclaim or right based on intentional fraud by the Seller in connection with the origination
    of the Mortgage Loan, that would deny the Mortgagee the principal benefits intended to be provided by the Mortgage Note, Mortgage
    or other Mortgage Loan documents.
	 	 	 
	3.   Mortgage
                                         Provisions. The Mortgage Loan documents for each Mortgage Loan contain provisions
                                         that render the rights and remedies of the holder thereof adequate for the practical
                                         realization against the Mortgaged Property of the principal benefits of the security
                                         intended to be provided thereby, including realization by judicial or, if applicable,
                                         nonjudicial foreclosure subject to the limitations set forth in the Standard Qualifications.

	3a	Review
    the Mortgage Loan Documents and Mortgagor’s Counsel Opinion for an indication that the Mortgage Loan Documents contain
    provisions that render the rights and remedies of the holder thereof adequate for the practical realization against the Mortgaged
    Property of the principal benefits of the security intended to be provided thereby, including realization by judicial or,
    if applicable, nonjudicial foreclosure subject to the limitations set forth in the Standard Qualifications (as defined in
    representation and warranty 2). If such indication exists, it will be a Test pass.	Mortgage
    Loan Documents; Mortgagor’s Counsel Opinion
	4.   Mortgage
                                         Status; Waivers and Modifications. Since origination and except by written instruments
                                         set forth in the related Mortgage File (a) the material terms of such Mortgage,
                                         Mortgage Note, Mortgage Loan guaranty, and related Mortgage Loan documents have not been
                                         waived, impaired, modified, altered, satisfied, canceled, subordinated or rescinded in
                                         any respect that materially interferes with the security intended to be provided by such
                                         Mortgage; (b) no related Mortgaged Property or any portion thereof has been released
                                         from the lien of the related Mortgage in any manner which materially interferes with
                                         the security intended to be provided by such Mortgage or the use or operation of the
                                         remaining portion of such Mortgaged Property; and (c) neither the related Mortgagor
                                         nor the related guarantor has been released from its material obligations under the Mortgage
                                         Loan.

         

         

         
	4a	Review
    the Mortgage Loan Documents and the Asset Status Reports for an indication that the material terms of such documents have
    been waived, impaired, modified, altered, satisfied, cancelled, subordinated or rescinded in any respect which materially
    interferes with the security intended to be provided by such Mortgage, except by written instruments set forth in the related
    Mortgage File.  If no such indication is found, it will be a Test pass.	Mortgage
    Loan Documents; Asset Status Reports 
	4b	Review
    the Asset Status Reports and Mortgage Loan Documents for an indication that a related Mortgaged Property, or any portion thereof,
    has been released from the lien of the related Mortgage in any manner which materially interferes with the security intended
    to be provided by such Mortgage or the use or operation of the remaining portion of such Mortgaged Property except by written
    instruments set forth in the related Mortgage File. If no such indication is found, it will be a Test pass.	Asset
    Status Reports; Mortgage Loan Documents
	4c	Review
the Asset Status Reports and Mortgage Loan Documents for notation that neither the related Mortgagor nor the related guarantor
has been released from its material obligations under the Mortgage Loan except by written instruments set forth in the related
Mortgage File. If no such notation is found, it will be a Test pass. 
	Asset
    Status Reports; Mortgage Loan Documents

 

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	Representations
    and Warranties	          Test	Review
    Materials
		          	 	
	5.   Lien;
Valid Assignment. Subject to the Standard Qualifications, each assignment of Mortgage and assignment of Assignment of Leases
to the Trust constitutes a legal, valid and binding assignment to the Trust. Each related Mortgage and Assignment of Leases is
freely assignable without the consent of the related Mortgagor. Each related Mortgage is a legal, valid and enforceable first
lien on the related Mortgagor’s fee (or if identified on the Mortgage Loan Schedule, leasehold) interest in the Mortgaged
Property in the principal amount of such Mortgage Loan or allocated loan amount (subject only to Permitted Encumbrances (as defined
below) and the exceptions to paragraph (6) set forth on Schedule C (each such exception, a “Title Exception”)),
except as the enforcement thereof may be limited by the Standard Qualifications. Such Mortgaged Property (subject to and excepting
Permitted Encumbrances and the Title Exceptions) as of origination was, and as of the Cut-off Date, to the Seller’s knowledge,
is free and clear of any recorded mechanics’ liens, recorded materialmen’s liens and other recorded encumbrances that
are prior to or equal with the lien of the related Mortgage, except those which are bonded over, escrowed for or insured against
by a lender’s title insurance policy (as described below), and, to the Seller’s knowledge and subject to the rights
of tenants (as tenants only) (subject to and excepting Permitted Encumbrances and the Title Exceptions), no rights exist that
under law could give rise to any such lien or encumbrance that would be prior to or equal with the lien of the related Mortgage,
except those which are bonded over, escrowed for or insured against by a lender’s title insurance policy (as described below).
Notwithstanding anything herein to the contrary, no representation is made as to the perfection of any security interest in rents
or other personal property to the extent that possession or control of such items or actions other than the filing of Uniform
Commercial Code financing statements is required in order to effect such perfection.
	5a	Review
    the Asset Status Reports for notation that any assignment of Mortgage and assignment of Leases to the Trust Fund does not
    constitute a legal, valid and binding assignment to the Trust Fund, subject to the Standard Qualifications. If no such notation
    is found, it will be a Test pass.	Asset
    Status Reports
	5b	Review
    the Mortgage for each Mortgaged Property and the Assignment of Leases for each Mortgaged Property for an indication that the
    related Mortgage and Assignment of Leases is not freely assignable without the consent of the related Mortgagor. If no such
    indication is found, it will be a Test pass.	Mortgage;
    Assignment of Lease
	5c	Review
    the title policy (as defined in representation and warranty 6, the “Title Policy”) for an indication that
    each related Mortgage is a legal, valid and enforceable first lien on the related Mortgagor’s fee (or if identified
    on the Mortgage Loan Schedule, leasehold) interest in the Mortgaged Property in the principal amount of such Mortgage Loan
    or allocated loan amount (subject only to Permitted Encumbrances (as defined in representation and warranty 6) and the exceptions
    to paragraph (6) set forth on Exhibit C (each such exception, a “Title Exception”)), except as the enforcement
    thereof may be limited by the Standard Qualifications. Compare the amount of the Title Policy to the principal amount of the
    Mortgage Loan or allocated loan amount to confirm they are equivalent. If such evidence is found, it will be a Test pass.	Title
    Policy
	5d	Review
the Asset Status Reports for notation that each Mortgaged Property (subject to and excepting Permitted Encumbrances and the Title
Exceptions) as of origination, and as of the Cut-off Date, was not to the Mortgage Loan Seller’s knowledge, free and clear
of any recorded mechanics’ liens, recorded materialmen’s liens and other recorded encumbrances which are prior to
or equal with the lien of the related Mortgage, except those which are bonded over, escrowed for or insured against by a lender’s
title insurance policy (as described below). If no such notation is found, it will be a Test pass.

         
	Asset
    Status Reports

 

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	Representations
    and Warranties	          Test	Review
    Materials
	 	 	 	 
	 	5e	Review
    the Asset Status Reports for notation that to the Mortgage Loan Seller’s knowledge, and subject to the rights of tenants
    (as tenants only) (subject to and excepting Permitted Encumbrances and the Title Exceptions), rights exist which under law
    could give rise to any such lien or encumbrance that would be prior to or equal with the lien of the related Mortgage, except
    those which are bonded over, escrowed for or insured against by a lender’s title insurance policy (as described below).  If
    no such notation is found, it will be a Test pass.	Asset
    Status Reports
	6.   Permitted
Liens; Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association
loan title insurance policy or a comparable form of loan title insurance policy approved for use in the applicable jurisdiction
(or, if such policy is yet to be issued, by a pro forma policy, a preliminary title policy with escrow instructions or a “marked
up” commitment, in each case binding on the title insurer) (the “Title Policy”) in the original principal
amount of such Mortgage Loan (or with respect to a Mortgage Loan secured by multiple properties, an amount equal to at least the
allocated loan amount with respect to the Title Policy for each such property) after all advances of principal (including any
advances held in escrow or reserves), that insures for the benefit of the owner of the indebtedness secured by the Mortgage, the
first priority lien of the Mortgage, which lien is subject only to (a) the lien of current real property taxes, water charges,
sewer rents and assessments due and payable but not yet delinquent; (b) covenants, conditions and restrictions, rights of
way, easements and other matters of public record; (c) the exceptions (general and specific) and exclusions set forth in
such Title Policy; (d) other matters to which like properties are commonly subject; (e) the rights of tenants (as tenants
only) under leases (including subleases) pertaining to the related Mortgaged Property and condominium declarations; (f) if
the related Mortgage Loan constitutes a cross-collateralized Mortgage Loan,

         
	6a	Review
    the Title Policy for an indication that it is an American Land Title Association loan title insurance policy or another comparable
    form of loan title insurance policy approved for use in the applicable jurisdiction, and that the amount of the policy covers
    the amount of the Mortgage Loan or, for multiple properties, an amount equal to the allocated loan amount after all advances
    of principal (including any advances held in escrow or reserves). If such indications exist, it will be a Test pass.	Title
    Policy; Mortgage Loan Documents
	6b	Review
    the Title Policy for an indication that it insures for the benefit of the owner of the indebtedness secured by the mortgage,
    and represents a first priority lien of the mortgage, which lien is subject only to clauses (a) through (g) of representation
    and warranty 6.  If such indications exist, it will be a Test pass.	Title
    Policy
	6c	Review
    the Title Policy for an indication that, except as contemplated by clauses (f) and (g) of representation and warranty 6, none
    of the Permitted Encumbrances are mortgage liens that are senior to or coordinate and co-equal with the lien of the related
    Mortgage.  If such an indication is found, it will be a Test pass.	Title
    Policy
	6d	Review
    the Title Policy for an indication that the Title Policy (or, if it has yet to be issued, the coverage to be provided thereby)
    is in full force and effect, all premiums thereon have been paid and no claims have been made by the Mortgage Loan Seller
    thereunder and no claims have been paid thereunder. If such indication is found, it will be a Test pass.	Title
    Policy

 

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	Representations
    and Warranties	          Test	Review
    Materials
	the
    lien of the Mortgage for another Mortgage Loan contained in the same cross-collateralized group; and (g) if the related
    Mortgage Loan is part of a whole loan, the rights of the holder(s) of the related Companion Loan(s) pursuant to the related
    Intercreditor Agreement; provided that none of items (a) through (g), individually or in the aggregate,
    materially and adversely interferes with the value or current use of the Mortgaged Property or the security intended to be
    provided by such Mortgage or the Mortgagor’s ability to pay its obligations when they become due (collectively, the
    “Permitted Encumbrances”).  For purposes of clause (a) of the immediately preceding sentence,
    any such taxes, assessments and other charges shall not be considered delinquent until the date on which interest and/or penalties
    would first be payable thereon.  Except as contemplated by clauses (f) and (g) of the second
    preceding sentence, none of the Permitted Encumbrances are mortgage liens that are senior to or coordinate and co-equal with
    the lien of the related Mortgage.  Such Title Policy (or, if it has yet to be issued, the coverage to be provided
    thereby) is in full force and effect, all premiums thereon have been paid and no claims have been made by the Seller thereunder
    and no claims have been paid thereunder.  Neither the Seller, nor to the Seller’s knowledge, any other holder
    of the Mortgage Loan, has done, by act or omission, anything that would materially impair the coverage under such Title Policy.	6e	Review
    the Asset Status Reports for notation that either the Mortgage Loan Seller, or to the Mortgage Loan Seller’s knowledge,
    any other holder of the Mortgage Loan, has done, by act or omission, anything that would materially impair the coverage under
    such Title Policy. If no such notation is found, it will be a Test pass.	Asset
    Status Reports
	7.   Junior
Liens. It being understood that B notes secured by the same Mortgage as a Mortgage Loan are not subordinate mortgages
or junior liens, except for any Mortgage Loan that is cross-collateralized and cross-defaulted with another Mortgage Loan, there
are no subordinate mortgages or junior liens securing the payment of money encumbering the related Mortgaged Property (other than
Permitted Encumbrances and the Title Exceptions, taxes and assessments, mechanics’ and materialmen’s liens (which
are the subject of the representation in paragraph (5) above), and equipment and other personal property financing).
Except as set forth on Exhibit C-7-1, the Seller has no knowledge of any mezzanine debt secured directly
	7a	Review
                                         the Title Policy as of the Closing Date for an indication of subordinate mortgages or
                                         junior liens encumbering the Mortgaged Property (other than Permitted Encumbrances and
                                         the Title Exceptions, taxes and assessments, mechanics’ and materialmen’s
                                         liens (which are the subject of representation and warranty 5), and equipment and other
                                         personal property financing). If no such indication is found, it will be a Test pass.

         

         

         
	Title
    Policy
	7b	Review
the Asset Status Reports for notation that the Mortgage Loan Seller had knowledge of any mezzanine debt related to the Mortgaged
Property and secured directly by the ownership interests in the related Mortgagor (except as set forth on Exhibit 
	Asset
    Status Reports

 

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	Representations
    and Warranties	          Test	Review
    Materials
	  by
    interests in the related Mortgagor.	 	C-7
    of the related Mortgage Loan Purchase Agreement). If no such notation is found, it will be a Test pass. 
	 
	8.    Assignment
                                         of Leases and Rents. There exists as part of the related Mortgage File an Assignment
                                         of Leases (either as a separate instrument or incorporated into the related Mortgage).
                                         Subject to the Permitted Encumbrances and the Title Exceptions, each related Assignment
                                         of Leases creates a valid first-priority collateral assignment of, or a valid first-priority
                                         lien or security interest in, rents and certain rights under the related lease or leases,
                                         subject only to a license granted to the related Mortgagor to exercise certain rights
                                         and to perform certain obligations of the lessor under such lease or leases, including
                                         the right to operate the related leased property, except as the enforcement thereof may
                                         be limited by the Standard Qualifications. The related Mortgage or related Assignment
                                         of Leases, subject to applicable law, provides that, upon an event of default under the
                                         Mortgage Loan, a receiver is permitted to be appointed for the collection of rents or
                                         for the related Mortgagee to enter into possession to collect the rents or for rents
                                         to be paid directly to the Mortgagee.

         

         

         
	8a	Review
the Mortgage File for an indication that an Assignment of Leases (either as a separate instrument or incorporated into the related
Mortgage) exists. If such indication is found, it will be a Test pass.

         
	Mortgage
    File; Assignment of Leases
	8b	Review
the Title Policy for an indication that, subject to the Permitted Encumbrances and the Title Exceptions, each related Assignment
of Leases creates a valid first-priority collateral assignment of, or a valid first-priority lien or security interest in, rents
and certain rights under the related lease or leases, subject only to a license granted to the related Mortgagor to exercise certain
rights and to perform certain obligations of the lessor under such lease or leases, including the right to operate the related
leased property, except as the enforcement thereof may be limited by the Standard Qualifications. If each is confirmed, it will
be a Test pass. 

         
	Title
    Policy
	8c	Review
    the Mortgage Loan Documents for an indication that, subject to applicable law, upon an event of default under the Mortgage
    Loan, a receiver is permitted to be appointed for the collection of rents or for the related Mortgagee to enter into possession
    to collect the rents or for rents to be paid directly to the Mortgagee. If such indication is found, it will be a Test pass.	Mortgage
    Loan Documents
	9.   UCC
Filings. If the related Mortgaged Property is operated as a hospitality property, the Seller has filed and/or recorded or
caused to be filed and/or recorded (or, if not filed and/or recorded, submitted in proper form for filing and/or recording), UCC
financing statements in the appropriate public filing and/or recording
    offices necessary at the time of the origination of the
	9a	Review
the appraisal to determine if the Mortgaged Property is a hospitality property. If so, review the Asset Status Reports for notation
that the Mortgage Loan Seller has not filed and/or recorded, or caused to be filed and/or recorded (or, if not filed and/or recorded,
submitted in proper form for filing and/or recording), UCC financing statements in the appropriate public
	Asset
    Status Reports

 

    	QQ-8
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	Representations
    and Warranties	          Test	Review
    Materials
	Mortgage Loan to perfect a valid security interest in all items of physical personal property reasonably necessary to operate such Mortgaged Property owned by such Mortgagor and located on the related Mortgaged Property (other than any non-material personal property, any personal property subject to a purchase money security interest, a sale and leaseback financing arrangement as permitted under the terms of the related Mortgage Loan documents or any other personal property leases applicable to such personal property), to the extent perfection may be effected pursuant to applicable law by recording or filing, as the case may be.  Subject to the Standard Qualifications, each related Mortgage (or equivalent document) creates a valid and enforceable lien and security interest on the items of personalty described above.  No representation is made as to the perfection of any security interest in rents or other personal property to the extent that possession or control of such items or actions other than the filing of UCC financing statements are required in order to effect such perfection.	 	filing and/or recording offices necessary at the time of the origination of the Mortgage Loan to perfect a valid security interest in all items of physical personal property reasonably necessary to operate such Mortgaged Property owned by such Mortgagor and located on the related Mortgaged Property. If no such notation is found, it will be a Test pass. 
	 
	9b	Review the Mortgage for an indication that, subject to the Standard Qualifications, each related Mortgage (or equivalent document) creates a valid and enforceable lien and security interest on the items of personalty described above.  If such indication is found, it will be a Test pass. 
	Mortgage
	
        10.  Condition of Property.
        The Seller or the originator of the Mortgage Loan inspected or caused to be inspected each related Mortgaged Property within six
        months of origination of the Mortgage Loan and within thirteen months of the Cut-off Date.

         

        An engineering report or property
        condition assessment was prepared in connection with the origination of each Mortgage Loan no more than 13 months prior to the
        Cut-off Date. To the Seller’s knowledge, based solely upon due diligence customarily performed in connection with the origination
        of comparable mortgage loans, as of the Closing Date, each related Mortgaged Property was free and clear of any material damage
        (other than deferred maintenance for which escrows were established at origination) that would affect materially and adversely
        the use or value of such Mortgaged Property as security for the Mortgage Loan.

         
	10a	Review the property inspection report in the Mortgage File for an indication that it is dated within six months of the origination date, and within thirteen (13) months of the Cut-off Date. If such indication is found, it will be a Test pass.	Property Inspection Report
	10b	Review the engineering report or property condition assessment in the Mortgage File for an indication that it was dated no more than thirteen (13) months prior to the Cut-off Date. If such indication is found, it will be a Test pass.	Engineering Report; Property Condition Assessment
	10c	Review the Asset Status Reports for a notation that, to the Mortgage Loan Seller’s knowledge, based solely upon due diligence customarily performed in connection with the origination of comparable mortgage loans, as of the Closing Date, a related Mortgaged Property was not free and clear of any material damage (other than deferred maintenance for which escrows were established at origination) that would affect materially and adversely the use or value of such Mortgaged Property as security for the Mortgage Loan. If no such notation is found, it will be a Test pass.	Asset Status Reports
	 11.  Taxes and Assessments.  As of the date of origination and, to the	11a	
        Review the Asset Status Reports for notation that either,
as of the 
	Asset Status Reports

 

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	Representations
    and Warranties	          Test	Review
    Materials
	Seller’s
    knowledge, as of the Cut-off Date, all taxes, governmental assessments and other outstanding governmental charges (including,
    without limitation, water and sewage charges), or installments thereof that could be a lien on the related Mortgaged Property
    that would be of equal or superior priority to the lien of the Mortgage and that prior to the Cut-off Date have become delinquent
    in respect of each related Mortgaged Property have been paid, or an escrow of funds has been established in an amount sufficient
    to cover such payments and reasonably estimated interest and penalties, if any, thereon.  For purposes of this representation
    and warranty, real estate taxes and governmental assessments and other outstanding governmental charges and installments thereof
    shall not be considered delinquent until the date on which interest and/or penalties would first be payable thereon.	 	date
    of origination or, to the Mortgage Loan Seller’s knowledge, as of the Cut-off Date, any taxes, governmental assessments
    and other outstanding governmental charges (including, without limitation, water and sewage charges), or installments thereof
    that could be a lien on the related Mortgaged Property that would be of equal or superior priority to the lien of the Mortgage
    and that prior to the Cut-off Date have become delinquent in respect of each related Mortgaged Property have not been paid,
    or an escrow of funds has not been established in an amount sufficient to cover such payments and reasonably estimated interest
    and penalties, if any, thereon. If such no such notation is found, it will be a Test pass.	 
	12.  Condemnation.
As of the date of origination and to the Seller’s knowledge as of the Cut-off Date, there is no proceeding pending, and,
to the Seller’s knowledge as of the date of origination and as of the Cut-off Date, there is no proceeding threatened, for
the total or partial condemnation of such Mortgaged Property that would have a material adverse effect on the value, use or operation
of the Mortgaged Property. 

         
	12a	Review
    the Asset Status Reports for notation of any proceeding pending or threatened for the total or partial condemnation of such
    Mortgaged Property as of the origination date, or for evidence that the Mortgage Loan Seller had knowledge as of the Cut-off
    Date of any such proceeding. If no such notation  is found, it will be a Test pass.	Asset
    Status Reports
	13.  Actions
    Concerning Mortgage Loan.  As of the date of origination and to the Seller’s knowledge as of the Cut-off
    Date, there was no pending or filed action, suit or proceeding, arbitration or governmental investigation involving any Mortgagor,
    guarantor, or Mortgagor’s interest in the Mortgaged Property, an adverse outcome of which would reasonably be expected
    to materially and adversely affect (a) such Mortgagor’s title to the Mortgaged Property, (b) the validity
    or enforceability of the Mortgage, (c) such Mortgagor’s ability to perform under the related Mortgage Loan, (d) such
    guarantor’s ability to perform under the related guaranty, (e) the principal benefit of the security intended to
    be provided by the Mortgage Loan documents or (f) the current principal use of the Mortgaged Property.	13a	Review
                                         the Mortgagor’s Counsel Opinion and Asset Status Reports for an indication of pending
                                         or filed action, suit or proceeding, arbitration or governmental investigation involving
                                         any Mortgagor, guarantor, or Mortgagor’s interest in the Mortgaged Property that
                                         existed on the origination date, and review the Asset Status Reports for notation that
                                         the Mortgage Loan Seller’s had knowledge of same as of the Closing Date. If such
                                         indication or notation is not found, it will be a Test pass.

         

         

         
	Mortgagor’s  Counsel
    Opinion; Asset Status Reports
	13b	Review
    the Asset Status Reports for notation of adverse outcome of any such  pending, filed or threatened action, suit
    or proceeding, arbitration or governmental investigation involving any Mortgagor, guarantor, or Mortgaged Property would adversely
    affect the matters set forth in clauses (a)-(h) of representation and warranty 13. If no such notation is found, it 	Asset
    Status Reports

 

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	Representations
    and Warranties	          Test	Review
    Materials
	 	 	will
    be a Test pass.	 
	14. Escrow
    Deposits.  All escrow deposits and payments required to be escrowed with Mortgagee pursuant to each Mortgage
    Loan are in the possession, or under the control, of the Seller or its servicer, and there are no deficiencies (subject to
    any applicable grace or cure periods) in connection therewith, and all such escrows and deposits (or the right thereto) that
    are required to be escrowed with Mortgagee under the related Mortgage Loan documents are being conveyed by the Seller to Depositor
    or its servicer.	14a	Review
    the Asset Status Reports for an indication of any escrow deposits and payments required pursuant to the Mortgage Loan not
    in the Mortgage Loan Seller or its servicer’s possession or control. If no such notation is found, it will be a Test
    pass.	Asset
    Status Reports
	14b	Review
    the Asset Status Reports for notation of any deficiencies (subject to any applicable grace or cure periods) in connection
    therewith, or that such escrows and deposits (or the right thereto) that are required to be escrowed with the Mortgagee under
    the related Mortgage Loan Documents have not been conveyed by the Mortgage Loan Seller to Depositor or its servicer. If no
    such notation is found,  it will be a Test pass.	Asset
    Status Reports
	15.  No
                                         Holdbacks. The principal amount of the Mortgage Loan stated on the Mortgage Loan
                                         Schedule has been fully disbursed as of the Closing Date and there is no requirement
                                         for future advances thereunder (except in those cases where the full amount of the Mortgage
                                         Loan has been disbursed but a portion thereof is being held in escrow or reserve accounts
                                         pending the satisfaction of certain conditions relating to leasing, repairs or other
                                         matters with respect to the related Mortgaged Property, the Mortgagor or other considerations
                                         determined by the Seller to merit such holdback).

         

         

         
	15a	Review
    the Mortgage Loan Documents and closing settlement statement for an indication that the principal amount of the Mortgage Loan
    was fully disbursed as of the Closing Date. If such an indication if found, it will be a Test pass.	Mortgage
    Loan Documents; closing settlement statement
	15b	Review
the Mortgage Loan Documents for an indication that there is a requirement for future advances by the lender (except in those cases
where the full amount of the Mortgage Loan has been disbursed but a portion thereof is being held in escrow or reserve accounts
pending the satisfaction of certain conditions relating to leasing, repairs or other matters with respect to the related Mortgaged
Property, the Mortgagor or other considerations determined by the Mortgage Loan Seller to merit such holdback). If no such indication
is found, it will be a Test pass. 

         
	Mortgage
    Loan Documents 
	16. Insurance.
Each related Mortgaged Property is, and is required pursuant to the related Mortgage to be, insured by a property insurance policy
providing coverage for loss in accordance with coverage found under a “special cause of loss form” or “all risk
form” that includes replacement cost valuation issued by an insurer meeting the requirements of the related Mortgage Loan
documents and having a claims-paying or financial strength rating of at least “A-:VIII” from A.M. Best Company or
“A3” (or the equivalent) from Moody’s Investors Service, Inc. or “A-” from Standard & Poor’s
Ratings Services (collectively the “Insurance Rating Requirements”), in an amount (subject to a customary deductible)
not less than the lesser of (1) the original 
	16a	Review
    the insurance coverage review document for an indication that the Mortgaged Property is insured by a property insurance policy
    providing coverage for loss in accordance with coverage found under a “special cause of loss form” or “all-risk
    form” that includes replacement cost valuation issued by an insurer meeting the requirements of the Mortgage Loan Documents
    and Insurance Rating Requirements, in an amount not less than the lesser of (1) the original principal balance of any Mortgage
    Loan and (2) the full insurable value on a replacement cost basis of the improvements, furniture, furnishings, fixtures and
    equipment owned by the mortgagor and included in the Mortgaged Property (with no deduction for physical 	Insurance
    Coverage Review Document

 

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	Representations
    and Warranties	          Test	Review
    Materials
	
        principal balance of the Mortgage
        Loan and (2) the full insurable value on a replacement cost basis of the improvements, furniture, furnishings, fixtures and
        equipment owned by the Mortgagor and included in the Mortgaged Property (with no deduction for physical depreciation), but, in
        any event, not less than the amount necessary or containing such endorsements as are necessary to avoid the operation of any coinsurance
        provisions with respect to the related Mortgaged Property.

         

        Each related Mortgaged Property
        is also covered, and required to be covered pursuant to the related Mortgage Loan documents, by business interruption or rental
        loss insurance that (subject to a customary deductible) covers a period of not less than 12 months (or with respect to each
        Mortgage Loan on a single asset with a principal balance of $50 million or more, 18 months).

         

        If any material part of the improvements,
        exclusive of a parking lot, located on a Mortgaged Property is in an area identified in the Federal Register by the Federal Emergency
        Management Agency as a “Special Flood Hazard Area,” the related Mortgagor is required to maintain insurance in the
        maximum amount available under the National Flood Insurance Program.

         

        If the Mortgaged Property is located
        within 25 miles of the coast of the Gulf of Mexico or the Atlantic coast of Florida, Georgia, South Carolina or North Carolina,
        the related Mortgagor is required to maintain coverage for windstorm and/or windstorm related perils and/or “named storms”
        issued by an insurer meeting the Insurance Rating Requirements or endorsement covering damage from windstorm and/or windstorm related
        perils and/or named storms.

         

        The Mortgaged Property is covered, and required
to be covered pursuant to the related Mortgage Loan documents, by a commercial general liability insurance policy issued by an
insurer meeting the Insurance Rating Requirements including coverage for property damage, contractual damage and personal injury
(including bodily injury and death) in amounts as are generally required by prudent
	 	depreciation), but, in any event, not less than the amount necessary or containing such endorsements as are necessary to avoid the operation of any coinsurance provisions with respect to the Mortgaged Property. If such indication is found, it will be a Test pass.	 
	16b	
        Review the Mortgage Loan Documents for provisions requiring
the insurance coverage as stated in Test 16a above. If such provisions are found, it will be a Test pass.

         
	Mortgage Loan Documents
	16c	
        Review the Mortgage Loan Documents for provisions requiring
business interruption or rental loss insurance that covers a period of not less than 12 months (or with respect to a Mortgage
Loan with a principal balance of $50 million or more, 18 months). If such provisions are found, it will be a Test pass. 

         
	Mortgage Loan Documents
	16d	
        Review the Mortgage Loan Documents for provisions requiring
that if any material part of the improvements, exclusive of a parking lot, located on a Mortgaged Property is in an area identified
in the Federal Register by the Federal Emergency Management Agency as a “Special Flood Hazard Area,” the related Mortgagor
is required to maintain insurance in the maximum amount available under the National Flood Insurance Program. If such provisions
are found, it will be a Test pass.

         
	Mortgage Loan Documents
	16e	
        Review the Mortgage Loan Documents for provisions requiring
that if the Mortgaged Property is located within 25 miles of the coast of the Gulf of Mexico or the Atlantic coast of Florida,
Georgia, South Carolina or North Carolina, the related Mortgagor is required to maintain coverage for windstorm and/or windstorm
related perils and/or “named storms” issued by an insurer meeting the Insurance Rating Requirements or endorsement
covering damage from windstorm and/or windstorm related perils and/or named storms. If such provisions are found, it will be a
Test pass. 
	Insurance Coverage Review Document; 

 

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	Representations
    and Warranties	          Test	Review
    Materials
	institutional
                                         commercial mortgage lenders, and in any event not less than $1 million per occurrence
                                         and $2 million in the aggregate.

         

        An
        architectural or engineering consultant has performed an analysis of each of the Mortgaged Properties located in seismic
        zones 3 or 4 in order to evaluate the structural and seismic condition of such property, for the sole purpose of assessing
        the scenario expected limit (“SEL”) for the Mortgaged Property in the event of an earthquake. In such
        instance, the SEL was based on a 475-year return period, an exposure period of 50 years and a 10% probability of exceedance.
        If the resulting report concluded that the SEL would exceed 20% of the amount of the replacement costs of the improvements,
        earthquake insurance on such Mortgaged Property was obtained from an insurer rated at least “A:VIII” by A.M.
        Best Company or “A3” (or the equivalent) from Moody’s Investors Service, Inc. or “A-” by
        Standard & Poor’s Ratings Services in an amount not less than 100% of the SEL.

         

        The
        Mortgage Loan documents require insurance proceeds in respect of a property loss to be applied either (a) to the
        repair or restoration of all or part of the related Mortgaged Property, with respect to all property losses in excess
        of 5% of the then outstanding principal amount of the related Mortgage Loan (or related whole loan), the Mortgagee (or
        a trustee appointed by it) having the right to hold and disburse such proceeds as the repair or restoration progresses,
        or (b) to the payment of the outstanding principal balance of such Mortgage Loan together with any accrued interest
        thereon.

         

        All
premiums on all insurance policies referred to in this section required to be paid as of the Cut-off Date have been paid, and
such insurance policies name the Mortgagee under the Mortgage Loan and its successors and assigns as a loss payee under a mortgagee
endorsement clause or, in the case of the general liability insurance policy, as named or additional insured. Such insurance policies
will inure to the benefit of the Trustee. Each related Mortgage Loan obligates the related Mortgagor to maintain all such insurance
and, at such Mortgagor’s failure to do so, authorizes the Mortgagee to 
	 	 	 
	16f	Review
the insurance coverage review document for an indication that the Mortgaged Property is covered by a commercial general liability
insurance policy issued by an insurer meeting the Insurance Rating Requirements, including coverage for property damage, contractual
damage and personal injury (including bodily injury and death) in amounts as are generally required by prudent institutional commercial
mortgage lenders, and in any event not less than $1 million per occurrence and $2 million in the aggregate. If such indication
is found, it will be a Test pass.

         
	Insurance
    Coverage Review Document
	16g	Review
the Mortgage Loan Documents for provisions requiring the insurance coverage as stated in test 16f above. If such provisions are
found, it will be a Test pass.

         
	Mortgage
    Loan Documents
	16h	Review
the Mortgage File for an architectural or engineering analysis of each of the Mortgaged Properties located in seismic zones 3
or 4 in order to evaluate the structural and seismic condition of such property, for the sole purpose of assessing the scenario
expected limit (“SEL”) for the Mortgaged Property in the event of an earthquake. In such instance, the SEL
was based on a 475-year return period, an exposure period of 50 years and a 10% probability of exceedance. If such a report is
found, it will be a Test pass.

         
	Architectural
    or Engineering Analysis assessing the scenario expected limit (“SEL”).
	16i	If
the resulting report referenced in Test 16h concluded that the SEL would exceed 20% of the amount of the replacement costs of
the improvements, review the insurance coverage review document for an indication that earthquake insurance on such Mortgaged
Property was obtained from an insurer rated at least “A:VIII” by A.M. Best Company or “A3” (or the equivalent)
from Moody’s Investors Service, Inc. or “A-” by Standard & Poor’s Ratings Services in an amount not
less than 100% of the SEL. Review the insurance coverage review document for 
	Insurance
    Coverage Review Document

 

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	Representations
    and Warranties	          Test	Review
    Materials
	maintain such insurance at the Mortgagor’s reasonable cost and expense and to charge such Mortgagor for related premiums.  All such insurance policies (other than commercial liability policies) require at least 10 days’ prior notice to the Mortgagee of termination or cancellation arising because of nonpayment of a premium and at least 30 days’ prior notice to the Mortgagee of termination or cancellation (or such lesser period, not less than 10 days, as may be required by applicable law) arising for any reason other than non-payment of a premium and no such notice has been received by the Seller.	 	provisions requiring that insurance proceeds in respect of a property loss be applied either (a) to the repair or restoration of all or part of the related Mortgaged Property, with respect to all property losses in excess of 5% of the then-outstanding principal amount of the  Mortgage Loan, the lender (or a trustee appointed by it) having the right to hold and disburse such proceeds as the repair or restoration progresses, or (b) to the payment of the outstanding principal balance of such Mortgage Loan together with any accrued interest thereon. If such indication is found, it will be a Test pass. 
	 
	16j	Review the Mortgage Loan Documents for provisions that  require insurance proceeds in respect of a property loss to be applied either (a) to the repair or restoration of all or part of the related Mortgaged Property, with respect to all property losses in excess of 5% of the then outstanding principal amount of the related Mortgage Loan (or related Whole Loan), the Mortgagee (or a trustee appointed by it) having the right to hold and disburse such proceeds as the repair or restoration progresses, or (b) to the payment of the outstanding principal balance of such Mortgage Loan together with any accrued interest thereon.  If such provisions are found, it will be a Test pass.	Mortgage Loan Documents
	16k	Review the insurance coverage review document for an indication that all premiums on all insurance policies referred to in this section required to be paid as of the Cut-off Date have been paid, and such insurance policies name the Mortgagee under the Mortgage Loan and its successors and assigns as a loss payee under a mortgagee endorsement clause or, in the case of the general liability insurance policy, as named or additional insured. If such evidence is found, it will be a Test pass.	Insurance Coverage Review Document
	16l	Review the insurance coverage review document for an indication that the insurance will inure to the benefit of the trustee. If such indication is found, it will be a Test pass.	Insurance Coverage Review Document
	16m	Review the Mortgage Loan Documents for an indication that any 	Mortgage Loan Documents

 

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	Representations
    and Warranties	          Test	Review
    Materials
	 	 	Mortgage
    Loan obligates the Mortgagor to maintain all such insurance and, at such Mortgagor’s failure to do so, authorizes the
    lender to maintain such insurance at the Mortgagor’s cost and expense and to charge such Mortgagor for related premiums.
    If such indication is found, it will be a Test pass.	 
	 	16n	Review
the insurance coverage review document for an indication that the insurance policies (other than commercial liability policies)
require at least 10 days’ prior notice to the lender of termination or cancellation arising because of nonpayment of a premium
and at least 30 days’ prior notice to the lender of termination or cancellation (or such lesser period, not less than 10
days, as may be required by applicable law) arising for any reason other than non-payment of a premium. If such indication is
found, it will be a Test pass.

         
	Insurance
    Coverage Review Document
	 	16o	Review
the Asset Status Reports for notation that any notice described in Test 16n may have been received by the Mortgage Loan Seller.
If no such notation is found, it will be a Test pass. 

         
	Asset
    Status Reports
	17. Access;
                                         Utilities; Separate Tax Lots. Based solely on evaluation of the Title Policy (as
                                         defined in paragraph (6) of this Exhibit C) and survey, if any, an engineering
                                         report or property condition assessment as described in paragraph (10) of this
                                         Exhibit C, applicable local law compliance materials as described in paragraph (24)
                                         of this Exhibit C, and the ESA (as defined in paragraph (40) of this Exhibit
                                         C), each Mortgaged Property (a) is located on or adjacent to a public road and has
                                         direct legal access to such road, or has access via an irrevocable easement or irrevocable
                                         right of way permitting ingress and egress to/from a public road, (b) is served
                                         by or has uninhibited access rights to public or private water and sewer (or well and
                                         septic) and all
	17a	Review
    the zoning report for an indication that each Mortgaged Property is located on or adjacent to a public road and has direct
    legal access to such road, or has access via an irrevocable easement or irrevocable right of way permitting ingress and egress
    to/from a public road. If such indication is found, it will be a Test pass.	Zoning
    Report
	17b	Review
    the zoning report for an indication that each Mortgaged Property is served by or has uninhibited access rights to public or
    private water and sewer (or well and septic) and all required utilities, all of which are appropriate for the current use
    of the Mortgaged Property.  If such indication is found, it will be a Test pass.	Zoning
    Report

 

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	Representations
    and Warranties	          Test	Review
    Materials
	required
    utilities, all of which are appropriate for the current use of the Mortgaged Property, and (c) constitutes one or more
    separate tax parcels which do not include any property which is not part of the Mortgaged Property or is subject to an endorsement
    under the related Title Policy insuring the Mortgaged Property, or in certain cases, an application has been, or will be,
    made to the applicable governing authority for creation of separate tax lots, in which case the Mortgage Loan requires the
    Mortgagor to escrow an amount sufficient to pay taxes for the existing tax parcel of which the Mortgaged Property is a part
    until the separate tax lots are created.	17c	Review
    the Title Policy for an indication that each Mortgaged Property constitutes one or more separate tax parcels and does not
    include any property which is not part of the Mortgaged Property or is subject to an endorsement under the most recently dated  Title
    Policy insuring the Mortgaged Property, or in certain cases, an application has been made to the applicable governing authority
    for creation of separate tax lots, in which case any Mortgage Loan requires the Mortgagor to escrow an amount sufficient to
    pay taxes for the existing tax parcel of which the Mortgaged Property is a part until the separate tax lots are created. If
    such indication is found, it will be a Test pass. 
	Title
    Policy
	18. No
    Encroachments.  To the Seller’s knowledge based solely on surveys obtained in connection with origination
    and the Mortgagee’s Title Policy (or, if such policy is not yet issued, a pro forma title policy, a preliminary title
    policy with escrow instructions or a “marked up” commitment) obtained in connection with the origination of each
    Mortgage Loan, all material improvements that were included for the purpose of determining the appraised value of the related
    Mortgaged Property at the time of the origination of such Mortgage Loan are within the boundaries of the related Mortgaged
    Property, except encroachments that do not materially and adversely affect the value or current use of such Mortgaged Property
    or for which insurance or endorsements were obtained under the Title Policy.  No improvements on adjoining parcels
    encroach onto the related Mortgaged Property except for encroachments that do not materially and adversely affect the value
    or current use of such Mortgaged Property or for which insurance or endorsements were obtained under the Title Policy.  No
    improvements encroach upon any easements except for encroachments the removal of which would not materially and adversely
    affect the value or current use of such Mortgaged Property or for which insurance or endorsements were obtained under the
    Title Policy.	18a	Review
the survey and Title Policy for an indication that all material improvements that were included for the purpose of determining
the appraised value of the Mortgaged Property at the time of the origination of such Mortgage Loan are within the boundaries of
the related Mortgaged Property, except encroachments that do not materially and adversely affect the value or current use of such
Mortgaged Property, or are insured by applicable provisions of the most recently dated Title Policy. If such an indication is
found, it will be a Test pass.

         
	Survey;
    Title Policy
	18b	Review
the survey and Title Policy for an indication that there exist improvements on adjoining parcels that encroach onto the Mortgaged
Property that could materially and adversely affect the value or current use of such Mortgaged Property, which are not insured
by applicable provisions of the most recently dated Title Policy. If no such indication is found, it will be a Test pass. 

         
	Survey;
    Title Policy
	18c	Review
the survey or Title Policy for an indication that there exist improvements that encroach upon any easements and the removal of
such encroachments could materially and adversely affect the value or current use of such Mortgaged Property and are not insured
by applicable provisions of the most recently dated Title Policy. If no such indication is found, it will be a Test pass. 
	Survey;
    Title Policy

 

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	Representations
    and Warranties	          Test	Review
    Materials
	19.  No
    Contingent Interest or Equity Participation.  No Mortgage Loan has a shared appreciation feature, any other
    contingent interest feature or a negative amortization feature or an equity participation by the Seller (except that any ARD
    Loan may provide for the accrual of the portion of interest in excess of the rate in effect prior to its related Anticipated
    Repayment Date).	19a	Review
the Asset Status Reports for notation of shared appreciation or any other contingent interest provisions. Review the Mortgage
Loan Documents for an indication of any negative amortization feature (other than the accrual of the portion of interest on any
ARD Loan in excess of the rate in effect prior to the Anticipated Repayment Date), or an equity participation provision. If no
such notation or indication is found, it will be a Test pass.

         
	Asset
    Status Reports; Mortgage Loan Documents 
	20.  REMIC.
                                         The Mortgage Loan is a “qualified mortgage” within the meaning of Section 860G(a)(3)
                                         of the Code (but determined without regard to the rule in Treasury Regulations Section 1.860G-2(f)(2)
                                         that treats certain defective mortgage loans as qualified mortgages), and, accordingly,
                                         (A) the issue price of the Mortgage Loan to the related Mortgagor at origination
                                         did not exceed the non-contingent principal amount of the Mortgage Loan and (B) either:
                                         (a) such Mortgage Loan is secured by an interest in real property (including buildings
                                         and structural components thereof, but excluding personal property) having a fair market
                                         value (i) at the date the Mortgage Loan (or related whole loan) was originated at
                                         least equal to 80% of the adjusted issue price of the Mortgage Loan (or related whole
                                         loan) on such date or (ii) at the Closing Date at least equal to 80% of the adjusted
                                         issue price of the Mortgage Loan (or related whole loan) on such date, provided
                                         that for purposes hereof, the fair market value of the real property interest must first
                                         be reduced by (A) the amount of any lien on the real property interest that is senior
                                         to the Mortgage Loan and (B) a proportionate amount of any lien that is in parity
                                         with the Mortgage Loan; or (b) substantially all of the proceeds of such Mortgage
                                         Loan were used to acquire, improve or protect the real property which served as the only
                                         security for such Mortgage Loan (other than a recourse feature or other third-party credit
                                         enhancement within the meaning of Treasury Regulations Section 1.860G-2(a)(1)(ii)).
                                         If the Mortgage Loan was “significantly modified” prior to the Closing Date
                                         so as to result in a taxable exchange under Section 1001 of the Code, it either
                                         (x) was modified as a result of
         

         

         
	20a	Review
    the origination settlement statement and Mortgage Note for an indication that the proceeds advanced by the lender did not
    exceed the stated principal amount of the Mortgage Note. If such an indication is found, it will be a Test pass.	Settlement
    Statement; Mortgage Note
	20b	Review
    the most recent appraisal and Mortgage Loan Documents for an indication that either (a) the Mortgage Loan or Whole Loan is
    secured by an interest in real property (including buildings and structural components thereof, but excluding personal property)
    having a fair market value (i) at the date such Mortgage Loan or Whole Loan was originated at least equal to 80% of the initial
    principal amount of any Mortgage Loan or Whole Loan on such date or (ii) at the Closing Date at least equal to 80% of the
    outstanding principal amount of the  Mortgage Loan or Whole Loan on such date, provided that for purposes of clauses
    (i) and (ii) above, the fair market value of the real property interest must first be reduced by (A) the amount of any lien
    on the real property interest that is senior to such Mortgage Loan and (B) a proportionate amount of any lien that is in parity
    with such Mortgage Loan, or (b) substantially all of the proceeds of such Mortgage Loan were used to acquire, improve or protect
    the real property which served as the only security for such Mortgage Loan (other than a recourse feature or other third-party
    credit enhancement within the meaning of Treasury Regulations Section 1.860G-2(a)(1)(ii)).  If such an indication
    is found, it will be a Test pass.	Appraisal;
    Mortgage Loan Documents;
	20c	Review
    the Asset Status Reports for a notation that the Mortgage Loan was modified prior to the Closing Date, and if so, if the modification
    was made as to result in a taxable exchange under 	Asset
    Status Reports

 

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	Representations
    and Warranties	          Test	Review
    Materials
	the default or reasonably foreseeable default of such Mortgage Loan or (y) satisfies the provisions of either sub-clause (B)(a)(i) above (substituting the date of the last such modification for the date the Mortgage Loan was originated) or sub-clause (B)(a)(ii), including the proviso thereto.  Any prepayment premium and yield maintenance charges applicable to the Mortgage Loan constitute “customary prepayment penalties” within the meaning of Treasury Regulations Section 1.860G-1(b)(2).  All terms used in this paragraph shall have the same meanings as set forth in the related Treasury Regulations.	 	Section 1001 of the Code, it either (x) was modified as a result of the default or reasonably foreseeable default of such Mortgage Loan or (y) satisfies the provisions of either sub-clause (B)(i) in the first sentence of representation and warranty 22 (substituting the date of the last such modification for the date any Mortgage Loan was originated) or sub clause (B)(ii) in the first sentence of representation and warranty 22, including the proviso thereto. If there were any such modifications, and they satisfy the above conditions, it will be a Test pass.	 
	20d	Review the Asset Status Reports for notation of any claim or assertion to the effect that the prepayment premium and yield maintenance charges applicable to any Mortgage Loan do not constitute “customary prepayment penalties”. If no such notation is found, it will be a Test pass.	Asset Status Reports
	
        21. Compliance with Usury
        Laws. The Mortgage Rate (exclusive of any default interest, late charges, yield maintenance charge, or prepayment premiums)
        of such Mortgage Loan complied as of the date of origination with, or was exempt from, applicable state or federal laws, regulations
        and other requirements pertaining to usury.

         

         

         
	23a	
        Review the Asset Status Reports for notation of any
claim or assertion to the effect that the Mortgage Rate (exclusive of any default interest, late charges, yield maintenance charge,
or prepayment premiums) of such Mortgage Loan did not comply as of the date of origination with, or was not exempt from, applicable
state or federal laws, regulations and other requirements pertaining to usury. If no such notation is found, it will be a Test
pass. 

         
	Asset Status Reports
	22.  Authorized to do Business.  To the extent required under applicable law, as of the Cut-off Date or as of the date that such entity held the Mortgage Note, each holder of the Mortgage Note was authorized to originate, acquire and/or hold (as applicable) the Mortgage Note in the jurisdiction in which each related Mortgaged Property is located, or the failure to be so authorized does not materially and adversely affect the enforceability of such Mortgage Loan by the Trust.	24a	
        Review the Asset Status Reports for notation that as
of the Cut-off Date, or as of the date that such entity held the Mortgage Note, any holder of the Mortgage Note was not authorized
to originate, acquire and/or hold (as applicable) the Mortgage Note in the jurisdiction in which each related Mortgaged Property
is located, or the failure to be so authorized materially and adversely affects the enforceability of such Mortgage Loan by the
Trust. If no such notation is found, it will be a Test pass.

         
	Asset Status Reports
	23.  Trustee under Deed of Trust.  With respect to each Mortgage which is a deed of trust, as of the date of origination and, to the	23a	Review the Mortgage Loan Documents for an indication that as of the date of origination, a trustee, duly qualified under	Mortgage Loan Documents

 

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	Representations
    and Warranties	          Test	Review
    Materials
	Seller’s
    knowledge, as of the Closing Date, a trustee, duly qualified under applicable law to serve as such, currently so serves and
    is named in the deed of trust or has been substituted in accordance with the Mortgage and applicable law or may be substituted
    in accordance with the Mortgage and applicable law by the related Mortgagee.	 	applicable
law to serve as such, currently so serves and is named in the deed of trust or has been substituted in accordance with the Mortgage
and applicable law or may be substituted in accordance with the Mortgage and applicable law by the related Mortgagee. If such
an indication is found, it will be a Test pass. 

         
	 
	23b	Review
the Asset Status Reports for notation that, to the Mortgage Loan Seller’s knowledge, as of the Closing Date, no trustee,
duly qualified under applicable law to serve as such, currently so serves and is named in the deed of trust or has been substituted
in accordance with the Mortgage and applicable law or may be substituted in accordance with the Mortgage and applicable law by
the related Mortgagee. If no such notation is found, it will be a Test pass. 

         
	Asset
    Status Reports
	24. Local
Law Compliance. To the Seller’s knowledge, based upon any of a letter from any governmental authorities, a legal opinion,
an architect’s letter, a zoning consultant’s report, an endorsement to the related Title Policy, a survey or other
affirmative investigation of local law compliance consistent with the investigation conducted by the Seller for similar commercial
and multifamily mortgage loans intended for securitization, there are no material violations of applicable zoning ordinances,
building codes and land laws (collectively “Zoning Regulations”) with respect to the improvements located on
or forming part of each Mortgaged Property securing a Mortgage Loan as of the date of origination of such Mortgage Loan (or related
whole loan, as applicable) or as of the Cut-off Date, other than those which (i) are insured by the Title Policy or a law and
ordinance insurance policy or (ii) would not have a material adverse effect on the value, operation or net operating income of
the Mortgaged Property. The terms of the Mortgage Loan documents require the Mortgagor to comply in all material respects with
all applicable governmental regulations, zoning and building laws.

         
	24a	Review
the zoning report and title policy for an indication that there are no material violations of applicable zoning ordinances, building
codes and land laws (collectively “Zoning Regulations”) with respect to the improvements located on or forming
part of each Mortgaged Property securing a Mortgage Loan as of the date of origination of such Mortgage Loan (or related Whole
Loan, as applicable) or as of the Cut-off Date, other than those which (i) are insured by the Title Policy or a law and ordinance
insurance policy or (ii) would not have a material adverse effect on the value, operation or net operating income of the Mortgaged
Property. If such indication is found, it will be a Test pass.

         
	Zoning
    Report; Title Policy
	24b	Review
the Mortgage Loan Documents for provisions that require the Mortgagor to comply in all material respects with all applicable governmental
regulations, zoning and building laws. If such provisions are found, it will be a Test pass. 

         
	Mortgage
    Loan Documents
	25. Licenses
    and Permits.  Each Mortgagor covenants in the Mortgage Loan documents that it shall keep all material licenses,
    permits, franchises and applicable governmental authorizations
	25a	Review
    the Mortgage Loan Documents for an indication that each Mortgagor has covenanted to keep all material licenses, permits, franchises
    and applicable governmental authorizations	Mortgage
    Loan Documents

 

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	Representations and Warranties	          Test	Review Materials
	necessary for its operation of the Mortgaged Property in full force and effect, and to the Seller’s knowledge based upon any of a letter from any government authorities or other affirmative investigation of local law compliance consistent with the investigation conducted by the Seller for similar commercial and multifamily mortgage loans intended for securitization, all such material licenses, permits, franchises and applicable governmental authorizations are in effect or the failure to obtain or maintain such material licenses, permits, franchises and applicable governmental authorizations does not materially and adversely affect the use and/or operation of the Mortgaged Property as it was used and operated as of the date of origination of the related Mortgage Loan or the rights of a holder of the related Mortgage Loan.  The Mortgage Loan requires the related Mortgagor to be qualified to do business in the jurisdiction in which the related Mortgaged Property is located.	 	
        necessary for its operation of the Mortgaged Property in full
        force and effect. If such an indication is found, it will be a Test pass.

         
	 
	25b	
        Review the Asset Status Reports for notation that, to the Mortgage
        Loan Seller’s knowledge, any material licenses, permits, franchises and applicable governmental authorizations are not in
        effect or the failure to obtain or maintain such material licenses, permits, franchises and applicable governmental authorizations
        materially and adversely affects the use and/or operation of the Mortgaged Property as it was used and operated as of the date
        of origination of the Mortgage Loan or the rights of a holder of the related Mortgage Loan. If no such notation is found, it will
        be a Test pass.

         
	Asset Status Reports
	25c	
        Review the Mortgage Loan Documents for provisions requiring
        the Mortgagor to be qualified to do business in the jurisdiction in which the Mortgaged Property is located. If such provisions
        are found, it will be a Test pass.

         
	Mortgage Loan Documents
	26.  Recourse Obligations.  The Mortgage Loan documents for each Mortgage Loan provide that such Mortgage Loan (a) becomes full recourse to the Mortgagor and guarantor (which is a natural person or persons, or an entity distinct from the Mortgagor (but may be affiliated with the Mortgagor) that has assets other than equity in the related Mortgaged Property that are not de minimis) in any of the following events:  (i) if any voluntary petition for bankruptcy, insolvency, dissolution or liquidation pursuant to federal bankruptcy law, or any similar federal or state law, shall be filed by the Mortgagor; (ii) the Mortgagor or guarantor shall have colluded with (or, alternatively, solicited or caused to be solicited) other creditors to cause an involuntary bankruptcy filing with respect to the Mortgagor or (iii) voluntary transfers of either the Mortgaged Property or equity interests in Mortgagor made in violation of the Mortgage Loan documents; and (b) contains provisions providing for recourse against the Mortgagor and guarantor (which is a natural person or persons, or an entity distinct from the Mortgagor (but may be affiliated with	26a	Review the Mortgage Loan Documents for provisions permitting full recourse to the Mortgagor and guarantor in connection with the events or circumstances set forth in clauses (a)(i) through (a)(iii) of representation and warranty 26. If such provisions are found, it will be a Test pass.	Mortgage Loan Documents
	26b	Review
the Mortgage Loan Documents for provisions permitting recourse against the Mortgagor and guarantor in connection with the events
or circumstances set forth in clauses (b)(i) through (b)(v) of representation and warranty 26. If such provisions are found, it
will be a Test pass.

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 
	Mortgage Loan Documents

 

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	Representations and Warranties	          Test	Review Materials
	the Mortgagor) that has assets other than equity in the related Mortgaged Property that are not de minimis), for losses and damages sustained by reason of Mortgagor’s (i) misappropriation of rents after the occurrence of an event of default under the Mortgage Loan; (ii) misappropriation of (A) insurance proceeds or condemnation awards or (B) security deposits or, alternatively, the failure of any security deposits to be delivered to Mortgagee upon foreclosure or action in lieu thereof (except to the extent applied in accordance with leases prior to a Mortgage Loan event of default); (iii) fraud or intentional material misrepresentation; (iv) breaches of the environmental covenants in the Mortgage Loan documents; or (v) commission of intentional material physical waste at the Mortgaged Property (but, in some cases, only to the extent there is sufficient cash flow generated by the related Mortgaged Property to prevent such waste).	 	 	 
	27.  Mortgage Releases.  The terms of the related Mortgage or related Mortgage Loan documents do not provide for release of any material portion of the Mortgaged Property from the lien of the Mortgage except (a) a partial release, accompanied by principal repayment, of not less than a specified percentage at least equal to the lesser of (i) 110% of the related allocated loan amount of such portion of the Mortgaged Property and (ii) the outstanding principal balance of the Mortgage Loan, (b) upon payment in full of such Mortgage Loan, (c) upon a Defeasance defined in (32) below, (d) releases of out-parcels that are unimproved or other portions of the Mortgaged Property which will not have a material adverse effect on the underwritten value of the Mortgaged Property and which were not afforded any material value in the appraisal obtained at the origination of the Mortgage Loan and are not necessary for physical access to the Mortgaged Property or compliance with zoning requirements, or (e) as required pursuant to an order of condemnation or taking by a State or any political subdivision or authority thereof.  With respect to any partial release under the preceding clauses (a) or (d), either:  (x) such release of collateral (i) would not constitute a “significant modification” of the subject Mortgage Loan within the meaning of Treasury Regulations Section 1.860G-2(b)(2) and (ii) would not cause the subject Mortgage Loan to fail to be a	27a	Review the Mortgage Loan Documents for provisions stating that the only conditions under which a property may be released during the life of the Mortgage Loan are as set forth in clauses (a) through (e) of the first sentence of representation and warranty 27. If such provisions are found, it will be a Test pass.   	Mortgage Loan Documents
	27b	Review the Mortgage Loan Documents for provisions stating that with respect to any partial release described in clauses (a) or (d) of the first sentence of representation and warranty 27 either: (x) such release of collateral (i) would not constitute a “significant modification” of the subject Mortgage Loan within the meaning of Treasury Regulations Section 1.860G-2(b)(2) and (ii) would not cause the subject Mortgage Loan to fail to be a “qualified mortgage” within the meaning of Section 860G(a)(3)(A) of the Code; or (y) the Mortgagee or servicer can, in accordance with the related Mortgage Loan Documents, condition such release of collateral on the related Mortgagor’s delivery of an opinion of tax counsel to the effect specified in the immediately preceding clause (x).  For purposes of the preceding clause (x), for all Mortgage Loans originated after December 6, 2010, if the fair market value of the real property constituting such Mortgaged Property (reduced by (1) the amount of any lien on the real property that is senior to the Mortgage Loan and (2) a proportionate amount of any lien on the real property that is in   	Mortgage Loan Documents

 

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        “qualified mortgage”
        within the meaning of Section 860G(a)(3)(A) of the Code; or (y) the Mortgagee or servicer can, in accordance with the
        related Mortgage Loan documents, condition such release of collateral on the related Mortgagor’s delivery of an opinion of
        tax counsel to the effect specified in the immediately preceding clause (x). For purposes of the preceding clause (x),
        for all Mortgage Loans originated after December 6, 2010, if the fair market value of the real property constituting such
        Mortgaged Property (reduced by (1) the amount of any lien on the real property that is senior to the Mortgage Loan and (2) a proportionate
        amount of any lien on the real property that is in parity with the Mortgage Loan) after the release is not equal to at least 80%
        of the principal balance of the Mortgage Loan (or related whole loan) outstanding after the release, the Mortgagor is required
        to make a payment of principal in an amount not less than the amount required by the REMIC Provisions.

         

        With respect
        to any partial release under the preceding clause (e), for all Mortgage Loans originated after December 6, 2010,
        the Mortgagor can be required to pay down the principal balance of the Mortgage Loan (or related whole loan) in an amount not less
        than the amount required by the REMIC Provisions and, to such extent, such amount may not be required to be applied to the restoration
        of the Mortgaged Property or released to the Mortgagor, if, immediately after the release of such portion of the Mortgaged Property
        from the lien of the Mortgage (but taking into account the planned restoration) the fair market value of the real property constituting
        the remaining Mortgaged Property (reduced by (1) the amount of any lien on the real property that is senior to the Mortgage Loan
        and (2) a proportionate amount of any lien on the real property that is in parity with the Mortgage Loan) is not equal to at least
        80% of the remaining principal balance of the Mortgage Loan (or related whole loan).

          

        No Mortgage Loan originated after December 6, 2010
        that is secured by more than one Mortgaged Property or that is cross-collateralized with another Mortgage Loan permits the release
        of cross-collateralization of the related Mortgaged Properties or a portion

         
	 	parity with the Mortgage Loan) after the release is not equal to at least 80% of the principal balance of the Mortgage Loan (or related Whole Loan) outstanding after the release, the Mortgagor is required to make a payment of principal in an amount not less than the amount required by the REMIC Provisions. If such provisions are found, it will be a Test pass.	 
	27c	Review the Mortgage Loan Documents for provisions stating that with respect to any partial release described in clauses (e) of the first sentence of representation and warranty 27, for all Mortgage Loans originated after December 6, 2010, the Mortgagor can be required to pay down the principal balance of the Mortgage Loan in an amount not less than the amount required by the REMIC Provisions and, to such extent, such amount may not be required to be applied to the restoration of the Mortgaged Property or released to the Mortgagor, if, immediately after the release of such portion of the Mortgaged Property from the lien of the Mortgage (but taking into account the planned restoration) the fair market value of the real property constituting the remaining Mortgaged Property (reduced by (1) the amount of any lien on the real property that is senior to the Mortgage Loan and (2) a proportionate amount of any lien on the real property that is in parity with the Mortgage Loan) is not equal to at least 80% of the remaining principal balance of the Mortgage Loan (or related Whole Loan). If such provisions are found, it will be a Test pass.	Mortgage Loan Documents
	27d	Review
the Mortgage Loan Documents for provisions stating that, no Mortgage Loan originated after December 6, 2010 that is secured by
more than one Mortgaged Property or that is cross-collateralized with another Mortgage Loan permits the release of cross-collateralization
of the related Mortgaged Properties or a portion thereof, including due to partial condemnation, other than in compliance with
the REMIC Provisions. If such provisions are found, it will be a Test pass.

                                                                               	Mortgage Loan Documents

 

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	Representations and Warranties	          Test	Review Materials
	thereof, including due to partial condemnation, other than in compliance with the REMIC Provisions.	 	 	 
	28.  Financial Reporting and Rent Rolls.  The Mortgage Loan documents for each Mortgage Loan require the Mortgagor to provide the owner or holder of the Mortgage with quarterly (other than for single-tenant properties) and annual operating statements, and quarterly (other than for single-tenant properties) rent rolls for properties that have leases contributing more than 5% of the in-place base rent and annual financial statements.	28a	Review the Mortgage Loan Documents for provisions that require the Mortgagor to provide the owner or holder of the Mortgage with quarterly (other than for single-tenant properties) and annual operating statements. If such provisions are found, it will be a Test pass.	Mortgage Loan Documents
	28b	Review the Mortgage Loan Documents for provisions that require the Mortgagor to provide the owner or holder of the Mortgage with quarterly (other than for single-tenant properties) rent rolls for properties that have leases contributing more than 5% of the in-place base rent and annual financial statements. If such provisions are found, it will be a Test pass.	Mortgage Loan Documents
	29.  Acts of Terrorism Exclusion.  With respect to each Mortgage Loan over $20 million, the related special-form all-risk insurance policy and business interruption policy (issued by an insurer meeting the Insurance Rating Requirements) do not specifically exclude Acts of Terrorism, as defined in the Terrorism Risk Insurance Act of 2002, as amended by the Terrorism Risk Insurance Program Reauthorization Act of 2007, and as amended by the Terrorism Risk Insurance Program Reauthorization Act of 2015 (collectively referred to as “TRIA”), from coverage, or if such coverage is excluded, it is covered by a separate terrorism insurance policy.  With respect to each other Mortgage Loan, the related special all-risk insurance policy and business interruption policy (issued by an insurer meeting the Insurance Rating Requirements) did not, as of the date of origination of the Mortgage Loan, and, to the Seller’s knowledge, do not, as of the Cut-off Date, specifically exclude Acts of Terrorism, as defined in TRIA, from coverage, or if such coverage is excluded, it is covered by a separate terrorism insurance policy.  With respect to each Mortgage Loan, the related Mortgage Loan documents do not expressly waive or prohibit the Mortgagee from requiring coverage for Acts of Terrorism, as defined in TRIA, or damages related thereto; provided, however, that if TRIA or a similar or 	29a	Review the Mortgage Loan Documents to determine if the original principal balance was greater than $20 million.  If so, review the insurance coverage review document for an indication that the special-form all-risk insurance policy and business interruption policy (issued by an insurer meeting the Insurance Rating Requirements) do not specifically exclude acts of terrorism, from coverage, or if they do, there exists a separate terrorism insurance policy related to the Mortgaged Property.  If such an indication is found, it will be a Test pass.	Mortgage Loan Documents; Insurance Coverage Review Document
	29b	Review the Mortgage Loan Documents to determine if the original principal balance was $20 million or less at origination.  If so, review the insurance coverage review document for an indication that the related special all-risk insurance policy and business interruption policy (issued by an insurer meeting the Insurance Rating Requirements) did not, as of the date of origination of the Mortgage Loan, and, based on a review of the Asset Status Reports for lack of notation that to the Mortgage Loan Seller’s knowledge, do not, as of the Cut-off Date, specifically exclude acts of terrorism, from coverage, or if such coverage is excluded, it is covered by a separate terrorism insurance policy. If such conditions are found to exist, it will be a Test pass.	Mortgage Loan Documents; Insurance Coverage Review Document; Asset Status Reports

 

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	Representations and Warranties	          Test	Review Materials
	subsequent statute is not in effect, then, provided that terrorism insurance is commercially available, the Mortgagor under each Mortgage Loan is required to carry terrorism insurance, but in such event the Mortgagor shall not be required to spend more than the Terrorism Cap Amount on terrorism insurance coverage, and if the cost of terrorism insurance exceeds the Terrorism Cap Amount, the Mortgagor is required to purchase the maximum amount of terrorism insurance available with funds equal to the Terrorism Cap Amount.  The “Terrorism Cap Amount” is the specified percentage (which is at least equal to 200%) of the amount of the insurance premium that is payable at such time in respect of the property and business interruption/rental loss insurance required under the related Mortgage Loan documents (without giving effect to the cost of terrorism and earthquake components of such casualty and business interruption/rental loss insurance).	29c	Review the Mortgage Loan Documents for provisions that do not expressly waive or prohibit the Mortgagee from requiring coverage for Acts of Terrorism, as defined in TRIA (as defined in representation and warranty 28), or damages related thereto; provided, however, that if TRIA or a similar or subsequent statute is not in effect, then, provided that terrorism insurance is commercially available, the Mortgagor under each Mortgage Loan is required to carry terrorism insurance, but in such event the Mortgagor shall not be required to spend more than the Terrorism Cap Amount on terrorism insurance coverage, and if the cost of terrorism insurance exceeds the Terrorism Cap Amount, the Mortgagor is required to purchase the maximum amount  of terrorism insurance available with funds equal to the Terrorism Cap Amount.	Mortgage Loan Documents; Insurance Policy
	29d	For
the purpose of testing 29c, the “Terrorism Cap Amount” is the specified percentage (which is at least equal to 200%)
of the amount of the insurance premium that is payable at such time  in respect of the property and business interruption/rental
loss insurance required under the related Mortgage Loan Documents (without giving effect to the cost of terrorism and earthquake
components of such casualty and business interruption/rental loss insurance).

                                                                                 
	N/A
	
        30.  Due on Sale or Encumbrance.
        Subject to specific exceptions set forth below, each Mortgage Loan contains a “due-on-sale” or other such provision
        for the acceleration of the payment of the unpaid principal balance of such Mortgage Loan if, without the consent of the holder
        of the Mortgage (which consent, in some cases, may not be unreasonably withheld) and/or complying with the requirements of the
        related Mortgage Loan documents (which provide for transfers without the consent of the Mortgagee which are customarily acceptable
        to prudent commercial and multifamily mortgage lending institutions lending on the security of property comparable to the related
        Mortgaged Property, including, without limitation, transfers of worn-out or obsolete furnishings, fixtures, or equipment promptly
        replaced with property of equivalent value and functionality and transfers by leases entered into in accordance with the Mortgage
        Loan

	30a	Review the Mortgage Loan Documents for “due-on-sale” or other such provisions for the acceleration of the payment of the unpaid principal balance of such Mortgage Loan in the circumstances described in the first sentence of representation and warranty 30. If such provisions are found, it will be a Test pass.	Mortgage Loan Documents
	30b	Review
the Mortgage Loan Documents for provisions that require that if Rating Agency fees are incurred in connection with the
review of and consent to any transfer or encumbrance, the Mortgagor is responsible for such payment along with all other reasonable
fees and expenses incurred by the Mortgagee relative to such transfer or encumbrance. If such provisions are found, it will be
a Test pass.

                                                                                  

                                                                                 

                                                                                 
	Mortgage Loan Documents

 

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	Representations and Warranties	          Test	Review Materials
	documents),
(a) the related Mortgaged Property, or any equity interest of greater than 50% in the related Mortgagor, is directly or indirectly
pledged, transferred or sold, other than as related to (i) family and estate planning transfers or transfers upon death or
legal incapacity, (ii) transfers to certain affiliates as defined in the related Mortgage Loan documents, (iii) transfers
of less than, or other than, a controlling interest in the related Mortgagor, (iv) transfers to another holder of direct
or indirect equity in the Mortgagor, a specific Person designated in the related Mortgage Loan documents or a Person satisfying
specific criteria identified in the related Mortgage Loan documents, such as a qualified equityholder, (v) transfers of stock
or similar equity units in publicly traded companies or (vi) a substitution or release of collateral within the parameters
of paragraphs (27) and (32) of this Exhibit C or the exceptions thereto set forth on Schedule C, or (vii) as
set forth on Exhibit C-7-1 by reason of any mezzanine debt that existed at the origination of the related Mortgage Loan,
or future permitted mezzanine debt as set forth on Exhibit C-30-1 or (b) the related Mortgaged Property is encumbered
with a subordinate lien or security interest against the related Mortgaged Property, other than (i) any Companion Loan of
any Mortgage Loan or any subordinate debt that existed at origination and is permitted under the related Mortgage Loan documents,
(ii) purchase money security interests (iii) any Mortgage Loan that is cross-collateralized and cross-defaulted with
another Mortgage Loan, as set forth on Exhibit C-30-2 or (iv) Permitted Encumbrances.  The Mortgage or other
Mortgage Loan documents provide that to the extent any Rating Agency fees are incurred in connection with the review of and consent
to any transfer or encumbrance, the Mortgagor is responsible for such payment along with all other reasonable out-of-pocket fees
and expenses incurred by the Mortgagee relative to such transfer or encumbrance.

                                                                                 
	 	 	 
	
        31.  Single-Purpose Entity.
        Each Mortgage Loan requires the Mortgagor to be a Single-Purpose Entity for at least as long as the Mortgage Loan is outstanding.
        Both the Mortgage Loan documents and (with respect to each Mortgage Loan with a Cut-

	31a	
        Review the Mortgage Loan Documents for provisions that require
        that the Mortgagor to be a Single-Purpose Entity (as defined in representation and warranty 31) for at least as long as any Mortgage
        Loan is outstanding. If such provisions are found,

	Mortgage Loan Documents

 

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	Representations and Warranties	          Test	Review Materials
	
        off Date Balance in excess of $10 million) the
        organizational documents of the Mortgagor provide that the Mortgagor is a Single-Purpose Entity, and each Mortgage Loan with a
        Cut-off Date Balance of $30 million or more has a counsel’s opinion regarding non-consolidation of the Mortgagor. For
        this purpose, a “Single-Purpose Entity” shall mean an entity, other than an individual, whose organizational
        documents (or if the Mortgage Loan has a Cut-off Date Balance equal to $10 million or less, its organizational documents or
        the related Mortgage Loan documents) provide substantially to the effect that it was formed or organized solely for the purpose
        of owning and operating one or more of the Mortgaged Properties securing the Mortgage Loans and prohibit it from engaging in any
        business unrelated to such Mortgaged Property or Properties, and whose organizational documents further provide, or which entity
        represented in the related Mortgage Loan documents, substantially to the effect that it does not have any assets other than those
        related to its interest in and operation of such Mortgaged Property or Properties, or any indebtedness other than as permitted
        by the related Mortgage(s) or the other related Mortgage Loan documents, that it has its own books and records and accounts separate
        and apart from those of any other person (other than a Mortgagor for a Mortgage Loan that is cross-collateralized and cross-defaulted
        with the related Mortgage Loan), and that it holds itself out as a legal entity, separate and apart from any other person or entity.

         
	 	it will be a Test pass. 
	 
	31b	Review the Mortgage Loan Schedule for the Cut-off Date Balance of the Mortgage Loan. If the Mortgage Loan had a Cut-off Date Balance in excess of $10 million, review the Mortgage Loan Documents and the Mortgagor’s organizational documents for provisions that require the Mortgagor to be a Single Purpose Entity. If the provisions exist, it will be a Test pass.	Mortgage Loan Schedule; Mortgage Loan Documents; Mortgagor’s organizational documents
	31c	Review
the Mortgage Loan Schedule for the Cut-off Date Balance of the Mortgage Loan. If the Mortgage Loan had a Cut-off Date Balance
in excess of $30 million, review the Mortgagor’s Counsel Opinion regarding non-consolidation of the Mortgagor. If such an
opinion is found, it will be a Test pass.

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 
	Mortgage Loan Schedule; Mortgagor’s Counsel Opinion
	
        32.  Defeasance. With
        respect to any Mortgage Loan that, pursuant to the Mortgage Loan documents, can be defeased (a “Defeasance”),
        (i) the Mortgage Loan documents provide for defeasance as a unilateral right of the Mortgagor, subject to satisfaction of
        conditions specified in the Mortgage Loan documents; (ii) the Mortgage Loan cannot be defeased within two years after the
        Closing Date; (iii) the Mortgagor is permitted to pledge only United States “government securities” within the
        meaning of Treasury Regulations Section 1.860G-2(a)(8)(ii), the revenues from which will, in the case of a full Defeasance,
        be sufficient to make all scheduled payments under the Mortgage

	32a	Review the Mortgage Loan Documents for provisions allowing the Mortgage Loan to be defeased, and if so, whether such Mortgage Loan Documents contain the provisions described in clauses (i) through (vii) of representation and warranty 32. If such provisions are found, it will be a Test pass.	Mortgage Loan Documents

 

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	Representations and Warranties	          Test	Review Materials
	Loan when due, including the entire remaining principal balance on (A) the maturity date, (B) on or after the first date on which payment may be made without payment of a yield maintenance charge or prepayment penalty or (C) if the Mortgage Loan is an ARD Loan, the entire principal balance outstanding on the related Anticipated Repayment Date, and if the Mortgage Loan permits partial releases of real property in connection with partial defeasance, the revenues from the collateral will be sufficient to pay all such scheduled payments calculated on a principal amount equal to a specified percentage at least equal to the lesser of (A) 110% of the allocated loan amount for the real property to be released and (B) the outstanding principal balance of the Mortgage Loan; (iv) the defeasance collateral is not permitted to be subject to prepayment, call, or early redemption; (v) the Mortgagor is required to provide a certification from an independent certified public accountant that the collateral is sufficient to make all scheduled payments under the Mortgage Note as set forth in (iii) above, (vi) if the Mortgagor would continue to own assets in addition to the defeasance collateral, the portion of the Mortgage Loan secured by defeasance collateral is required to be assumed (or the Mortgagee may require such assumption) by a Single-Purpose Entity; (vii) the Mortgagor is required to provide an opinion of counsel that the Mortgagee has a perfected security interest in such collateral prior to any other claim or interest; and (viii) the Mortgagor is required to pay all rating agency fees associated with defeasance (if rating confirmation is a specific condition precedent thereto) and all other reasonable out-of-pocket expenses associated with defeasance, including, but not limited to, accountant’s fees and opinions of counsel.

                                                                                 
	 	 	 
	33.  Fixed Interest Rates.  Each Mortgage Loan bears interest at a rate that remains fixed throughout the remaining term of such Mortgage Loan, except in the case of ARD Loans and in situations where default interest is imposed.	33a	
        Review the Mortgage Loan Documents for an indication that the
        loan has a fixed interest rate that remains fixed throughout the term of such Mortgage Loan, except in the case of ARD Loans and
        situations where default interest is imposed. If such an indication is found, it will be a Test pass.

         
	Mortgage Note; Loan Agreement

 

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	Representations and Warranties	          Test	Review Materials
	
        34.  Ground Leases.
        For purposes of this Exhibit C, a “Ground Lease” shall mean a lease creating a leasehold estate in real property
        where the fee owner as the ground lessor conveys for a term or terms of years its entire interest in the land and buildings and
        other improvements, if any, comprising the premises demised under such lease to the ground lessee (who may, in certain circumstances,
        own the building and improvements on the land), subject to the reversionary interest of the ground lessor as fee owner and does
        not include industrial development agency (IDA) or similar leases for purposes of conferring a tax abatement or other benefit.

         

        With respect to any Mortgage Loan
        where the Mortgage Loan is secured by a leasehold estate under a Ground Lease in whole or in part, and the related Mortgage does
        not also encumber the related lessor’s fee interest in such Mortgaged Property, based upon the terms of the Ground Lease
        and any estoppel or other agreement received from the ground lessor in favor of the Seller, its successors and assigns, the Seller
        represents and warrants that:

         

        a)   The
        Ground Lease or a memorandum regarding such Ground Lease has been duly recorded or submitted for recordation in a form that is
        acceptable for recording in the applicable jurisdiction. The Ground Lease or an estoppel or other agreement received from the ground
        lessor permits the interest of the lessee to be encumbered by the related Mortgage and does not restrict the use of the related
        Mortgaged Property by such lessee, its successors or assigns in a manner that would materially adversely affect the security provided
        by the related Mortgage. No material change in the terms of the Ground Lease had occurred since the origination of the Mortgage
        Loan, except as reflected in any written instruments which are included in the related Mortgage File;

         

        b)   The
        lessor under such Ground Lease has agreed in a writing included in the related Mortgage File (or in such Ground Lease) that the
        Ground Lease may not be amended or

	34a	
        Review the appraisal to determine if the Mortgage Loan is secured
        by a Ground Lease (as defined in representation and warranty 34). If so, review the Title Policy and Mortgage Loan Documents for
        an indication that the related Mortgage does not also encumber the lessor’s fee interest in the Mortgaged Property. If such
        an indication exists, proceed to Tests 34b through 34r.

         

	Appraisal; Mortgage Loan Documents
	34b	Review the Title Policy and Mortgage Loan Documents for an indication that the Ground Lease or memorandum has been recorded or submitted for recordation. If such indication is found, it will be a Test pass.	Title Policy; Mortgage Loan Documents
	34c	Review the Ground Lease and the ground lessor’s estoppel (or other agreement received from the ground lessor) for an indication that the interest of the lessee is permitted to be encumbered by the Mortgage and does not restrict the use of the Mortgaged Property by such lessee, its successors or assigns in a manner that would adversely affect the security provided by the mortgage. If such indication is found, it will be a Test pass.	Ground lease; Ground lessor’s estoppel; Other agreement received from the ground lessor
	34d	Review the Asset Status Reports for notation that, as of the Closing Date, there was a material change in the terms of the Ground Lease since its recordation.  If no such notation is found, it will be a Test pass. If such notation is found, review the Mortgage File for a modification agreement or other such instrument is in the Mortgage File. If the modification agreement or instrument is in the Mortgage File, it will be a Test pass.	Asset Status Reports; Mortgage File
	34e	
        Review the Ground Lease and the ground lessor’s estoppel
        (or other agreement received from the ground lessor) for a provision that the Ground Lease may not be amended, modified, canceled
        or terminated without the prior written consent of the Mortgagee. If such a provision is found, it will be a Test pass.

         

         

	Ground Lease

 

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        modified, or
        canceled or terminated by agreement of lessor and lessee, without the prior written consent of the Mortgagee;

         

        c)   The
        Ground Lease has an original term (or an original term plus one or more optional renewal terms, which, under all circumstances,
        may be exercised, and will be enforceable, by either Mortgagor or the Mortgagee) that extends not less than twenty (20) years
        beyond the stated maturity of the related Mortgage Loan, or ten (10) years past the stated maturity if such Mortgage Loan fully
        amortizes by the stated maturity (or with respect to a Mortgage Loan that accrues on an actual 360 basis, substantially amortizes);

         

        d)   The
        Ground Lease either (i) is not subject to any liens or encumbrances superior to, or of equal priority with, the Mortgage,
        except for the related fee interest of the ground lessor and the Permitted Encumbrances, or (ii) is subject to a subordination,
        non-disturbance and attornment agreement to which the Mortgagee on the lessor’s fee interest in the Mortgaged Property is
        subject;

         

        e)   The
        Ground Lease does not place commercially unreasonably restrictions on the identity of the Mortgagee and the Ground Lease is assignable
        to the holder of the Mortgage Loan and its successors and assigns without the consent of the lessor thereunder (provided that proper
        notice is delivered to the extent required in accordance with the Ground Lease), and in the event it is so assigned, it is further
        assignable by the holder of the Mortgage Loan and its successors and assigns without the consent of (but with prior notice to)
        the lessor;

         

        f)   The Seller has not received
        any written notice of material default under or notice of termination of such Ground Lease. To the Seller’s knowledge, there
        is no material default under such Ground Lease and no condition that, but for the passage of time or giving of notice, would result
        in a material default

	 	 	 
	34f	Review the Ground Lease and the ground lessor’s estoppel (or other agreement received from the ground lessor) for an indication that it has an original term (or an original term plus one or more optional renewal terms, which, under all circumstances, may be exercised, and will be enforceable, by either Mortgagor or the Mortgagee) that extends not less than 20 years beyond the stated maturity of the related Mortgage Loan, or ten years past the stated maturity if such Mortgage Loan fully amortizes by the stated maturity (or with respect to a Mortgage Loan that accrues on an actual 360 basis, substantially amortizes). If such an indication is found, it will be a Test pass.	Ground Lease
	34g	Review the Title Policy for an indication that the Ground Lease is either (i) is not subject to any liens or encumbrances superior to, or of equal priority with, the mortgage, except for the related fee interest of the ground lessor and the Permitted Encumbrances, or (ii) is subject to a subordination, non disturbance and attornment agreement to which the Mortgagee on the lessor’s fee interest in the Mortgaged Property is subject.  If either indication is found, it will be a Test pass.	Title Policy; SNDA
	34h	
        Review the Ground Lease and any estoppel (or other agreement
        of the ground lessor) for an indication that the Ground Lease does not place restrictions on the identity of the Mortgagee and
        the Ground Lease is assignable to the holder of the Mortgage Loan and its successors and assigns without the consent of the lessor
        thereunder (provided that proper notice is delivered to the extent required in accordance with the Ground Lease). If such indication
        is found, it will be a Test pass.

         

         

         

         

         

         

         

         

         

	Ground Lease; Estoppel (or other agreement of the ground lessor)

 

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	Representations and Warranties	          Test	Review Materials
	
        under the terms
        of such Ground Lease and to the Seller’s knowledge, such Ground Lease is in full force and effect as of the Closing Date;

         

        g)   The
        Ground Lease or ancillary agreement between the lessor and the lessee requires the lessor to give to the Mortgagee written notice
        of any default, and provides that no notice of default or termination is effective against the Mortgagee unless such notice is
        given to the Mortgagee;

         

        h)   The
        Mortgagee is permitted a reasonable opportunity (including, where necessary, sufficient time to gain possession of the interest
        of the lessee under the Ground Lease through legal proceedings) to cure any default under the Ground Lease which is curable after
        the Mortgagee’s receipt of notice of any default before the lessor may terminate the Ground Lease;

         

        i)   The
        Ground Lease does not impose any restrictions on subletting that would be viewed as commercially unreasonable by a prudent commercial
        mortgage lender;

         

        j)   Under the terms of the
        Ground Lease, an estoppel or other agreement received from the ground lessor and the related Mortgage (taken together), any related
        insurance proceeds or the portion of the condemnation award allocable to the ground lessee’s interest (other than (i) de
        minimis amounts for minor casualties or (ii) in respect of a total or substantially total loss or taking as addressed in subpart (k))
        will be applied either to the repair or to restoration of all or part of the related Mortgaged Property with (so long as such proceeds
        are in excess of the threshold amount specified in the related Mortgage Loan documents) the Mortgagee or a trustee appointed by
        it having the right to hold and disburse

	 	 	 
	34i	Review the Ground Lease or estoppel (or other agreement of the ground lessor) for an indication that in the event it is so assigned, it is further assignable by the holder of the Mortgage Loan and its successors and assigns without the consent of (but with prior notice to) the lessor. If such indication is found, it will be a Test pass.	Ground Lease; Estoppel (or other agreement of the ground lessor)
	34j	Review the Asset Status Reports for notation that the Mortgage Loan Seller has received any written notice of material default under or notice of termination of such Ground Lease. If no such notation is found, it will be a Test pass. 
	Asset Status Reports
	34k	Review the Asset Status Reports for notation that to the Mortgage Loan Seller’s knowledge, there is a material default under such Ground Lease or condition that, but for the passage of time or giving of notice, would result in a material default under the terms of such Ground Lease.  If no such notation is found, it will be a Test pass. 
	Asset Status Reports
	34l	Review the Asset Status Reports for a notation that to the Mortgage Loan Seller’s knowledge, such Ground Lease was not in full force and effect as of the Closing Date. If no such notation is found, it will be a Test pass.	Asset Status Reports
	34m	Review
the Ground Lease or estoppel (or other agreement of the ground lessor) for provisions that the lessor is required to give to the
Mortgagee written notice of any default, and provides that no notice of default or termination is effective against the Mortgagee
unless such notice is given to the Mortgagee. If such provisions are found, it will be a Test pass.

                                                                                                                          

                                                                                                                          

                                                                                                                          

                                                                                                                          

                                                                                                                          

                                                                                                                          
	Ground Lease; Estoppel  (or other agreement of the ground lessor)

 

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	Representations and Warranties	          Test	Review Materials
	
        such proceeds
        as repair or restoration progresses, or to the payment of the outstanding principal balance of the Mortgage Loan, together with
        any accrued interest;

         

        k)   In
        the case of a total or substantially total taking or loss, under the terms of the Ground Lease, an estoppel or other agreement
        and the related Mortgage (taken together), any related insurance proceeds, or portion of the condemnation award allocable to the
        ground lessee’s interest in respect of a total or substantially total loss or taking of the related Mortgaged Property to
        the extent not applied to restoration, will be applied first to the payment of the outstanding principal balance of the Mortgage
        Loan, together with any accrued interest; and

         

        l)   Provided that the Mortgagee
        cures any defaults which are susceptible to being cured, the ground lessor has agreed to enter into a new lease with the Mortgagee
        upon termination of the Ground Lease for any reason, including rejection of the Ground Lease in a bankruptcy proceeding.

         
	34n	Review the Ground Lease or estoppel (or other agreement of the ground lessor) for provisions that the Mortgagee is permitted a reasonable opportunity (including, where necessary, sufficient time to gain possession of the interest of the lessee under the Ground Lease through legal proceedings) to cure any default under the Ground Lease which is curable after the Mortgagee’s receipt of notice of any default before the lessor may terminate the Ground Lease. If such provisions are found, it will be a Test pass.	Ground Lease; Estoppel  (or other agreement of the ground lessor)
	34o	Review the Ground Lease for provisions that impose any restrictions on subletting. If no such provisions are found, it will be a Test pass. 
	Ground Lease
	34p	Review the Ground Lease, estoppel (or other agreement of the ground lessor) and Mortgage Loan Documents for an indication that any related insurance proceeds or the portion of the condemnation award allocable to the ground lessee’s interest (other than (i) de minimis amounts for minor casualties or (ii) in respect of a total or substantially total loss or taking as addressed in subpart (34k)) will be applied either to the repair or to restoration of all or part of the related Mortgaged Property with (so long as such proceeds are in excess of the threshold amount specified in the related Mortgage Loan Documents) the Mortgagee or a trustee appointed by it having the right to hold and disburse such proceeds as repair or restoration progresses, or to the payment of the outstanding principal balance of the Mortgage Loan, together with any accrued interest. If such indications are found, it will be a Test pass.	Ground Lease; Estoppel (or other agreement of the ground lessor); Mortgage Loan Documents
	34q	Review the Ground Lease, estoppel (or other agreement of the ground lessor) and Mortgage Loan Documents for an indication that, in the case of a total or substantially total taking or loss, under the terms of the Ground Lease, an estoppel or other agreement and the related Mortgage (taken together), any related insurance proceeds, or portion of the condemnation award allocable to the ground lessee’s interest in respect of a total or substantially total loss or taking of the related Mortgaged Property to the extent not applied to restoration, will be applied first to the payment of the outstanding principal balance of the 	Ground Lease; Estoppel (or other agreement of the ground lessor); Mortgage loan Documents

 

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	Representations and Warranties	          Test	Review Materials
	 	 	
        Mortgage Loan, together with any accrued interest. If such an
        indication is found, it will be a Test pass.

         
	 
	34r	
        Review the Ground Lease or estoppel (or other agreement of the
        ground lessor) for provisions that, provided that the Mortgagee cures any defaults which are susceptible to being cured, the ground
        lessor has agreed to enter into a new lease with the Mortgagee upon termination of the Ground Lease for any reason, including rejection
        of the Ground Lease in a bankruptcy proceeding. If such provisions are found, it will be a Test pass.

         
	Ground Lease; Estoppel (or other agreement of the ground lessor)
	35.  Servicing.  The servicing and collection practices used by the Seller with respect to the Mortgage Loan have been, in all respects, legal and have met customary industry standards for servicing of commercial loans for conduit loan programs.	35a	
        Review the Asset Status Reports for notation to the effect that
        the servicing and collection practices used by the Mortgage Loan Seller in respect of the Mortgage Loan were not in all respects,
        legal and met customary industry standards for servicing of commercial loans for conduit loan programs. If no such notation is
        found, it will be a Test pass.

         
	Asset Status Reports
	36.  Origination and Underwriting.  The origination practices of the Seller (or the related originator if the Seller was not the originator) with respect to each Mortgage Loan have been, in all material respects, legal and as of the date of its origination, such Mortgage Loan (or the related whole loan, as applicable) and the origination thereof complied in all material respects with, or was exempt from, all requirements of federal, state or local law relating to the origination of such Mortgage Loan; provided that such representation and warranty does not address or otherwise cover any matters with respect to federal, state or local law otherwise covered in this Exhibit C.	36a	
        Review the Asset Status Reports for notation to the effect that
        the origination practices of the Mortgage Loan Seller (or the related originator if the Mortgage Loan Seller was not the originator)
        with respect to each Mortgage Loan have not been, in all material respects, legal and as of the date of its origination, such Mortgage
        Loan (or the related Whole Loan, as applicable), or the origination thereof did not comply in all material respects with, or was
        exempt from, all requirements of federal, state or local law relating to the origination of such Mortgage Loan; provided that representation
        and warranty 36 does not address or otherwise cover any matters with respect to federal, state or local law otherwise covered in
        Exhibit B to the related Mortgage Loan Purchase Agreement. If no such notation is found, it will be a

	Asset Status Reports

 

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	Representations and Warranties	          Test	Review Materials
	 	 	Test pass.

	 
	
        37.  No Material Default;
        Payment Record. No Mortgage Loan has been more than 30 days delinquent, without giving effect to any grace or cure period,
        in making required debt service payments since origination, and as of the Cut-off Date, no Mortgage Loan is more than 30 days
        delinquent (beyond any applicable grace or cure period) in making required payments. To the Seller’s knowledge, there is
        (a) no material default, breach, violation or event of acceleration existing under the related Mortgage Loan, or (b) no
        event (other than payments due but not yet delinquent) which, with the passage of time or with notice and the expiration of any
        grace or cure period, would constitute a material default, breach, violation or event of acceleration, which default, breach, violation
        or event of acceleration, in the case of either (a) or (b), materially and adversely affects the value of the Mortgage Loan or
        the value, use or operation of the related Mortgaged Property, provided, however, that this representation and warranty
        does not cover any default, breach, violation or event of acceleration that specifically pertains to or arises out of an exception
        scheduled to any other representation and warranty made by the Seller in this Exhibit C (including, but not limited to, the prior
        sentence). No person other than the holder of such Mortgage Loan may declare any event of default under the Mortgage Loan or accelerate
        any indebtedness under the Mortgage Loan documents.

         
	37a	
        Review the Asset Status Reports for notation that (i) the Mortgage
        Loan has been more than 30 days delinquent, giving effect to any grace or cure period, in making required payments since origination,
        or (ii) the Mortgage Loan was delinquent beyond any applicable grace or cure periods as of the Cut-off Date. If no such notation
        is found, it will be a Test pass.

         
	Asset Status Reports
	37b	
        Review the Asset Status Reports for notation of the Mortgage
        Loan Seller’s knowledge of (a) a material default, breach, violation or event of acceleration existing under the related
        Mortgage Loan, or (b) an event (other than payments due but not yet delinquent) which, with the passage of time or with notice
        and the expiration of any grace or cure period, would constitute a material default, breach, violation or event of acceleration,
        which default, breach, violation or event of acceleration, in the case of either (a) or (b), materially and adversely affects the
        value of the Mortgage Loan or the value, use or operation of the related Mortgaged Property. If no such notation is found, it will
        be a Test pass.

         
	Asset Status Reports
	37c	
        Review the Asset Status Reports for notation that a person other
        than the holder of such Mortgage Loan may declare any event of default under the Mortgage Loan or accelerate any indebtedness under
        the Mortgage Loan Documents. If no such notation is found, it will be a Test pass.

         
	Asset Status Reports
	
        38.  Bankruptcy. As
        of the date of origination of the related Mortgage Loan and to the Seller’s knowledge as of the Cut-off Date, neither the
        Mortgaged Property (other than any tenants of such Mortgaged Property), nor any portion thereof, is the subject of, and no Mortgagor,
        guarantor or tenant occupying a single-tenant property is a debtor in state or federal bankruptcy, insolvency or similar proceeding.

         
	40a	
        Review the Lexis/Nexis (or comparable search) and the Asset
        Status Reports for an indication that the Mortgaged Property (other than any tenants of such Mortgaged Property), or any portion
        thereof, was the subject of, or a Mortgagor, guarantor or tenant occupying a single-tenant property was a debtor in, a state or
        federal bankruptcy, insolvency or similar proceeding. If no such indication or notation is found, it will be a Test pass.

         
	Lexis/Nexis (or comparable search); Asset Status Reports

 

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	Representations and Warranties	          Test	Review Materials
	
        39.  Organization of Mortgagor.
        With respect to each Mortgage Loan, in reliance on certified copies of the organizational documents of the Mortgagor delivered
        by the Mortgagor in connection with the origination of such Mortgage Loan (or related whole loan, as applicable), the Mortgagor
        is an entity organized under the laws of a state of the United States of America, the District of Columbia or the Commonwealth
        of Puerto Rico. Except with respect to any Mortgage Loan that is cross-collateralized and cross-defaulted with another Mortgage
        Loan, no Mortgage Loan has a Mortgagor that is an affiliate of another Mortgagor under another Mortgage Loan.

         
	39a	Review the certified copies of the organizational documents of the Mortgagor for an indication that the Mortgagor is an entity organized under the laws of a state of the United States of America, the District of Columbia or the Commonwealth of Puerto Rico. If such indication is found, it will be a Test pass. 	Organizational Documents
	 	39b	
        Review the certified copies of the organizational documents
        of the Mortgagor for an indication that, except with respect to any Mortgage Loan that is cross-collateralized and cross-defaulted
        with another Mortgage Loan, no Mortgage Loan has a Mortgagor that is an affiliate of another Mortgagor under another Mortgage Loan.
        If such an indication is found, it will be a Test pass.

         
	Organizational Documents
	
        40.  Environmental Conditions.
        A Phase I environmental site assessment (or update of a previous Phase I and or Phase II site assessment) and, with
        respect to certain Mortgage Loans, a Phase II environmental site assessment (collectively, an “ESA”) meeting
        ASTM requirements were conducted by a reputable environmental consultant in connection with such Mortgage Loan within 12 months
        prior to its origination date (or an update of a previous ESA was prepared), and such ESA (i) did not identify the existence
        of recognized environmental conditions (as such term is defined in ASTM E1527-05 or its successor, an “Environmental Condition”)
        at the related Mortgaged Property or the need for further investigation, or (ii) if the existence of an Environmental Condition
        or need for further investigation was indicated in any such ESA, then at least one of the following statements is true: (A) an
        amount reasonably estimated by a reputable environmental consultant to be sufficient to cover the estimated cost to cure any material
        noncompliance with applicable Environmental Laws or the Environmental Condition has been escrowed by the related Mortgagor and
        is held or
	40a	
        Review the Diligence File to determine if an ESA (as defined
        in representation and warranty 40) is included. If so, review the ESA for an indication that it was conducted within 12 months
        prior to the origination date of the Mortgage Loan. If such an indication is found, it will be a Test pass.

         
	Diligence File; ESA
	40b	
        Review the ESA for an indication that it identified (i) the
        existence of a recognized environmental condition at the related Mortgaged Property or (ii) the need for further investigation.
        If no such indication is found, it will be a Test pass.

         
	ESA
	40c	
        Review the ESA for an indication that it identified (i) the
        existence of a recognized environmental condition at the related Mortgaged Property or (ii) the need for further investigation.
        If such an indication is found, the following test procedures (subparts 40c-1 through 40c-6) will be performed. If any of the subparts
        indications are found, it will be a Test pass.

         
	ESA; Escrow Statements; Mortgage Loan Documents; Diligence File

 

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	Representations and Warranties	          Test	Review Materials
	controlled by the related Mortgagee; (B) if the only Environmental Condition relates to the presence of asbestos-containing materials, radon in indoor air, lead based paint or lead in drinking water, the only recommended action in the ESA is the institution of such a plan, an operations or maintenance plan has been required to be instituted by the related Mortgagor that, based on the ESA, can reasonably be expected to mitigate the identified risk; (C) the Environmental Condition identified in the related environmental report was remediated or abated in all material respects prior to the date hereof, and, if and as appropriate, a no further action or closure letter was obtained from the applicable governmental regulatory authority (or the environmental issue affecting the related Mortgaged Property was otherwise listed by such governmental authority as “closed” or a reputable environmental consultant has concluded that no further action is required); (D) an environmental policy or a lender’s pollution legal liability insurance policy meeting the requirements set forth below that covers liability for the identified circumstance or condition was obtained from an insurer rated no less than “A-” (or the equivalent) by Moody’s Investors Service, Inc., Standard & Poor’s Ratings Services and/or Fitch Ratings, Inc.; (E) a party not related to the Mortgagor was identified as the responsible party for such condition or circumstance and such responsible party has financial resources reasonably estimated to be adequate to address the situation; or (F) a party related to the Mortgagor having financial resources reasonably estimated to be adequate to address the situation is required to take action.  To the Seller’s knowledge, except as set forth in the ESA, there is no Environmental Condition (as such term is defined in ASTM E1527-05 or its successor) at the related Mortgaged Property.	 	
        1. Review escrow statements for an indication that an amount
        reasonably estimated by a reputable environmental consultant to be sufficient to cover the estimated cost to cure any material
        noncompliance with applicable environmental laws or the environmental condition has been escrowed by the Mortgagor and is held
        by the related Mortgagee.

         

        2. Review the ESA for an indication that if the only Environmental
        Condition (as defined in representation and warranty 40) relates to the presence of asbestos-containing materials, radon in indoor
        air or lead based paint or lead in drinking water, the only recommended action in the ESA is the institution of such a plan, and
        if so, a review of the Mortgage Loan Documents indicates that an operations or maintenance plan has been required to be instituted
        by the related Mortgagor that, based on the ESA, can reasonably be expected to mitigate the identified risk.

         

        3. Review the Diligence File for an indication that any Environmental
        Condition identified in the ESA was remediated or abated in all material respects prior to the Cut-off Date, as evidenced by a
        no further action or closure letter that was obtained from the applicable governmental regulatory authority, or a reputable environmental
        consultant has concluded that no further action is required.

         

        4. Review the insurance coverage review documents for an indication
        that an environmental policy or a lender’s pollution legal liability insurance policy meeting the requirements set forth
        below that covers liability for the identified circumstance or condition was obtained from an insurer rated no less than A- (or
        the equivalent) by Moody’s Investors Service, Inc., Standard & Poor’s Ratings Services and/or Fitch Ratings, Inc.

         

        5. Review the Diligence File for an indication that a party
        not related to the Mortgagor was identified as the responsible party for such condition or circumstance and such responsible party
        has financial resources considered by the Mortgage Loan Seller to be

	 

 

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	Representations and Warranties	          Test	Review Materials
	 	 	
        adequate to address the situation.

         

        6. Review the Diligence File for an indication that a party
        related to the Mortgagor having financial resources estimated by the Mortgage Loan Seller to be adequate to address the situation
        is required to take action.

         
	 
	41.  Appraisal.  The Mortgage File contains an appraisal of the related Mortgaged Property with an appraisal date within six (6) months of the Mortgage Loan origination date, and within twelve (12) months of the Closing Date.  The appraisal is signed by an appraiser who is a Member of the Appraisal Institute (“MAI”) and, to the Seller’s knowledge, had no interest, direct or indirect, in the Mortgaged Property or the Mortgagor or in any loan made on the security thereof, and whose compensation is not affected by the approval or disapproval of the Mortgage Loan.  Each appraiser has represented in such appraisal or in a supplemental letter that the appraisal satisfies the requirements of the “Uniform Standards of Professional Appraisal Practice” as adopted by the Appraisal Standards Board of the Appraisal Foundation.  Each appraisal contains a statement, or is accompanied by a letter from the appraiser, to the effect that the appraisal was performed in accordance with the requirements of the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as in effect on the date such Mortgage Loan was originated.	41a	Review the appraisal for an indication that it was dated within six (6) months of the Mortgage Loan origination date and with twelve (12)  months of the Closing Date. If such an indication is found, it will be a Test pass.	Appraisal
	41b	
        Review the appraisal for an indication that it was signed by
        an appraiser represented to be an MAI. If such an indication is found, it will be a Test pass.

         
	Appraisal
	41c	
        Review the Asset Status Reports for notation that, to the Mortgage
        Loan Seller’s knowledge, the appraiser had an interest, direct or indirect, in the Mortgaged Property or the Mortgagor or
        in any loan made on the security thereof, or whose compensation was affected by the approval or disapproval of the Mortgage Loan.
        If no such notation is found, it will be a Test pass.

         
	Asset Status Reports
	41d	
        Review the appraisal for an indication that it includes documentation
        in the appraisal or a supplemental letter that the appraisal satisfies the requirements of the “Uniform Standards of Professional
        Appraisal Practice” as adopted by the Appraisal Standards Board of the Appraisal Foundation and was performed in accordance
        with the requirements of the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as in effect on the date such
        Mortgage Loan was originated. If such indications are found, it will be a Test pass.

         
	Asset Status Reports; Certified Rent Roll
	42.  Mortgage Loan Schedule.  The information pertaining to each Mortgage Loan which is set forth in the Mortgage Loan Schedule is true and correct in all material respects as of the Cut-off Date and contains all information required by the Pooling and	42a	Review the Mortgage Loan Schedule attached as an exhibit to the related Mortgage Loan Purchase Agreement and compare it to the corresponding information in (i) Annex A to the final prospectus (ii) Mortgage Loan Documents, (iii) Pooling and 	Mortgage Loan Purchase Agreement; Annex A to Prospectus; Mortgage Loan Documents; PSA; Asset 

 

    	QQ-36
WFCM 2015-P2

    	 

    

 

	Representations and Warranties	          Test	Review Materials
	Servicing Agreement to be contained therein.	 	Servicing Agreement and (iv) asset summary report to determine if there are discrepancies between the documents.  If there are no such discrepancies, it will be a Test pass.	Summary Report
	42b	Compare the information in the Mortgage Loan Schedule to the requirements of the PSA to determine if they match. If there are no discrepancies, it will be a Test pass.	Mortgage Loan Schedule; PSA
	43.  Cross-Collateralization.  Except with respect to a Mortgage Loan that is part of a whole loan, no Mortgage Loan is cross-collateralized or cross-defaulted with any other Mortgage Loan that is outside the Mortgage Pool, except as set forth on Exhibit C-30-2.	43a	Except for any Mortgage Loan that is part of a Whole Loan or any Mortgage Loan otherwise set forth on Exhibit C-30-2 of the related Mortgage Loan Purchase Agreement, review the Asset Status Reports for notation that the Mortgage Loan is cross-collateralized or cross-defaulted with any other Mortgage Loan that is outside the Mortgage Pool. If no such notation is found, it will be a Test pass.	Asset Status Reports
	44.  Advance of Funds by the Seller.  After origination, no advance of funds has been made by the Seller to the related Mortgagor other than in accordance with the Mortgage Loan documents, and, to the Seller’s knowledge, no funds have been received from any person other than the related Mortgagor or an affiliate for, or on account of, payments due on the Mortgage Loan (other than as contemplated by the Mortgage Loan documents, such as, by way of example and not in limitation of the foregoing, amounts paid by the tenant(s) into a Mortgagee-controlled lockbox if required or contemplated under the related lease or Mortgage Loan documents).  Neither the Seller nor any affiliate thereof has any obligation to make any capital contribution to any Mortgagor under a Mortgage Loan, other than contributions made on or prior to the date hereof.	44a	Review the Asset Status Reports for notation that, after origination, an advancement of funds had been made by the Mortgage Loan Seller to the related Mortgagor other than in accordance with the Mortgage Loan Documents, or, to the Mortgage Loan Seller’s knowledge, funds have been received from any person other than the related Mortgagor or an affiliate for, or on account of, payments due on the Mortgage Loan (other than as contemplated by the Mortgage Loan Documents, such as, by way of example and not in limitation of the foregoing, amounts paid by the tenant(s) into a Mortgagee-controlled lockbox if required or contemplated under the related lease or Mortgage Loan Documents).  If no such notation is found, it will be a Test pass.	Asset Status Reports
	44b	Review the Asset Status Reports for notation that the Mortgage Loan Seller, or an affiliate has an obligation to make any capital contribution to any Mortgagor, other than contributions made on or prior to the Closing Date. If no such notation is found, it will be a Test pass.	Asset Status Reports
	
        45.  Compliance with Anti-Money
        Laundering Laws. The Seller has complied in all material respects with all applicable anti-money laundering laws and regulations,
        including without limitation the USA Patriot Act of 2001 with respect to the origination of the Mortgage Loan.

         
	49a	Review the Asset Status Reports for notation that the Mortgage Loan Seller has not complied in all material respects with all applicable anti-money laundering laws and regulations, including without limitation the USA Patriot Act of 2001 with respect to the origination of the Mortgage Loan. If no such notation is found, it will be a Test pass. 
	Asset Status Reports

 

    	QQ-37
WFCM 2015-P2

    	 

    

 

 

EXHIBIT
RR

 

CERTIFICATION
TO CERTIFICATE ADMINISTRATOR REQUESTING ACCESS TO 

SECURE DATA ROOM

 

Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services - WFCM 2015-P2 

Email:trustadministrationgroup@wellsfargo.com

 

		Attention:	Wells
                                         Fargo Commercial Mortgage Trust 2015-P2, Commercial Mortgage Pass-Through Certificates,
                                         Series 2015-P2

 

In
accordance with the requirements for obtaining access to the Secure Data Room pursuant to the Pooling and Servicing Agreement,
dated as of December 1, 2015 (the “Pooling and Servicing Agreement”), by and among Wells Fargo Commercial Mortgage
Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer, C-III Asset Management LLC, as Special
Servicer, Wilmington Trust, National Association, as Trustee, Wells Fargo Bank, National Association, as Certificate Administrator,
Pentalpha Surveillance LLC, as Asset Representations Reviewer and as Operating Advisor, with respect to the certificates (the
“Certificates”), the undersigned hereby certifies and agrees as follows:

 

		1.	The
                                         undersigned is an authorized representative of [________________________].

  

		2.	The
                                         undersigned acknowledges and agrees that (a) access to the Secure Data Room is being
                                         granted to it solely for purposes of the undersigned carrying out its obligations under
                                         the Pooling and Servicing Agreement (b) it will not disseminate or otherwise make information
                                         contained on the Secure Data Room available to any other person except in accordance
                                         with the Pooling and Servicing Agreement or otherwise with the written consent of the
                                         Depositor and (c) it will only access information relating to the Mortgage Loans to which
                                         the Asset Review relates.

  

		3.	The
                                         undersigned agrees that each time it accesses the Secure Data Room, the undersigned is
                                         deemed to have recertified that the representations above remains true and correct.

 

    	Exhibit RR-1

    	 

    

  

		4.	[The
                                         undersigned not a Certificateholder, a beneficial owner or a prospective purchaser of
                                         any Certificate.]*

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have
caused its name to be signed hereto by its duly authorized signatory, as of the date certified.

 

	 	[NAME OF PARTY],
	 	as [role]
	 	 	 
	 	By:	 
	 	 	Name:

    Title:

  

Dated:
_______

 

 

[Wells Fargo Commercial Mortgage
Securities, Inc.,

as Depositor]*

 

 

 

 

By:                                                                                            

      [Name]

      [Title]

 

 

 

 

 

*Required
to the extent that a party other than the Asset Representations Reviewer is identified by the Depositor as needing access to the
Secure Data Room.

 

    	Exhibit RR-2

    	 

    

 

EXHIBIT
SS

 

FORM
OF NOTICE OF [ADDITIONAL DELINQUENT MORTGAGE 

LOAN][CESSATION OF DELINQUENT MORTGAGE LOAN][CESSATION OF ASSET 

REVIEW TRIGGER]

 

[Date]

 

	Wells
    Fargo Bank, National Association

    Commercial Mortgage Servicing

    MAC D1086-120, 550 South Tryon Street, 14th Floor

    Charlotte, North Carolina  28202

    Attention:  WFCM 2015-P2 Asset Manager	

        Pentalpha
        Surveillance LLC

        

        375
        N. French Road, Suite 100

        

        Amherst,
        New York 14228

        

        Attention:
        Don Simon, Chief Operating Officer

        

	 	 
	C-III
                                         Asset Management LLC

        

        5221
        N. O’Connor Blvd., Suite 600

        Irving,
        Texas 75039 

        Attention:
        Lindsey Wright

        

        WFCM
        2015-P2 
	 
	 	 

		Attention:	Wells
                                         Fargo Commercial Mortgage Trust 2015-P2, Commercial Mortgage Pass-Through Certificates,
                                         Series 2015-P2

 

In
accordance with Section 12.01(a) of the Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling and
Servicing Agreement”), by and among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank,
National Association, as Master Servicer, C-III Asset Management LLC, as Special Servicer, Wilmington Trust, National Association,
as Trustee, Wells Fargo Bank, National Association, as Certificate Administrator, Pentalpha Surveillance LLC, as Asset Representations
Reviewer and as Operating Advisor, the Certificate Administrator hereby notifies you that as of [RELATED DISTRIBUTION DATE]:

 

		1.	_____
An additional Mortgage Loan has become a Delinquent Loan.

		 	 

		2.	_____
A Mortgage Loan has ceased to be a Delinquent Loan.

		 	 

		3.	_____An
Asset Review Trigger has ceased to exist.

 

(check
all that apply)

 

Capitalized
terms used but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

 

    	Exhibit SS-1

    	 

    

 

	 	Wells
               Fargo Bank, National Association, as Certificate Administrator for the Holders of the Wells Fargo Commercial Mortgage
               Trust 2015-P2, Commercial Mortgage Pass-Through Certificates, Series 2015-P2
	 	 
	 	By:	 
			
                                         [Name]

                                         [Title]

 

    	Exhibit SS-2

    	 

    

  

Schedule
1

 

Mortgage
Loans with Additional Debt

 

	1.	Empire Mall
	 	 
	2.	Harbor Pointe Apartments
	 	 
	3.	Heritage Industrial
    Portfolio
	 	 
	4.	Anchorage Marriott Downtown
	 	 
	5.	Harvey Building Products
    Portfolio
	 	 
	6.	JW Marriott Santa Monica
    Le Merigot

 

    	Schedule 1-1

    	 

    

 

Schedule
2

 

CLass
A-SB Planned Principal Balance Schedule

 

See
Annex E to the Prospectus.

 

    	Schedule 2-1

    	 

    

  

Schedule
3

 

Mortgage
Loans With “Performance”, “Earn-out” or “Holdback” 

Escrows or Reserves exceeding 10% of the initial principal 

balance

 

None.

 

    	Schedule 3-1Exhibit 4.5

 

Execution
Version  

	 

 

WELLS
FARGO COMMERCIAL MORTGAGE SECURITIES, INC., as Depositor,

 

WELLS
FARGO BANK, NATIONAL ASSOCIATION,

as General Master Servicer,

 

LNR
PARTNERS, LLC,

as General Special Servicer,

 

NATIONAL
COOPERATIVE BANK, N.A.,

as NCB Master Servicer,

NATIONAL COOPERATIVE BANK, N.A.,

as NCB Special Servicer,

 

MIDLAND
LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION,

as One Court Square Special Servicer,

 

PENTALPHA
SURVEILLANCE LLC,

as Trust Advisor,

 

WELLS
FARGO BANK, NATIONAL ASSOCIATION,

as Certificate Administrator, as Tax Administrator and as Custodian,

 

and

 

WILMINGTON
TRUST, NATIONAL ASSOCIATION,

as Trustee

 

 

 

POOLING
AND SERVICING AGREEMENT

 

Dated
as of October 1, 2015

 

 

 

$814,499,765

 

Aggregate
Initial Certificate Principal Balance

 

 

 

Commercial
Mortgage Pass-Through Certificates

Series 2015-NXS3

	 

 

    	 

    	 

    

 

TABLE
OF CONTENTS 

 

	 	 	Page
	 	 	 
	ARTICLE
    I DEFINITIONS; GENERAL INTERPRETIVE PRINCIPLES; CERTAIN CALCULATIONS IN RESPECT OF THE MORTGAGE POOL	7
	 	 	 
	Section 1.01	Defined
    Terms	7
	Section 1.02	General
    Interpretive Principles	118
	Section 1.03	Certain
    Calculations in Respect of the Mortgage Pool	118
	Section 1.04	Cross-Collateralized
    Mortgage Loans	123
	Section 1.05	Incorporation
    of Preliminary Statement	123
	 	 
	ARTICLE
    II CONVEYANCE OF MORTGAGE LOANS; REPRESENTATIONS AND WARRANTIES; ORIGINAL ISSUANCE OF REMIC I REGULAR INTERESTS, REMIC
    II REGULAR INTERESTS, REMIC III COMPONENTS, REMIC I RESIDUAL INTEREST, REMIC II RESIDUAL INTEREST, REMIC III RESIDUAL INTEREST
    AND CERTIFICATES	123
	 	 	 
	Section 2.01	Conveyance
    of Mortgage Loans	123
	Section 2.02	Acceptance
    of Mortgage Loans by Trustee	129
	Section 2.03	Certain
    Repurchases and Substitutions of Mortgage Loans by the Responsible Repurchase Parties	131
	Section 2.04	Representations
    and Warranties of the Depositor	141
	Section 2.05	Representations
    and Warranties of the Master Servicers	142
	Section 2.06	Representations
    and Warranties of the Special Servicers	144
	Section 2.07	Representations
    and Warranties of the Trust Advisor	146
	Section 2.08	Representations
    and Warranties of the Certificate Administrator	147
	Section 2.09	Representations
    and Warranties of the Tax Administrator	149
	Section 2.10	Representations,
    Warranties and Covenants of the Trustee	150
	Section 2.11	Creation
    of REMIC I; Issuance of the REMIC I Regular Interests and the REMIC I Residual Interest; Certain Matters Involving REMIC I	152
	Section 2.12	Conveyance
    of the REMIC I Regular Interests; Acceptance of the REMIC I Regular Interests by Trustee	155
	Section 2.13	Creation
    of REMIC II; Issuance of the REMIC II Regular Interests and the REMIC II Residual Interest; Certain Matters Involving REMIC
    II	155
	Section 2.14	Conveyance
    of the REMIC II Regular Interests; Acceptance of the REMIC II Regular Interests by Trustee	157
	Section 2.15	Creation
    of REMIC III; Issuance of the Regular Certificates, the Class A-S Regular Interest, the Class B Regular Interest, the Class
    C Regular Interest, the REMIC III Components and the REMIC III Residual Interest; Certain Matters Involving REMIC III and
    the Class A-S, Class B, Class C and Class PEX Certificates	157

  

    	i

    	 

    

 

TABLE
OF CONTENTS

(Continued)

 

	 	 	 
	Section 2.16	Issuance
    of the Class R Certificates	161
	Section 2.17	Grantor
    Trust Pool; Issuance of the Class A-S, Class B, Class C and Class PEX Certificates	161
	 	 	 
	ARTICLE
    III ADMINISTRATION AND SERVICING OF THE TRUST FUND	162
	 	 
	Section 3.01	General
    Provisions	162
	Section 3.02	Collection
    of Mortgage Loan Payments	170
	Section 3.03	Collection
    of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts	171
	Section 3.04	Collection
    Account, Distribution Account, Interest Reserve Account, Excess Liquidation Proceeds Account, Serviced Pari Passu Companion
    Loan Custodial Account and Loss of Value Reserve Fund	175
	Section 3.05	Permitted
    Withdrawals From the Collection Accounts, the Distribution Account, the Interest Reserve Account and the Excess Liquidation
    Proceeds Account	182
	Section 3.06	Investment
    of Funds in the Accounts	200
	Section 3.07	Maintenance
    of Insurance Policies; Errors and Omissions and Fidelity Coverage	202
	Section 3.08	Enforcement
    of Alienation Clauses	208
	Section 3.09	Realization
    Upon Defaulted Serviced Mortgage Loans	213
	Section 3.10	Trustee
    to Cooperate; Release of Mortgage Files	217
	Section 3.11	Master
    Servicing and Special Servicing Compensation; Interest on and Reimbursement of Servicing Advances; Payment of Certain Expenses;
    Obligations of the Trustee Regarding Back-up Servicing Advances	219
	Section 3.12	Property
    Inspections; Collection of Financial Statements	233
	Section 3.13	[Reserved]	235
	Section 3.14	[Reserved]	235
	Section 3.15	Access
    to Information	235
	Section 3.16	Title
    to Administered REO Property; REO Account	237
	Section 3.17	Management
    of Administered REO Property	240
	Section 3.18	Sale
    of Defaulted Mortgage Loans and Administered REO Properties; Sale of the Non-Trust-Serviced Pooled Mortgage Loans	243
	Section 3.19	Additional
    Obligations of Master Servicers and Special Servicers	251
	Section 3.20	Modifications,
    Waivers, Amendments and Consents	258
	Section 3.21	Transfer
    of Servicing Between Master Servicers and Special Servicers; Record Keeping; Material Actions and Special Servicer Decisions	266
	Section 3.22	Sub-Servicing
    Agreements	269
	Section 3.23	Subordinate
    Class Representative	273

 

    	ii

    	 

    

  

TABLE
OF CONTENTS

(Continued) 

	 	 	 
	Section 3.24	Asset
    Status Reports and Certain Rights and Powers of the Subordinate Class Representative	276
	Section 3.25	Application
    of Default Charges	284
	Section 3.26	Certain
    Matters Regarding the Serviced Loan Combinations	285
	Section 3.27	Rating
    Agency Confirmations; Communications with Rating Agencies	290
	Section 3.28	The
    Trust Advisor	295
	Section 3.29	Delivery
    of Excluded Information to the Certificate Administrator	306
	Section 3.30	General
    Acknowledgement Regarding Non-Serviced Companion Loan Holders	307
	Section 3.31	Matters
    Regarding the Non-Trust-Serviced Pooled Mortgage Loans	307
	Section 3.32	Litigation
    Control for Mortgage Loans and Serviced Loan Combinations as to which LNR Partners, LLC is the Applicable Special Servicer	307
	Section 3.33	Litigation
    Control for Mortgage Loans and Serviced Loan Combinations as to which LNR Partners, LLC is not the Applicable Special Servicer	311
	Section 3.34	Matters
    Regarding the One Court Square Loan Combination	314
	 	 	 
	ARTICLE
    IV PAYMENTS TO CERTIFICATEHOLDERS	314
	 	 
	Section 4.01	Distributions	314
	Section 4.02	Distribution
    Date Statements; Servicer Reporting	326
	Section 4.03	P&I
    Advances	336
	Section 4.04	Allocation
    of Realized Losses and Additional Trust Fund Expenses	341
	Section 4.05	Allocation
    of Certain Trust Advisor Expenses	343
	Section 4.06	Calculations	345
	 	 	 
	ARTICLE
    V THE CERTIFICATES	345
	 	 
	Section 5.01	The
    Certificates	345
	Section 5.02	Registration
    of Transfer and Exchange of Certificates	346
	Section 5.03	Book-Entry
    Certificates	355
	Section 5.04	Mutilated,
    Destroyed, Lost or Stolen Certificates	356
	Section 5.05	Persons
    Deemed Owners	357
	Section 5.06	Certification
    by Certificate Owners	357
	Section 5.07	Appointment
    of Authenticating Agents	357
	Section 5.08	[Reserved]	358
	Section 5.09	Exchanges
    of Exchangeable Certificates	358
	 	 	 
	ARTICLE
    VI THE DEPOSITOR, THE MASTER SERVICERS, THE SPECIAL SERVICERS AND THE TRUST ADVISOR	360
	 	 
	Section 6.01	Liability
    of the Depositor, the Master Servicers, the Special Servicers and the Trust Advisor	360

 

    	iii

    	 

    

 

TABLE
OF CONTENTS

(Continued)

 

	Section 6.02	Merger,
    Consolidation or Conversion of the Depositor, the Master Servicers, the Trust Advisor or the Special Servicers	360
	Section 6.03	Limitation
    on Liability of the Depositor, the Trust Advisor, the Master Servicers and the Special Servicers	361
	Section 6.04	Resignation
    of a Master Servicer or a Special Servicer	364
	Section 6.05	Replacement
    of Special Servicers	366
	Section 6.06	Rights
    of the Depositor and the Trustee in Respect of the Master Servicers and the Special Servicers	372
	Section 6.07	Master
    Servicers and Special Servicers May Own Certificates	372
	 	 	 
	ARTICLE
    VII SERVICER TERMINATION EVENTS	373
	 	 
	Section 7.01	Servicer
    Termination Event	373
	Section 7.02	Trustee
    To Act; Appointment of Successor	379
	Section 7.03	Notification
    to Certificateholders	380
	Section 7.04	Waiver
    of Servicer Termination Event	381
	Section 7.05	Additional
    Remedies of Trustee Upon Servicer Termination Event	381
	 	 	 
	ARTICLE
    VIII THE TRUSTEE, THE CUSTODIAN, THE CERTIFICATE ADMINISTRATOR AND THE TAX ADMINISTRATOR	382
	 	 
	Section 8.01	Duties
    of the Trustee, the Certificate Administrator and the Tax Administrator	382
	Section 8.02	Certain
    Matters Affecting the Trustee, the Certificate Administrator and the Tax Administrator	385
	Section 8.03	The
    Trustee, the Certificate Administrator and the Tax Administrator not Liable for Validity or Sufficiency of Certificates or
    Mortgage Loans	387
	Section 8.04	The
    Trustee, the Certificate Administrator and the Tax Administrator May Own Certificates	388
	Section 8.05	Fees
    and Expenses of the Trustee, the Certificate Administrator and the Tax Administrator; Indemnification of and by the Trustee,
    the Certificate Administrator and the Tax Administrator	388
	Section 8.06	Eligibility
    Requirements for the Trustee, the Certificate Administrator and the Tax Administrator	390
	Section 8.07	Resignation
    and Removal of the Trustee, the Certificate Administrator and the Tax Administrator	391
	Section 8.08	Successor
    Trustee, Certificate Administrator and Tax Administrator	394
	Section 8.09	Merger
    or Consolidation of the Trustee, the Certificate Administrator or the Tax Administrator	395
	Section 8.10	Appointment
    of Co-Trustee or Separate Trustee	395
	Section 8.11	Appointment
    of Custodian	396
	Section 8.12	Access
    to Certain Information	397
	Section 8.13	Cooperation
    Under Applicable Banking Law	407

 

    	iv

    	 

    

  

TABLE
OF CONTENTS 

(Continued) 

	 	 	 
	ARTICLE IX TERMINATION	407
	 	 
	Section 9.01	Termination
    Upon Repurchase or Liquidation of All Mortgage Loans	407
	Section 9.02	Additional
    Termination Requirements	411
	 	 	 
	ARTICLE X ADDITIONAL
    TAX PROVISIONS	412
	 	 
	Section 10.01	REMIC
    Administration	412
	Section 10.02	Grantor
    Trust Administration	415
	Section 10.03	The
    Depositor, the Master Servicers, the Special Servicers and the Trustee to Cooperate with the Tax Administrator	418
	 	 	 
	ARTICLE
    XI EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE	418
	 	 
	Section 11.01	Intent
    of the Parties; Reasonableness	418
	Section 11.02	Notification
    Requirements and Deliveries in Connection with Securitization of a Serviced Pari Passu Companion Loan	419
	Section 11.03	Sub-Servicers;
    Subcontractors and Agents	421
	Section 11.04	Information
    to be Provided by the Master Servicers and the Special Servicers	421
	Section 11.05	Information
    to be Provided by the Trustee	422
	Section 11.06	Filing
    Obligations	422
	Section 11.07	Form
    10-D Filings	423
	Section 11.08	Form
    10-K Filings	425
	Section 11.09	Sarbanes-Oxley
    Certification	428
	Section 11.10	Form
    8-K Filings	429
	Section 11.11	Suspension
    of Exchange Act Filings; Incomplete Exchange Act Filings; Amendments to Exchange Act Reports	431
	Section 11.12	Annual
    Compliance Statements	432
	Section 11.13	Annual
    Reports on Assessment of Compliance with Servicing Criteria	433
	Section 11.14	Annual
    Independent Public Accountants’ Servicing Report	435
	Section 11.15	Exchange
    Act Reporting Indemnification	436
	Section 11.16	Amendments	439
	Section 11.17	Exchange
    Act Report Signatures; Delivery of Notices; Interpretation of Grace Periods	439
	Section 11.18	Termination
    of the Certificate Administrator	441
	 	 	 
	ARTICLE
    XII MISCELLANEOUS PROVISIONS	441
	 	 
	Section 12.01	Amendment	441
	Section 12.02	Recordation
    of Agreement; Counterparts	444
	Section 12.03	Limitation
    on Rights of Certificateholders	444

 

    	v

    	 

    

  

TABLE
OF CONTENTS 

(Continued) 

	 	 	 
	Section 12.04	Governing
    Law; Consent to Jurisdiction; Waiver of Trial by Jury	445
	Section 12.05	Notices	446
	Section 12.06	Communications
    by Electronic Mail	447
	Section 12.07	Severability
    of Provisions	448
	Section 12.08	Successors
    and Assigns; Beneficiaries	449
	Section 12.09	Article
    and Section Headings	449
	Section 12.10	Notices
    to Subordinate Class Representative	449
	Section 12.11	Complete
    Agreement	449
	Section 12.12	Precautionary
    Trust Indenture Act Provisions	449

 

    	vi

    	 

    

 

TABLE
OF CONTENTS 

(Continued) 

	 	 
	EXHIBITS	 
	EXHIBIT A-1	Form of Certificates (other than Class
    R Certificates)
	EXHIBIT A-2	Form of Class R Certificates
	EXHIBIT B	Letter of Representations Between Issuer
    and Initial Depository
	EXHIBIT C-1A	Form of Transferor Certificate (For Use
    in Connection With Transfers of Non-Registered Certificates to Non-QIB Accredited Investors)
	EXHIBIT C-1B	Form of Transferee Certificate (For Use
    in Connection with Transfers of Non-Registered Certificates to Non-QIB Accredited Investors)
	EXHIBIT C-2A	Form of Transferor Certificate (For Use
    in Connection with Transfers of Non-Registered Certificates to QIBs)
	EXHIBIT C-2B	Form of Transferee Certificate (For Use
    in Connection with Transfers of Non-Registered Certificates to QIBs)
	EXHIBIT C-3A	Form of Transferor Certificate (For Use
    in Connection with Transfers of Non-Registered Certificates Under Regulation S)
	EXHIBIT C-3B	Form of Transferee Certificate (For Use
    in Connection with Transfers of Non-Registered Certificates Under Regulation S)
	EXHIBIT D-1	Form of Transferee Certificate in Connection
    with ERISA (Non- Investment Grade Certificates Held in Physical Form)
	EXHIBIT D-2	Form of Transferee Certificate in Connection
    with ERISA (Certificates Held in Book-Entry Form)
	EXHIBIT E-1	Form of Transfer Affidavit and Agreement
    for Transfers of Class R Certificates
	EXHIBIT E-2	Form of Transferor Certificate for Transfers
    of Class R Certificates
	EXHIBIT F-1	Form of Master Servicer Request for Release
	EXHIBIT F-2	Form of Special Servicer Request for Release
	EXHIBIT F-3A	Form of Transferor Certificate for Transfer
    of the Excess Servicing Fee Rights
	EXHIBIT F-3B	Form of Transferee Certificate for Transfer
    of the Excess Servicing Fee Rights
	EXHIBIT G-1	Form of Distribution Date Statement
	EXHIBIT G-2	Minimum Information for Distribution Date
    Statement
	EXHIBIT H	Form of Serviced Pari Passu Companion Loan
    Holder Certification
	EXHIBIT I-1	Form of Notice and Acknowledgment Concerning
    Replacement of Special Servicer
	EXHIBIT I-2	Form of Acknowledgment of Proposed Special
    Servicer
	EXHIBIT J	Form of UCC-1 Financing Statement
	EXHIBIT K-1A	Form of Investor Certification for Non-Borrower
    Parties (for Persons other than the Subordinate Class Representative and/or a Subordinate Class Certificateholder)
	EXHIBIT K-1B	Form of Investor Certification for Non-Borrower
    Parties (for the Subordinate Class Representative and/or a Subordinate Class Certificateholder)

 

    	vii

    	 

    

 

TABLE
OF CONTENTS 

(Continued)

 

	 	 
	EXHIBIT K-2A	Form of Investor Certification for Borrower
    Parties (for Persons other than the Subordinate Class Representative and/or a Subordinate Class Certificateholder)
	EXHIBIT K-2B	Form of Investor Certification for Borrower
    Parties (for the Subordinate Class Representative and/or a Subordinate Class Certificateholder)
	EXHIBIT K-3A	Form of Notice of Excluded Holder or Excluded
    Controlling Class Holder
	EXHIBIT K-3B	Form of Notice of Excluded Holder or Excluded
    Controlling Class Holder to Certificate Administrator
	EXHIBIT K-4	Form of Notice of Special Servicer regarding
    Borrower Parties
	EXHIBIT K-5	Form of Investor Confidentiality Agreement
	EXHIBIT K-6	Form of Notice of Mezzanine Collateral
    Foreclosure
	EXHIBIT L-1	Form of Power of Attorney by Trustee for
    Master Servicers, NCB Special Servicer and One Court Square Special Servicer
	EXHIBIT L-2	Form of Power of Attorney by Trustee for
    General Special Servicer
	EXHIBIT M	Form of Final Certification of Custodian
	EXHIBIT N	Form of Defeasance Certification
	EXHIBIT O-1	Form of Trust Advisor Annual Report (Subordinate
    Control Period)
	EXHIBIT O-2	Form of Trust Advisor Annual Report (Collective
    Consultation Period and Senior Consultation Period)
	EXHIBIT O-3	Form of Notice from Trust Advisor Recommending
    Replacement of Special Servicer
	EXHIBIT P	Form of NRSRO Certification
	EXHIBIT Q	Form of Online Vendor Certification
	EXHIBIT R	Additional Disclosure Notification
	EXHIBIT S-1	Form of Trustee Backup Certification
	EXHIBIT S-2	Form of Custodian Backup Certification
	EXHIBIT S-3	Form of Certificate Administrator Backup
    Certification
	EXHIBIT S-4	Form of Master Servicer Backup Certification
	EXHIBIT S-5	Form of Special Servicer Backup Certification
	EXHIBIT S-6	Form of Trust Advisor Backup Certification
	EXHIBIT T	Form of Sarbanes-Oxley Certification
	EXHIBIT U	Form of Outside Master Servicer Notice
	EXHIBIT V	[Reserved]
	EXHIBIT W	[Reserved]
	EXHIBIT X	Form of Notice of Exchange of Exchangeable
    Certificates
	EXHIBIT Y	Form of Intercreditor Agreement and Subordination
    Agreement for Co-op Mortgage Loans
	 	 
	SCHEDULES	 
	 	 
	SCHEDULE I	Mortgage Loan Schedule
	SCHEDULE II	Schedule of Exceptions to Mortgage File
    Delivery (under Section 2.02(a))
	SCHEDULE III	Servicing Criteria to be Addressed in Assessment
    of Compliance
	SCHEDULE IV	Designated Sub-Servicers

 

    	viii

    	 

    

 

TABLE
OF CONTENTS 

(Continued)

 

	SCHEDULE V	Additional Form 10-D Disclosure
	SCHEDULE VI	Additional Form 10-K Disclosure
	SCHEDULE VII	Form 8-K Disclosure Information
	SCHEDULE VIII	Initial NOI Information for Significant
    Obligors
	SCHEDULE IX	Schedule of Initial Serviced Pari Passu
    Companion Loan Holders
	SCHEDULE X	Class A-SB Planned Principal Balance Schedule
	SCHEDULE XI	Designated Escrow/Reserve Mortgage Loans

 

    	ix

    	 

    

  

 

This
Pooling and Servicing Agreement (this “Agreement”), is dated and effective as of October 1, 2015, among WELLS
FARGO COMMERCIAL MORTGAGE SECURITIES, INC., as Depositor, WELLS FARGO BANK, NATIONAL ASSOCIATION, as General Master Servicer,
LNR PARTNERS, LLC, as General Special Servicer, NATIONAL COOPERATIVE BANK, N.A.,
as NCB Master Servicer, MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION, as One Court Square Special Servicer,
NATIONAL COOPERATIVE BANK, N.A., as NCB Special Servicer, PENTALPHA SURVEILLANCE LLC, as Trust Advisor, WELLS FARGO BANK, NATIONAL
ASSOCIATION, as Certificate Administrator, as Tax Administrator and as Custodian, and WILMINGTON TRUST, NATIONAL ASSOCIATION,
as Trustee.

 

PRELIMINARY
STATEMENT:

 

The
Depositor intends to sell Certificates, to be issued hereunder in multiple Classes, which in the aggregate will evidence the entire
beneficial ownership interest in the Trust to be created hereunder.

 

REMIC
I

 

As
provided herein, the Tax Administrator will elect to treat the segregated pool of assets consisting of the Mortgage Loans (exclusive
of certain amounts payable thereon) and certain other assets as a REMIC for federal income tax purposes, and such segregated pool
of assets will be designated as “REMIC I”. The Class R Certificates will evidence ownership of (among other things)
the sole class of “residual interests” in REMIC I for purposes of the REMIC Provisions. The Latest Possible Maturity
Date for each REMIC I Regular Interest is the date that is the Rated Final Distribution Date. None of the REMIC I Regular Interests
will be certificated.

 

REMIC
II

 

As
provided herein, the Tax Administrator will elect to treat the segregated pool of assets consisting of the REMIC I Regular Interests
as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC II”. The
Class R Certificates will evidence ownership of (among other things) the sole class of “residual interests” in REMIC
II for purposes of the REMIC Provisions. The following table sets forth the designation, the REMIC II Remittance Rate and the
initial Uncertificated Principal Balance for each of the REMIC II Regular Interests. The Latest Possible Maturity Date for each
REMIC II Regular Interest is the date that is the Rated Final Distribution Date. None of the REMIC II Regular Interests will be
certificated.

 

    	1

    	 

    

 

	Designation
	 	REMIC II
                                         Remittance Rate
	 	Initial Uncertificated 

Principal Balance

	A-1	 	Variable(1)	 	$	25,362,000
	A-2	 	Variable(1)	 	$	160,171,000
	A-3	 	Variable(1)	 	$	130,000,000
	A-4	 	Variable(1)	 	$	206,848,000
	A-SB	 	Variable(1)	 	$	47,768,000
	A-S	 	Variable(1)	 	$	55,997,000
	B	 	Variable(1)	 	$	43,780,000
	C	 	Variable(1)	 	$	42,761,000
	D	 	Variable(1)	 	$	40,725,000
	E	 	Variable(1)	 	$	20,362,000
	F	 	Variable(1)	 	$	8,145,000
	G	 	Variable(1)	 	$	8,145,000
	H	 	Variable(1)	 	$	24,435,765

 

	 	 	 
	(1)	The
                                         REMIC II Remittance Rate for each REMIC II Regular Interest shall be a variable rate
                                         per annum calculated in accordance with the definition of “REMIC II Remittance
                                         Rate”.

 

REMIC
III

 

As
provided herein, the Tax Administrator will elect to treat the segregated pool of assets consisting of the REMIC II Regular Interests
as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC III”.
The Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB, Class D, Class E, Class F, Class G and Class H Certificates and the
Class A-S Regular Interest, Class B Regular Interest and Class C Regular Interest will evidence ownership of a class of “regular
interests” in REMIC III and the Class X-A, Class X-D, Class X-E, Class X-FG, Class X-H Certificates will evidence ownership
of six (6), one (1), one (1), two (2) and one (1) classes of “regular interests” in REMIC III, respectively, all as
described herein. The Class A-S Certificates and Class A-S-PEX Component will each evidence ownership of a specified portion from
time to time of the Class A-S Regular Interest. The Class B Certificates and Class B-PEX Component will each evidence ownership
of a specified portion from time to time of the Class B Regular Interest. The Class C Certificates and Class C-PEX Component will
each evidence ownership of a specified portion from time to time of the Class C Regular Interest. The Class R Certificates will
evidence ownership of (among other things) the sole class of “residual interests” in REMIC III for purposes of the
REMIC Provisions. The Latest Possible Maturity Date for each Class of Regular Certificates (other than the Interest Only Certificates),
the Class A-S Regular Interest, the Class B Regular Interest, the Class C Regular Interest and the REMIC III Components is the
date that is the Rated Final Distribution Date.

 

Designations
of the REMIC III Components

 

The
REMIC III Components of the Class X-A Certificates are hereby irrevocably assigned the alphanumeric designations under the column
heading “REMIC III Component of Class X-A Certificates” in the table that appears under “Corresponding REMIC
II Regular Interests”. The REMIC III Component of the Class X-D Certificates is hereby irrevocably assigned the alphanumeric
designation under the column heading “REMIC III Component of Class X-D Certificates” in the table that appears under
“Corresponding REMIC II Regular

  

    	2

    	 

    

 

Interests”.
The REMIC III Component of the Class X-E Certificates is hereby irrevocably assigned the alphanumeric designation under the column
heading “REMIC III Component of Class X-E Certificates” in the table that appears under “Corresponding REMIC
II Regular Interests”. The REMIC III Components of the Class X-FG Certificates are hereby irrevocably assigned the alphanumeric
designations under the column heading “REMIC III Component of Class X-FG Certificates” in the table that appears under
“Corresponding REMIC II Regular Interests”. The REMIC III Component of the Class X-H Certificates is hereby irrevocably
assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-H Certificates” in
the table that appears under “Corresponding REMIC II Regular Interests”.

 

Corresponding
REMIC II Regular Interests

 

The
following table irrevocably sets forth, with respect to each REMIC II Regular Interest (i) the Class of Certificates, Class PEX
Component and/or Class A-S Regular Interest, Class B Regular Interest or Class C Regular Interest and (ii) the REMIC III Component
of the Class X-A, Class X-D, Class X-E, Class X-FG or Class X-H Certificates, in each case for which such REMIC II Regular Interest
constitutes a Corresponding REMIC II Regular Interest:

 

	REMIC II
                                         Regular Interest
	 	Class
                                         of Certificates

 or REMIC III 

Regular Interest
	 	REMIC III
                                         Component of Class X-A Certificates
	 	REMIC III
                                         Component of Class X-D Certificates
	 	REMIC III
                                         Component of Class X-E Certificates
	 	REMIC III
                                         Component of Class X-FG Certificates
	 	REMIC III
                                         Component of Class X-H Certificates

	A-1	 	A-1
    Certificates	 	A-1-X-A	 	N/A	 	N/A	 	N/A	 	N/A
	A-2	 	A-2
    Certificates	 	A-2-X-A	 	N/A	 	N/A	 	N/A	 	N/A
	A-3	 	A-3
    Certificates	 	A-3-X-A	 	N/A	 	N/A	 	N/A	 	N/A
	A-4	 	A-4
    Certificates	 	A-4-X-A	 	N/A	 	N/A	 	N/A	 	N/A
	A-SB	 	A-SB
    Certificates	 	A-SB-X-A	 	N/A	 	N/A	 	N/A	 	N/A
	A-S	 	A-S
    Certificates and A-S-PEX Component (collectively representing the Class A-S Regular Interest)	 	A-S-X-A	 	N/A	 	N/A	 	N/A	 	N/A
	B	 	B
    Certificates and B-PEX Component (collectively representing the Class B Regular Interest)	 	N/A	 	N/A	 	N/A	 	N/A	 	N/A
	C	 	C
    Certificates and C-PEX Component (collectively representing the Class C Regular Interest)	 	N/A	 	N/A	 	N/A	 	N/A	 	N/A
	D	 	D
    Certificates	 	N/A	 	D-X-D	 	N/A	 	N/A	 	N/A
	E	 	E
    Certificates	 	N/A	 	N/A	 	E-X-E	 	N/A	 	N/A
	F	 	F
    Certificates	 	N/A	 	N/A	 	N/A	 	F-X-FG	 	N/A
	G	 	G
    Certificates	 	N/A	 	N/A	 	N/A	 	G-X-FG	 	N/A
	H	 	H
    Certificates	 	N/A	 	N/A	 	N/A	 	N/A	 	H-X-H

  

Each
of (i) the Cut-off Date Pool Balance, (ii) the initial aggregate Uncertificated Principal Balance of the REMIC I Regular Interests,
(iii) the initial aggregate Uncertificated

 

    	3

    	 

    

 

Principal Balance of the REMIC II Regular Interests and (iv) the initial aggregate
Class Principal Balance of the respective Classes of Regular Certificates (other than the Interest Only Certificates) and the
Class A-S Regular Interest, Class B Regular Interest and Class C Regular Interest will be $814,499,765.

 

Class
Designations of the Certificates, the Class PEX Components and the Class A-S Regular Interest, Class B Regular Interest and Class
C Regular Interest.

 

The
following table irrevocably sets forth the Class Designation, Pass-Through Rate and initial Class Principal Balance for each Class
of Certificates, the Class PEX Components and the Class A-S Regular Interest, Class B Regular Interest and Class C Regular Interest.

 

	Class Designation
	 	Pass-Through
                                         Rate
	 	Initial Class Principal 
 Balance

	Class A-1	 	1.5040%
    per annum	 	$25,362,000	 
	Class A-2	 	2.8480%
    per annum	 	$160,171,000	 
	Class A-3	 	3.3540%
    per annum	 	$130,000,000	 
	Class A-4	 	3.6170%
    per annum	 	$206,848,000	 
	Class A-SB	 	3.3710%
    per annum	 	$47,768,000	 
	Class X-A	 	Variable(1)	 	(2)	 
	Class X-D	 	Variable(1)	 	(3)	 
	Class X-E	 	Variable(1)	 	(4)	 
	Class X-FG	 	Variable(1)	 	(5)	 
	Class X-H	 	Variable(1)	 	(6)	 
	Class A-S(7)	 	Variable(1)	 	$55,997,000	 
	Class A-S-PEX
    Component(7)	 	Variable(1)	 	$0	 
	Class A-S Regular
    Interest(7)	 	Variable(1)	 	$55,997,000	 
	Class B(7)	 	Variable(1)	 	$43,780,000	 
	Class B-PEX Component(7)	 	Variable(1)	 	$0	 
	Class B Regular
    Interest(7)	 	Variable(1)	 	$43,780,000	 
	Class C(7)	 	Variable(1)	 	$42,761,000	 
	Class C-PEX Component(7)	 	Variable(1)	 	$0	 
	Class C Regular
    Interest(7)	 	Variable(1)	 	$42,761,000	 
	Class PEX(7)	 	(8)	 	$0	 
	Class D	 	3.1530%
    per annum	 	$40,725,000	 
	Class E	 	3.1530%
    per annum	 	$20,362,000	 
	Class F	 	3.1530%
    per annum	 	$8,145,000	 
	Class G	 	3.1530%
    per annum	 	$8,145,000	 
	Class H	 	3.1530%
    per annum	 	$24,435,765	 
	Class R	 	None	 	None	 

 

 

	 	 	 
	(1)	The
                                         respective Pass-Through Rates for the Interest Only Certificates and the Class B, Class
                                         C, Class D, Class E, Class F, Class G and Class H Certificates, the Class B-PEX Component,
                                         the Class C-PEX Component, the Class B Regular Interest and the Class C Regular Interest,
                                         will, in the case of each of those Classes, be a variable rate per annum calculated
                                         in accordance with the definition of “Pass-Through Rate”.

 

		(2)	The
                                         Class X-A Certificates will not have a Class Principal Balance and will not entitle their
                                         Holders to receive distributions of principal. The Class X-A Certificates will evidence
                                         the ownership of six (6) REMIC regular interests, each corresponding to one of the components
                                         of the notional balance of the Class X-A Certificates. The Class X-A Certificates will
                                         have a Class Notional Amount which will be equal to the aggregate of the Component Notional
                                         Amounts of the REMIC III Components of such Class from time to time. As more specifically
                                         provided herein, interest in respect of such Class of Certificates will consist of the
                                         aggregate amount of interest accrued on the respective Component Notional Amounts of
                                         such Class’ REMIC III Components from time to time.

 

    	4

    	 

    

 

		(3)	The
                                         Class X-D Certificates will not have a Class Principal Balance and will not entitle their
                                         Holders to receive distributions of principal. The Class X-D Certificates will evidence
                                         the ownership of one (1) REMIC regular interest, corresponding to the component of the
                                         notional balance of the Class X-D Certificates. The Class X-D Certificates will have
                                         a Class Notional Amount which will be equal to the Component Notional Amount of the REMIC
                                         III Component of such Class from time to time. As more specifically provided herein,
                                         interest in respect of such Class of Certificates will consist of the amount of interest
                                         accrued on the Component Notional Amount of such Class’ REMIC III Component from
                                         time to time.

 

		(4)	The
                                         Class X-E Certificates will not have a Class Principal Balance and will not entitle their
                                         Holders to receive distributions of principal. The Class X-E Certificates will evidence
                                         the ownership of one (1) REMIC regular interest, corresponding to the component of the
                                         notional balance of the Class X-E Certificates. The Class X-E Certificates will have
                                         a Class Notional Amount which will be equal to the Component Notional Amount of the REMIC
                                         III Component of such Class from time to time. As more specifically provided herein,
                                         interest in respect of such Class of Certificates will consist of the amount of interest
                                         accrued on the Component Notional Amount of such Class’ REMIC III Component from
                                         time to time.

 

		(5)	The
                                         Class X-FG Certificates will not have a Class Principal Balance and will not entitle
                                         their Holders to receive distributions of principal. The Class X-FG Certificates will
                                         evidence the ownership of two (2) REMIC regular interests, each corresponding to one
                                         of the components of the notional balance of the Class X-FG Certificates. The Class X-FG
                                         Certificates will have a Class Notional Amount which will be equal to the aggregate of
                                         the Component Notional Amounts of the REMIC III Components of such Class from time to
                                         time. As more specifically provided herein, interest in respect of such Class of Certificates
                                         will consist of the aggregate amount of interest accrued on the respective Component
                                         Notional Amounts of such Class’ REMIC III Components from time to time.

 

		(6)	The
                                         Class X-H Certificates will not have a Class Principal Balance and will not entitle their
                                         Holders to receive distributions of principal. The Class X-H Certificates will evidence
                                         the ownership of one (1) REMIC regular interest, corresponding to the component of the
                                         notional balance of the Class X-H Certificates. The Class X-H Certificates will have
                                         a Class Notional Amount which will be equal to the Component Notional Amount of the REMIC
                                         III Component of such Class from time to time. As more specifically provided herein,
                                         interest in respect of such Class of Certificates will consist of the amount of interest
                                         accrued on the Component Notional Amount of such Class’ REMIC III Component from
                                         time to time.

 

		(7)	The
                                         Class A-S, Class B and Class C Certificates are not regular interests in REMIC III but
                                         represent ownership of 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. The Class A-S-PEX
                                         Component, Class B-PEX Component and Class C-PEX Component are not regular interests
                                         in REMIC III but represent ownership of the Class A-S-PEX Percentage Interest, the Class
                                         B-PEX Percentage Interest and the Class C-PEX Percentage Interest, respectively, in the
                                         Class A-S Regular Interest, Class B Regular Interest and Class C Regular Interest, respectively.
                                         The Class PEX Certificates are not regular interests in REMIC III but represent ownership
                                         of the Class PEX Components.

 

		(8)	The
                                         Class PEX Certificates will not have a Pass-Through Rate but will be entitled to receive
                                         the sum of the interest distributable on the Class PEX Components.

 

Grantor
Trust

 

The
Class A-S, Class B, Class C and Class PEX Certificates shall each represent undivided beneficial interests in the portion of the
Grantor Trust consisting of the assets set forth opposite such Class in the following table, in each case as described herein.
As provided herein, the Certificate Administrator shall not take any actions to cause the portions of the Trust Fund consisting
of the Grantor Trust to fail (i) to maintain its status as a “grantor trust” under federal income tax law and (ii)
to not be treated as part of any Trust REMIC Pool.

 

	Class Designation
	 	Corresponding
                                         Grantor Trust Assets

	Class
    A-S	 	Class
    A-S Specific Grantor Trust Assets
	Class
    B	 	Class
    B Specific Grantor Trust Assets
	Class
    C	 	Class
    C Specific Grantor Trust Assets
	Class
    PEX	 	Class
    PEX Specific Grantor Trust Assets

 

Split
Loan Structures

 

The
Mortgaged Property that secures the Mortgage Loan identified as Loan No. 1 on the Mortgage Loan Schedule (the “One Court
Square Mortgage Loan”) (which Mortgage Loan is evidenced by a promissory note designated as note A-4) also secures three
companion loans to the same Borrower, which consist of a promissory note designated note A-1 in the original principal balance
of $50,000,000, a promissory note designated note A-2 in the original principal

 

    	5

    	 

    

 

balance of $95,000,000 and a promissory note designated
note A-3 in the original principal balance of $90,000,000, which companion loans are pari passu in right of payment to
the One Court Square Mortgage Loan (the “One Court Square Pari Passu Companion Loans” and, collectively with
the One Court Square Mortgage Loan, the “One Court Square Loan Combination”). The One Court Square Pari Passu
Companion Loans and all amounts attributable thereto will not be assets of the Trust Fund, the REMIC Pools or the Grantor Trust
and will be beneficially owned by the related Serviced Pari Passu Companion Loan Holders.

 

The
Mortgaged Property that secures the Mortgage Loan identified as Loan No. 3 on the Mortgage Loan Schedule (the “Yosemite
Resorts Mortgage Loan”) (which Mortgage Loan is evidenced by a promissory note designated as note A-1) also secures
one companion loan to the same Borrower, which consists of a promissory note designated note A-2 in the original principal balance
of $19,000,000 (the “Yosemite Resorts Pari Passu Companion Loan”). The Yosemite Resorts Pari Passu Companion
Loan is pari passu in right of payment to the Yosemite Resorts Mortgage Loan. The Yosemite Resorts Mortgage Loan and the
Yosemite Resorts Pari Passu Companion Loan are collectively referred to as the “Yosemite Resorts Loan Combination”.
The Yosemite Resorts Pari Passu Companion Loan and all amounts attributable thereto will not be assets of the Trust Fund, the
REMIC Pools or the Grantor Trust and will be beneficially owned by the related Serviced Pari Passu Companion Loan Holder.

 

The
Mortgaged Property that secures the Mortgage Loan identified as Loan No. 5 on the Mortgage Loan Schedule (the “Hilton
Nashville Mortgage Loan”) (which Mortgage Loan is evidenced by a promissory note designated as note A-2) also secures
a companion loan to the same Borrower, which consists of a promissory note designated note A-1 in the original principal balance
of $75,000,000 and which is pari passu in right of payment to the Hilton Nashville Mortgage Loan (the “Hilton
Nashville Pari Passu Companion Loan” and, collectively with the Hilton Nashville Mortgage Loan, the “Hilton
Nashville Loan Combination”). The Hilton Nashville Pari Passu Companion Loan and all amounts attributable thereto will
not be assets of the Trust Fund, the REMIC Pools or the Grantor Trust and will be beneficially owned by the related Non-Serviced
Companion Loan Holder.

 

The
Mortgaged Property that secures the Mortgage Loan identified as Loan No. 6 on the Mortgage Loan Schedule (the “11 Madison
Avenue Mortgage Loan”) (which Mortgage Loan is evidenced by a promissory note designated as note A-3-C1) also secures
eighteen companion loans to the same Borrower, which consist of (i) nine pari passu promissory notes designated as note
A-1-S1, note A-1-S2, note A-1-S3, note A-2-S1, note A-2-S2, Note A-2-S3, note A-3-S1, note A-3-S2 and note A-3-S3, with an aggregate
outstanding principal balance as of the Cut-off Date of $397,530,000, which companion loans are pari passu in right of
payment to the 11 Madison Avenue Mortgage Loan (the “11 Madison Avenue Standalone Pari Passu Companion Loans”),
(ii) six pari passu promissory notes designated as note A-1-C1, note A-1-C2, note A-1-C3, note A-2-C1, note A-2-C2 and
note A-3-C2, with an aggregate outstanding principal balance as of the Cut-off Date of $331,800,000, which companion loans are
pari passu in right of payment to the 11 Madison Avenue Mortgage Loan and the 11 Madison Avenue Standalone Pari Passu Companion
Loans (the “11 Madison Avenue Non-Standalone Pari Passu Companion Loans” and, collectively with the 11 Madison
Avenue Standalone Pari Passu Companion Loans, the “11 Madison Avenue Pari Passu Companion Loans”) and (iii)
three promissory notes designated as note B-1-S, note B-2-S and note B-3-S, with an aggregate outstanding principal

 

    	6

    	 

    

 

balance as
of the Cut-off Date of $310,670,000, which companion loans are subordinate in right of payment to each of the 11 Madison Avenue
Mortgage Loan and the 11 Madison Avenue Pari Passu Companion Loans (the “11 Madison Avenue Subordinate Companion Loans”,
and collectively with the 11 Madison Avenue Pari Passu Companion Loans, the “11 Madison Avenue Companion Loans”).
The 11 Madison Avenue Companion Loans and the 11 Madison Avenue Mortgage Loan are collectively referred to as the “11
Madison Avenue Loan Combination”). The 11 Madison Avenue Companion Loans and all amounts attributable thereto will not
be assets of the Trust Fund, the REMIC Pools or the Grantor Trust and will be beneficially owned by the related Non-Serviced Companion
Loan Holders.

 

The
Mortgaged Property that secures the Mortgage Loan identified as Loan No. 12 on the Mortgage Loan Schedule (the “Cooper’s
Crossing Mortgage Loan”) (which Mortgage Loan is evidenced by a promissory note designated as note A-2) also secures
a companion loan to the same Borrower, which consists of a promissory note designated note A-1 in the original principal balance
of $22,300,000 and which is pari passu in right of payment to the Cooper’s Crossing Mortgage Loan (the “Cooper’s
Crossing Pari Passu Companion Loan” and, collectively with the Cooper’s Crossing Mortgage Loan, the “Cooper’s
Crossing Loan Combination”). The Cooper’s Crossing Pari Passu Companion Loan and all amounts attributable thereto
will not be assets of the Trust Fund, the REMIC Pools or the Grantor Trust and will be beneficially owned by the related Non-Serviced
Companion Loan Holder.

 

Each
of the Hilton Nashville Loan Combination, the 11 Madison Avenue Loan Combination and the Cooper’s Crossing Loan Combination
will be serviced pursuant to (i) the related Non-Trust Pooling and Servicing Agreement and (ii) the related Intercreditor Agreement.
Each of the One Court Square Loan Combination and the Yosemite Resorts Loan Combination will be serviced pursuant to (i) this
Agreement and (ii) the related Intercreditor Agreement.

 

Capitalized
terms used but not otherwise defined in this Preliminary Statement have the respective meanings assigned thereto in Section 1.01
of this Agreement.

 

In
consideration of the mutual agreements herein contained, the Depositor, the General Master Servicer, the General Special Servicer,
the NCB Master Servicer, the NCB Special Servicer, the One Court Square Special Servicer, the Trust Advisor, the Certificate Administrator,
the Tax Administrator and the Trustee hereby agree as follows:

 

Article
I

DEFINITIONS; GENERAL INTERPRETIVE PRINCIPLES;

CERTAIN CALCULATIONS IN RESPECT OF THE MORTGAGE POOL

 

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 Section 1.01, subject to modification in accordance with Section 1.04.

 

“11
Madison Avenue Companion Loans”: As defined in the Preliminary Statement.

 

“11
Madison Avenue Loan Combination”: As defined in the Preliminary Statement.

 

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“11
Madison Avenue Mortgage Loan”: As defined in the Preliminary Statement.

 

“11
Madison Avenue Non-Standalone Pari Passu Companion Loans”: As defined in the Preliminary Statement.

 

“11
Madison Avenue Pari Passu Companion Loans”: As defined in the Preliminary Statement.

 

“11
Madison Avenue Subordinate Companion Loans”: As defined in the Preliminary Statement.

 

“11
Madison Avenue Standalone Pari Passu Companion Loans”: As defined in the Preliminary Statement.

 

“30/360
Basis”: The accrual of interest calculated on the basis of a 360-day year consisting of twelve 30-day months.

 

“30/360
Mortgage Loan”: A Mortgage Loan that accrues interest on a 30/360 Basis.

 

“Acceptable
Insurance Default”: As defined in Section 3.07(a).

 

“Accrued
Certificate Interest”: The interest accrued from time to time with respect to any Class of Regular Certificates and
the Class A-S Regular Interest, Class B Regular Interest and Class C Regular Interest, the amount of which interest shall equal:
(a) in the case of any Class of Principal Balance Certificates (other than the Class A-S, Class B, Class C and Class PEX Certificates)
or the Class A-S Regular Interest, Class B Regular Interest or Class C Regular Interest, as applicable, for any Interest Accrual
Period, one-twelfth of the product of (i) the Pass-Through Rate applicable to such Class of Principal Balance Certificates or
the Class A-S Regular Interest, Class B Regular Interest or Class C Regular Interest, as applicable, for such Interest Accrual
Period, multiplied by (ii) the Class Principal Balance of such Class of Principal Balance Certificates or the Class A-S
Regular Interest, Class B Regular Interest or Class C Regular Interest, as applicable, outstanding immediately prior to the related
Distribution Date; and (b) in the case of any Class of Interest Only Certificates for any Interest Accrual Period, the aggregate
amount of Accrued Component Interest for all of such Class’ REMIC III Components for such Interest Accrual Period.

 

“Accrued
Component Interest”: The interest accrued from time to time with respect to any REMIC III Component of any Class of
Interest Only Certificates, the amount of which interest shall equal, for any Interest Accrual Period, one-twelfth of the product
of (i)(A) in the case of each REMIC III Component of the Class X-A Certificates, the Class X-A Strip Rate applicable to such REMIC
III Component for such Interest Accrual Period, (B) in the case of the REMIC III Component of the Class X-D Certificates, the
Class X-D Strip Rate applicable to such REMIC III Component for such Interest Accrual Period, (C) in the case of the REMIC III
Component of the Class X-E Certificates, the Class X-E Strip Rate applicable to such REMIC III Component for such Interest Accrual
Period, (D) in the case of each REMIC III Component of the Class X-FG Certificates, the Class X-FG Strip Rate applicable to such
REMIC III Component for such Interest Accrual Period or (E) in the case of the REMIC III Component of the Class X-H Certificates,
the Class X-H Strip Rate applicable to such REMIC III Component

 

    	8

    	 

    

 

for such Interest Accrual Period multiplied by (ii) the
Component Notional Amount of such REMIC III Component outstanding immediately prior to the related Distribution Date.

 

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

 

“Actual/360
Mortgage Loan”: A Mortgage Loan that accrues interest on an Actual/360 Basis.

 

“Additional
Collateral”: Any non-real property collateral (including any Letters of Credit or Reserve Funds) pledged and/or delivered
by or on behalf of the related Borrower and held by the related Mortgagee to secure payment on any Mortgage Loan which, in the
case of any Loan Combination, also secures payment on the related Companion Loan(s).

 

“Additional
Form 10-D Disclosure”: As defined in Section 11.07.

 

“Additional
Form 10-K Disclosure”: As defined in Section 11.08.

 

“Additional
Master Servicing Compensation”: As defined in Section 3.11(b).

 

“Additional
Servicer”: Each Affiliate of any Master Servicer, any Mortgage Loan Seller, the Depositor, any Non-Trust Master Servicer,
any Non-Trust Special Servicer or any of the Underwriters, that Services any of the Mortgage Loans and each Person, other than
the Special Servicers, who is not an Affiliate of any Master Servicer, any Mortgage Loan Seller, the Depositor or any of the Underwriters
and who Services 10% or more of the Mortgage Loans (based on their Stated Principal Balance). For clarification purposes, the
Certificate Administrator is an Additional Servicer and the Trustee is not an Additional Servicer. For further clarification purposes,
the Special Servicers and the Trust Advisor are not Additional Servicers, it being acknowledged that the Special Servicers and
the Trust Advisor constitute Reporting Servicers regardless of the number or percentage of Mortgage Loans serviced on any particular
date.

 

“Additional
Special Servicing Compensation”: As defined in Section 3.11(d).

 

“Additional
Trust Fund Expense”: Any expense of the Trust Fund that (i) arises out of a default (or where default is reasonably
foreseeable) on a Mortgage Loan or a Serviced Pari Passu Companion Loan or an otherwise unanticipated event, (ii) is not included
in the calculation of a Realized Loss, (iii) is not covered by a Servicing Advance or a corresponding collection from the related
Borrower, and (iv) is not covered by Default Charges collected on the Mortgage Loans to the extent provided herein.

 

“Additional
Yield Amount”: As defined in Section 4.01(c).

 

“Adjusted
Actual/360 Accrued Interest Amount”: As defined in Section 2.11(f).

 

“Administered
REO Property”: Any REO Property other than any REO Property related to a Non-Trust-Serviced Pooled Mortgage Loan.

 

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“Administrative
Fee Rate”: With respect to each Mortgage Loan, the sum of (i) the Certificate Administrator Fee Rate, (ii) the CREFC®
License Fee Rate, (iii) the Trust Advisor Ongoing Fee Rate (except with respect to the Hilton Nashville Mortgage Loan, the
11 Madison Avenue Mortgage Loan and the Cooper’s Crossing Mortgage Loan), (iv) the applicable Master Servicing Fee Rate;
and (v) in the case of each Pari Passu Mortgage Loan, a rate per annum equal to the applicable Pari Passu Primary Servicing
Fee Rate.

 

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

 

“Advance
Interest”: The interest accrued on any Advance (other than any Unliquidated Advance) at the Reimbursement Rate, which
is payable to the party hereto that made that Advance, all in accordance with Section 3.11(g) or Section 4.03,
as applicable.

 

“Adverse
Grantor Trust Event”: Either: (i) any impairment of the status of the Grantor Trust Pool as a Grantor Trust; or (ii)
the imposition of a tax upon the Grantor Trust Pool or any of its assets or transactions.

 

“Adverse
Rating Event”: With respect to any Class of Rated Certificates and any Rating Agency that has assigned a rating thereto,
as of any date of determination, the qualification, downgrade or withdrawal of the rating then assigned to such Class of Rated
Certificates by such Rating Agency (or the placement of such Class of Rated Certificates on “negative credit watch”
status in contemplation of any such action with respect thereto).

 

“Adverse
REMIC Event”: Either: (i) any impairment of the status of any REMIC Pool as a REMIC, including (insofar as it relates
to a proposed modification, waiver or amendment of any term of a Mortgage Loan) any impairment that could result by virtue of
the exercise of a “unilateral option” (within the meaning of Treasury Regulations Section 1.1001-3(c)(3)) of the Borrower;
or (ii) except as permitted by Section 3.17(a), the imposition of a tax upon any REMIC Pool or any of its assets or
transactions (including the tax on prohibited transactions as defined in Section 860F(a)(2) of the Code, the tax on contributions
under Section 860G(d) of the Code and the tax on income from foreclosure property under Section 860G(c) of the Code).

 

“Affected
Loan(s)”: As defined in Section 2.03(b)(A).

 

“Affected
Party”: As defined in Section 7.01(b).

 

“Affected
Reporting Party”: As defined in Section 11.15.

 

“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.

 

“Agreement”:
This Pooling and Servicing Agreement, as it may be amended, modified, supplemented or restated following the Closing Date.

 

    	10

    	 

    

 

“Anticipated
Repayment Date”: With respect to any ARD Mortgage Loan, the date specified in the related Mortgage Note, as of which
Post-ARD Additional Interest shall begin to accrue on such Mortgage Loan, which date is prior to the Stated Maturity Date for
such Mortgage Loan. There are no ARD Mortgage Loans in the Trust.

 

“Applicable
Banking Law”: As defined in Section 8.13.

 

“Applicable
State Law”: For purposes of Article X, the Applicable State Law shall be (1) the laws of the State of New York;
(2) to the extent brought to the attention of the Tax Administrator (by either (i) an Opinion of Counsel delivered to it or (ii)
written notice from the appropriate taxing authority as to the applicability of such state law), (a) the laws of the states in
which the Corporate Trust Offices of the Certificate Administrator and the Trustee and the Primary Servicing Offices of the Master
Servicers and the Special Servicers are located and (b) the laws of the states in which any Mortgage Loan Documents are held and/or
any REO Properties are located; and (3) such other state or local law as to which the Tax Administrator has actual knowledge of
applicability.

 

“Appraisal”:
With respect to any Mortgaged Property or REO Property as to which an appraisal is required to be performed pursuant to the terms
of this Agreement, a narrative appraisal complying with USPAP (or, in the case of a Mortgage Loan or an REO Mortgage Loan with
a Stated Principal Balance as of the date of such appraisal of less than $2,000,000, at the applicable Special Servicer’s
option, either a limited appraisal and a summary report or an internal valuation prepared by the applicable Special Servicer)
that (i) indicates the “market value” of the subject property (within the meaning of 12 C.F.R. § 225.62(g)) and
(ii) is conducted by a Qualified Appraiser (except that, in the case of a Mortgage Loan or an REO Mortgage Loan with a Stated
Principal Balance as of the date of such appraisal of less than $2,000,000, the appraiser may be an employee of the applicable
Special Servicer, which employee need not be a Qualified Appraiser but shall have experience in commercial and/or multifamily
properties, as the case may be, and possess sufficient knowledge to value such a property).

 

“Appraisal-Reduced
Interest Amount”: With respect to any Mortgage Loan or REO Mortgage Loan, the amount of any reduction in any P&I
Advance that occurs as result of Appraisal Reduction Amounts pursuant to the proviso to Section 4.03(b).

 

“Appraisal
Reduction Amount”: With respect to any Serviced Mortgage Loan (or, as described in the fourth-to-last paragraph of this
definition, for any Mortgage Loan relating to a Serviced Loan Combination) that is a Required Appraisal Loan, an amount (calculated
initially as of the Determination Date immediately following the later of the date on which the subject Mortgage Loan became a
Required Appraisal Loan and the date on which the applicable Appraisal was obtained) equal to the excess, if any, of:

 

(a)          the
sum of, without duplication, (i) the Stated Principal Balance of such Required Appraisal Loan, (ii) to the extent not previously
advanced by or on behalf of the applicable Master Servicer or the Trustee, all unpaid interest on such Required Appraisal Loan
through the most recent Due Date prior to the date of determination (exclusive of any portion thereof that represents Default
Interest and/or Post-ARD Additional Interest),

 

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(iii) all accrued and unpaid Special Servicing Fees in respect of such Required
Appraisal Loan, (iv) all related unreimbursed Advances (together with Unliquidated Advances) made by or on behalf of (plus
all accrued and unpaid interest on such Advances (other than Unliquidated Advances) payable to) the applicable Master Servicer,
the applicable Special Servicer and/or the Trustee with respect to such Required Appraisal Loan, (v) any other outstanding Additional
Trust Fund Expenses (other than Trust Advisor Expenses) with respect to such Required Appraisal Loan, and (vi) all currently due
and unpaid real estate taxes and assessments, insurance premiums and, if applicable, ground rents, and any unfunded improvement
or other applicable reserves, in respect of the related Mortgaged Property or REO Property, as the case may be (in each case,
net of any amounts escrowed with the applicable Master Servicer or the applicable Special Servicer for such items); over

 

(b)         an
amount equal to the sum of: (a) the excess, if any, of (i) 90% of the Appraised Value of the related Mortgaged Property (or REO
Property) as determined by the most recent Appraisal or any letter update of such Appraisal, over (ii) the amount of any obligations
secured by liens on such Mortgaged Property (or REO Property) that are prior to the lien of the related Required Appraisal Loan;
plus (b) the amount of any Escrow Payments and/or Reserve Funds held by the applicable Master Servicer or the applicable
Special Servicer with respect to such Required Appraisal Loan, the related Mortgaged Property or any related REO Property that
(i) are not being held in respect of any real estate taxes and assessments, insurance premiums or, if applicable, ground rents,
(ii) are not otherwise scheduled to be applied or utilized (except to pay debt service on such Required Appraisal Loan) within
the twelve-month period following the date of determination and (iii) may be applied toward the reduction of the principal balance
of such Required Appraisal Loan; plus (c) the amount of any Letter of Credit constituting additional security for such
Required Appraisal Loan and that may be applied towards the reduction of the principal balance of such Required Appraisal Loan.

 

Notwithstanding
the foregoing, if (i) any Serviced Mortgage Loan or Serviced Loan Combination becomes a Required Appraisal Loan, (ii) either (A)
no Appraisal or update thereof has been obtained or conducted, as applicable, in accordance with Section 3.19(a),
with respect to the related Mortgaged Property or REO Property, as the case may be, during the nine-month period prior to the
date such Mortgage Loan or Serviced Loan Combination became a Required Appraisal Loan or (B) there shall have occurred since the
date of the most recent Appraisal or update thereof a material change in the circumstances surrounding the related Mortgaged Property
or REO Property, as the case may be, that would, in the applicable Special Servicer’s reasonable judgment, materially affect
the value of the related Mortgaged Property or REO Property, as the case may be, and (iii) no new Appraisal is obtained or conducted,
as applicable, in accordance with Section 3.19(a), within sixty (60) days after such Mortgage Loan or Serviced Loan
Combination became a Required Appraisal Loan, then (x) until such new Appraisal is obtained or conducted, as applicable, in accordance
with Section 3.19(a), the Appraisal Reduction Amount shall equal 25% of the Stated Principal Balance of such Required
Appraisal Loan, and (y) upon receipt or performance, as applicable, in accordance with Section 3.19(a), of such Appraisal
or update thereof by the applicable Special Servicer, the Appraisal Reduction Amount for such Required Appraisal Loan shall be
recalculated in accordance with the preceding sentence of this definition.

 

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In
connection with the foregoing, each Cross-Collateralized Mortgage Loan that is part of a single Cross-Collateralized Group shall
be treated separately (in each case as a single Mortgage Loan without regard to the cross-collateralization and cross-default
provisions) for purposes of calculating an Appraisal Reduction Amount.

 

Also
notwithstanding the foregoing, as of any date of determination, in the case of any Serviced Loan Combination, (a) any Appraisal
Reduction Amounts will be calculated with respect to the entirety of such Serviced Loan Combination as if it were a single Mortgage
Loan and allocated to the related Serviced Pari Passu Companion Loan(s) and the related Mortgage Loan on a pro rata and
pari passu basis in accordance with, the respective outstanding principal balances of such Serviced Pari Passu Companion
Loan(s) and the related Mortgage Loan, and (b) the resulting portion of such Appraisal Reduction Amount that is so allocated to
the related Mortgage Loan shall be the “Appraisal Reduction Amount” of that Mortgage Loan for purposes of P&I
Advances and the determination of whether a Subordinate Control Period is in effect under this Agreement.

 

Also
notwithstanding the foregoing, for purposes of determining whether a Subordinate Control Period is in effect, the determination
of Appraisal Reduction Amounts will be subject to the provisions and procedures set forth under Section 3.19.

 

An
Appraisal Reduction Amount with respect to any Serviced Mortgage Loan or Serviced Loan Combination will be reduced to zero as
of the date on which all Servicing Transfer Events have ceased to exist with respect to the related Serviced Mortgage Loan or
Serviced Loan Combination and at least ninety (90) days have passed following the occurrence of the most recent Appraisal Trigger
Event. No Appraisal Reduction Amount will exist as to any Serviced Mortgage Loan or Serviced Loan Combination after it has been
paid in full or it (or the REO Property) has been liquidated, repurchased or otherwise disposed of.

 

Notwithstanding
the foregoing, with respect to any Non-Trust-Serviced Pooled Mortgage Loan, the Appraisal Reduction Amount shall be the “Appraisal
Reduction Amount” calculated pursuant to the related Non-Trust Pooling and Servicing Agreement and the parties hereto shall
be entitled to rely on such calculations as reported to them by the related Non-Trust Master Servicer. By their acceptance of
their Certificates, the Certificateholders will be deemed to have acknowledged that any Non-Trust Pooling and Servicing Agreement
and any Intercreditor Agreement related to a Non-Trust-Serviced Pooled Mortgage Loan, taken together, provide that any such “Appraisal
Reduction Amount” shall be calculated by the related Non-Trust Special Servicer under the related Non-Trust Pooling and
Servicing Agreement.

 

“Appraisal
Trigger Event”: As defined in Section 3.19(a).

 

“Appraised
Value”: (i) With respect to each Mortgaged Property or REO Property (other than a Mortgaged Property securing a Co-op
Mortgage Loan), the appraised value thereof based upon the most recent Appraisal obtained or conducted, as appropriate, pursuant
to this Agreement; and (ii) with respect to each Mortgaged Property securing a Co-op Mortgage Loan, the appraised value thereof
based upon the most recent Appraisal obtained or conducted, as appropriate, pursuant to this Agreement and determined either (A)
assuming that such property is operated as a residential cooperative (with such value, in general, to equal the sum of (x) the

 

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gross sellout value of all cooperative units in such residential cooperative property (applying a discount for units that are
subject to existing rent-regulated or rent-controlled rental tenants as and if deemed appropriate by the appraiser), based in
part on various comparable sales of cooperative apartment units in the market, plus (y) the amount of the underlying debt encumbering
such residential cooperative property) or (B) solely for the purposes of calculating an Appraisal Reduction Amount or for the
purpose of an Asset Status Report delivered pursuant to Section 3.24(a), if the applicable Special Servicer determines
consistent with the Servicing Standard that there is no reasonable expectation that the related Mortgaged Property will be operated
as a residential cooperative following any work-out or liquidation of the related Mortgage Loan, assuming such property is operated
as a multifamily rental property.

 

“ARD
Mortgage Loan”: A Mortgage Loan that provides for the accrual of Post-ARD Additional Interest thereon if such Mortgage
Loan is not paid in full on or prior to its Anticipated Repayment Date. There are no ARD Mortgage Loans in the Trust.

 

“Asset
Status Report”: As defined in Section 3.24(a).

 

“Assignment
of Leases”: With respect to any Mortgaged Property, any assignment of leases, rents and profits or similar document
or instrument executed by the related Borrower in connection with the origination of the related Mortgage Loan(s) or Loan Combination,
as applicable, as such assignment may be amended, modified, renewed or extended through the date hereof and from time to time
hereafter.

 

“Assumed
Monthly Payment”: With respect to (a) any Mortgage Loan that is a Balloon Mortgage Loan delinquent in respect of its
Balloon Payment beyond the Determination Date immediately following its scheduled maturity date (as such date may be extended
in connection with a bankruptcy, insolvency or similar proceeding involving the related Borrower or by reason of a modification,
waiver or amendment granted or agreed to by the applicable Master Servicer or the applicable Special Servicer), for that scheduled
maturity date and for each subsequent Due Date as of which such Mortgage Loan remains outstanding and part of the Trust Fund,
the scheduled monthly payment of principal and/or interest deemed to be due with respect to such Mortgage Loan on such Due Date
equal to the amount (exclusive of Default Interest and any Post-ARD Additional Interest) that would have been due in respect thereof
on such Due Date if such Mortgage Loan had been required to continue to accrue interest in accordance with its terms, and to pay
principal in accordance with the amortization schedule (if any), in effect immediately prior to, and without regard to the occurrence
of, such maturity date; and (b) any REO Mortgage Loan, for any Due Date as of which the related REO Property (or, in the case
of any REO Mortgage Loan that is a successor to any Mortgage Loan in a Loan Combination, any interest in the related REO Property)
remains part of the Trust Fund, the scheduled monthly payment of principal and/or interest deemed to be due in respect thereof
on such Due Date equal to the Monthly Payment (or, in the case of a Balloon Mortgage Loan described in clause (a)
of this definition, the Assumed Monthly Payment) that was due (or deemed due) with respect to the related Mortgage Loan on the
last Due Date prior to its becoming an REO Mortgage Loan.

 

“Assumption
Application Fees”: With respect to any Serviced Mortgage Loan or Serviced Loan Combination, any and all assumption application
fees for transactions effected under Section 3.08 of this Agreement actually collected from the related Borrower and
not

 

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prohibited from being charged by the lender under the related Mortgage Loan Documents, with respect to any application submitted
to the applicable Master Servicer or the applicable Special Servicer for a proposed assumption or substitution transaction or
proposed transfer of an interest in such Borrower.

 

“Assumption
Fees”: With respect to any Serviced Mortgage Loan or Serviced Loan Combination, any and all assumption fees for transactions
effected under Section 3.08 of this Agreement actually collected from the related Borrower and not prohibited from
being charged by the lender under the related Mortgage Loan Documents, with respect to any assumption or substitution agreement
entered into by the applicable Master Servicer or the applicable Special Servicer on behalf of the Trust Fund pursuant to Section 3.08
of this Agreement or paid by the related Borrower with respect to any transfer of an interest in such Borrower pursuant to
Section 3.08 of this Agreement.

 

“ASTM”:
ASTM International (originally known as The American Society for Testing and Materials).

 

“Authenticating
Agent”: Any authenticating agent appointed pursuant to Section 5.07 (or, in the absence of any such appointment,
the Certificate Administrator).

 

“Available
Distribution Amount”: With respect to any Distribution Date, an amount equal to (a) the sum of (i) all amounts on deposit
in the Distribution Account as of 11:00 a.m., New York City time, on such Distribution Date, (ii) to the extent not included in
the amount described in clause (a)(i) of this definition, any P&I Advances and/or Compensating Interest Payments
that were made hereunder in respect of such Distribution Date, (iii) to the extent not included in the amount described in clause (a)(i)
of this definition, the aggregate amount transferred (pursuant to Section 3.05(d)) from the Excess Liquidation
Proceeds Account to the Distribution Account in respect of such Distribution Date and (iv) to the extent not included in the amount
described in clause (a)(i) of this definition, if such Distribution Date occurs during the month of March of any year
(or if the Final Distribution Date occurs during the month of January (except in a leap year) or February of any year, during
such January or February), the aggregate of the Interest Reserve Amounts with respect to the Interest Reserve Loans transferred
from the Interest Reserve Account to the Distribution Account during such month of March (or if the Final Distribution Date occurs
during the month of January (except in a leap year) or February of any year, during such January or February) for distribution
on such Distribution Date, net of (b) any portion of the amounts described in clause (a) of this definition that represents
one or more of the following: (i) collected Monthly Payments that are due on a Due Date following the end of the related Collection
Period, (ii) any payments of principal (including Principal Prepayments) and interest, Insurance Proceeds, Condemnation Proceeds
and Liquidation Proceeds Received by the Trust after the end of the related Collection Period, (iii) any Prepayment Premiums,
Yield Maintenance Charges and/or Post-ARD Additional Interest, (iv) any amounts payable or reimbursable to any Person from the
Distribution Account pursuant to clauses (iii) through (viii) of Section 3.05(b), (v) if such Distribution
Date occurs during the month of February of any year or during the month of January of any year that is not a leap year, the aggregate
of the Interest Reserve Amounts with respect to the Interest Reserve Loans to be withdrawn (pursuant to Section 3.04(c)
and Section 3.05(b)(ii)) from the Distribution Account and deposited into the Interest Reserve Account during
such month of February or such month of

 

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January, as the case may be, and held for future distribution, and (vi) any amounts deposited
in the Distribution Account in error; provided that the Available Distribution Amount for the Final Distribution Date shall
be calculated without regard to clauses (b)(i), (b)(ii) and (b)(v) of this definition.

 

“Balloon
Mortgage Loan”: Any Mortgage Loan or Loan Combination that by its original terms or by virtue of any modification entered
into as of the Closing Date (or, in the case of a Replacement Mortgage Loan, as of the related date of substitution) provides
for an amortization schedule extending beyond its Stated Maturity Date and as to which, in accordance with such terms, the Monthly
Payment due on its Stated Maturity Date is at least 5% of the original principal balance of such Mortgage Loan or Loan Combination.

 

“Balloon
Payment”: With respect to any Balloon Mortgage Loan as of any date of determination, the Monthly Payment payable on
the Stated Maturity Date of such Mortgage Loan.

 

“Bankruptcy
Code”: The federal Bankruptcy Code, as amended from time to time (Title 11 of the United States Code).

 

“Base
Interest Fraction”: As defined in Section 4.01(c).

 

“Base
Prospectus”: That certain prospectus dated August 3, 2015, relating to trust funds established by the Depositor and
publicly offered mortgage pass-through certificates evidencing interests therein.

 

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

 

“Book-Entry
Non-Registered Certificate”: Any Non-Registered Certificate that constitutes a Book-Entry Certificate.

 

“Borrower”
or “Mortgagor”: The obligor or obligors on a Mortgage Note, and may also be referred to as the mortgagor.

 

“Borrower
Party”: (i) A Borrower, a Mortgagor or a manager of a Mortgaged Property or any Affiliate thereof, (ii) solely with
respect to the ten largest Mortgage Loans by Cut-off Date Principal Balance, (A) any Person that owns, directly or indirectly,
25% or more of a Borrower, a Mortgagor or manager of a Mortgaged Property or (B) any Person that owns, directly or indirectly,
25% or more of a beneficial interest in any mezzanine lender of any mezzanine loan related to a Mortgage Loan that has accelerated
such mezzanine loan as set forth in clause (iii) or (iii) any mezzanine lender (or any Affiliate thereof) of any mezzanine loan
related to a Mortgage Loan that has accelerated such mezzanine loan (unless (a) acceleration was automatic under such mezzanine
loan, (b) the event directly giving rise to the automatic acceleration under such mezzanine loan was not initiated by such mezzanine
lender or an Affiliate of such mezzanine lender and (c) such mezzanine lender is stayed from exercising and has not commenced
the exercise of remedies associated with foreclosure of the equity collateral under such mezzanine loan) or commenced foreclosure
proceedings with respect to such mezzanine loan against the equity interests in the Borrower(s) of such Mortgage Loan.

 

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“Borrower-Related
Party”: As defined in Section 3.32(a).

 

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

 

“Business
Day”: Any day other than a Saturday, a Sunday or a day on which banking institutions in California, Delaware, Florida,
Maryland, Minnesota, New York, North Carolina and Pennsylvania or any of the jurisdictions in which the respective Primary Servicing
Offices of either Master Servicer or either Special Servicer or the Corporate Trust Offices of the Certificate Administrator or
the Trustee are located, or the New York Stock Exchange or the Federal Reserve System of the United States of America, are authorized
or obligated by law or executive order to remain closed.

 

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

 

“Certificate”:
Any one of the Wells Fargo Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates, Series 2015-NXS3,
as executed by the Certificate Administrator and authenticated and delivered hereunder by the Certificate Registrar.

 

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

 

“Certificate
Administrator Fee”: With respect to each Mortgage Loan and the beneficial interest of the Trust Fund in each REO Mortgage
Loan, the fee designated as such and payable to the Certificate Administrator pursuant to Section 8.05(a). The Certificate
Administrator Fee includes the Tax Administrator Fee and the Trustee Fee, each of which shall be paid by the Certificate Administrator
as provided herein.

 

“Certificate
Administrator Fee Rate”: 0.0056% per annum.

 

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

 

“Certificate
Factor”: With respect to any Class of Interest Only Certificates or Principal Balance Certificates, any Class PEX Component
or the Class A-S Regular Interest, Class B Regular Interest or Class C Regular Interest, as of any date of determination, a fraction,
expressed as a decimal carried to eight places, the numerator of which is the related Class Principal Balance or Class Notional
Amount, as the case may be, then outstanding, and the denominator of which is the related Class Principal Balance or Class Notional
Amount, as the case may be, outstanding as of the Closing Date (in the case of any Class of Exchangeable Certificates or Class
PEX Component, as the same may be adjusted in connection with exchanges pursuant to Section 5.09).

 

“Certificate
Notional Amount”: With respect to any Interest Only Certificate, as of any date of determination, the then notional
principal amount on which such Certificate accrues interest, equal to the product of (a) the then Certificate Factor for the Class
of Interest Only

 

    	17

    	 

    

 

Certificates to which such Certificate belongs, multiplied by (b) the amount specified on the face of
such Certificate as the initial Certificate Notional Amount thereof.

 

“Certificate
Owner”: With respect to any Book-Entry 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 Depository Participant or on the books of an indirect participating brokerage
firm for which a Depository Participant acts as agent.

 

“Certificate
Principal Balance”: With respect to any Principal Balance Certificate, any Class PEX Component and the Class A-S Regular
Interest, Class B Regular Interest and Class C Regular Interest, as of any date of determination, the then-outstanding principal
amount of such Certificate, Class PEX Component or REMIC III Regular Interest, as applicable, equal to the product of (a) the
then Certificate Factor for the Class of Principal Balance Certificates to which such Certificate belongs, the Class PEX Component
or the Class A-S Regular Interest, Class B Regular Interest or Class C Regular Interest, multiplied by (b) the amount specified
on the face of such Certificate as the initial Certificate Principal Balance thereof. The aggregate Certificate Principal Balance
of the Class A-S Certificates and the Class A-S-PEX Component shall be equal at all times to the Certificate Principal Balance
of the Class A-S Regular Interest. The aggregate Certificate Principal Balance of the Class B Certificates and the Class B-PEX
Component shall be equal at all times to the Certificate Principal Balance of the Class B Regular Interest. The aggregate Certificate
Principal Balance of the Class C Certificates and the Class C-PEX Component shall be equal at all times to the Certificate Principal
Balance of the Class C Regular Interest. The original and outstanding Certificate Principal Balances of the Class A-S, Class B,
Class C and Class PEX Certificates and the Class PEX Components are subject to adjustment in connection with any exchange of Class
A-S, Class B and Class C Certificates for Class PEX Certificates, or vice versa, in each case in accordance with Section 5.09
hereof.

 

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

 

“Certificateholder”
or “Holder”: The Person in whose name a Certificate is registered in the Certificate Register, provided
that: (i) no Disqualified Organization, Disqualified Partnership, or Non-United States Tax Person shall be a “Holder”
of, or a “Certificateholder” with respect to, a Class R Certificate for any purpose hereof; and (ii) solely for purposes
of giving any consent, approval, direction or waiver pursuant to this Agreement that specifically relates to the rights, duties
and/or obligations hereunder of any of the Depositor, either Master Servicer, either Special Servicer, any Excluded Special Servicer,
the Tax Administrator, the Certificate Administrator or the Trustee in its respective capacity as such (other than any consent,
approval or waiver contemplated by Section 3.24), any Certificate registered in the name of such party or in the name
of any Affiliate thereof 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, approval or
waiver that specifically relates to such party has been obtained. The Certificate Registrar shall be entitled to request and conclusively
rely upon a certificate of the Depositor, the applicable Master Servicer, the applicable Special Servicer or any Excluded Special
Servicer in determining whether a Certificate is registered in the name of an Affiliate of such Person. All references herein
to “Certificateholders” or “Holders” shall reflect the rights of Certificate Owners only

 

    	18

    	 

    

 

insofar as they
may indirectly exercise such rights through the Depository and the Depository Participants (except as otherwise specified herein),
it being herein acknowledged and agreed that the parties hereto shall be required to recognize as a “Certificateholder”
or “Holder” only the Person in whose name a Certificate is registered in the Certificate Register. Notwithstanding
any contrary provision of this definition, in connection with the Class A-S Regular Interest, Class B Regular Interest and Class
C Regular Interest, the term “Certificateholder” or “Holder” shall mean the Trustee as the holder of the
Class A-S Regular Interest, Class B Regular Interest or Class C Regular Interest, as applicable.

 

“Certification
Parties”: As defined in Section 11.09.

 

“Certifying
Person”: As defined in Section 11.09.

 

“Certifying
Servicer”: As defined in Section 11.12.

 

“CGCMT
2015-P1 Pooling and Servicing Agreement”: That certain Pooling and Servicing Agreement, dated as of August 1, 2015,
between Citigroup Commercial Mortgage Securities Inc., as depositor, WFB, as master servicer, LNR Partners, LLC, as special servicer,
Park Bridge Lender Services LLC, as operating advisor, Citibank, N.A., as certificate administrator, WFB, as custodian, and Deutsche
Bank Trust Company Americas, as trustee, relating to the Citigroup Commercial Mortgage Trust 2015-P1 securitization (into which
the Hilton Nashville Pari Passu Companion Loan was deposited).

 

“Class”:
Collectively, all of the Certificates bearing the same alphabetic or alphanumeric Class Designation and having the same payment
terms, or any of the Class A-S Regular Interest, Class B Regular Interest or Class C Regular Interest, in each case as the context
may require.

 

“Class
A Certificates”: The Class A-1, Class A-2, Class A-3, Class A-4 and Class A-SB Certificates.

 

“Class
A-1 Certificate”: Any one of the Certificates with a “Class A-1” designation on the face thereof, substantially
in the form of Exhibit A-1 attached hereto, and evidencing a portion of a class of “regular interests” in REMIC
III for purposes of the REMIC Provisions.

 

“Class
A-2 Certificate”: Any one of the Certificates with a “Class A-2” designation on the face thereof, substantially
in the form of Exhibit A-1 attached hereto, and evidencing a portion of a class of “regular interests” in REMIC
III for purposes of the REMIC Provisions.

 

“Class
A-3 Certificate”: Any one of the Certificates with a “Class A-3” designation on the face thereof, substantially
in the form of Exhibit A-1 attached hereto, and evidencing a portion of a class of “regular interests” in REMIC
III for purposes of the REMIC Provisions.

 

“Class
A-4 Certificate”: Any one of the Certificates with a “Class A-4” designation on the face thereof, substantially
in the form of Exhibit A-1 attached hereto, and evidencing a portion of a class of “regular interests” in REMIC
III for purposes of the REMIC Provisions.

 

“Class
A-S Certificate”: Any one of the Certificates with a “Class A-S” designation on the face thereof, substantially
in the form of Exhibit A-1 attached hereto, and evidencing an

 

    	19

    	 

    

 

undivided beneficial interest in the portion of the Grantor
Trust Pool consisting of the Class A-S Specific Grantor Trust Assets and the proceeds thereof.

 

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

 

“Class
A-S Regular Interest”: The uncertificated interest corresponding to the Class A-S Certificates and the Class A-S-PEX
Component and evidencing a “regular interest” in REMIC III for purposes of the REMIC Provisions.

 

“Class
A-S Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of the Class A-S Percentage Interest of
the Class A-S Regular Interest.

 

“Class
A-S-PEX Component”: One of the three components of the Class PEX Certificates, which component evidences an undivided
beneficial interest in the portion of the Grantor Trust Pool consisting of the Class A-S-PEX Percentage Interest of the Class
A-S Regular Interest.

 

“Class
A-S-PEX Percentage Interest”: As of any date of determination, 100% less the Class A-S Percentage Interest as of such
date.

 

“Class
A-SB Certificate”: Any one of the Certificates with a “Class A-SB” designation on the face thereof, substantially
in the form of Exhibit A-1 attached hereto, and evidencing a portion of a class of “regular interests” in REMIC
III for purposes of the REMIC Provisions.

 

“Class
A-SB Planned Principal Balance”: With respect to any Distribution Date, the balance shown for such Distribution Date
on Schedule X hereto.

 

“Class
B Certificate”: Any one of the Certificates with a “Class B” designation on the face thereof, substantially
in the form of Exhibit A-1 attached hereto, and evidencing an undivided beneficial interest in the portion of the Grantor
Trust Pool consisting of the Class B Specific Grantor Trust Assets and the proceeds thereof.

 

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

 

“Class
B Regular Interest”: The uncertificated interest corresponding to the Class B Certificates and the Class B-PEX Component
and evidencing a “regular interest” in REMIC III for purposes of the REMIC Provisions.

 

“Class
B Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of the Class B Percentage Interest of the
Class B Regular Interest.

 

    	20

    	 

    

 

“Class
B-PEX Component”: One of the three components of the Class PEX Certificates, which component evidences an undivided
beneficial interest in the portion of the Grantor Trust Pool consisting of the Class B-PEX Percentage Interest of the Class B
Regular Interest.

 

“Class
B-PEX Percentage Interest”: As of any date of determination, 100% less the Class B Percentage Interest as of such date.

 

“Class
C Certificate”: Any one of the Certificates with a “Class C” designation on the face thereof, substantially
in the form of Exhibit A-1 attached hereto, and evidencing an undivided beneficial interest in the portion of the Grantor
Trust Pool consisting of the Class C Specific Grantor Trust Assets and the proceeds thereof.

 

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

 

“Class
C Regular Interest”: The uncertificated interest corresponding to the Class C Certificates and the Class C-PEX Component
and evidencing a “regular interest” in REMIC III for purposes of the REMIC Provisions.

 

“Class
C Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of the Class C Percentage Interest of the
Class C Regular Interest.

 

“Class
C-PEX Component”: One of the three components of the Class PEX Certificates, which component evidences an undivided
beneficial interest in the portion of the Grantor Trust Pool consisting of the Class C-PEX Percentage Interest of the Class C
Regular Interest.

 

“Class
C-PEX Percentage Interest”: As of any date of determination, 100% less the Class C Percentage Interest as of such date.

 

“Class
D Certificate”: Any one of the Certificates with a “Class D” designation on the face thereof, substantially
in the form of Exhibit A-1 attached hereto, and evidencing a portion of a class of “regular interests” in REMIC
III for purposes of the REMIC Provisions.

 

“Class
Designation”: As set forth in the Preliminary Statement under “Class Designations of the Certificates, the Class
PEX Components and the Class A-S Regular Interest, Class B Regular Interest and Class C Regular Interest”.

 

“Class
E Certificate”: Any one of the Certificates with a “Class E” designation on the face thereof, substantially
in the form of Exhibit A-1 attached hereto, and evidencing a portion of a class of “regular interests” in REMIC
III for purposes of the REMIC Provisions.

 

“Class
F Certificate”: Any one of the Certificates with a “Class F” designation on the face thereof, substantially
in the form of Exhibit A-1 attached hereto, and evidencing a portion of a class of “regular interests” in REMIC
III for purposes of the REMIC Provisions.

 

    	21

    	 

    

 

“Class
G Certificate”: Any one of the Certificates with a “Class G” designation on the face thereof, substantially
in the form of Exhibit A-1 attached hereto, and evidencing a portion of a class of “regular interests” in REMIC
III for purposes of the REMIC Provisions.

 

“Class
H Certificate”: Any one of the Certificates with a “Class H” designation on the face thereof, substantially
in the form of Exhibit A-1 attached hereto, and evidencing a portion of a class of “regular interests” in REMIC
III for purposes of the REMIC Provisions.

 

“Class
Interest Shortfall”: As defined in the definition of “Interest Distribution Amount”.

 

“Class
Notional Amount”: The aggregate hypothetical or notional amount on which any Class of Interest Only Certificates accrues
or is deemed to accrue interest from time to time, as calculated in accordance with Section 2.15(e).

 

“Class
PEX Certificate”: Any one of the Certificates with a “Class PEX” designation on the face thereof, substantially
in the form of Exhibit A-1 attached hereto, and evidencing an undivided beneficial interest in the portion of the Grantor
Trust Pool consisting of the Class PEX Specific Grantor Trust Assets and the proceeds thereof.

 

“Class
PEX Component”: Each of the Class A-S-PEX Component, the Class B-PEX Component and the Class C-PEX Component.

 

“Class
PEX Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of the Class A-S-PEX Percentage Interest
of the Class A-S Regular Interest, the Class B-PEX Percentage Interest of the Class B Regular Interest and the Class C-PEX Percentage
Interest of the Class C Regular Interest.

 

“Class
Principal Balance”: The aggregate principal balance of any Class of Principal Balance Certificates, Class PEX Component
or the Class A-S Regular Interest, Class B Regular Interest or Class C Regular Interest outstanding as of any date of determination.
As of the Closing Date, the Class Principal Balance of each Class of Principal Balance Certificates, Class PEX Component and the
Class A-S Regular Interest, Class B Regular Interest or Class C Regular Interest shall equal the initial Class Principal Balance
thereof. On each Distribution Date, the Class Principal Balance of each Class of Principal Balance Certificates, Class PEX Component
and the Class A-S Regular Interest, Class B Regular Interest or Class C Regular Interest shall be (i) reduced by the amount of
any distributions of principal made thereon on such Distribution Date pursuant to Section 4.01, (ii) further reduced
by the amount of any Realized Losses and Additional Trust Fund Expenses deemed allocated thereto on such Distribution Date pursuant
to Section 4.04(a); and (iii) if such Class is not a Control-Eligible Class, any Excess Trust Advisor Expenses allocated
to such Class of Principal Balance Certificates, Class PEX Component or the Class A-S Regular Interest, Class B Regular Interest
or Class C Regular Interest on such Distribution Date pursuant to Section 4.05; provided that if the Principal
Distribution Amount for such Distribution Date includes any amount described in clause (I)(C) of the definition of
“Principal Distribution Amount” (in respect of recoveries during the Collection Period related to such Distribution
Date of amounts determined to constitute Nonrecoverable Advances during a Collection Period related to a prior Distribution Date),
then the Class Principal Balances of the respective Classes of Principal Balance Certificates, Class PEX Component or the Class
A-S

 

    	22

    	 

    

 

Regular Interest, Class B Regular Interest or Class C Regular Interest shall hereby be increased (in the aggregate) immediately
prior to such Distribution Date by the lesser of the amount of Realized Losses previously allocated thereto and such amount described
in such clause (I)(C) (and, as among the respective Classes of Principal Balance Certificates, Class PEX Components
or the Class A-S Regular Interest, Class B Regular Interest or Class C Regular Interest, such increase shall be allocated, first,
to the Class A Certificates, pro rata according to the amounts of Realized Losses previously allocated to the respective
Classes of Class A Certificates, then to the Class A-S Regular Interest, then to the Class B Regular Interest, then
to the Class C Regular Interest, and then to the Class D, Class E, Class F, Class G and Class H Certificates, in that
order in each case to the extent of the lesser of the Realized Losses previously allocated thereto and the remaining unallocated
portion of the increase). Amounts allocated to the Class A-S Regular Interest as described in the preceding sentence shall be
allocated between the Class A-S Certificates and Class A-S-PEX Component in accordance with the Class A-S Percentage Interest
and the Class A-S-PEX Percentage Interest, respectively. Amounts allocated to the Class B Regular Interest as described in the
second preceding sentence shall be allocated between the Class B Certificates and Class B-PEX Component in accordance with the
Class B Percentage Interest and the Class B-PEX Percentage Interest, respectively. Amounts allocated to the Class C Regular Interest
as described in the third preceding sentence shall be allocated between the Class C Certificates and Class C-PEX Component in
accordance with the Class C Percentage Interest and the Class C-PEX Percentage Interest, respectively. The original and outstanding
Class Principal Balances of the Class A-S, Class B, Class C and Class PEX Certificates and the Class PEX Components are subject
to adjustment in connection with any exchange of Class A-S, Class B and Class C Certificates for Class PEX Certificates, or vice
versa, in each case in accordance with Section 5.09 hereof.

 

“Class
R Certificate”: Any one of the Certificates with a “Class R” designation on the face thereof, substantially
in the form of Exhibit A-2 attached hereto, and evidencing ownership of an interest in each of the REMIC I Residual Interest,
the REMIC II Residual Interest and the REMIC III Residual Interest.

 

“Class
X-A Certificate”: Any of the Certificates with a “Class X-A” designation on the face thereof, substantially
in the form of Exhibit A-1 attached hereto, and evidencing ownership of a portion of six (6) classes of “regular
interests” in REMIC III for purposes of the REMIC Provisions.

 

“Class
X-A Strip Rate”: With respect to each REMIC III Component of the Class X-A Certificates, with respect to each Interest
Accrual Period, a rate per annum equal to the greater of (I) zero and (II) the excess, if any, of the WAC Rate for such
Interest Accrual Period over the Pass-Through Rate on the Class of Principal Balance Certificates (other than the Class A-S Certificates)
and the Class A-S Regular Interest with the same alphanumeric designation; and with respect to the Class X-A Certificates as a
whole, the greater of (I) zero and (II) the excess of the WAC Rate over the weighted average of the Pass-Through Rates of the
Class A-1, Class A-2, Class A-3, Class A-4 and Class A-SB Certificates and the Class A-S Regular Interest for such Interest Accrual
Period, weighted on the basis of the Class Principal Balances of such Classes of Certificates and Class A-S Regular Interest outstanding
immediately prior to the conclusion of such Interest Accrual Period.

 

    	23

    	 

    

 

“Class
X-D Certificate”: Any of the Certificates with a “Class X-D” designation on the face thereof, substantially
in the form of Exhibit A-1 attached hereto, and evidencing ownership of a portion of one (1) class of “regular interests”
in REMIC III for purposes of the REMIC Provisions.

 

“Class
X-D Strip Rate”: With respect to the REMIC III Component of the Class X-D Certificates, with respect to each Interest
Accrual Period, a rate per annum equal to the greater of (I) zero and (II) the excess, if any, of the WAC Rate for such
Interest Accrual Period over the Pass-Through Rate on the Class of Principal Balance Certificates with the same alphabetic designation;
and with respect to the Class X-D Certificates as a whole, the greater of (I) zero and (II) excess of the WAC Rate over the Pass-Through
Rate of the Class D Certificates for such Interest Accrual Period.

 

“Class
X-E Certificate”: Any of the Certificates with a “Class X-E” designation on the face thereof, substantially
in the form of Exhibit A-1 attached hereto, and evidencing ownership of a portion of one (1) class of “regular interests”
in REMIC III for purposes of the REMIC Provisions.

 

“Class
X-E Strip Rate”: With respect to the REMIC III Component of the Class X-E Certificates, with respect to each Interest
Accrual Period, a rate per annum equal to the greater of (I) zero and (II) the excess, if any, of the WAC Rate for such
Interest Accrual Period over the Pass-Through Rate on the Class of Principal Balance Certificates with the same alphabetic designation;
and with respect to the Class X-E Certificates as a whole, the greater of (I) zero and (II) excess of the WAC Rate over the Pass-Through
Rate of the Class E Certificates for such Interest Accrual Period.

 

“Class
X-FG Certificate”: Any of the Certificates with a “Class X-FG” designation on the face thereof, substantially
in the form of Exhibit A-1 attached hereto, and evidencing ownership of a portion of two (2) classes of “regular
interests” in REMIC III for purposes of the REMIC Provisions.

 

“Class
X-FG Strip Rate”: With respect to each REMIC III Component of the Class X-FG Certificates, with respect to each Interest
Accrual Period, a rate per annum equal to the greater of (I) zero and (II) the excess, if any, of the WAC Rate for such
Interest Accrual Period over the Pass-Through Rate on the Class of Principal Balance Certificates with the same alphabetic designation;
and with respect to the Class X-FG Certificates as a whole, the greater of (I) zero and (II) excess of the WAC Rate over the weighted
average of the Pass-Through Rates of the Class F and Class G Certificates for such Interest Accrual Period, weighted on the basis
of the Class Principal Balances of such Classes of Certificates outstanding immediately prior to the conclusion of such Interest
Accrual Period.

 

“Class
X-H Certificate”: Any of the Certificates with a “Class X-H” designation on the face thereof, substantially
in the form of Exhibit A-1 attached hereto, and evidencing ownership of a portion of one (1) class of “regular interests”
in REMIC III for purposes of the REMIC Provisions.

 

    	24

    	 

    

 

“Class
X-H Strip Rate”: With respect to the REMIC III Component of the Class X-H Certificates, with respect to each Interest
Accrual Period, a rate per annum equal to the greater of (I) zero and (II) the excess, if any, of the WAC Rate for such
Interest Accrual Period over the Pass-Through Rate on the Class of Principal Balance Certificates with the same alphabetic designation;
and with respect to the Class X-H Certificates as a whole, the greater of (I) zero and (II) excess of the WAC Rate over the Pass-Through
Rate of the Class H Certificates for such Interest Accrual Period.

 

“Clearstream”:
Clearstream Banking, société anonyme or any successor.

 

“Closing
Date”: October 13, 2015.

 

“Code”:
The Internal Revenue Code of 1986 and regulations promulgated thereunder, including proposed regulations to the extent that, by
reason of their proposed effective date, could, as of the date of any determination or opinion as to the tax consequences of any
action or proposed action or transaction, be applied to the Trust or the Certificates.

 

“Collection
Account”: The segregated account or accounts created and maintained by each Master Servicer, pursuant to Section 3.04(a),
in trust for the Certificateholders, which, with respect to the General Master Servicer, shall be entitled “Wells Fargo
Bank, National Association [or name of successor General Master Servicer], as General Master Servicer, on behalf of Wilmington
Trust, National Association [or name of any successor Trustee], as Trustee, for the benefit of the registered holders of Wells
Fargo Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates, Series 2015-NXS3, Collection Account”
and, with respect to the NCB Master Servicer, shall be entitled “National Cooperative Bank, N.A. [or name of successor NCB
Master Servicer], as NCB Master Servicer, on behalf of Wilmington Trust, National Association [or name of any successor Trustee],
as Trustee, for the benefit of the registered holders of Wells Fargo Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage
Pass-Through Certificates, Series 2015-NXS3, Collection Account”.

 

“Collection
Period”: With respect to any Distribution Date, the period commencing on the day immediately following the Determination
Date (or, with respect to payments remitted to the Trust by a Non-Trust Master Servicer pursuant to a Non-Trust Pooling and Servicing
Agreement, the day immediately following one Business Day after the Determination Date) in the calendar month preceding the month
in which such Distribution Date occurs (or, in the case of the initial Distribution Date, commencing as of the Cut-off Date) and
ending on and including the Determination Date (or, with respect to payments remitted to the Trust by a Non-Trust Master Servicer
pursuant to a Non-Trust Pooling and Servicing Agreement, one Business Day after the Determination Date) in the calendar month
in which such Distribution Date occurs.

 

“Collective
Consultation Period”: Any period when both (i) the Class Principal Balance of the Class E Certificates, reduced by any
Appraisal Reduction Amounts allocable to such Class, is less than 25% of the initial Class Principal Balance of the Class E Certificates
and (ii) the Class Principal Balance of the Class E Certificates, without regard to any Appraisal Reduction Amounts allocable
to such Class, is at least 25% of the initial Class Principal Balance of the Class E Certificates; provided, however, that (x)
if at any time the Class Principal Balances of the Principal Balance Certificates (other than the Class E, Class F, Class G and
Class

 

    	25

    	 

    

  

H
Certificates) have been reduced to zero as a result of the allocation of principal payments on the Mortgage Loans, then a Subordinate
Control Period shall be deemed to then be in effect and (y) solely with respect to the One Court Square Loan Combination, a Subordinate
Control Period will be deemed to be in effect at all times.

  

No
Collective Consultation Period shall limit the control and consultation rights of the “Controlling Note Holder” (as
defined in the related Intercreditor Agreement) of any Non-Serviced Loan Combination.

 

“Commission”
or “SEC”: The Securities and Exchange Commission or any successor thereto.

 

“Companion
Loan”: Any Pari Passu Companion Loan or Subordinate Companion Loan.

 

“Companion
Loan Holder”: Any Serviced Pari Passu Companion Loan Holder and/or Non-Serviced Companion Loan Holder, as the context
may require.

 

“Compensating
Interest Payment”: With respect to each Master Servicer and any Distribution Date, any payment made by such Master Servicer
from its own funds pursuant to Section 3.19(c) to cover Prepayment Interest Shortfalls incurred during the related
Collection Period.

 

“Component
Notional Amount”: The notional amount on which any REMIC III Component of any Class of Interest Only Certificates accrues
interest, which, as of any date of determination, is equal to the then-current Uncertificated Principal Balance of such REMIC
III Component’s Corresponding REMIC II Regular Interest.

 

“Condemnation
Proceeds”: All cash amounts actually Received by the Trust or on behalf of the Trustee, the applicable Master Servicer
or the applicable Special Servicer in connection with the taking of all or a part of a Mortgaged Property or REO Property by exercise
of the power of eminent domain or condemnation (in the case of any Non-Trust-Serviced Pooled Mortgage Loan, to the extent of any
portions of such amounts received by the applicable Master Servicer pursuant to the related Intercreditor Agreement), exclusive
of any portion thereof applied to the restoration of the related Mortgaged Property or REO Property (or placed in a reserve account
for that purpose) or required to be released to the related Borrower or any other third party in accordance with applicable law
and/or the terms and conditions of the related Mortgage Loan Documents or any other applicable document.

 

“Control-Eligible
Certificate”: Any Class E, Class F, Class G or Class H Certificate.

 

“Control-Eligible
Class”: The Class E, Class F, Class G or Class H Certificates.

 

“Co-op
Mortgage Loan”: Any NCB Mortgage Loan.

 

“Cooper’s
Crossing Loan Combination”: As defined in the Preliminary Statement.

 

“Cooper’s
Crossing Mortgage Loan”: As defined in the Preliminary Statement.

 

    	26

    	 

    

 

“Cooper’s
Crossing Pari Passu Companion Loan”: As defined in the Preliminary Statement.

  

“Corporate
Trust Office”: The corporate trust office of the Certificate Administrator or the Trustee, as the case may be, at which
at any particular time its duties, with respect to this Agreement shall be administered, which office is as of the Closing Date
located: (i) in the case of the Certificate Administrator, for Certificate transfer purposes, at Wells Fargo Center, Sixth Street
and Marquette Avenue, Minneapolis, Minnesota 55479; Attn: Corporate Trust Services Wells Fargo Commercial Mortgage Trust 2015-NXS3,
and for all other purposes, at 9062 Old Annapolis Road, Columbia, Maryland 21045, Attention: Corporate Trust Services, Wells Fargo
Commercial Mortgage Trust 2015-NXS3; and (ii) in the case of the Trustee, at 1100 North Market Street, Wilmington, Delaware 19890,
Attention: CMBS Trustee WFCM 2015-NXS3.

 

“Corrected
Mortgage Loan”: Any Serviced Mortgage Loan or Serviced Loan Combination that had been a Specially Serviced Mortgage
Loan but has ceased to be such in accordance with the definition of “Specially Serviced Mortgage Loan” (other than
by reason of a Liquidation Event occurring in respect of such Serviced Mortgage Loan, Serviced Loan Combination or the related
Mortgaged Property becoming an REO Property). With respect to any Serviced Loan Combination, neither the related Serviced Mortgage
Loan nor the Serviced Loan Combination in whole shall be a Corrected Mortgage Loan unless both the Serviced Mortgage Loan and
the entire Serviced Loan Combination are Corrected Mortgage Loans.

 

“Corresponding
REMIC II Regular Interest(s)”: (a) With respect to any Class of Principal Balance Certificates (other than the Class
A-S, Class B, Class C and Class PEX Certificates) and the Class A-S Regular Interest, Class B Regular Interest and Class C Regular
Interest, the REMIC II Regular Interest opposite which such Class of Principal Balance Certificates or Class A-S Regular Interest,
Class B Regular Interest or Class C Regular Interest is set forth in the Preliminary Statement in the table entitled “REMIC
III—Corresponding REMIC II Regular Interests”; (b) with respect to any REMIC III Component of the Class X-A Certificates,
the REMIC II Regular Interest opposite which such REMIC III Component is set forth in the Preliminary Statement in the table entitled
“REMIC III—Corresponding REMIC II Regular Interests”; (c) with respect to the REMIC III Component of the Class
X-D Certificates, the REMIC II Regular Interest opposite which such REMIC III Component is set forth in the Preliminary Statement
in the table entitled “REMIC III—Corresponding REMIC II Regular Interests”; (d) with respect to the REMIC III
Component of the Class X-E Certificates, the REMIC II Regular Interest opposite which such REMIC III Component is set forth in
the Preliminary Statement in the table entitled “REMIC III—Corresponding REMIC II Regular Interests”; (e) with
respect to any REMIC III Component of the Class X-FG Certificates, the REMIC II Regular Interest opposite which such REMIC III
Component is set forth in the Preliminary Statement in the table entitled “REMIC III—Corresponding REMIC II Regular
Interests”; and (f) with respect to the REMIC III Component of the Class X-H Certificates, the REMIC II Regular Interest
opposite which such REMIC III Component is set forth in the Preliminary Statement in the table entitled “REMIC III—Corresponding
REMIC II Regular Interests”.

 

“CREFC®”:
The Commercial Real Estate Finance Council, or any association or organization that is a successor thereto. If neither such association
nor any successor remains in

 

    	27

    	 

    

 

existence, “CREFC®” shall be deemed to refer to such other association
or organization as may exist whose principal membership consists of servicers, trustees, 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 one of whose principal purposes 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 reasonably acceptable to each Master Servicer, the Certificate Administrator,
the Trustee, each Special Servicer, the Trust Advisor and the Subordinate Class Representative.

 

“CREFC®
Advance Recovery Report”: The monthly report substantially in the form of, and containing the information called
for in, the downloadable form of the “Advance Recovery Report” available as of the Closing Date on the CREFC®
Website, or such other form for the presentation of such information and containing such additional information as may from
time to time be recommended by the CREFC® for commercial mortgage-backed securities transactions generally; provided
that, to the extent that such other form contemplates such additional information, such other form must be reasonably acceptable
to each Master Servicer, each Special Servicer and the Certificate Administrator. The preparation of each CREFC®
Advance Recovery Report shall constitute a responsibility of the applicable Master Servicer and shall not constitute a responsibility
of any other party. Notwithstanding anything in this Agreement to the contrary, the applicable Master Servicer shall not be required
to deliver a CREFC® Advance Recovery Report with respect to any Collection Period prior to the date when a Workout-Delayed
Reimbursement Amount or a Nonrecoverable Advance exists with respect to any Mortgage Loan.

 

“CREFC®
Bond Level File”: The monthly data file substantially in the form of, and containing the information called for
in, the downloadable form of the “Bond Level File” available as of the Closing Date on the CREFC® Website,
or such other form for the presentation of such information and containing such additional information as may from time to time
be recommended by the CREFC® for commercial mortgage-backed securities transactions generally; provided
that, to the extent that such other form contemplates such additional information, such other form must be reasonably acceptable
to the Certificate Administrator.

 

“CREFC®
Collateral Summary File”: The monthly data file substantially in the form of, and containing the information called
for in, the downloadable form of the “Collateral Summary File” available as of the Closing Date on the CREFC®
Website, or such other form for the presentation of such information and containing such additional information as may from
time to time be recommended by the CREFC® for commercial mortgage-backed securities transactions generally; provided
that, to the extent that such other form contemplates such additional information, such other form must be reasonably acceptable
to the Certificate Administrator.

 

“CREFC®
Comparative Financial Status Report”: A report substantially in the form of, and containing the information called
for in, the downloadable form of the “Comparative

 

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Financial Status Report” available as of the Closing Date on the
CREFC® Website, or such other form for the presentation of such information as may from time to time be recommended
by the CREFC® for commercial mortgage-backed securities transactions generally; provided that, to the extent
that such other form contemplates such additional information, such other form must be reasonably acceptable to the Master Servicers
and the Special Servicers.

 

“CREFC®
Delinquent Loan Status Report”: A monthly report substantially in the form of, and containing the information
called for in, the downloadable form of the “Delinquent Loan Status Report” available as of the Closing Date on the
CREFC® Website, or such other form for the presentation of such information and containing such additional information
as may from time to time be recommended by the CREFC® for commercial mortgage-backed securities transactions generally;
provided that, to the extent that such other form contemplates such additional information, such other form must be reasonably
acceptable to the Master Servicers and the Special Servicers.

 

“CREFC®
Financial File”: A monthly data file substantially in the form of, and containing the information called for in,
the downloadable form of the “Financial File” available as of the Closing Date on the CREFC® Website,
or such other form for the presentation of such information and containing such additional information as may from time to time
be recommended by the CREFC® for commercial mortgage-backed securities transactions generally; provided
that, to the extent that such other form contemplates such additional information, such other form must be reasonably acceptable
to the Master Servicers.

 

“CREFC®
Historical Loan Modification & Corrected Mortgage Loan Report”: A monthly report substantially in the form
of, and containing the information called for in, the downloadable form of the “Historical Loan Modification Report”
available as of the Closing Date on the CREFC® Website, or such other form for the presentation of such information
and containing such additional information as may from time to time be recommended by the CREFC® for commercial
mortgage-backed securities transactions generally; provided that, to the extent that such other form contemplates such
additional information, such other form must be reasonably acceptable to the Master Servicers and the Special Servicers.

 

“CREFC®
Investor Reporting Package”: Collectively:

 

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

 

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

 

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Notwithstanding
anything in this Agreement to the contrary, in the event any of the electronic files listed in clause (a) of this
definition or any of the supplemental reports listed in clause (b) of this definition are amended or changed in any
material respect by the CREFC® and placed on the CREFC® Website or otherwise recommended by the
CREFC® for commercial mortgage-backed securities transactions generally, so long as such electronic files and such
supplemental reports are reasonably acceptable (as applicable) to the Master Servicers and the Special Servicers, then same shall
be used with respect to the Collection Period that commences at any time following the date that is not later than three (3) months
following adoption of the form thereof by the CREFC®.

 

“CREFC®
License Fee”: With respect to each Mortgage Loan and REO Mortgage Loan, a monthly fee payable in respect thereof
in an amount equal to the amount of interest accrued during the accrual period for such Mortgage Loan or REO Mortgage Loan under
its Mortgage Loan Documents at the related CREFC® License Fee Rate on the same balance, in the same manner and
for the same number of days as interest at the applicable Mortgage Rate accrued with respect to such Mortgage Loan or REO Mortgage
Loan during such accrual period, and will be prorated for partial periods. Any payments of the CREFC® License Fee
shall be made by the applicable Master Servicer on a monthly basis on each Master Servicer Remittance Date to “CRE Finance
Council” and delivered by wire transfer pursuant to the following instructions (or such other instructions as may hereafter
be furnished by CREFC® to the applicable Master Servicer in writing):

 

Account
Name: Commercial Real Estate Finance Council (CREFC) 

Bank
Name: JPMorgan Chase Bank, National Association 

Bank
Address: 80 Broadway, New York, NY 10005 

Routing
Number: 021000021 

Account
Number: 213597397

 

To
the extent that amounts on deposit in the Collection Account are insufficient to pay the CREFC® License Fee on
any Master Servicer Remittance Date, the applicable Master Servicer shall apply any P&I Advances required to be made by it
on the related P&I Advance Date pursuant to Sections 4.03(a) and 4.03(b) to pay the balance of such CREFC®
License Fee.

 

“CREFC®
License Fee Rate”: 0.0005% per annum.

 

“CREFC®
Loan Level Reserve/LOC Report”: A monthly report substantially in the form of, and containing the information
called for in, the “Loan Level Reserve Report” as adopted by the CREFC® and made available at the CREFC®
Website.

 

“CREFC®
Loan Periodic Update File”: The monthly data file substantially in the form of, and containing the information
called for in, the downloadable form of the “Loan Periodic Update File” available as of the Closing Date on the CREFC®
Website, or such other form for the presentation of such information and containing such additional information as may from
time to time be recommended by the CREFC® for commercial mortgage-backed securities transactions generally; provided
that, to the extent that such other form contemplates such additional information, such other form must be reasonably acceptable
to the Master Servicers, the Special Servicers and the Certificate Administrator.

 

    	30

    	 

    

  

“CREFC®
Loan Setup File”: The data file substantially in the form of, and containing the information called for in, the
downloadable form of the “Loan Setup File” available as of the Closing Date on the CREFC® Website,
or such other form for the presentation of such information and containing such additional information as may from time to time
be recommended by the CREFC® for commercial mortgage-backed securities transactions generally; provided
that, to the extent that such other form contemplates such additional information, such other form must be reasonably acceptable
to the Master Servicers, the Special Servicers and the Certificate Administrator.

 

“CREFC® NOI
Adjustment Worksheet”: An annual report substantially in the form of, and containing the information called for in,
the downloadable form of the “NOI Adjustment Worksheet” available as of the Closing Date on the
CREFC® Website, or such other form for the presentation of such information and containing such additional
information as may from time to time be recommended by the CREFC® for commercial mortgage-backed securities
transactions generally; provided that, to the extent that such other form contemplates such additional information,
such other form must be reasonably acceptable to the Master Servicers and the Special Servicers.

 

“CREFC®
Operating Statement Analysis Report”: A report substantially in the form of, and containing the information called
for in, the downloadable form of the “Operating Statement Analysis Report” available as of the Closing Date on the
CREFC® Website or in such other form for the presentation of such information and containing such additional information
as may from time to time be recommended by the CREFC® for commercial mortgage-backed securities transactions generally;
provided that, to the extent that such other form contemplates such additional information, such other form must be reasonably
acceptable to the Master Servicers.

 

“CREFC®
Property File”: A data file substantially in the form of, and containing the information called for in, the downloadable
form of the “Property File” available as of the Closing Date on the CREFC® Website, or such other form
for the presentation of such information and containing such additional information as may from time to time be recommended by
the CREFC® for commercial mortgage-backed securities transactions generally; provided that, to the extent
that such other form contemplates such additional information, such other form must be reasonably acceptable to the Master Servicers
and the Special Servicers.

 

“CREFC®
Reconciliation of Funds Report”: A monthly report substantially in the form of, and containing the information
called for in, the downloadable form of the “Reconciliation of Funds Report” available as of the Closing Date on the
CREFC® Website or in such other form for the presentation of such information and containing such additional information
as may from time to time be recommended by the CREFC® for commercial mortgage-backed securities transactions generally;
provided that, to the extent that such other form contemplates such additional information, such other form must be reasonably
acceptable to the Certificate Administrator.

 

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

 

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presentation
of such information and containing such additional information as may from time to time be recommended by the
CREFC® for commercial mortgage-backed securities transactions generally; provided that, to the extent
that such other form contemplates such additional information, such other form must be reasonably acceptable to the Master
Servicers and the Special Servicers.

 

“CREFC®
Servicer Watch List”: A monthly report substantially in the form of, and containing the information called for
in, the downloadable form of the “Servicer Watch List” available as of the Closing Date on the CREFC®
Website, or in such other form for the presentation of such information and containing such additional information as may from
time to time be adopted by the CREFC® for commercial mortgage-backed securities transactions; provided that,
to the extent that such other form contemplates such additional information, such other form must be reasonably acceptable to
the Master Servicers.

 

“CREFC®
Special Servicer Loan File”: A data file substantially in the form of, and containing the information called for
in, the downloadable form of the “Special Servicer Loan File” available as of the Closing Date on the CREFC®
Website, or in such other form for the presentation of such information and containing such additional information as may
from time to time be adopted by the CREFC® for commercial mortgage-backed securities transactions; provided
that, to the extent that such other form contemplates such additional information, such other form must be reasonably acceptable
to the Special Servicers.

 

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

 

“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-defaulted and cross-collateralized with each other. For the avoidance
of doubt, there are no Cross-Collateralized Groups related to this Trust as of the Closing Date.

 

“Cross-Collateralized
Mortgage Loan”: Any Mortgage Loan, that is, by its terms, cross-defaulted and cross-collateralized with any other Mortgage
Loan; provided that the Mortgage Loans that are part of any Loan Combination shall not constitute Cross-Collateralized
Mortgage Loans.

 

“Custodian”:
Wells Fargo Bank, National Association, in its capacity as Custodian hereunder, or any successor custodian appointed as herein
provided.

 

“Cut-off
Date”: With respect to each Mortgage Loan, the Due Date for the Monthly Payment due on such Mortgage Loan in October
2015 (or, in the case of any Mortgage Loan that has its first Due Date in November 2015, the date that would have been its Due
Date in October

 

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2015 under the terms of that Mortgage Loan if a Monthly Payment were scheduled to be due in that month).

 

“Cut-off
Date Pool Balance”: The aggregate Cut-off Date Principal Balance of all the Original Mortgage Loans.

 

“Cut-off
Date Principal Balance”: With respect to any Mortgage Loan, the outstanding principal balance of such Mortgage Loan
as of its 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 successor-in-interest. If neither such rating agency nor any successor remains in existence, “DBRS”
shall be deemed to refer to such other NRSRO or other comparable Person reasonably designated by the Depositor (and such designation
shall be deemed to be reasonable if the Person so designated is an NRSRO that has been regularly engaged in rating new issue commercial
mortgage-backed securities transactions during the 12 months preceding the designation), notice of which designation shall be
given to the other parties hereto, and specific ratings of DBRS herein referenced shall be deemed to refer to the equivalent ratings
of the party so designated. References herein to “applicable rating category” (other than such references to “highest
applicable rating category”) shall, in the case of DBRS, be deemed to refer to such applicable rating category of DBRS,
without regard to any plus or minus or other comparable rating qualification.

 

“Default
Charges”: Default Interest and/or late payment charges that are paid or payable, as the context may require, in respect
of any Mortgage Loan or Serviced Pari Passu Companion Loan or REO Mortgage Loan.

 

“Default
Interest”: With respect to any Mortgage Loan (or successor REO Mortgage Loan) or Serviced Pari Passu Companion Loan,
any amounts collected thereon, other than late payment charges, Prepayment Premiums or Yield Maintenance Charges, that represent
interest in excess of interest (exclusive, if applicable, of Post-ARD Additional Interest) accrued on the principal balance of
such Mortgage Loan (or REO Mortgage Loan) or Serviced Pari Passu Companion Loan at the related Mortgage Rate, such excess interest
arising out of a default under such Mortgage Loan or Serviced Pari Passu Companion Loan.

 

“Defaulted
Mortgage Loan”: A Serviced Mortgage Loan that is both (A) a Specially Serviced Mortgage Loan and (B) either (i) delinquent
120 days or more with respect to any Balloon Payment or sixty (60) days or more with respect to any other Monthly Payment, with
such delinquency to be determined without giving effect to any grace period permitted by the related Mortgage or Mortgage Note
and without regard to any acceleration of payments under the related Mortgage and Mortgage Note, or (ii) a Serviced Mortgage Loan
as to which the amounts due thereunder have been accelerated following any other material default.

 

“Defective
Mortgage Loan”: Any Mortgage Loan as to which there exists a Material Breach or a Material Document Defect that has
not been cured in all material respects.

 

“Deficient
Exchange Act Deliverable”: With respect to the applicable Master Servicer, the applicable Special Servicer, the Trust
Advisor, the Certificate Administrator, the Tax Administrator, the Custodian, the Trustee and each Servicing Function Participant
and

 

    	33

    	 

    

 

Additional Servicer retained by it (other than a Designated 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 XI of this Agreement that
does not conform to the applicable reporting requirements under the Securities Act, the Exchange Act, the Sarbanes-Oxley Act and
the rules and regulations promulgated thereunder.

 

“Definitive
Certificate”: As defined in Section 5.03(a).

 

“Definitive
Non-Registered Certificate”: Any Non-Registered Certificate that constitutes a Definitive Certificate.

 

“Deleted
Mortgage Loan”: A Defective Mortgage Loan that is purchased or repurchased, as the case may be, from the Trust or replaced
with one or more Replacement Mortgage Loans, in either case as contemplated by Section 2.03.

 

“Depositor”:
Wells Fargo Commercial Mortgage Securities, Inc., or its successor-in-interest.

 

“Depository”:
The Depository Trust Company or any successor Depository hereafter named as contemplated by Section 5.03(c). The nominee
of the initial Depository for purposes of registering those Certificates that are to be Book-Entry Certificates, is Cede &
Co. The Depository shall at all times be a “clearing corporation” as defined in Section 8-102(3) of the Uniform Commercial
Code of the State of New York and a “clearing agency” registered pursuant to the provisions of Section 17A of the
Exchange Act.

 

“Depository
Participant”: A broker, dealer, bank or other financial institution or other Person for whom from time to time the Depository
effects book-entry transfers and pledges of securities deposited with the Depository.

 

“Designated
Sub-Servicer”: A Sub-Servicer or Additional Servicer required by a Mortgage Loan Seller to be retained by the applicable
Master Servicer, as listed on Schedule IV hereto.

 

“Designated
Sub-Servicing Agreement”: Any Sub-Servicing Agreement between a Designated Sub-Servicer and the applicable Master Servicer,
including any Primary Servicing Agreement.

 

“Designated
Trust Advisor Expenses”: Any Trust Advisor Expenses for which the Trust Advisor is indemnified under this Agreement
or for which any Non-Trust Trust Advisor is entitled to indemnification under the related Intercreditor Agreement and arise from
any legal action that is pending or threatened against the Trust Advisor or any Non-Trust Trust Advisor at the time of its discharge,
termination or resignation under this Agreement or the related Non-Trust Pooling and Servicing Agreement.

 

“Determination
Date”: The 11th day of each month, or if such 11th day is not a Business Day, the Business Day immediately following
such 11th day, commencing in November 2015.

 

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“Directly
Operate” or “Directly Operating”: With respect to any Administered REO Property, the furnishing or
rendering of services to the tenants thereof, the management or operation of such Administered REO Property, the holding of such
Administered REO Property primarily for sale or lease, the performance of any construction work thereon or any use of such Administered
REO Property in a trade or business conducted by the Trust other than through an Independent Contractor; provided that
the applicable Special Servicer shall not be considered to Directly Operate an Administered REO Property solely because such Special
Servicer establishes rental terms, chooses tenants, enters into or renews leases, deals with taxes and insurance, or makes decisions
as to repairs or capital expenditures with respect to such Administered REO Property.

 

“Disclosable
Special Servicer Fees”: With respect to any Mortgage Loan (other than any Non-Trust-Serviced Pooled Mortgage Loan),
Serviced Loan Combination or Administered REO Property, any compensation and other remuneration (including, without limitation,
in the form of commissions, brokerage fees, rebates, or as a result of any other fee-sharing arrangement) received or retained
by the applicable Special Servicer or any of its Affiliates that is paid by any Person (including, without limitation, the Trust,
any Borrower, any manager, any guarantor or indemnitor in respect of a Mortgage Loan (other than any Non-Trust-Serviced Pooled
Mortgage Loan) and any purchaser of any Mortgage Loan (other than any Non-Trust-Serviced Pooled Mortgage Loan), Serviced Loan
Combination or Administered REO Property) in connection with the disposition, workout or foreclosure of any Mortgage Loan (other
than any Non-Trust-Serviced Pooled Mortgage Loan) or Serviced Loan Combination, the management or disposition of any Administered
REO Property, and the performance by the applicable Special Servicer or any such Affiliate of any other special servicing duties
under this Agreement, other than (1) any Permitted Special Servicer/Affiliate Fees and (2) any compensation to which the applicable
Special Servicer is entitled pursuant to Section 3.11 of this Agreement.

 

“Discount
Rate”: As defined in Section 4.01(c).

 

“Disqualified
Non-United States Tax Person”: With respect to any Class R Certificate, any Non-United States Tax Person or agent thereof
other than: (1) a Non-United States Tax Person that (a) holds such Class R Certificate and, for purposes of Treasury Regulations
Section 1.860G-3(a)(3), is subject to tax under Section 882 of the Code, (b) certifies that it understands that, for purposes
of Treasury Regulations Section 1.860E-1(c)(4)(ii), as a holder of such Class R Certificate for United States federal income tax
purposes, it may incur tax liabilities in excess of any cash flows generated by such Class R Certificate and intends to pay taxes
associated with holding such Class R Certificate, and (c) has furnished the Transferor, the Trustee, the Certificate Administrator
and the Tax Administrator with an effective IRS Form W-8ECI or successor form and has agreed to update such form as required under
the applicable Treasury regulations; or (2) a Non-United States Tax Person that has delivered to the Transferor, the Trustee,
the Certificate Administrator and the Tax Administrator an opinion of nationally recognized tax counsel to the effect that (x)
the Transfer of such Class R Certificate to it is in accordance with the requirements of the Code and the regulations promulgated
thereunder and (y) such Transfer of such Class R Certificate will not be disregarded for United States federal income tax purposes.

 

“Disqualified
Organization”: Any of the following: (i) the United States or a possession thereof, any State or any political subdivision
thereof, or any agency or instrumentality of any of

 

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the foregoing (other than an instrumentality which is a corporation if all
of its activities are subject to tax and, except for Freddie Mac, a majority of its board of directors is not selected by any
such governmental unit), (ii) a foreign government, international organization, or any agency or instrumentality of either of
the foregoing, (iii) any organization (except certain farmers’ cooperatives described in Section 521 of the Code) which
is exempt from the tax imposed by Chapter 1 of the Code (unless such organization is subject to the tax imposed by Section 511
of the Code on unrelated business taxable income), (iv) rural electric and telephone cooperatives described in Section 1381 of
the Code or (v) any other Person so designated by the Tax Administrator, based upon an Opinion of Counsel delivered to the Tax
Administrator (but not at the Tax Administrator’s expense) to the effect that the holding of an Ownership Interest in a
Class R Certificate by such Person may cause the Trust or any Person having an Ownership Interest in any Class of Certificates,
other than such Person, to incur a liability for any federal tax imposed under the Code that would not otherwise be imposed but
for the Transfer of an Ownership Interest in a Class R Certificate to such Person. The terms “United States”, “State”
and “international organization” shall have the meanings set forth in Section 7701 of the Code or successor provisions.

 

“Disqualified
Partnership”: Any domestic entity classified as a partnership under the Code if any of its direct or indirect beneficial
owners (other than through a U.S. corporation) are (or, under the applicable partnership agreement, are permitted to be) Disqualified
Non-United States Tax Persons.

 

“Distribution
Account”: The segregated account or accounts created and maintained by the Certificate Administrator on behalf of the
Trustee, pursuant to Section 3.04(b), for the benefit of the Certificateholders, which shall be entitled “Wells
Fargo Bank, National Association [or the name of any successor Certificate Administrator], as Certificate Administrator, on behalf
of Wilmington Trust, National Association [or the name of any successor Trustee], as Trustee, for the benefit of the registered
holders of Wells Fargo Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates, Series 2015-NXS3, Distribution
Account”.

 

“Distribution
Date”: The fourth Business Day following the Determination Date in each month, commencing in November 2015. The first
Distribution Date shall be November 18, 2015.

 

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

 

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

 

“Dodd-Frank
Act”: The Dodd-Frank Wall Street Reform and Consumer Protection Act, as amended.

 

“DTC”:
The Depository Trust Company.

 

“Due
Date”: With respect to (i) any Mortgage Loan or Serviced Loan Combination on or prior to its Stated Maturity Date, the
day of the month set forth in the related Mortgage Note on which each Monthly Payment on such Mortgage Loan or Serviced Loan Combination
is scheduled to be first due; (ii) any Mortgage Loan or Serviced Loan Combination after its Stated Maturity Date, the day of the
month set forth in the related Mortgage Note on which each

 

    	36

    	 

    

 

Monthly Payment on such Mortgage Loan or Serviced Loan Combination
had been scheduled to be first due; and (iii) any REO Mortgage Loan, the day of the month set forth in the related Mortgage Note
on which each Monthly Payment on the related Mortgage Loan or Serviced Loan Combination had been scheduled to be first due.

 

“Due
Diligence Service Provider”: As defined in Section 3.15(e).

 

“Deutsche
Bank Securities”: Deutsche Bank Securities Inc., or its successor-in-interest.

 

“EDGAR”:
The Electronic Data Gathering, Analysis, and Retrieval System of the Commission, which is the computer system for the receipt,
acceptance, review and dissemination of documents submitted to the Commission in electronic format.

 

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

 

“Eligible
Account”: Any of the following:

 

(i)              an
account maintained with a federal or state chartered depository institution or trust company, (A) the long-term deposit or
long-term unsecured debt obligations of which are rated no less than “A” by DBRS (or, if not rated by DBRS, an equivalent
(or higher) rating by any two other NRSROs (which may include KBRA and/or Moody’s)), “A2” by Moody’s and
an equivalent (or higher) rating by KBRA (if then rated by KBRA), if the deposits are to be held in the account for more than
thirty (30) days, or (B) the short-term deposit or short-term unsecured debt obligations of which are rated no less
than “R-1 (middle)” by DBRS (or, if not rated by DBRS, an equivalent (or higher) rating by any two other NRSROs (which
may include KBRA and/or Moody’s)), “P-1” by Moody’s and an equivalent (or higher) rating by KBRA (if then
rated by KBRA) if the deposits are to be held in the account for thirty (30) days or less, in any event at any time funds
are on deposit therein;

 

(ii)            
for so long as WFB serves as General Master Servicer hereunder, an account maintained with WFB, a wholly-owned subsidiary of Wells
Fargo & Co., provided that such subsidiary’s (A) commercial paper, short-term unsecured debt obligations
or other short-term deposits are rated no less than “R-1 (middle)” by DBRS (or, if not rated by DBRS, an equivalent
(or higher) rating by any two other NRSROs (which may include KBRA and/or Moody’s)), “P-1” by Moody’s
and an equivalent (or higher) rating by KBRA (if then rated by KBRA), if the deposits are to be held in the account for thirty
(30) days or less, or (B) long-term unsecured debt obligations are rated at least “A” by DBRS (or, if not
rated by DBRS, an equivalent (or higher) rating by any two other NRSROs (which may include KBRA and/or Moody’s)), “A2”
by Moody’s and an equivalent (or higher) rating by KBRA (if then rated by KBRA), if the accounts are to be held in the account
for more than thirty (30) days;

 

(iii)           
a segregated trust account maintained with the trust department of a federal or state chartered depository institution or trust
company (which, subject to the remainder of this clause (iii), may include the Certificate Administrator or the Trustee)
acting in its fiduciary capacity, and which, in either case, has a combined capital and

 

    	37

    	 

    

 

surplus of at least $50,000,000 and is
subject to supervision or examination by federal or state authority and to regulations regarding fiduciary funds on deposit similar
to Title 12 of the Code of Federal Regulations Section 9.10(b) and the long-term unsecured debt obligations of
which are rated at least “A2” by Moody’s;

 

(iv)            an account or accounts maintained with PNC Bank, National Association so long as PNC Bank, National Association’s long-term
unsecured debt obligations or deposit accounts are rated at least “A” by DBRS (or, if not rated by DBRS, an equivalent
(or higher) rating by any two other NRSROs (which may include KBRA and/or Moody’s)), “A2” by Moody’s and
an equivalent (or higher) rating by KBRA (if then rated by KBRA), if the deposits are to be held in the account for more than
thirty (30) days, or PNC Bank, National Association’s short-term unsecured debt obligations or deposit accounts are rated
at least “R-1 (middle)” by DBRS (or, if not rated by DBRS, an equivalent (or higher) rating by any two other NRSROs
(which may include KBRA and/or Moody’s)), “P-1” by Moody’s and an equivalent (or higher) rating by KBRA
(if then rated by KBRA), if the deposits are to be held in the account for thirty (30) days or less;

 

(v)             in
the case of Servicing Accounts or Reserve Accounts with respect to NCB Mortgage Loans with respect to amounts posted with the
lender for Escrow Payments, repairs, replacements, capital improvements and/or environmental testing and remediation with respect
to the related Mortgaged Property, for ongoing or threatened litigation or for any unit maintenance or rent receivables or negative
carry, any account maintained with NCB (provided that, if such account is not otherwise an Eligible Account, NCB has a
combined capital and surplus of at least $40,000,000);

 

(vi)            an
account other than one listed in clauses (i)-(iv) above that is maintained with any insured depository institution
that is the subject of a Rating Agency Confirmation from each and every Rating Agency; or

 

(vii)           an
account 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)-(iv) above that is the subject of a Rating Agency Confirmation from each Rating Agency for which
the minimum rating(s) set forth in the applicable clause is not satisfied with respect to such account.

                                  
                      
 

“Emergency
Advance”: Any Servicing Advance, whether or not it is a Servicing Advance that, pursuant hereto, the applicable Special
Servicer is required to request the applicable Master Servicer to make (or, at the Special Servicer’s election consistent
with Section 3.19(b), that it is permitted to make in its sole discretion), that must be made within three (3) Business
Days of the applicable Special Servicer obtaining actual knowledge that it must be made in order to avoid any material penalty,
any material harm to a Mortgaged Property securing a Serviced Mortgage Loan or Serviced Loan Combination or any other material
adverse consequence to the Trust Fund.

 

“Environmental
Insurance Policy”: With respect to any Mortgaged Property securing a Serviced Mortgage Loan or any Administered REO
Property, any insurance policy covering

 

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pollution conditions and/or other environmental conditions that is maintained from time
to time in respect of such Mortgaged Property or Administered REO Property, as the case may be, for the benefit of, among others,
the Trustee on behalf of the Certificateholders.

 

“ERISA”:
The Employee Retirement Income Security Act of 1974, as amended.

 

“Escrow
Payment”: Any payment received by the applicable Master Servicer or the applicable Special Servicer for the account
of the Borrower under any Serviced Mortgage Loan or Serviced Loan Combination for application toward the payment of real estate
taxes, assessments, insurance premiums (including with respect to any Environmental Insurance Policy), ground rents (if applicable)
and similar items in respect of the related Mortgaged Property.

 

“Euroclear”:
The Euroclear System or any successor thereto.

 

“Excess
Liquidation Proceeds”: The excess, if any, of (a) the Net Liquidation Proceeds from the sale or liquidation of a Specially
Serviced Mortgage Loan or an Administered REO Property (or the proceeds of the final payment (including any full, partial or discounted
payoff) on a Defaulted Mortgage Loan or a Corrected Mortgage Loan that were Received by the Trust, net of any and all fees, expenses
and costs payable therefrom), over (b) the sum of (i) the amount needed to pay all principal, interest (including Default Interest
and (if applicable) Post-ARD Additional Interest), Prepayment Premiums or Yield Maintenance Charges (as applicable) and late payment
charges payable with respect to such Mortgage Loan or the related REO Mortgage Loan, as the case may be (together with, without
duplication, any outstanding Unliquidated Advances in respect of any such principal or interest), in full, (ii) any other fees
that would constitute Additional Master Servicing Compensation and/or Additional Special Servicing Compensation, (iii) any related
unreimbursed Servicing Advances (together with, without duplication, outstanding Unliquidated Advances in respect of prior Servicing
Advances), (iv) all unpaid Advance Interest on any related Advances (but (for the avoidance of doubt) excluding any Unliquidated
Advances), (v) any related Liquidation Fee and/or Special Servicing Fees paid or payable in respect of such Specially Serviced
Mortgage Loan or the related REO Mortgage Loan, (vi) any other Additional Trust Fund Expenses paid or payable in respect of such
Mortgage Loan or Administered REO Property, and (vii) in the case of (a) any Specially Serviced Mortgage Loan that is a Serviced
Loan Combination or (b) any Administered REO Property relating to a Serviced Loan Combination, any portion of such Net Liquidation
Proceeds payable to any one or more of the related Serviced Pari Passu Companion Loan Holder(s) pursuant to the terms of the related
Intercreditor Agreement. With respect to any Non-Serviced Loan Combination, Excess Liquidation Proceeds shall mean the related
Non-Trust-Serviced Pooled Mortgage Loan’s pro rata share of any “Excess Liquidation Proceeds” as (and
if at all) defined in, and determined in accordance with, the related Non-Trust Pooling and Servicing Agreement that are Received
by the Trust.

 

“Excess
Liquidation Proceeds Account”: The segregated account (or the sub-account of the Distribution Account) created and maintained
by the Certificate Administrator on behalf of the Trustee pursuant to Section 3.04(d) for the benefit of the Certificateholders,
which shall be entitled “Wells Fargo Bank, National Association [or the name of any successor Certificate Administrator],
as Certificate Administrator on behalf of Wilmington Trust, National

 

    	39

    	 

    

 

Association [or name of any successor Trustee], as Trustee,
for the benefit of the registered holders of Wells Fargo Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through
Certificates, Series 2015-NXS3, Excess Liquidation Proceeds Account”.

 

“Excess
Servicing Fee Rate”: (A) With respect to each NCB Mortgage Loan (and any successor REO Mortgage Loan with respect thereto),
a rate per annum equal to six (6) basis points. Such rate described in this clause (A) shall be subject to reduction
at any time following any resignation of the applicable Master Servicer pursuant to Section 6.04 (if no successor is appointed
in accordance with Section 6.04(b)) or any termination of the applicable Master Servicer pursuant to Section 7.01,
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, and (B) with respect to
each Mortgage Loan (other than NCB Mortgage Loans) or Serviced Pari Passu Companion Loan (and any successor REO Mortgage Loan
with respect thereto), a rate per annum equal to zero (0) basis points. If the Excess Servicing Fee Rate described in this
clause (B) is a rate per annum that is greater than zero (0) basis points, such rate shall be subject to reduction
at any time following any resignation of the applicable Master Servicer pursuant to Section 6.04 (if no successor is appointed
in accordance with Section 6.04(b)) or any termination of the applicable Master Servicer pursuant to Section 7.01,
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.

 

“Excess
Servicing Fee Right”: With respect to each Mortgage Loan or Serviced Pari Passu Companion Loan (and any successor 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 by the applicable Master Servicer, each Master Servicer shall be the owner of such Excess Servicing Fee Right
with respect to each Mortgage Loan and any Serviced Pari Passu Companion Loan (and any successor REO Mortgage Loan with respect
thereto) for which it acts as Master Servicer hereunder.

 

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

 

“Excess
Trust Advisor Expenses”: With respect to each Distribution Date, an amount equal to the positive amount, if any, of
the Trust Advisor Expenses for such Distribution Date, less the amount of any such Trust Advisor Expenses allocated to
reduce the aggregate Interest Distribution Amount of the Class B Regular Interest, the Class C Regular Interest and the Class
D and Class X-D Certificates for such Distribution Date.

 

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

 

“Exchange
Date”: As defined in Section 5.09(c).

 

    	40

    	 

    

 

“Exchange
Proportion”: With respect to any exchange of Exchangeable Certificates pursuant to Section 5.09, Class A-S,
Class B and Class C Certificates with original Certificate Principal Balances (regardless of current Certificate Principal Balance)
that represent approximately 39.29%, 30.71% and 30.00%, respectively, of the aggregate original Certificate Principal Balances
of all Class A-S, B and C Certificates involved in the exchange.

 

“Exchangeable
Certificates”: The Class A-S, Class B, Class C and Class PEX Certificates.

 

“Excluded
Controlling Class Holder”: With respect to any Excluded Controlling Class Loan, the Subordinate Class Representative
or any Subordinate Class Certificateholder, as applicable, that is a Borrower Party with respect to such Excluded Controlling
Class Loan. Promptly upon obtaining actual knowledge of any such Person becoming an “Excluded Controlling Class Holder”,
such Subordinate Class Representative or Subordinate Class Certificateholder, as applicable, shall provide notice in the form
of Exhibit K-3A hereto to the applicable Master Servicer, the applicable Special Servicer, the Trust Advisor, the Trustee
and the Certificate Administrator, which notice shall be physically delivered in accordance with Section 12.05 of this
Agreement and shall specifically identify the Excluded Controlling Class Holder and the subject Excluded Controlling Class Loan.
Additionally, any Excluded Controlling Class Holder shall also send to the Certificate Administrator a notice substantially in
the form of Exhibit K-3B hereto, which notice shall provide each of the CTSLink User IDs associated with such Excluded
Controlling Class Holder, and which such notice shall direct the Certificate Administrator to restrict such Excluded Controlling
Class Holder’s access to the Certificate Administrator’s Website as provided in this Agreement. For the avoidance
of doubt, if a Person is not an Excluded Controlling Class Holder, such Person also is not an Excluded Holder. For the avoidance
of doubt, there are no Excluded Controlling Class Holders related to this Trust as of the Closing Date.

 

“Excluded
Controlling Class Loan”: Any Mortgage Loan or Loan Combination with respect to which, as of any date of determination,
the Subordinate Class Representative or any Subordinate Class Certificateholder, as applicable, is a Borrower Party. For the avoidance
of doubt, if a Mortgage Loan or Loan Combination is not an Excluded Controlling Class Loan, such Mortgage Loan or Loan Combination
also is not an Excluded Loan. For the avoidance of doubt, there is no Excluded Controlling Class Loan related to this Trust as
of the Closing Date.

 

“Excluded
Holder”: With respect to an Excluded Loan, either or each of the Majority Subordinate Certificateholder and/or the Subordinate
Class Representative, as applicable, in the event that such Person is a Borrower Party with respect to such Excluded Loan. For
the avoidance of doubt, whether the Majority Subordinate Certificateholder or the Subordinate Class Representative, as applicable,
is an Excluded Holder shall be determined individually based upon whether such Person is a Borrower Party, irrespective of whether
such other Person is an Excluded Holder. Promptly upon obtaining actual knowledge of either such Person becoming an “Excluded
Holder”, the Majority Subordinate Certificateholder or Subordinate Class Representative, as the case may be, shall provide
notice in the form of Exhibit K-3A hereto to the applicable Master Servicer, the applicable Special Servicer, the Trustee
and the Certificate Administrator, which such notice shall be physically delivered and shall specifically identify the Excluded
Holder and the subject Mortgage Loan or Loan Combination, as applicable.

 

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Additionally, any Excluded Holder shall also send the
Certificate Administrator a notice substantially in the form of Exhibit K-3B hereto, which such notice shall provide each
of the CTSLink User ID’s associated with such Excluded Holder, and which such notice shall direct the Certificate Administrator
to restrict such Excluded Holder’s access to the Certificate Administrator’s Website as provided in this Agreement;
provided, that the Excluded Holder shall be granted access to the Certificate Administrator’s Website other than to the
separate tab or heading designated “Excluded Information” upon receipt by the Certificate Administrator of notice
in the form of Exhibit K-2B hereto. For the avoidance of doubt, any Excluded Holder is also an Excluded Controlling Class
Holder. For the avoidance of doubt, there are no Excluded Holders related to this Trust as of the Closing Date.

 

“Excluded
Information”: Information related exclusively to an Excluded Controlling Class Loan, which includes the Asset Status
Reports and Final Asset Status Reports (or summaries thereof), any inspection reports related to Specially Serviced Mortgage Loans
conducted by the applicable Special Servicer or any Excluded Special Servicer, and which may include any Trust Advisor reports
to the Certificate Administrator regarding the applicable Special Servicer’s net present value determination, any Appraisal
Reduction Amount calculations delivered pursuant to Section 3.28(d) and 3.28(e), and any Officer’s Certificates
delivered by the applicable Master Servicer, the applicable Special Servicer or the Trustee pursuant to Section 3.11(h)
or Section 4.03(c) supporting a non-recoverability determination, or such other information and reports designated as Excluded
Information by the applicable Special Servicer, the applicable Master Servicer or the Trust Advisor, as applicable, but in each
case, other than such information with respect to such Excluded Controlling Class Loan(s) that is aggregated with information
of other Mortgage Loans at a pool level. For the avoidance of doubt, any file or report contained in the CREFC® Investor Reporting
Package (other than the CREFC® Special Servicer Loan File relating to any Excluded Controlling Class Loan) shall not be considered
“Excluded Information”. Each of the applicable Master Servicer, the applicable Special Servicer, the applicable Excluded
Special Servicer and the Trust Advisor shall deliver any Excluded Information to the Certificate Administrator in accordance with
Section 3.29 hereof. For the avoidance of doubt, the Certificate Administrator’s obligation to segregate any information
delivered to it under the “Excluded Information” tab on the Certificate Administrator’s Website shall be triggered
solely by such information being delivered in the manner provided in Section 3.29 hereof.

 

“Excluded
Loan”: A Mortgage Loan or Loan Combination with respect to which, as of any date of determination, the Majority Subordinate
Certificateholder and/or the Subordinate Class Representative, as applicable, is a Borrower Party. For the avoidance of doubt,
any Excluded Loan is also an Excluded Controlling Class Loan. For the avoidance of doubt, there are no Excluded Loans related
to this Trust as of the Closing Date.

 

“Excluded
Special Servicer”: With respect any Excluded Special Servicer 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. For the avoidance
of doubt, there are no Excluded Special Servicers related to this Trust as of the Closing Date.

 

“Excluded
Special Servicer Loan”: Any Mortgage Loan or Loan Combination with respect to which, as of any date of determination,
the Special Servicer obtains knowledge that it

 

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is a Borrower Party. For the avoidance of doubt, there are no Excluded Special
Servicer Loans related to this Trust as of the Closing Date.

 

“Exemption”:
PTE 96-22 issued to a predecessor of WFS, as amended by PTE 2013-08 and as may be subsequently amended following the Closing Date.

 

“Exemption-Favored
Party”: Any of (i) WFS, (ii) any Person directly or indirectly, through one or more intermediaries, controlling, controlled
by or under common control with WFS and (iii) any member of any underwriting syndicate or selling group of which any Person described
in clauses (i) and (ii) is a manager or co-manager with respect to a Class of Certificates.

 

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

 

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

 

“Final
Asset Status Report”: As defined in Section 3.24(a)(vi).

 

“Final
Distribution Date”: The Distribution Date on which the final distribution is to be made with respect to the Certificates
in connection with a termination of the Trust Fund pursuant to Article IX.

 

“Final
Recovery Determination”: A determination by the applicable Special Servicer with respect to any Specially Serviced Mortgage
Loan or Corrected Mortgage Loan or Administered REO Property, or by the related Non-Trust Special Servicer with respect to a Non-Trust-Serviced
Pooled Mortgage Loan that is a “Specially Serviced Mortgage Loan” or “Specially Serviced Loan” (as defined
in the related Non-Trust Pooling and Servicing Agreement) or any related Administered REO Property, that there has been a recovery
of all Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds and other payments or recoveries that the applicable Special
Servicer or the applicable Master Servicer has determined, in accordance with the Servicing Standard, will be ultimately Received
by the Trust; provided that the term Final Recovery Determination shall not apply to: (i) a Mortgage Loan or Serviced Loan
Combination that was paid in full (including by means of a payoff on behalf of the Borrower, or the purchase of such Mortgage
Loan or Serviced Loan Combination, by a mezzanine lender or another creditor of the related Borrower in connection with a Mortgage
Loan default, as set forth in the related intercreditor agreement) or (ii) a Mortgage Loan, Serviced Loan Combination or Administered
REO Property, as the case may be, that was purchased by (a) any Responsible Repurchase Party pursuant to the related Mortgage
Loan Purchase Agreement, (b) an Interested Person, the Trustee or the Majority Subordinate Certificateholder in connection with
the purchase of a Mortgage Loan or Administered REO Property pursuant to Section 3.18, (c) any Subordinate Class Certificateholder(s),
the applicable Master Servicer or the applicable Special Servicer pursuant to Section 9.01 or (d) in respect of a
Non-Trust-Serviced Pooled Mortgage Loan by any other party pursuant to the related Intercreditor Agreement and/or pursuant to
terms analogous to those set forth in clause (ii)(a), (b) or (c) above contained in the related Non-Trust
Pooling and Servicing Agreement; and provided, further, that, for purposes of making any such determination with
respect to a Non-Trust-Serviced Pooled Mortgage Loan or any related REO Property, the applicable Master Servicer

 

    	43

    	 

    

 

shall be entitled
to rely on, and shall be required to follow, any such determination made pursuant to the related Non-Trust Pooling and Servicing
Agreement by the related Non-Trust Master Servicer or the related Non-Trust Special Servicer, as applicable.

 

“Fitch”:
Fitch Ratings, Inc. or its successor-in-interest. If neither such rating agency nor any successor remains in existence, “Fitch”
shall be deemed to refer to such other NRSRO or other comparable Person reasonably designated by the Depositor (and such designation
shall be deemed to be reasonable if the Person so designated is an NRSRO that has been regularly engaged in rating new issue commercial
mortgage-backed securities transactions during the 12 months preceding the designation), notice of which designation shall be
given to the other parties hereto, and specific ratings of Fitch herein referenced shall be deemed to refer to the equivalent
ratings of the party so designated. References herein to “applicable rating category” (other than such references
to “highest applicable rating category”) shall, in the case of Fitch, be deemed to refer to such applicable rating
category of Fitch, without regard to any plus or minus or other comparable rating qualification.

 

“Form
8-K Disclosure Information”: As defined in Section 11.10.

 

“Form
10-K Filing Deadline”: As defined in Section 11.08.

 

“Freddie
Mac”: The Federal Home Loan Mortgage Corporation or any successor thereto.

 

“GAAP”:
Generally accepted accounting principles in the United States.

 

“General
Master Servicer”: Wells Fargo Bank, National Association, or any successor thereto (as general master servicer) appointed
as provided herein.

 

“General
Special Servicer”: LNR Partners, LLC, or its successor-in-interest, or any successor special servicer appointed as provided
herein.

 

“Global
Certificates”: The Rule 144A Global Certificates and the Regulation S Global Certificates, collectively.

 

“Grantor
Trust”: A grantor trust as defined under subpart E of part 1 of subchapter J of the Code.

 

“Grantor
Trust Pool”: The Grantor Trust created herein containing 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 PEX Specific Grantor Trust Assets.

 

“Grantor
Trust Provisions”: Subpart E of part I of subchapter J of the Code, including Treasury Regulations Section 301.7701-4(c)(2).

 

“Ground
Lease”: The ground lease pursuant to which any Borrower holds a leasehold interest in the related Mortgaged Property,
together with any estoppels or other agreements executed and delivered by the ground lessor in favor of the lender under the related
Mortgage Loan(s).

 

    	44

    	 

    

 

“Hazardous
Materials”: Any dangerous, toxic or hazardous pollutants, chemicals, wastes, or substances, including those so identified
pursuant to CERCLA or any other federal, state or local environmental related laws and regulations now existing or hereafter enacted,
and specifically including asbestos and asbestos-containing materials, polychlorinated biphenyls (“PCBs”),
radon gas, petroleum and petroleum products, urea formaldehyde and any substances classified as being “in inventory”,
“usable work in process” or similar classification which would, if classified as unusable, be included in the foregoing
definition.

 

“Hilton
Nashville Loan Combination”: As defined in the Preliminary Statement.

 

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

 

“Hilton
Nashville Pari Passu Companion Loan”: As defined in the Preliminary Statement.

 

“Holder”:
As defined in the definition of “Certificateholder”.

 

“Indemnified
Items”: With respect to a Non-Trust-Serviced Pooled Mortgage Loan, as defined in the related Intercreditor Agreement
or, if not defined therein, any claims, losses, penalties, fines, forfeitures, legal fees and related costs, judgments and any
other costs, liabilities, fees and expenses incurred in connection with servicing and administration of the related Non-Serviced
Loan Combination (or, with respect to the related Non-Trust Trust Advisor, incurred in connection with the provision of services
for the related Non-Serviced Loan Combination) under the related Non-Trust Pooling and Servicing Agreement.

 

“Indemnified
Parties”: With respect to a Non-Trust-Serviced Pooled Mortgage Loan, as defined in the related Intercreditor Agreement
or, if not defined therein, each of the related Non-Trust Depositor, the related Non-Trust Master Servicer, the related Non-Trust
Special Servicer, the related Non-Trust Certificate Administrator, the related Non-Trust Trustee and the related Non-Trust Trust
Advisor (and any director, officer, employee or agent of any of the foregoing, to the extent such parties are identified as indemnified
parties in the related Non-Trust Pooling and Servicing Agreement in respect of other mortgage loans).

 

“Independent”:
When used with respect to any specified Person, any such Person who (i) is in fact independent of, (ii) does not have any direct
financial interest in or any material indirect financial interest in any of and (iii) is not connected (as an officer, employee,
promoter, underwriter, trustee, partner, director or Person performing similar functions) with, any of the following and any and
all Affiliates thereof: the Depositor, each Mortgage Loan Seller, each Master Servicer, each Special Servicer, the Certificate
Administrator, the Tax Administrator, the Trustee, the Trust Advisor, the Subordinate Class Representative, and, if applicable,
insofar as the relevant matter involves a Non-Trust-Serviced Pooled Mortgage Loan (whether alone or together with one or more
other Mortgage Loans), each Non-Trust Depositor, Non-Trust Master Servicer, Non-Trust Special Servicer, Non-Trust Certificate
Administrator, Non-Trust Trustee, Non-Trust Trust Advisor and Non-Trust Subordinate Class Representative and any and all Affiliates
thereof; provided that a Person shall not fail to be Independent of any of the aforementioned parties merely because such
Person is the beneficial owner of 1% or less of any

 

    	45

    	 

    

 

class of securities issued by any such party; provided that such ownership
constitutes less than 1% of the total assets owned by such Person.

 

“Independent
Contractor”: (a) Any Person that would be an “independent contractor” with respect to any REMIC Pool within
the meaning of Section 856(d)(3) of the Code if such REMIC Pool were a real estate investment trust (except that the ownership
test 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 of Certificates, or such other interest in any Class of Certificates as is set forth in an Opinion of Counsel, which shall
be at no expense to the Master Servicers, the Special Servicers, the Certificate Administrator, the Trustee or the Trust, delivered
to the Trustee), provided that (i) the Trust does not receive or derive any income from such Person and (ii) the relationship
between such Person and the Trust is at arm’s length, all within the meaning of Treasury Regulations Section 1.856-4(b)(5);
or (b) any other Person upon receipt by the Trustee of an Opinion of Counsel, which shall be at no expense to the Trustee, the
Certificate Administrator or the Trust, to the effect that the taking of any action in respect of any Administered 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 Administered REO Property to cease to qualify as “foreclosure property” within the
meaning of Section 860G(a)(8) of the Code, or cause any income realized in respect of such Administered REO Property to fail to
qualify as Rents from Real Property.

 

“Initial
Majority Subordinate Certificateholder”: LNR Securities Holdings, LLC, a Delaware limited liability company.

 

“Initial
Resolution Period”: As defined in Section 2.03(b).

 

“Initial
Subordinate Class Representative”: LNR Securities Holdings, LLC.

 

“Insolvency
Event”: With respect to any Person, an Insolvency Event shall be deemed to have occurred if (A) 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, administrator
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 such Person and such decree or order shall
have remained in force undischarged, undismissed or unstayed for a period of sixty (60) days, (B) such Person shall consent to
the appointment of a conservator, receiver, liquidator, administrator or similar official in any bankruptcy, insolvency, readjustment
of debt, marshaling of assets and liabilities or similar proceedings of or relating to such Person or of or relating to all or
substantially all of its property, or (C) such Person 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.

 

“Institutional
Accredited Investor”: An institutional investor which qualifies as an “accredited investor” within the meaning
of paragraphs (1), (2), (3) or (7) of Rule 501(a) of

 

    	46

    	 

    

 

Regulation D under the Securities Act or any entity in which all of the equity
owners come within such paragraphs.

 

“Insurance
Policy”: With respect to any Mortgage Loan or REO Property, any hazard insurance policy, terrorism insurance policy,
flood insurance policy, title insurance policy, earthquake insurance policy, Environmental Insurance Policy, business interruption
insurance policy or other insurance policy that is maintained from time to time in respect of such Mortgage Loan (or the related
Mortgaged Property) or such REO Property, as the case may be.

 

“Insurance
Proceeds”: Proceeds paid under any Insurance Policy and received by or on behalf of the Trustee, the Certificate Administrator,
the applicable Master Servicer or the applicable Special Servicer (including with respect to a Non-Trust-Serviced Pooled Mortgage
Loan or any related REO Property, any such proceeds remitted to the applicable Master Servicer by the related Non-Trust Master
Servicer or the related Non-Trust Special Servicer pursuant to the related Intercreditor Agreement and/or the related Non-Trust
Pooling and Servicing Agreement), to the extent such proceeds are not applied to the restoration of the related Mortgaged Property
or REO Property (or placed in a reserve account for that purpose) or released to the related Borrower or any other third party
pursuant to the terms of the related Mortgage or lease, in accordance with the Servicing Standard.

 

“Insured
Environmental Event”: As defined in Section 3.07(d).

 

“Intercreditor
Agreement”: With respect to any Loan Combination, the related agreement between noteholders, intercreditor, co-lender
or similar agreement in effect from time to time by and between the holders of the related Mortgage Loan and the related Companion
Loan(s) relating to the relative rights of such holders.

 

“Interest
Accrual Basis”: The basis on which interest accrues in respect of any Mortgage Loan, any REMIC I Regular Interest, any
REMIC II Regular Interest, any Regular Certificate, any of the Class A-S, Class B and Class C Certificates, any of the Class A-S
Regular Interest, Class B Regular Interest and Class C Regular Interest or any particular REMIC III Component of a Class of Interest
Only Certificates, in each case consisting of one of the following: (i) a 30/360 Basis; or (ii) an Actual/360 Basis.

 

“Interest
Accrual Period”: With respect to any REMIC I Regular Interest, any REMIC II Regular Interest, any Regular Certificate,
any of the Class A-S, Class B and Class C Certificates, any of the Class A-S Regular Interest, Class B Regular Interest and Class
C Regular Interest or any particular REMIC III Component of a Class of Interest Only Certificates, for any Distribution Date,
the calendar month immediately preceding the month in which such Distribution Date occurs, and calculated assuming that each month
has 30 days and each year has 360 days.

 

“Interest
Distribution Amount”: With respect to any Class of Regular Certificates and any of the Class A-S Regular Interest, Class
B Regular Interest and Class C Regular Interest for any Distribution Date, an amount of interest equal to the sum of (I) the amount
of Accrued Certificate Interest in respect of such Class for the related Interest Accrual Period, reduced (to not less than zero)
by that portion, if any, of the Net Aggregate Prepayment Interest Shortfall for

 

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such Distribution Date allocated to such Class
as provided below (such Accrued Certificate Interest, the “Unadjusted Distributable Certificate Interest” for
such Class and Distribution Date) and (II) any shortfall between the amount described in clause (I) for any prior
Distribution Date and the amount of interest actually distributed on such Class on such prior Distribution Date and remaining
unpaid as of this Distribution Date (such amounts described in this clause (II), a “Class Interest Shortfall”);
provided that such sum shall be adjusted as follows: (i) in the case of the Class B Regular Interest, the Class C Regular
Interest and the Class D and Class X-D Certificates, such sum shall be reduced by the amount of Trust Advisor Expenses allocated
to such Class under Section 4.05; (ii) if and to the extent that any such Trust Advisor Expenses were previously allocated
to reduce such sum on the Class B Regular Interest, Class C Regular Interest and/or Class D and Class X-D Certificates on a prior
Distribution Date, such sum shall be increased (in each case, up to the amount of the Trust Advisor Expenses previously so allocated
to such Class), and such sum on the Class D and Class X-D Certificates will be reduced, pro rata, and then (if necessary)
such sum on the Class C Regular Interest will be reduced (in each case, up to such sum for such Class); (iii) if any such Trust
Advisor Expenses were previously allocated to the Class B Regular Interest, Class C Regular Interest or Class D or Class X-D Certificates,
and the expenses are subsequently recovered from a source other than the Borrowers under the Mortgage Loans or the related Mortgaged
Properties, then, to the extent of any portion of such recovery remaining after application to reimburse the Holders of any Principal
Balance Certificates that suffered write-offs in connection with Trust Advisor Expenses as provided in Section 4.01(a),
such sums on such Classes in the aggregate will be increased by the amount of such recovery, which aggregate increase shall be
allocated to the Class B Regular Interest, the Class C Regular Interest, in that order, and then to the Class D and Class X-D
Certificates, pro rata, in each case up to the aggregate unrecovered amount of such Trust Advisor Expenses previously allocated
to such Class or Classes; and (iv) if the Class Principal Balance of such Class of Regular Certificates or Class A-S Regular Interest,
Class B Regular Interest or Class C Regular Interest, as applicable, is deemed to have been increased immediately prior to such
Distribution Date pursuant to the proviso to the definition of “Class Principal Balance” because the Principal Distribution
Amount for such Distribution Date includes any collections of amounts that (x) had previously been determined to constitute Nonrecoverable
Advances, (y) were reimbursed to a party to this Agreement from the principal portions of P&I Advances and/or payments or
other collections of principal on the Mortgage Pool in a Collection Period prior to the one related to such Distribution Date
(pursuant to Section 3.05(a)(II)(iv)) and (z) were recovered in the Collection Period related to such Distribution
Date, such sum shall be increased by interest at the Pass-Through Rate(s) applicable to such Class for the applicable Interest
Accrual Periods on the amount of such increase to its Certificate Principal Balance accrued from the Distribution Date(s) on which
the amount of such increase(s) were most recently written down on such Class (whether such written down amount(s) were written
down as a result of the Realized Loss whose recovery has resulted in the increase or as a result of subsequent allocations of
Realized Loss(es) unrelated to such Realized Loss whose recovery has resulted in the increase(s)) to, but not including, such
current Distribution Date (such amounts described in this clause (iv), “Recovered Interest Amounts”).

 

For
purposes of clause (I) above, the portion of the Net Aggregate Prepayment Interest Shortfall, if any, for each Distribution
Date shall be allocated to each Class of Principal Balance Certificates (other than the Class A-S, Class B, Class C and Class
PEX Certificates) and the Class A-S Regular Interest, Class B Regular Interest and Class C Regular Interest in an amount

 

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equal
to the product of (i) the amount of such Net Aggregate Prepayment Interest Shortfall and (ii) a fraction, the numerator of which
is the Accrued Certificate Interest for such Class for such Distribution Date and the denominator of which is the aggregate amount
of Accrued Certificate Interest for all Classes of Principal Balance Certificates (other than the Class A-S, Class B, Class C
and Class PEX Certificates) and the Class A-S Regular Interest, Class B Regular Interest and Class C Regular Interest for such
Distribution Date. No portion of any Net Aggregate Prepayment Interest Shortfall for any Distribution Date shall be allocated
to the Interest Only Certificates. Any Net Aggregate Prepayment Interest Shortfall allocated to the Class A-S Regular Interest,
Class B Regular Interest or Class C Regular Interest for any Distribution Date shall be allocated (i) in the case of the Class
A-S Regular Interest, between the Class A-S Certificates and Class A-S-PEX Component on such Distribution Date in accordance with
the Class A-S Percentage Interest for such Distribution Date and the Class A-S-PEX Percentage Interest for such Distribution Date,
respectively, (ii) in the case of the Class B Regular Interest, between the Class B Certificates and Class B-PEX Component on
such Distribution Date in accordance with the Class B Percentage Interest for such Distribution Date and the Class B-PEX Percentage
Interest for such Distribution Date, respectively and (iii) in the case of the Class C Regular Interest, between the Class C Certificates
and Class C-PEX Component on such Distribution Date in accordance with the Class C Percentage Interest for such Distribution Date
and the Class C-PEX Percentage Interest for such Distribution Date, respectively.

 

“Interest
Only Certificates”: Collectively, the Class X-A, Class X-D, Class X-E, Class X-FG and Class X-H Certificates.

 

“Interest
Reserve Account”: The segregated account (or sub-account of the Distribution Account) created and maintained by the
Certificate Administrator on behalf of the Trustee, pursuant to Section 3.04(c), for the benefit of the Certificateholders,
which shall be entitled “Wells Fargo Bank, National Association [or the name of any successor Certificate Administrator],
as Certificate Administrator, on behalf of Wilmington Trust, National Association [or the name of any successor Trustee], as Trustee,
for the benefit of the registered holders of Wells Fargo Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through
Certificates, Series 2015-NXS3, Interest Reserve Account”.

 

“Interest
Reserve Amount”: With respect to each Mortgage Loan that is an Interest Reserve Loan (or the related successor REO Mortgage
Loan), for any Distribution Date that occurs during February of any year or during January of any year that is not a leap year,
an amount equal to one day’s interest accrued at the related Net Mortgage Rate on the related Stated Principal Balance as
of the beginning of the Collection Period related to such Distribution Date, but prior to giving effect to the application of
any amounts due on the Due Date occurring in such Collection Period, to the extent that a Monthly Payment is Received by the Trust
with respect to such Interest Reserve Loan for the related Due Date in the same month as such Distribution Date on or before the
related Master Servicer Remittance Date or a P&I Advance is made under this Agreement with respect to such Interest Reserve
Loan by such Distribution Date. For purposes of calculating Interest Reserve Amounts, the Net Mortgage Rate for each Interest
Reserve Loan shall be the Net Mortgage Rate in effect (including as a result of any step-up provision) under the original terms
of such Interest Reserve Loan in effect as of the Closing Date, without regard to any modifications, extensions, waivers or amendments
of such Interest Reserve Loan subsequent to the Closing Date (whether entered into by the applicable Master

 

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Servicer, the applicable
Special Servicer, the Non-Trust Master Servicer or the Non-Trust Special Servicer or in connection with any bankruptcy, insolvency
or other similar proceeding involving the related Borrower).

 

“Interest
Reserve Loan”: Each Mortgage Loan that is an Actual/360 Mortgage Loan (or any successor REO Mortgage Loan with respect
thereto).

 

“Interested
Person”: The Depositor, any Master Servicer, any Special Servicer, any Borrower, any manager of a Mortgaged Property,
any independent contractor engaged by a Special Servicer, the Trust Advisor, or, in connection with any individual Mortgage Loan
or holder of a related mezzanine loan, or any known Affiliate of any such party described above.

 

“Interested
SLC Person”: With respect to a Serviced Loan Combination, an “Interested Person” as defined in the related
Intercreditor Agreement or, if not defined therein, “Interested SLC Person” shall mean the Depositor, each related
Other Depositor, the applicable Master Servicer, each related Other Master Servicer, the applicable Special Servicer, each related
Other Special Servicer, each related Other Trustee, the related Borrower, any manager of the related Mortgaged Property, any independent
contractor engaged by the applicable Special Servicer, the Trust Advisor, each related Other Trust Advisor, the Subordinate Class
Representative, each related Serviced Pari Passu Companion Loan Holder (or representative thereof), any holder of a related mezzanine
loan, or any known Affiliate of any such party described above.

 

“Investment
Account”: Each of the Collection Accounts, the Serviced Pari Passu Companion Loan Custodial Account (if any), the Servicing
Accounts, the Reserve Accounts, the REO Accounts, the Distribution Account, the Interest Reserve Account and the Excess Liquidation
Proceeds Account.

 

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

 

“Investment
Grade Certificate”: As of any date of determination, a Certificate that is rated in one of the four highest generic
rating categories by at least one Rating Agency that is defined as a “Rating Agency” under Section III of the Exemption.

 

“Investor-Based
Exemption”: Any of Prohibited Transaction Class Exemption (“PTCE”) 84-14 (for transactions by independent
“qualified professional asset managers”), PTCE 90-1 (for transactions by insurance company pooled separate accounts),
PTCE 91-38 (for transactions by bank collective investment funds), PTCE 95-60 (for transactions by insurance company general accounts)
or PTCE 96-23 (for transactions effected by “in-house asset managers”), or any comparable exemption available under
any Similar Law.

 

“Investor
Confidentiality Agreement”: An investor confidentiality agreement in the form of Exhibit K-5 hereto.

 

“Investor
Q&A Forum”: As defined in Section 8.12(d).

 

“Investor
Registry”: As defined in Section 8.12(e).

 

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“IRS”:
The Internal Revenue Service or any successor thereto.

 

“Issue
Price”: With respect to each Class of Certificates, the “issue price” as defined in the Code and Treasury
regulations promulgated thereunder.

 

“KBRA”:
Kroll Bond Rating Agency, Inc. or its successor-in-interest. If neither such rating agency nor any successor remains in existence,
“KBRA” shall be deemed to refer to such other NRSRO or other comparable Person reasonably designated by the Depositor
(and such designation shall be deemed to be reasonable if the Person so designated is an NRSRO that has been regularly engaged
in rating new issue commercial mortgage-backed securities transactions during the 12 months preceding the designation), notice
of which designation shall be given to the other parties hereto, and specific ratings of KBRA herein referenced shall be deemed
to refer to the equivalent ratings of the party so designated. References herein to “applicable rating category” (other
than such references to “highest applicable rating category”) shall, in the case of KBRA, be deemed to refer to such
applicable rating category of KBRA, without regard to any plus or minus or other comparable rating qualification.

 

“Late
Collections”: (a) With respect to any Mortgage Loan or Serviced Loan Combination, all amounts Received by the Trust
thereon during any Collection Period, whether as payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds or
otherwise, which (as applied under Section 1.03) represent collections of the principal and/or interest portions of
a Monthly Payment (other than a Balloon Payment) or an Assumed Monthly Payment in respect of such Mortgage Loan or Serviced Loan
Combination due or deemed due on a Due Date in a previous Collection Period or on a Due Date during or prior to the month of the
Cut-off Date for such Mortgage Loan or Serviced Loan Combination, and not previously Received by the Trust; and (b) with respect
to any REO Mortgage Loan, all amounts Received by the Trust in connection with the related REO Property during any Collection
Period, whether as Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, REO Revenues or otherwise, which (as applied
under Section 1.03) represent collections of the principal and/or interest portions of a Monthly Payment (other than
a Balloon Payment) or an Assumed Monthly Payment in respect of the predecessor Mortgage Loan or Serviced Loan Combination or the
principal and/or interest portions of an Assumed Monthly Payment in respect of such REO Mortgage Loan due or deemed due on a Due
Date in a previous Collection Period and not previously Received by the Trust. Late Collections do not include Default Charges.

 

“Latest
Possible Maturity Date”: With respect to any REMIC I Regular Interest, any REMIC II Regular Interest, any REMIC III
Component, any Class of Regular Certificates or the Class A-S Regular Interest, Class B Regular Interest or Class C Regular Interest,
the “latest possible maturity date” thereof, calculated solely for purposes of satisfying Treasury Regulations Section
1.860G-1(a)(4)(iii).

 

“Letter
of Credit”: With respect to any Mortgage Loan or Serviced Loan Combination, any third-party letter of credit delivered
by or at the direction of the related Borrower pursuant to the terms of such Mortgage Loan or Serviced Loan Combination in lieu
of the establishment of, or deposit otherwise required to be made into, a Reserve Fund or otherwise pledged or assigned by the
related Borrower as Additional Collateral.

 

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“Liquidation
Event”: (a) With respect to any Mortgage Loan or Serviced Loan Combination, any of the following events: (i) such Mortgage
Loan or Serviced Loan Combination is paid in full, (ii) a Final Recovery Determination is made with respect to such Mortgage Loan
or Serviced Loan Combination, (iii) such Mortgage Loan is repurchased or replaced by a Responsible Repurchase Party pursuant to
the related Mortgage Loan Purchase Agreement, as contemplated by Section 2.03, (iv) such Mortgage Loan or Serviced
Loan Combination is sold pursuant to Section 3.18, (v) such Mortgage Loan is purchased by any Subordinate Class Certificateholder(s),
either Master Servicer or either Special Servicer pursuant to Section 9.01, (vi) such Mortgage Loan is acquired by
the Sole Certificateholder(s) in exchange for all of the Certificates pursuant to Section 9.01, (vii) such Mortgage
Loan or Serviced Loan Combination is paid off or purchased by the holder of a related mezzanine loan or another creditor of the
Borrower in connection with a Mortgage Loan default, if so permitted and set forth in the related intercreditor agreement or (viii)
in the case of a Non-Trust-Serviced Pooled Mortgage Loan, such Mortgage Loan is purchased by any party pursuant to terms analogous
to those set forth in the preceding clauses (a)(i), (ii), (iii), (iv), (v), (vi)
or (vii) contained in the related Non-Trust Pooling and Servicing Agreement and/or the related Intercreditor Agreement;
and (b) with respect to any REO Property (and the related REO Mortgage Loan), any of the following events: (i) a Final Recovery
Determination is made with respect to such REO Property, (ii) such REO Property is repurchased or replaced by a Responsible Repurchase
Party pursuant to the related Mortgage Loan Purchase Agreement, as contemplated by Section 2.03, (iii) such REO Property
is purchased by either Master Servicer, either Special Servicer or any Subordinate Class Certificateholder(s) pursuant to Section 9.01,
or (iv) in the case of any REO Property (and the related REO Mortgage Loan) related to any Non-Trust-Serviced Pooled Mortgage
Loan, any event contemplated in the preceding clauses (b)(i), (ii) or (iii) occurs pursuant to the related
Non-Trust Pooling and Servicing Agreement and/or the related Intercreditor Agreement, or (v) such REO Property is acquired by
the Sole Certificateholder(s) in exchange for all of the Certificates pursuant to Section 9.01.

 

“Liquidation
Expenses”: All customary, reasonable and necessary “out-of-pocket” costs and expenses due and owing (but
not otherwise covered by Servicing Advances) in connection with the liquidation of any Specially Serviced Mortgage Loan or Administered
REO Property pursuant to Section 3.09 or Section 3.18 (including legal fees and expenses, committee or
referee fees and, if applicable, brokerage commissions and conveyance taxes).

 

“Liquidation
Fee”: The fee designated as such in, and payable to the applicable Special Servicer in connection with certain events
in respect of a Specially Serviced Mortgage Loan or an Administered REO Property pursuant to, Section 3.11(c).

 

“Liquidation
Fee Rate”: With respect to each Specially Serviced Mortgage Loan or Administered REO Property as to which a Liquidation
Fee is payable, (a) 1.00% (or, with respect to the One Court Square Loan Combination, 0.50%) or (b) if such rate set forth in
clause (a) above would result in an aggregate Liquidation Fee less than $25,000, then the lesser of (i) 3.00% and
(ii) such lower rate as would result in an aggregate Liquidation Fee equal to $25,000; in each case as calculated prior to the
application of any Offsetting Modification Fees as contemplated in Section 3.11(c).

 

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“Liquidation
Proceeds”: All cash amounts (other than Insurance Proceeds, Condemnation Proceeds and REO Revenues) Received by the
Trust in connection with: (i) the liquidation of a Mortgaged Property, REO Property or other collateral constituting security
for a Defaulted Mortgage Loan (including for these purposes any defaulted Non-Trust-Serviced Pooled Mortgage Loan), through trustee’s
sale, foreclosure sale, REO Disposition or otherwise, exclusive of any portion thereof required to be released to the related
Borrower in accordance with applicable law and/or the terms and conditions of the related Mortgage Note and Mortgage; (ii) the
realization upon any deficiency judgment obtained against a Borrower; (iii) the purchase of a Defaulted Mortgage Loan by the applicable
Special Servicer, the Majority Subordinate Certificateholder(s) or any assignee of either of them pursuant to Section 3.18;
(iv) the repurchase or replacement of a Mortgage Loan or REO Property by a Responsible Repurchase Party pursuant to the related
Mortgage Loan Purchase Agreement as contemplated by Section 2.03 of this Agreement; (v) the purchase of a Mortgage
Loan or REO Property by either Master Servicer, either Special Servicer and/or any Subordinate Class Certificateholder(s) pursuant
to Section 9.01; (vi) the acquisition of any Mortgage Loan or REO Property by the Sole Certificateholder(s) in exchange
for all the Certificates pursuant to Section 9.01; (vii) the payoff or purchase of a Mortgage Loan or REO Property
by the holder of a related mezzanine loan or another creditor of the Borrower in connection with a Mortgage Loan default, if so
permitted and set forth in the related intercreditor agreement; (viii) the transfer of any Loss of Value Payments from the Loss
of Value Reserve Fund to the Collection Account in accordance with Section 3.05(h)(iii) of this Agreement (provided
that, for the purpose of determining the amount of the Liquidation Fee (if any) payable to the applicable Special Servicer
in connection with such Loss of Value Payment, the full amount of such Loss of Value Payment shall be deemed to constitute “Liquidation
Proceeds” from which the Liquidation Fee (if any) is payable as of such time such Loss of Value Payment is made by the applicable
Mortgage Loan Seller); or (ix) the purchase of a Non-Trust-Serviced Pooled Mortgage Loan by any party pursuant to the related
Non-Trust Pooling and Servicing Agreement and/or the related Intercreditor Agreement.

 

“Litigation
Control”: As defined in Section 3.33(a).

 

“Loan
Combination”: A Serviced Loan Combination and/or a Non-Serviced Loan Combination, as the context may require.

 

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

 

“Loss
of Value Reserve Fund”: The “outside reserve fund” (within the meaning of Treasury Regulations Section 1.860G-2(h))
designated as such pursuant to Section 3.04(g) of this Agreement. The Loss of Value Reserve Fund will be part of the
Trust Fund but not part of any REMIC Pool.

 

“MAD
2015-11MD Trust and Servicing Agreement”: That certain Trust and Servicing Agreement, dated as of September 6, 2015,
between Deutsche Mortgage & Asset Receiving Corporation, as depositor, KeyBank National Association, as master servicer and
as special servicer, Wilmington Trust, National Association, as trustee, and WFB, as certificate administrator, paying agent and
custodian, relating to the MAD 2015-11MD Mortgage Trust securitization (into which the 11 Madison Avenue Standalone Pari Passu
Companion Loans and the 11 Madison Avenue Subordinate Companion Loans were deposited).

 

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“Majority
Subordinate Certificateholder(s)”: Subject to Section 3.23(i), as of any date of determination, any single
Holder or Certificate Owner or group of Holders or Certificate Owners of Certificates representing a majority of the Voting Rights
allocated to the Subordinate Class.

 

For
purposes of the provisions of this Agreement that require any party hereto to deliver any information to the “Majority Subordinate
Certificateholder” as such, (i) all Persons that alone or together constitute the Majority Subordinate Certificateholder(s)
shall be deemed (by their receipt of such information) to have agreed to the confidentiality provisions of Exhibit K-5
hereto (as if they had executed a confidentiality agreement in such form) with respect to such information, (ii) if multiple Persons
are the Majority Subordinate Certificateholder(s), then only one such Person shall be entitled to receive such information at
any one time, which Person shall be designated by the Majority Subordinate Certificateholder(s), and (iii) such information need
not be so delivered (notwithstanding the provision that otherwise requires such delivery) unless such Majority Subordinate Certificateholder(s)
have delivered to the party required to make such delivery a certification or other reasonable evidence of their status as the
Majority Subordinate Certificateholder(s) (upon which such party shall be entitled to rely), except that such certification or
evidence need not be delivered by the Initial Majority Subordinate Certificateholder, and notified such party of the electronic
or other address where the applicable information should be so delivered. Once a Majority Subordinate Certificateholder (other
than the Initial Majority Subordinate Certificateholder) has provided the information in clauses (i)-(iii) above,
each of the parties to this Agreement shall be entitled to conclusively rely on such information unless the Majority Subordinate
Certificateholder or a successor Majority Subordinate Certificateholder shall have (x) notified each other party to this Agreement,
in writing, of a change of the Majority Subordinate Certificateholder and (y) provided the information in clauses (i)-(iii)
to each of the parties to this Agreement upon which each party may conclusively rely.

 

“Master
Servicer”: With respect to (a) any Mortgage Loan (other than an NCB Mortgage Loan), any REO Property acquired by the
Trust with respect to a Mortgage Loan (other than an NCB Mortgage Loan) and any matters relating to the foregoing, the General
Master Servicer and (b) any NCB Mortgage Loan, any REO Property acquired by the Trust with respect to an NCB Mortgage Loan and
any matters relating to the foregoing, the NCB Master Servicer.

 

“Master
Servicer Remittance Amount”: With respect to each Master Servicer and each Master Servicer Remittance Date, an amount
equal to (a) all amounts on deposit in such Master Servicer’s Collection Account as of 11:00 a.m., New York City time, on
such Master Servicer Remittance Date, net of (b) any portion of the amounts described in clause (a) of this definition
that represents one or more of the following: (i) collected Monthly Payments with respect to any Mortgage Loan serviced by such
Master Servicer that are due on a Due Date following the end of the related Collection Period, (ii) to the extent not covered
by clause (i) above, any payments of principal (including Principal Prepayments) and interest, Insurance Proceeds, Condemnation
Proceeds and Liquidation Proceeds Received by the Trust with respect to any Mortgage Loan or REO Property serviced by such Master
Servicer after the end of the related Collection Period, (iii) any Prepayment Premiums and/or Yield Maintenance Charges Received
by the Trust with respect to any Mortgage Loan or successor REO Mortgage Loan serviced by such Master Servicer with respect thereto
after the end of the related Collection Period, (iv) any Excess Liquidation Proceeds, (v) any amounts payable or reimbursable
to any Person from such

 

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Collection Account pursuant to clauses (ii) through (xxii) of Section 3.05(a)(I),
and (vi) any amounts deposited in such Collection Account in error; provided that the Master Servicer Remittance Amount
with respect to such Master Servicer for the Master Servicer Remittance Date that occurs in the same calendar month as the anticipated
Final Distribution Date shall be calculated without regard to clauses (b)(i), (b)(ii), (b)(iii) and (b)(iv)
of this definition.

 

“Master
Servicer Remittance Date”: The Business Day immediately preceding each Distribution Date.

 

“Master
Servicing Fee”: With respect to each Mortgage Loan, any Serviced Pari Passu Companion Loan and any successor REO Mortgage
Loan with respect thereto, the fee designated as such and payable to the applicable Master Servicer pursuant to Section 3.11(a).

 

“Master
Servicing Fee Rate”: With respect to each Mortgage Loan and any successor REO Mortgage Loan with respect thereto, a
rate per annum equal to the rate per annum specified as the “Master Servicing Fee Rate” on the Mortgage
Loan Schedule, which rate (i) includes, in each such case (other than in the case of a Pari Passu Mortgage Loan), the rate at
which applicable primary and sub-servicing fees and Excess Servicing Fees accrue, or (ii) includes, in the case of a Pari Passu
Mortgage Loan, the rate at which sub-servicing fees and Excess Servicing Fees accrue.

 

“Material
Action”: As defined in Section 3.24(c).

 

“Material
Breach”: With respect to any Mortgage Loan, any Breach that materially and adversely affects the value of such Mortgage
Loan or the interests of the Certificateholders in the affected Mortgage Loan.

 

“Material
Document Defect”: With respect to any Mortgage Loan, any Document Defect that materially and adversely affects the value
of such Mortgage Loan or the interests of the Certificateholders, or any of them, in the affected Mortgage Loan, including, but
not limited to, a material and adverse effect on any of the distributions distributable with respect to any of the Certificates
or on the value of those Certificates. Notwithstanding the foregoing, the absence of a Specially Designated Mortgage Loan Document
following the date and under the circumstances specified with respect to such Specially Designated Mortgage Loan Document in the
third to last sentence of the first paragraph of Section 2.03(b), which absence results from the failure of the related
Mortgage Loan Seller to deliver such Specially Designated Mortgage Loan Document in accordance with the terms of the related Mortgage
Loan Purchase Agreement, shall also constitute a Material Document Defect to the extent set forth in the related Mortgage Loan
Purchase Agreement.

 

“Material
Litigation Control Matter”: As defined in Section 3.33(a).

 

“Modification
Fees”: With respect to any Serviced Mortgage Loan or Serviced Loan Combination, any and all fees with respect to a modification,
restructure, extension, waiver or amendment that modifies, extends, amends or waives any term of the Mortgage Loan Documents (as
evidenced by a signed writing) agreed to by the applicable Master Servicer or the applicable Special Servicer (as applicable),
other than any Assumption Fees, Assumption Application Fees, consent fees and any defeasance fee; provided that (A) in
connection with each modification, 

 

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restructure, extension, waiver or amendment that constitutes a workout of a Specially Serviced
Mortgage Loan, the Modification Fees collected from the related Borrower will be subject to a cap of 1% of the outstanding principal
balance of such Serviced Mortgage Loan or Serviced Loan Combination immediately after giving effect to such transaction; (B) the
preceding clause (A) shall be construed only as a limitation on the amount of Modification Fees that may be collected
in connection with each individual transaction involving a Specially Serviced Mortgage Loan and not as a limitation on the cumulative
amount of Modification Fees that may be collected in connection with multiple transactions involving such Specially Serviced Mortgage
Loan; and (C) for purposes of such preceding clauses (A) and (B), a Modification Fee shall be deemed to have
been collected in connection with a workout of a Specially Serviced Mortgage Loan if such fee arises substantially in consideration
of or otherwise in connection with such workout, whether the related Borrower must pay such fee upon the consummation of such
workout and/or on one or more subsequent dates.

 

“Modified
Mortgage Loan”: Any Specially Serviced Mortgage Loan which has been modified by the applicable Special Servicer pursuant
to Section 3.20 in a manner that:

 

(a)     materially
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 the Mortgage Loan or related Serviced Pari Passu Companion Loan(s));

 

(b)     except
as expressly contemplated by the related Mortgage Loan Documents, results in a release of the lien of the Mortgage on any material
portion of the related Mortgaged Property without a corresponding Principal Prepayment in an amount, 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 applicable Special Servicer (at the expense of the related Borrower
and upon which the applicable Special Servicer may conclusively rely); or

 

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

 

“Monthly
Payment”: With respect to any Mortgage Loan or Serviced Pari Passu Companion Loan, as of any Due Date, the scheduled
monthly debt service payment (or, in the case of an ARD Mortgage Loan after its Anticipated Repayment Date, the minimum monthly
debt service payment required to be paid on a current basis) on such Mortgage Loan or Serviced Pari Passu Companion Loan that
is actually payable by the related Borrower from time to time under the terms of the related Mortgage Note (as such terms may
be changed or modified in connection with a bankruptcy or similar proceeding involving the related Borrower or by reason of a
modification, extension, waiver or amendment granted or agreed to by the applicable Master Servicer or the applicable Special
Servicer pursuant to Section 3.20 (or, in the case of a Non-Trust-Serviced Pooled Mortgage Loan, by the related Non-Trust
Master Servicer or the related Non-Trust Special Servicer pursuant to the related Non-Trust Pooling and Servicing Agreement)),
including any Balloon Payment payable in respect of such Mortgage Loan or Serviced Pari Passu Companion Loan on such Due Date;
provided that (A) the Monthly Payment due in respect of any Mortgage Loan or Serviced Pari Passu Companion Loan shall not
include

 

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Default Interest; and (B) the Monthly Payment due in respect of any ARD Mortgage Loan after its Anticipated Repayment
Date shall not include Post-ARD Additional Interest.

 

“Moody’s”:
Moody’s Investors Service, Inc. or its successor-in-interest. If neither such rating agency nor any successor remains in
existence, “Moody’s” shall be deemed to refer to such other NRSRO or other comparable Person reasonably designated
by the Depositor (and such designation shall be deemed to be reasonable if the Person so designated is an NRSRO that has been
regularly engaged in rating new issue commercial mortgage-backed securities transactions during the 12 months preceding the designation),
notice of which designation shall be given to the other parties hereto, and specific ratings of Moody’s herein referenced
shall be deemed to refer to the equivalent ratings of the party so designated. References herein to “applicable rating category”
(other than such references to “highest applicable rating category”) shall, in the case of Moody’s, be deemed
to refer to such applicable rating category of Moody’s, without regard to any plus or minus or other comparable rating qualification.

 

“Mortgage”:
With respect to any Mortgage Loan, separately and collectively, as the context may require, each mortgage, deed of trust, deed
to secure debt or similar document that secures the related Mortgage Note and creates a lien on the related Mortgaged Property.

 

“Mortgage
File”: With respect to any Mortgage Loan or Serviced Pari Passu Companion Loan, the following documents collectively
with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan (which documents, in the case of each Mortgage Loan with
a Serviced Pari Passu Companion Loan, except for the Mortgage Notes referred to in clause (i) below, relate to the
entire Serviced Loan Combination):

 

(i)     (A)
the original executed Mortgage Note, endorsed (either on the face thereof or pursuant to a separate allonge) “Pay to the
order of Wilmington Trust, National Association, as Trustee for the registered holders of Wells Fargo Commercial Mortgage Trust
2015-NXS3, Commercial Mortgage Pass-Through Certificates, Series 2015-NXS3, without recourse, representation or warranty”
or in blank, and further showing a complete, unbroken chain of endorsement from the originator; or alternatively, if the original
executed Mortgage Note has been lost, a lost note affidavit and indemnity with a copy of such Mortgage Note; and (B) in the case
of any Serviced Pari Passu Companion Loan, a copy of the executed mortgage note for such Serviced Pari Passu Companion Loan;

 

(ii)     an
original or a copy of the Mortgage, together with originals or copies of any and all intervening assignments thereof prior to
the assignment to the Trustee, in each case (unless the particular item has been delivered to but not returned from the applicable
recording office) with evidence of recording indicated thereon; provided that if the original or a copy of the Mortgage
cannot be delivered with evidence of recording thereon on or prior to the 90th day following the Closing Date because of a delay
caused by the public recording office where such original Mortgage has been delivered for recordation, or because the public recording
office retains the original or because such original Mortgage has been lost, there shall be delivered to the Custodian a true
and correct copy of such Mortgage, together with (A) in the case of a delay caused by the public recording office, an Officer’s
Certificate of the applicable Mortgage Loan Seller or

 

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a statement from the title agent to the effect that such original Mortgage
has been sent to the appropriate public recording official for recordation or (B) in the case of an original Mortgage that has
been lost after recordation or retained by the appropriate public recording office, a certification by the appropriate county
recording office where such Mortgage is recorded that such copy is a true and complete copy of the original recorded Mortgage;

 

(iii)     the
original or a copy of any related Assignment of Leases (if any such item is a document separate from the Mortgage) and, if applicable,
the originals or copies of any intervening assignments thereof showing a complete chain of assignment from the originator of the
Mortgage Loan or Loan Combination to the most recent assignee of record thereof prior to the Trustee, in each case (unless the
particular item has been delivered to but not returned from the applicable recording office) with evidence of recording thereon;

 

(iv)     except
in the case of a Non-Trust-Serviced Pooled Mortgage Loan, an original executed assignment, in recordable form (except for 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
“Wilmington Trust, National Association, as Trustee for the registered holders of Wells Fargo Commercial Mortgage Trust
2015-NXS3, Commercial Mortgage Pass-Through Certificates, Series 2015-NXS3”, or, in the case of any Mortgage Loan included
in a Serviced Loan Combination, in favor of “Wilmington Trust, National Association, as Trustee for the registered holders
of Wells Fargo Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates, Series 2015-NXS3, and in its
capacity as lead lender on behalf of any Serviced Pari Passu Companion Loan Holder(s) secured by the [insert name of Mortgaged
Property]” (or, in each case, a copy thereof certified to be the copy of such assignment submitted or to be submitted for
recording);

 

(v)     an
original or a copy of any related Security Agreement (if such item is a document separate from the Mortgage) and, if applicable,
the originals or copies of any intervening assignments thereof showing a complete chain of assignment from the originator of the
Mortgage Loan or Loan Combination to the most recent assignee of record thereof prior to the Trustee, if any;

 

(vi)     except
in the case of a Non-Trust-Serviced Pooled Mortgage Loan, an original assignment of any related Security Agreement (if such item
is a document separate from the Mortgage) executed by the most recent assignee of record thereof prior to the Trustee or, if none,
by the originator, in favor of “Wilmington Trust, National Association, as Trustee for the registered holders of Wells Fargo
Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates, Series 2015-NXS3”, or, in the case of
any Mortgage Loan included in a Serviced Loan Combination, in favor of “Wilmington Trust, National Association, as Trustee
for the registered holders of Wells Fargo Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates,
Series 2015-NXS3, and as lead lender on behalf of any Serviced Pari Passu Companion Loan Holder(s) secured by the [insert name
of Mortgaged

 

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Property]”,
which assignment may be included as part of the corresponding assignment of Mortgage referred to in clause (iv) above;

 

(vii)     originals
or copies of any assumption, modification, written assurance, consolidation, extension and substitution agreements, if any, with
evidence of recording thereon if the applicable document or instrument being modified or assumed, was recorded (unless the particular
item has not been returned from the applicable recording office), in those instances where the terms or provisions of the Mortgage,
Mortgage Note or any related security document have been materially modified or the Mortgage Loan has been assumed;

 

(viii)     the
original or a copy of the policy or certificate of lender’s title insurance issued in connection with such Mortgage Loan
(which may be in the form of an electronically issued policy) (or, if the policy has not yet been issued, an original or copy
of a written commitment “marked-up” at the closing of such Mortgage Loan interim binder or the pro forma title insurance
policy, in each case evidencing a binding commitment to issue such policy);

 

(ix)     (A)
filed copies (with evidence of filing) of any prior effective UCC Financing Statements in favor of the originator of such Mortgage
Loan or in favor of any assignee prior to the Trustee (but only to the extent the related Mortgage Loan Seller had possession
of such UCC Financing Statements prior to the Closing Date) and (B) except in the case of a Non-Trust-Serviced Pooled Mortgage
Loan, an original assignment thereof, in form suitable for filing, in favor of “Wilmington Trust, National Association,
as Trustee for the registered holders of Wells Fargo Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates,
Series 2015-NXS3”; or, in the case of any Mortgage Loan included in a Serviced Loan Combination, in favor of “Wilmington
Trust, National Association, as Trustee for the registered holders of Wells Fargo Commercial Mortgage Trust 2015-NXS3, Commercial
Mortgage Pass-Through Certificates, Series 2015-NXS3, and as lead lender on behalf of any Serviced Pari Passu Companion Loan Holder(s)
secured by the [insert name of Mortgaged Property]” (or, in each case, a copy thereof certified to be the copy of such assignment
submitted or to be submitted for filing);

 

(x)     if
a portion of the interest of the Borrower in the related Mortgaged Property consists of a leasehold interest, the original or
a copy of the Ground Lease or Space Lease relating to such Mortgage Loan, together with a notice to the related lessor of the
transfer of the Mortgage Loan to the Trust or the Trustee on its behalf;

 

(xi)     except
in the case of a Non-Trust-Serviced Pooled Mortgage Loan, any original documents not otherwise described in the preceding clauses
of this definition relating to, evidencing or constituting Additional Collateral (except that, in the case of such documents,
if any, that are in the form of a Letter of Credit, the “Mortgage File” shall initially contain a copy of such Letter
of Credit and the original of such Letter of Credit shall initially be delivered to the applicable Master Servicer and, thereafter,
such original shall be maintained by the applicable Master Servicer) and, if applicable, the originals or copies of any intervening
assignments thereof;

 

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(xii)     an
original or a copy of the loan agreement, if any, related to such Mortgage Loan;

 

(xiii)     an
original or a copy of the related guaranty of payment under such Mortgage Loan, if any;

 

(xiv)     an
original or a copy of the lock-box agreement or cash management agreement relating to such Mortgage Loan, if any;

 

(xv)     an
original or a copy of the environmental indemnity from the related Borrower or other party, if any;

 

(xvi)     an
original or a copy of any intercreditor agreement or similar agreement relating to such Mortgage Loan (including, in the case
of each Mortgage Loan that is included in a Loan Combination, the related Intercreditor Agreement);

 

(xvii)     other
than with respect to a Mortgaged Property securing a Co-op Mortgage Loan, an original or a copy of any management agreement with
respect to the related Mortgaged Property;

 

(xviii)     an
original or a copy of any master operating lease with respect to the related Mortgaged Property;

 

(xix)     an
original or a copy of any related Environmental Insurance Policy;

 

(xx)     if
the related Mortgaged Property is a hospitality property that is subject to a franchise, management or similar arrangement, (a)
an original or a copy of any franchise, management or similar agreement; (b) either (i) a signed copy of the estoppel certificate
or comfort letter delivered by the franchisor, manager or similar person, as applicable, for the benefit of the holder of the
Mortgage Loan in connection with the Mortgage Loan Seller’s origination or acquisition of the Mortgage Loan or Loan Combination,
together with such instrument(s) of notice or transfer (if any) as are necessary to (A) transfer or assign to the Trust or the
Trustee the benefits of such estoppel certificate or comfort letter or (B) request the issuance of a new estoppel certificate
or comfort letter for the benefit of the Trust or the Trustee, or (ii) a copy of the estoppel certificate or comfort letter delivered
by the franchisor, manager or similar person, as applicable, for the benefit of the holder of the Mortgage Loan in connection
with such origination or acquisition of the Mortgage Loan or Loan Combination, together with a signed copy or a fax copy of a
new estoppel certificate or comfort letter (in substantially the same form and substance as the estoppel certificate or comfort
letter delivered in connection with such origination or acquisition) by the franchisor, manager or similar person, as applicable,
for the benefit of the Trust or the Trustee (and, if a fax copy of a new estoppel certificate or comfort letter is delivered,
then the original copy shall be included in the “Mortgage File” promptly following receipt thereof by the related
Mortgage Loan Seller); and (c) a copy of an instrument in which the Mortgage Loan Seller notifies the franchisor, manager or similar
person, as applicable, of the transfer of such Mortgage Loan (and the related estoppel certificate or comfort letter) to the Trust
pursuant to the related Mortgage Loan Purchase Agreement and this Agreement and

 

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directs such Person to deliver any and all notice
of default or other correspondence under the related estoppel certificate or comfort letter to the applicable Master Servicer,
together with reasonable evidence of the delivery of such instrument to such franchisor, manager or similar person; and

 

(xxi)     a
checklist (a “Mortgage File Checklist”) of the applicable documents described above and delivered in connection
with the origination of such Mortgage Loan (which checklist may be in a reasonable form selected by the related Mortgage Loan
Seller);

 

provided
that (A) 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 required to be included therein unless they are actually so received, and with
respect to any receipt or certification by the Custodian for documents described in clauses (vi), (vii) and
(ix) through (xx) of this definition, shall be deemed to include such documents only to the extent the Custodian
has actual knowledge of their existence (and the Custodian shall be deemed to have actual knowledge of the existence of any document
listed on the related Mortgage File Checklist); (B) the “Mortgage File” for each Mortgage Loan that consists of a
Mortgage Loan in a Serviced Loan Combination shall include the documents described above with respect to such Serviced Loan Combination,
together with the original or a copy of the Intercreditor Agreement relating to such Mortgage Loan and a photocopy of the executed
promissory note evidencing each related Serviced Pari Passu Companion Loan; and (C) with respect to each Non-Trust-Serviced Pooled
Mortgage Loan, (1) any documents required by clauses (ii)-(xx) of this definition to be included in the Mortgage File
need only be copies unless, as of the Closing Date, WFB acts as the related Non-Trust Custodian, in which case (subject to Section
8.11) no copies need be delivered to the Custodian, (2) any reference in such clauses to the Master Servicer, the Trustee
or the Trust (including, without limitation, as the assignee or transferee of any assignment, UCC financing statement or other
transfer document or the beneficiary of any document or instrument) shall mean the related Non-Trust Master Servicer, the related
Non-Trust Trustee or the trust established under the related Non-Trust Pooling and Servicing Agreement, and (3) no document or
instrument referred to in such clauses need reflect any evidence of filing or recordation in the name of such related Non-Trust
Trustee or such trust established under the related Non-Trust Pooling and Servicing Agreement.

 

“Mortgage
File Checklist”: As defined in clause (xxi) of the definition of “Mortgage File”.

 

“Mortgage
Loan”: Each of the Original Mortgage Loans and Replacement Mortgage Loans that are from time to time held in the Trust
Fund. As used herein, the term “Mortgage Loan” includes the interest of the Trust Fund in the related Mortgage Loan
Documents and each Non-Trust-Serviced Pooled Mortgage Loan, but does not include any Companion Loan.

 

“Mortgage
Loan Documents”: With respect to any Mortgage Loan or Serviced Pari Passu Companion Loan, the documents included or
required to be included, as the context may require, in the related Mortgage File and Servicing File.

 

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“Mortgage
Loan Purchase Agreement”: Any of (i) the Mortgage Loan Purchase Agreement dated as of the Pricing Date, between Natixis,
as seller, and the Depositor, as purchaser; (ii) the Mortgage Loan Purchase Agreement dated as of the Pricing Date, between WFB,
as seller, and the Depositor, as purchaser; (iii) the Mortgage Loan Purchase Agreement dated as of the Pricing Date, between
Silverpeak, as seller, and the Depositor, as purchaser; and (iv) the Mortgage Loan Purchase Agreement dated as of the Pricing
Date, between NCB, as seller, and the Depositor, as purchaser.

 

“Mortgage
Loan Schedule”: The schedule of Mortgage Loans attached hereto as Schedule I, as any such schedule may be amended
from time to time in accordance with this Agreement. Such schedule shall set forth the following information with respect to each
Mortgage Loan:

 

(i)          the
identification number assigned to the Mortgage Loan in the Prospectus Supplement;

 

(ii)         the
name of the Mortgage Loan/Mortgaged Property;

 

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

 

(iv)        (A)
the original principal balance and (B) the Cut-off Date Principal Balance;

 

(v)        the
“Monthly P&I Payment”, as described in Annex A-1 to the Prospectus Supplement;

 

(vi)       the
Mortgage Rate as of the Closing Date and the Interest Accrual Basis;

 

(vii)      (a)
the Stated Maturity Date or, in the case of an ARD Mortgage Loan, the Anticipated Repayment Date, and (b) the original and remaining
term to the Stated Maturity Date or Anticipated Repayment Date, as applicable;

 

(viii)     in
the case of a Mortgage Loan that is a Balloon Mortgage Loan, the original and remaining amortization term;

 

(ix)        whether
such Mortgage Loan is a Cross-Collateralized Mortgage Loan and, if so, an identification of the Mortgage Loans with which such
Mortgage Loan is cross-collateralized; 

 

(x)         whether
such Mortgage Loan provides for defeasance and if so, the period during which defeasance may occur and the periods when any Principal
Prepayments must be accompanied by any Prepayment Premium or Yield Maintenance Charge;

 

(xi)        whether
such Mortgage Loan is secured by a fee simple interest in the related Mortgaged Property; by the Borrower’s leasehold interest,
and a fee simple interest, in the related Mortgaged Property; or solely by a leasehold interest in the related Mortgaged Property;

 

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(xii)       the
name of the related Mortgage Loan Seller;

 

(xiii)      the
Administrative Fee Rate;

 

(xiv)      the
Due Date;

 

(xv)       the
number of grace days before such Mortgage Loan requires a late payment charge in connection with a delinquent Monthly Payment;

 

(xvi)      whether
there exists (and, if so, the amount of) any Letter of Credit that constitutes Additional Collateral;

 

(xvii)     the
related Borrower; and

 

(xviii)    the
Master Servicing Fee Rate.

 

“Mortgage
Loan Sellers”: Collectively, Natixis, WFB, Silverpeak and NCB.

 

“Mortgage
Note”: The original executed promissory note(s) evidencing the indebtedness of a Borrower under a Mortgage Loan, together
with any rider, addendum or amendment thereto, or any renewal, substitution or replacement of such note.

 

“Mortgage
Pool”: All of the Mortgage Loans and any successor REO Mortgage Loans, collectively, as of any particular date of determination.

 

“Mortgage
Rate”: With respect to each Mortgage Loan or Serviced Pari Passu Companion Loan (and any successor REO Mortgage Loan
with respect thereto), the related annualized rate at which interest (including, in the case of an ARD Mortgage Loan after its
Anticipated Repayment Date, Post-ARD Additional Interest) is scheduled (in the absence of a default) to accrue on such Mortgage
Loan or Serviced Pari Passu Companion Loan from time to time in accordance with the related Mortgage Note and applicable law,
as such rate may be modified in accordance with Section 3.20 (or, in the case of a Non-Trust-Serviced Pooled Mortgage
Loan, by the related Non-Trust Master Servicer or the related Non-Trust Special Servicer in accordance with the related Non-Trust
Pooling and Servicing Agreement) or in connection with a bankruptcy, insolvency or similar proceeding involving the related Borrower.
In the case of each ARD Mortgage Loan, the related Mortgage Rate shall increase in accordance with the related Mortgage Note if
such ARD Mortgage Loan is not paid in full on or before its Anticipated Repayment Date.

 

“Mortgaged
Property”: Individually and collectively, as the context may require, each real property (together with all improvements
and fixtures thereon) subject to the lien of a Mortgage and constituting collateral for a Mortgage Loan or Loan Combination, as
applicable. With respect to any Cross-Collateralized Mortgage Loan, if and when the context may require, “Mortgaged Property”
shall mean, collectively, all the mortgaged real properties (together with all improvements and fixtures thereon) securing the
relevant Cross-Collateralized Group.

 

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“Mortgagee”:
The holder of legal title to any Mortgage Loan or Serviced Pari Passu Companion Loan, together with any third parties through
which such holder takes actions with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan.

 

“Natixis”:
Natixis Real Estate Capital LLC, a Delaware limited liability company.

 

“Natixis
Securities”: Natixis Securities Americas LLC.

 

“NCB”:
National Cooperative Bank, N.A., a national banking association, or its successor-in-interest.

 

“NCB
Co-op Mortgage Loan”: An NCB Mortgage Loan that is a Co-op Mortgage Loan.

 

“NCB
Master Servicer”: NCB, or its successor-in-interest, or any successor master servicer appointed as provided herein.

 

“NCB
Mortgage Loans”: Those Mortgage Loans sold to the Depositor pursuant to the related Mortgage Loan Purchase Agreement
by NCB and indicated as an NCB Mortgage Loan on the Mortgage Loan Schedule.

 

“NCB
Special Servicer”: NCB, or its successor-in-interest, or any successor special servicer appointed as provided herein.

 

“NCB
Subordinate Debt Conditions”: With respect to an NCB Co-op Mortgage Loan and any encumbrance of the related Mortgaged
Property with a subordinate mortgage, the following conditions: (i) each of the subordinate mortgage loans, or the sole subordinate
mortgage loan, to be secured by such subordinate mortgage is made by NCB or any Affiliate thereof, (ii) such subordinate mortgage
is expressly made in compliance with the underwriting standards which NCB customarily employs in connection with making subordinate
mortgages for its own mortgage loan portfolio, (iii) the aggregate outstanding principal balance of the NCB Co-op Mortgage Loan,
any other existing loans secured by a mortgage then encumbering the related Mortgaged Property and the proposed new subordinate
mortgage loan shall not exceed 40% of the Appraised Value of the related Mortgaged Property, (iv) NCB or any Affiliate thereof
that originates the subordinate mortgage loan, executes and delivers to the Trustee for inclusion in the Mortgage File an intercreditor
agreement and subordination agreement with respect to such subordinate mortgage in substantially the form of Exhibit Y
hereto or in such other form as shall be acceptable to the NCB Special Servicer and, during any Subordinate Control Period or
Collective Consultation Period, the Subordinate Class Representative (provided that the Trustee shall have no responsibility
for determining the sufficiency or validity thereof), (v) if the subordinate mortgage loan will not be a fully amortizing loan,
the stated maturity date of the subordinate mortgage loan shall be no earlier than the maturity date of the related NCB Co-op
Mortgage Loan, (vi) the subordinate mortgage loan is made principally for the purpose of funding capital expenditures, major repairs
or reserves at or with respect to the Mortgaged Property in question, (vii) NCB or any Affiliate thereof that originates the subordinate
mortgage loan receives borrower legal opinions as to authority and enforceability customarily required of borrowers in connection
with the origination of similar mortgage loans, (viii) the aggregate amount of subordinate debt encumbering the Mortgaged Property
in question (including the proposed new subordinate mortgage debt and any other existing loans secured by a mortgage

 

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then encumbering
the related Mortgaged Property, but excluding the Mortgage Loan in question) does not exceed $7,500,000, and (ix) during a Subordinate
Control Period or a Collective Consultation Period, the applicable Master Servicer shall deliver electronically, as provided in
Section 12.06, to the Majority Subordinate Certificateholder or the Subordinate Class Representative on its behalf, not
less than ten (10) Business Days prior to the closing of such subordinate mortgage loan, (a) a copy of the commitment letter for
the proposed subordinate mortgage loan, (b) a copy of a recent appraisal used by such Master Servicer to make the calculation
described in clause (iii) above, (c) a copy of an updated title report with respect to the related Mortgaged Property showing
each subordinate mortgage lien encumbering such Mortgaged Property (other than the lien to secure the related subordinate mortgage
loan) and (d) a statement of such Master Servicer setting forth (1) to such Master Servicer’s knowledge, the purpose of
the related subordinate mortgage loan (if not set forth in the commitment letter for such subordinate mortgage loan) and (2) that
the other foregoing conditions set forth in clauses (i) through (viii) have been satisfied, and the Majority Subordinate
Certificateholder or the Subordinate Class Representative on its behalf has not notified the applicable Master Servicer in writing,
within five (5) Business Days after receipt of such information, that it has determined (such determination to be made reasonably
and in good faith) that such proposed subordinate mortgage loan fails to satisfy such conditions.

 

“Net
Aggregate Prepayment Interest Shortfall”: With respect to any Distribution Date, the amount, if any, by which (a) the
aggregate of all Prepayment Interest Shortfalls incurred in connection with the receipt of Principal Prepayments (and prepayment
resulting from the receipt of Insurance Proceeds or Condemnation Proceeds) on the Mortgage Loans during the related Collection
Period, exceeds (b) the aggregate amount of the Compensating Interest Payments remitted by the Master Servicers pursuant to Section 3.19(c)
on the Master Servicer Remittance Date related to such Distribution Date.

 

“Net
Default Charges”: With respect to any Mortgage Loan, Serviced Loan Combination or successor REO Mortgage Loan, the Default
Charges referred to in clause third of Section 3.25(a) or clause fourth of Section 3.25(c),
which are payable to the applicable Master Servicer as Additional Master Servicing Compensation or the applicable Special Servicer
as Additional Special Servicing Compensation.

 

“Net
Investment Earnings”: With respect to any Investment Account for any Collection Period, the amount, if any, by which
the aggregate of all interest and other income realized during such Collection Period on funds held in such Investment Account
(exclusive, in the case of a Servicing Account or a Reserve Account, of any portion of such interest or other income payable to
a Borrower in accordance with the related Mortgage Loan Documents and applicable law), exceeds the aggregate of all losses and
costs, if any, incurred during such Collection Period in connection with the investment of such funds in accordance with Section 3.06
(exclusive, in the case of a Servicing Account or a Reserve Account, of any portion of such losses that were incurred in connection
with investments made for the benefit of a Borrower).

 

“Net
Investment Loss”: With respect to any Investment Account for any Collection Period, the amount by which the aggregate
of all losses, if any, incurred during such Collection Period in connection with the investment of funds held in such Investment
Account for the benefit of the applicable Master Servicer, the applicable Special Servicer or the Certificate

 

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Administrator, as
applicable, in accordance with Section 3.06 (exclusive, in the case of a Servicing Account or a Reserve Account, of
any portion of such losses that were incurred in connection with investments made for the benefit of a Borrower, and other than
losses of what would otherwise have constituted interest or other income earned on such funds), exceeds the aggregate of all interest
and other income realized during such Collection Period in connection with the investment of such funds for the benefit of the
applicable Master Servicer, the applicable Special Servicer or the Certificate Administrator, as applicable, in accordance with
Section 3.06; provided that, in the case of any Investment Account and any particular investment of funds in
such Investment Account, Net Investment Loss shall not include any loss with respect to such investment which is incurred solely
as a result of the insolvency of the federal or state chartered depositary institution or trust company at which such Investment
Account is maintained, so long as such depositary institution or trust company (a) satisfied the qualifications set forth in the
definition of “Eligible Account” both at the time such investment was made and as of a date not more than thirty (30)
days prior to the date of such loss and (b) is not the same Person as the Person that made the relevant investment.

 

“Net
Liquidation Proceeds”: The excess, if any, of all Liquidation Proceeds Received by the Trust with respect to any particular
Specially Serviced Mortgage Loan or Administered REO Property, over the amount of all Liquidation Expenses (other than, with respect
to any Serviced Loan Combination, the pro rata share of such Liquidation Expenses reimbursable to the parties hereto by
the related Serviced Pari Passu Companion Loan Holder(s) pursuant to the related Intercreditor Agreement) incurred with respect
thereto and all related Servicing Advances (other than, with respect to any Serviced Loan Combination, the pro rata share
of such Servicing Advances reimbursable to the parties hereto by the related Serviced Pari Passu Companion Loan Holder(s) pursuant
to the related Intercreditor Agreement) reimbursable therefrom.

 

“Net
Mortgage Rate”: With respect to (i) any Mortgage Loan (or any successor REO Mortgage Loan with respect thereto), the
rate per annum equal to (a) the related Mortgage Rate minus (b) the related Administrative Fee Rate minus
(c) in the case of an ARD Mortgage Loan after its Anticipated Repayment Date, the related Post-ARD Additional Interest Rate and
(ii) any Serviced Pari Passu Companion Loan (or any successor REO Mortgage Loan with respect thereto), the rate per annum
equal to (a) the related Mortgage Rate minus (b) the related Serviced Pari Passu Companion Loan Administrative Fee Rate
minus (c) in the case of a Serviced Pari Passu Companion Loan related to an ARD Mortgage Loan after its Anticipated Repayment
Date, the related Post-ARD Additional Interest Rate.

 

“New
Lease”: Any lease of an Administered REO Property entered into at the direction of the applicable Special Servicer,
including any lease renewed, modified or extended on behalf of the Trust if the applicable Special Servicer has the power to renegotiate
the terms of such lease.

 

“Non-Registered
Certificate”: Any Certificate that has not been subject to registration under the Securities Act. As of the Closing
Date, the Class X-D, Class X-E, Class X-FG, Class X-H, Class D, Class E, Class F, Class G, Class H and Class R Certificates are
Non-Registered Certificates.

 

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“Non-Serviced
Companion Loan”: A Non-Serviced Pari Passu Companion Loan or an 11 Madison Avenue Subordinate Companion Loan.

 

“Non-Serviced
Companion Loan Holder”: The holder of the promissory note evidencing any Non-Serviced Companion Loan.

 

“Non-Serviced
Loan Combination”: Any mortgage loan not serviced under this Agreement that is divided into one or more notes, which
includes a mortgage note that is included in the Trust and one or more mortgage notes not included in the Trust (which mortgage
note(s) may be pari passu and/or subordinate in right of payment to the mortgage note included in the Trust). References
herein to a Non-Serviced Loan Combination shall be construed to refer to the aggregate indebtedness under the related notes. Each
of the Hilton Nashville Loan Combination, the 11 Madison Avenue Loan Combination and the Cooper’s Crossing Loan Combination
shall be a Non-Serviced Loan Combination.

 

“Non-Serviced
Pari Passu Companion Loan”: With respect to each Non-Serviced Loan Combination, if any, a mortgage loan constituting
part of such Non-Serviced Loan Combination that is not included in the Trust and is generally payable on a pari passu basis
with the related Non-Trust-Serviced Pooled Mortgage Loan. Each of the Hilton Nashville Pari Passu Companion Loan, the 11 Madison
Avenue Pari Passu Companion Loans and the Cooper’s Crossing Pari Passu Companion Loan shall be a Non-Serviced Pari Passu
Companion Loan.

 

“Non-Trust
Certificate Administrator”: With respect to each Non-Trust-Serviced Pooled Mortgage Loan, if any, the certificate administrator
under the related Non-Trust Pooling and Servicing Agreement. Each of the certificate administrator (if any) under the Non-Trust
Pooling and Servicing Agreement relating to the Hilton Nashville Mortgage Loan, the certificate administrator (if any) under the
Non-Trust Pooling and Servicing Agreement relating to the 11 Madison Avenue Mortgage Loan and the certificate administrator (if
any) under the Non-Trust Pooling and Servicing Agreement relating to the Cooper’s Crossing Mortgage Loan shall be a Non-Trust
Certificate Administrator.

 

“Non-Trust
Custodian”: With respect to each Non-Trust-Serviced-Pooled Mortgage Loan, if any, the custodian under the related Non-Trust
Pooling and Servicing Agreement. Each of the custodian (if any) under the Non-Trust Pooling and Servicing Agreement relating to
the Hilton Nashville Mortgage Loan, the custodian (if any) under the Non-Trust Pooling and Servicing Agreement relating to the
11 Madison Avenue Mortgage Loan and the custodian (if any) under the Non-Trust Pooling and Servicing Agreement relating to the
Cooper’s Crossing Mortgage Loan shall be a Non-Trust Custodian.

 

“Non-Trust
Depositor”: With respect to each Non-Trust-Serviced Pooled Mortgage Loan, if any, the depositor under the related Non-Trust
Pooling and Servicing Agreement. Each of the depositor under the Non-Trust Pooling and Servicing Agreement relating to the Hilton
Nashville Mortgage Loan, the depositor under the Non-Trust Pooling and Servicing Agreement relating to the 11 Madison Avenue Mortgage
Loan and the depositor under the Non-Trust Pooling and Servicing Agreement relating to the Cooper’s Crossing Mortgage Loan
shall be a Non-Trust Depositor.

 

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“Non-Trust
Master Servicer”: With respect to each Non-Trust-Serviced Pooled Mortgage Loan, if any, the master servicer under the
related Non-Trust Pooling and Servicing Agreement. Each of the master servicer under the Non-Trust Pooling and Servicing Agreement
relating to the Hilton Nashville Mortgage Loan, the master servicer under the Non-Trust Pooling and Servicing Agreement relating
to the 11 Madison Avenue Mortgage Loan and the master servicer under the Non-Trust Pooling and Servicing Agreement relating to
the Cooper’s Crossing Mortgage Loan shall be a Non-Trust Master Servicer.

 

“Non-Trust
Paying Agent”: With respect to each Non-Trust-Serviced Pooled Mortgage Loan, if any, the paying agent under the related
Non-Trust Pooling and Servicing Agreement. Each of the paying agent (if any) under the Non-Trust Pooling and Servicing Agreement
relating to the Hilton Nashville Mortgage Loan, the paying agent (if any) under the Non-Trust Pooling and Servicing Agreement
relating to the 11 Madison Avenue Mortgage Loan and the paying agent (if any) under the Non-Trust Pooling and Servicing Agreement
relating to the Cooper’s Crossing Mortgage Loan shall be a Non-Trust Paying Agent.

 

“Non-Trust
Pooling and Servicing Agreement”: With respect to each Non-Trust-Serviced Pooled Mortgage Loan, if any, the separate
agreement pursuant to which such Non-Trust-Serviced Pooled Mortgage Loan and the related Non-Serviced Companion Loans are (or,
if applicable, any related REO Property is) to be principally serviced and administered. The WFCM 2015-NXS2 Pooling and Servicing
Agreement pursuant to which the Cooper’s Crossing Loan Combination is serviced, the MAD 2015-11MD Trust and Servicing Agreement
pursuant to which the 11 Madison Avenue Loan Combination is serviced and the CGCMT 2015-P1 Pooling and Servicing Agreement pursuant
to which the Hilton Nashville Loan Combination is serviced shall each be a Non-Trust Pooling and Servicing Agreement.

 

“Non-Trust
Primary Servicing Fee”: With respect to each Non-Trust-Serviced Pooled Mortgage Loan, if any, the primary servicing
fee that is payable to the Non-Trust Master Servicer under the Non-Trust Pooling and Servicing Agreement relating to such Non-Trust-Serviced
Pooled Mortgage Loan, which such fee shall accrue at the applicable Pari Passu Primary Servicing Fee Rate.

 

“Non-Trust-Serviced
Pooled Mortgage Loan”: Any Mortgage Loan that is primarily serviced and administered under the pooling and servicing
agreement for another commercial mortgage securitization trust. Each of the Hilton Nashville Mortgage Loan, the 11 Madison Avenue
Mortgage Loan and the Cooper’s Crossing Mortgage Loan shall be a Non-Trust-Serviced Pooled Mortgage Loan.

 

“Non-Trust
Special Servicer”: With respect to each Non-Trust-Serviced Pooled Mortgage Loan, if any, the special servicer under
the related Non-Trust Pooling and Servicing Agreement. Each of the special servicer under the Non-Trust Pooling and Servicing
Agreement relating to Hilton Nashville Mortgage Loan, the special servicer under the Non-Trust Pooling and Servicing Agreement
relating to 11 Madison Avenue Mortgage Loan and the special servicer under the Non-Trust Pooling and Servicing Agreement relating
to the Cooper’s Crossing Mortgage Loan shall be a Non-Trust Special Servicer.

 

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“Non-Trust
Subordinate Class Representative”: With respect to each Non-Trust-Serviced Pooled Mortgage Loan, any “Subordinate
Class Representative” or “Controlling Class Representative” (or other similar term) as defined under the related
Non-Trust Pooling and Servicing Agreement. Each of the “Subordinate Class Representative” or “Controlling Class
Representative” (or other similar term) under the Non-Trust Pooling and Servicing Agreement relating to the Hilton Nashville
Mortgage Loan and the “Subordinate Class Representative” (or other similar term) under the Non-Trust Pooling and Servicing
Agreement relating to the Cooper’s Crossing Mortgage Loan shall be a Non-Trust Subordinate Class Representative. The Non-Trust
Pooling and Servicing Agreement relating to the 11 Madison Avenue Mortgage Loan does not contemplate a subordinate class representative
or other similar entity.

 

“Non-Trust
Tax Administrator”: With respect to each Non-Trust-Serviced Pooled Mortgage Loan, if any, the tax administrator under
the related Non-Trust Pooling and Servicing Agreement. Each of the tax administrator (if any) under the Non-Trust Pooling and
Servicing Agreement relating to the Hilton Nashville Mortgage Loan, the tax administrator (if any) under the Non-Trust Pooling
and Servicing Agreement relating to the 11 Madison Avenue Mortgage Loan and the tax administrator (if any) under the Non-Trust
Pooling and Servicing Agreement relating to the Cooper’s Crossing Mortgage Loan shall be a Non-Trust Tax Administrator.

 

“Non-Trust
Trust Advisor”: With respect to each Non-Trust-Serviced Pooled Mortgage Loan, if any, the trust advisor under the related
Non-Trust Pooling and Servicing Agreement. Each of the trust advisor or operating advisor, as applicable, under the Non-Trust
Pooling and Servicing Agreement relating to the Hilton Nashville Mortgage Loan and the trust advisor or operating advisor, as
applicable, under the Non-Trust Pooling and Servicing Agreement relating to the Cooper’s Crossing Mortgage Loan shall be
a Non-Trust Trust Advisor. The Non-Trust Pooling and Servicing Agreement relating to the 11 Madison Avenue Mortgage Loan does
not contemplate a trust advisor or operating advisor or other similar entity.

 

“Non-Trust
Trustee”: With respect to each Non-Trust-Serviced Pooled Mortgage Loan, if any, the trustee under the related Non-Trust
Pooling and Servicing Agreement. Each of the trustee under the Non-Trust Pooling and Servicing Agreement relating to the Hilton
Nashville Mortgage Loan, the trustee under the Non-Trust Pooling and Servicing Agreement relating to the 11 Madison Avenue Mortgage
Loan and the trustee under the Non-Trust Pooling and Servicing Agreement relating to the Cooper’s Crossing Mortgage Loan
shall be a Non-Trust Trustee.

 

“Non-United
States Tax Person”: Any Person other than a United States Tax Person.

 

“Nonrecoverable
Advance”: Any Nonrecoverable P&I Advance (including any Unliquidated Advance that constitutes a Nonrecoverable P&I
Advance) or Nonrecoverable Servicing Advance (including any Unliquidated Advance that constitutes a Nonrecoverable Servicing Advance).
Workout-Delayed Reimbursement Amounts shall constitute Nonrecoverable Advances only when the Person making such determination
in accordance with the procedures specified herein, 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,
Default Charges, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds or any other recovery on or in respect of such
Mortgage Loan or the related REO Property (without giving effect to potential recoveries on

 

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deficiency judgments or recoveries
from guarantors), 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. The
determination as to the recoverability of any servicing advance previously made or proposed to be made with respect to any Non-Trust-Serviced
Pooled Mortgage Loan shall be made by the related Non-Trust Master Servicer or Non-Trust Special Servicer, as the case may be,
pursuant to the related Non-Trust Pooling and Servicing Agreement, and any such determination so made shall be conclusive and
binding upon the Trust and the Certificateholders.

 

“Nonrecoverable
P&I Advance”: As evidenced by the Officer’s Certificate and supporting documentation contemplated by Section 4.03(c),
any P&I Advance, or any Unliquidated Advance in respect of a prior P&I Advance, previously made and any P&I Advance
contemplated to be made in respect of any Mortgage Loan or related successor REO Mortgage Loan that, as determined by the applicable
Master Servicer or, if applicable, by the Trustee, or by the applicable Special Servicer pursuant to the second paragraph of Section 4.03(c),
subject to the Servicing Standard, or, with respect to the Trustee, in its reasonable, good faith judgment, will not be ultimately
recoverable, or in fact was not ultimately recovered, from Late Collections, Default Charges, Insurance Proceeds, Condemnation
Proceeds, Liquidation Proceeds or any other recovery on or in respect of such Mortgage Loan or the related REO Property (without
giving effect to potential recoveries on deficiency judgments or recoveries from guarantors). In the case of a Cross-Collateralized
Mortgage Loan, such recoverability determination shall take into account the cross-collateralization of the related Cross-Collateralized
Group.

 

“Nonrecoverable
Servicing Advance”: As evidenced by the Officer’s Certificate and supporting documentation contemplated by Section 3.11(h),
any Servicing Advance, or any Unliquidated Advance in respect of a prior Servicing Advance, previously made, and any Servicing
Advance proposed to be made, in respect of any Serviced Mortgage Loan, Serviced Loan Combination or Administered REO Property
that, as determined by the applicable Master Servicer or, if applicable or the Trustee, or by the applicable Special Servicer
pursuant to Section 3.11, subject to the Servicing Standard, or, with respect to the Trustee, in its reasonable, good
faith judgment, will not be ultimately recoverable, or in fact was not ultimately recovered, from Late Collections, Default Charges,
Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds or any other recovery on or in respect of such Serviced Mortgage
Loan, Serviced Loan Combination or such Administered REO Property (without giving effect to potential recoveries on deficiency
judgments or recoveries from guarantors). In the case of a Cross-Collateralized Mortgage Loan, such recoverability determination
shall take into account the cross-collateralization of the related Cross-Collateralized Group.

 

“NRSRO”:
A nationally recognized statistical rating organization (as such term is defined in Section 3(a)(62) of the Exchange Act); provided
that, when referred to in connection with the Certificate Administrator’s Website or the Rule 17g-5 Information Provider’s
Website, “NRSRO” shall mean a nationally recognized statistical rating organization that has delivered an NRSRO Certification.

 

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“NRSRO
Certification”: A certification executed (or submitted electronically by means of a click-through confirmation on the
Rule 17g-5 Information Provider’s Website) by an NRSRO in favor of the Rule 17g-5 Information Provider substantially in
the form attached as Exhibit P hereto (which may also be submitted electronically via the Rule 17g-5 Information Provider’s
Website) that states that such NRSRO is a Rating Agency, or that (i) such NRSRO has provided the Depositor with the appropriate
certifications under Rule 17g-5(e), (ii) such NRSRO has access to the Depositor’s 17g-5 website and (iii) such NRSRO shall
keep the information obtained from the Depositor’s 17g-5 website confidential. Each NRSRO shall be deemed to recertify to
the foregoing each time it accesses the Certificate Administrator’s Website. An NRSRO Certification will be deemed to have
been executed by an NRSRO if the Depositor so directs the Rule 17g-5 Information Provider.

 

“Officer’s
Certificate”: A certificate signed by a Servicing Officer of the applicable Master Servicer or the applicable Special
Servicer or a Responsible Officer of the Certificate Administrator or the Trustee, as the case may be, or, with respect to any
other Person, a certificate signed by any of the Chairman of the Board, the Vice Chairman of the Board, the President, any Vice
President, Director or Managing Director, an Assistant Vice President or any other authorized officer (however denominated) or
another officer customarily performing functions similar to those performed by any of the above designated officers or, 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.

 

“Offsetting
Modification Fees”: For purposes of any Workout Fee or Liquidation Fee payable to the applicable Special Servicer in
connection with any Serviced Mortgage Loan, Serviced Loan Combination or REO Mortgage Loan (other than any Non-Trust-Serviced
Pooled Mortgage Loan), any and all Modification Fees collected by the applicable Special Servicer as Additional Special Servicing
Compensation to the extent that:

 

(i)          such
Modification Fees were earned and collected by the applicable Special Servicer either (A) in connection with the workout or liquidation
(including partial liquidation) of the Specially Serviced Mortgage Loan or REO Mortgage Loan (other than any Non-Trust-Serviced
Pooled Mortgage Loan) as to which such Workout Fee or Liquidation Fee became payable or (B) in connection with the immediately
prior workout of such Mortgage Loan or Serviced Loan Combination while it was previously a Specially Serviced Mortgage Loan, provided
that (in the case of this clause (B)) the Servicing Transfer Event that resulted in it again becoming a Specially
Serviced Mortgage Loan occurred within twelve (12) months following the consummation of such prior workout and provided,
further, that there shall be deducted from the Offsetting Modification Fees otherwise described in this clause (i)
an amount equal to that portion of such Modification Fees that were previously applied to actually reduce the payment of a
Workout Fee or Liquidation Fee; and

 

(ii)         such
Modification Fees were earned in connection with a modification, extension, waiver or amendment of such Mortgage Loan or Serviced
Loan Combination at a time when such Mortgage Loan or Serviced Loan Combination was a Specially Serviced Mortgage Loan.

 

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“Offshore
Transaction”: Any “offshore transaction” as defined in Rule 902(h) of Regulation S.

 

“One
Court Square Controlling Note Holder”: The “Directing Holder” as defined in the Intercreditor Agreement
for the One Court Square Loan Combination.

 

“One
Court Square Loan Combination”: As defined in the Preliminary Statement.

 

“One
Court Square Mortgage Loan”: As defined in the Preliminary Statement.

 

“One
Court Square Pari Passu Companion Loans”: As defined in the Preliminary Statement.

 

“One
Court Square Special Servicer”: Midland Loan Services, a Division of PNC Bank, National Association, or its successor-in-interest,
or any successor special servicer appointed as provided herein.

 

“Opinion
of Counsel”: A written opinion of counsel (who must, in the case of any such opinion relating to the taxation of the
Trust Fund or any portion thereof, the status of any REMIC Pool as a REMIC or the Grantor Trust Pool as a Grantor Trust for taxation
purposes or a resignation under Section 6.04, be Independent counsel, but who otherwise may be salaried counsel for
the Depositor, the Certificate Administrator, the Trustee, the Trust Advisor, the Tax Administrator, a Master Servicer or a Special
Servicer), which written opinion is acceptable and delivered to the addressee(s) thereof and which opinion of counsel, except
as provided herein, shall not be at the expense of the Certificate Administrator, the Trustee or the Trust Fund.

 

“Original
Mortgage Loans”: The mortgage loans initially identified on Schedule I, including each Non-Trust-Serviced Pooled
Mortgage Loan. No Pari Passu Companion Loan is an “Original Mortgage Loan”.

 

“Other
Crossed Loans”: As defined in Section 2.03(b).

 

“Other
Depositor”: The applicable other “depositor” under an Other Pooling and Servicing Agreement relating to
a Serviced Pari Passu Companion Loan.

 

“Other
Master Servicer”: The applicable other “master servicer” under an Other Pooling and Servicing Agreement
relating to a Serviced Pari Passu Companion Loan.

 

“Other
Pooling and Servicing Agreement”: The pooling and servicing agreement relating to an Other Securitization.

 

“Other
Securitization”: Any commercial mortgage securitization trust that holds a Serviced Pari Passu Companion Loan or any
successor REO Mortgage Loan with respect thereto.

 

“Other
Special Servicer”: The applicable other “special servicer” under an Other Pooling and Servicing Agreement
relating to a Serviced Pari Passu Companion Loan.

 

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“Other
Trustee”: The applicable other “trustee” under an Other Pooling and Servicing Agreement relating to a Serviced
Pari Passu Companion Loan.

 

“OTS”:
The Office of Thrift Supervision or any successor thereto.

 

“Ownership
Interest”: In the case of any Certificate, any ownership or security interest in such Certificate as the Holder thereof
and any other interest therein, whether direct or indirect, legal or beneficial, as owner or as pledgee.

 

“P&I
Advance”: With respect to any Mortgage Loan or REO Mortgage Loan (including a Non-Trust-Serviced Pooled Mortgage Loan
or any successor REO Mortgage Loan thereto), any advance made by the applicable Master Servicer or the Trustee pursuant to Section 4.03.

 

“P&I
Advance Date”: The Business Day preceding each Distribution Date.

 

“Pari
Passu Companion Loan”: A Serviced Pari Passu Companion Loan and/or a Non-Serviced Pari Passu Companion Loan, as the
context may require.

 

“Pari
Passu Companion Loan Rating Agency”: Any NRSRO rating a Serviced Pari Passu Companion Loan Security.

 

“Pari
Passu Mortgage Loan”: A Mortgage Loan included in a Loan Combination that is pari passu in right of payment to
one or more related Pari Passu Companion Loan(s) (without regard to any related subordinate Companion Loans). The Pari Passu Mortgage
Loans are the One Court Square Mortgage Loan, the Yosemite Resorts Mortgage Loan, the Hilton Nashville Mortgage Loan, the 11 Madison
Avenue Mortgage Loan and the Cooper’s Crossing Mortgage Loan.

 

“Pari
Passu Primary Servicing Fee Rate”: With respect to (A) the One Court Square Mortgage Loan and the One Court Square Pari
Passu Companion Loans, a rate equal to 0.0025% (0.25 basis points) per annum, (B) the Yosemite Resorts Mortgage Loan and
the Yosemite Resorts Pari Passu Companion Loan, a rate equal to 0.0025% (0.25 basis points) per annum, (C) the Hilton Nashville
Mortgage Loan, a rate equal to 0.0125% (1.25 basis points) per annum, (D) the 11 Madison Avenue Mortgage Loan, a rate equal
to 0.00125% (0.125 basis points) per annum, and (E) the Cooper’s Crossing Mortgage Loan, a rate equal to 0.01% (1
basis point) per annum.

 

“Pass-Through
Rate”: The per annum rate at which interest accrues in respect of any of the Classes of Regular Certificates,
the Class A-S, Class B and Class C Certificates, the Class PEX Components and the Class A-S, Class B and Class C Regular Interests
during any Interest Accrual Period, which rate shall be:

 

(a)         with
respect to the Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB, Class D, Class E, Class F, Class G and Class H Certificates,
the fixed rate per annum set forth opposite such Class in the following table:

 

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	Class
	 	Pass-Through
                                         Rate

	Class
    A-1	 	1.5040%
    per annum
	Class
    A-2	 	2.8480%
    per annum
	Class
    A-3	 	3.3540%
    per annum
	Class
    A-4	 	3.6170%
    per annum
	Class
    A-SB	 	3.3710%
    per annum
	Class
    D	 	3.1530%
    per annum
	Class
    E	 	3.1530%
    per annum
	Class
    F	 	3.1530%
    per annum
	Class
    G	 	3.1530%
    per annum
	Class
    H	 	3.1530%
    per annum

 

(b)         with
respect to each of the Class A-S Certificates, the Class A-S-PEX Component and the Class A-S Regular Interest, an annual rate
equal to the lesser of (i) 3.9720% per annum and (ii) the REMIC II Remittance Rate in respect of REMIC II Regular Interest
A-S for the subject Interest Accrual Period (the Class A-S Regular Interest will be uncertificated and will be transferred to
the Trust Fund on the Closing Date, and the Trust will issue the Class A-S Certificates and the Class A-S-PEX Component in exchange
therefor);

 

(c)         with
respect to each of the Class B Certificates, the Class B-PEX Component and the Class B Regular Interest, an annual rate equal
to the REMIC II Remittance Rate in respect of REMIC II Regular Interest B for the subject Interest Accrual Period (the Class B
Regular Interest will be uncertificated and will be transferred to the Trust Fund on the Closing Date, and the Trust will issue
the Class B Certificates and the Class B-PEX Component in exchange therefor);

 

(d)         with
respect to each of the Class C Certificates, the Class C-PEX Component and the Class C Regular Interest, an annual rate equal
to the REMIC II Remittance Rate in respect of REMIC II Regular Interest C for the subject Interest Accrual Period (the Class C
Regular Interest will be uncertificated and will be transferred to the Trust Fund on the Closing Date, and the Trust will issue
the Class C Certificates and the Class C-PEX Component in exchange therefor);

 

(e)          with
respect to the Class X-A Certificates, the weighted average of the Class X-A Strip Rates for such Interest Accrual Period;

 

(f)          with
respect to the Class X-D Certificates, the Class X-D Strip Rate for such Interest Accrual Period;

 

(g)          with
respect to the Class X-E Certificates, the Class X-E Strip Rate for such Interest Accrual Period;

 

(h)          with
respect to the Class X-FG Certificates, the weighted average of the Class X-FG Strip Rates for such Interest Accrual Period; and

 

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(i)          with
respect to the Class X-H Certificates, the Class X-H Strip Rate for such Interest Accrual Period.

 

“Past
Grace Period Loan”: With respect to any Monthly Payment or Assumed Monthly Payment due and payable, or deemed due and
payable, in respect of any particular Mortgage Loan, the status attributable to that Mortgage Loan by reason of, if applicable,
the fact that such Monthly Payment or Assumed Monthly Payment remains unpaid past its Due Date and past any applicable grace period
for such Monthly Payment or Assumed Monthly Payment.

 

“PCAOB”:
The Public Company Accounting Oversight Board.

 

“Percentage
Interest”: With respect to (a) any Interest Only Certificate or Principal Balance Certificate, the portion of the relevant
Class evidenced by such Certificate, expressed as a percentage, the numerator of which is the Certificate Principal Balance or
Certificate Notional Amount, as the case may be, of such Certificate as of the Closing Date, as specified on the face thereof,
and the denominator of which is the initial Class Principal Balance or initial Class Notional Amount, as the case may be, of the
relevant Class as of the Closing Date; and (b) any Class R Certificate, the percentage interest in distributions to be made with
respect to the relevant Class, as specified on the face of such Certificate.

 

“Performance
Certification”: As defined in Section 11.09.

 

“Performing
Mortgage Loan”: Any Mortgage Loan or Serviced Pari Passu Companion Loan that is not a Specially Serviced Mortgage Loan.

 

“Performing
Party”: As defined in Section 11.15.

 

“Performing
Serviced Mortgage Loan”: Any Serviced Mortgage Loan that is not a Specially Serviced Mortgage Loan.

 

“Performing
Serviced Pari Passu Companion Loan”: Any Serviced Pari Passu Companion Loan that is not a Specially Serviced Mortgage
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, regardless of whether issued
by the Depositor, the applicable Master Servicer, the applicable Special Servicer, the Certificate Administrator or the Trustee
or any of their respective Affiliates and having at all times the required ratings, if any, provided for in this definition, unless
each Rating Agency shall have provided a Rating Agency Confirmation relating to the Certificates:

 

(i)          direct
obligations of, or obligations fully guaranteed as to timely payment of principal and interest by, the United States or any agency
or instrumentality thereof, provided that each such obligation is backed by the full faith and credit of the United States;

 

(ii)         repurchase
agreements on obligations specified in clause (i) of this definition, with a party agreeing to repurchase such obligations
(A)(1) in the case of such

 

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investments with maturities of 30 days or less, (x) the short-term obligations of the applicable repurchase
agreement counterparty are rated in the highest short-term rating category by KBRA (if then rated by KBRA) and (y) the short-term
obligations of which counterparty are rated in the highest short-term rating category by Moody’s or the long-term obligations
of which counterparty are rated at least “A2” by Moody’s, (2) in the case of such investments with maturities
of three months or less, but more than 30 days, the short-term obligations of the applicable repurchase agreement counterparty
are rated in the highest short-term rating category by each Rating Agency (other than DBRS) and the long-term obligations of which
counterparty are rated at least “A1” by Moody’s, (3) in the case of such investments with maturities of six
months or less, but more than three months, the short-term obligations of the applicable repurchase agreement counterparty are
rated in the highest short-term rating category by each Rating Agency (other than DBRS) and the long-term obligations of which
counterparty are rated at least “Aa3” by Moody’s, and (4) in the case of such investments with maturities of
more than six months, the short-term obligations of the applicable repurchase agreement counterparty are rated in the highest
short-term rating category by each Rating Agency (other than DBRS) and the long-term obligations of which counterparty are rated
“Aaa” by Moody’s, and (B) the short-term obligations of the applicable repurchase agreement counterparty are
rated in the highest short-term debt rating category of DBRS (or, if not rated by DBRS, an equivalent (or higher) rating by any
two other NRSROs (which may include KBRA and/or Moody’s)) and, if it has a term in excess of three months, the long-term
debt obligations of which are rated “AAA” (or the equivalent) by DBRS (or, if not rated by DBRS, an equivalent (or
higher) rating by any two other NRSROs (which may include KBRA and/or Moody’s)) (or, in the case of any such Rating Agency
as set forth in subclauses (A)-(B) above, such lower rating as is the subject of a Rating Agency Confirmation by such
Rating Agency);

 

(iii)        federal
funds, unsecured uncertificated certificates of deposit, time deposits, demand deposits and bankers’ acceptances of any
bank or trust company organized under the laws of the United States or any state thereof, (A)(1) in the case of such investments
with maturities of 30 days or less, (x) the short-term obligations of which bank or trust company are rated in the highest short-term
rating category by KBRA (if then rated by KBRA) and (y) the short-term obligations of which bank or trust company are rated in
the highest short-term rating category by Moody’s or the long-term obligations of which bank or trust company are rated
at least “A2” by Moody’s, (2) in the case of such investments with maturities of three months or less, but more
than 30 days, (x) the short-term obligations of which bank or trust company are rated in the highest short-term rating category
by KBRA and (y) the short-term obligations of which bank or trust company are rated in the highest short-term rating category
by Moody’s or the long-term obligations of which bank or trust company are rated at least “A2” by Moody’s,
(3) in the case of such investments with maturities of six months or less, but more than three months, the short-term obligations
of which bank or trust company are rated in the highest short-term rating category by each Rating Agency (other than DBRS) and
the long-term obligations of which bank or trust company are rated at least “Aa3” by Moody’s and (4) in the
case of such investments with maturities of more than six months, the short-term obligations of which bank or trust company are
rated in the highest short-term rating category by each Rating Agency (other than DBRS) and the long-term

 

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obligations of which
bank or trust company are rated “Aaa” by Moody’s, and (B) the short-term obligations of which bank or trust
company are rated in the highest short-term debt rating category of DBRS (or, if not rated by DBRS, an equivalent (or higher)
rating by any two other NRSROs (which may include KBRA and/or Moody’s)) and, if it has a term in excess of six months, the
long-term debt obligations of which are rated “AAA” (or the equivalent) by DBRS (or, if not rated by DBRS, an equivalent
(or higher) rating by any two other NRSROs (which may include KBRA and/or Moody’s)) (or, in the case of any such Rating
Agency as set forth in subclauses (A)-(B) above, such lower rating as is the subject of a Rating Agency Confirmation
by such Rating Agency);

 

(iv)        commercial
paper of any corporation incorporated under the laws of the United States or any state thereof (or of any corporation not so incorporated,
provided that the commercial paper is United States Dollar denominated and amounts payable thereunder are not subject to
any withholding imposed by any non-United States jurisdiction) (A)(1) in the case of such investments with maturities of 30 days
or less, (x) the short-term obligations of which corporation are rated in the highest short-term rating category by KBRA (if then
rated by KBRA) and (y) the short-term obligations of which corporation are rated in the highest short-term rating category by
Moody’s or the long-term obligations of which corporation are rated at least “A2” by Moody’s, (2) in the
case of such investments with maturities of three months or less, but more than 30 days, the short-term obligations of which corporation
are rated in the highest short-term rating category by each Rating Agency (other than DBRS) and the long-term obligations of which
corporation are rated at least “A1” by Moody’s, (3) in the case of such investments with maturities of six months
or less, but more than three months, the short-term obligations of which corporation are rated in the highest short-term rating
category by each Rating Agency (other than DBRS) and the long-term obligations of which corporation are rated at least “Aa3”
by Moody’s, and (4) in the case of such investments with maturities of more than six months, the short-term obligations
of which corporation are rated in the highest short-term rating category by each Rating Agency (other than DBRS) and the long-term
obligations of which corporation are rated “Aaa” by Moody’s (provided, however, that in the case
of investments of funds in a Servicing Account pursuant to subclauses (1)-(4), with respect to the required Moody’s
rating, the subject corporation need only have a short-term rating of at least “P-1” from Moody’s), and (B)
the short-term obligations of which corporation are rated in the highest short-term debt rating category of DBRS (or, if not rated
by DBRS, an equivalent (or higher) rating by any two other NRSROs (which may include KBRA and/or Moody’s)) and, if it has
a term in excess of six months, the long-term debt obligations of which are rated “AAA” (or the equivalent) by DBRS
(or, if not rated by DBRS, an equivalent (or higher) rating by any two other NRSROs (which may include KBRA and/or Moody’s))
(or, in the case of any such Rating Agency as set forth in subclauses (A)-(B) above, such lower rating as is the subject
of a Rating Agency Confirmation by such Rating Agency);

 

(v)         (1)
units of taxable money market mutual funds, issued by regulated investment companies, which seek to maintain a constant net asset
value per share (including the Federated Prime Obligation Money Market Fund, US Bank Long Term Eurodollar Sweep or the Wells Fargo
Advantage Heritage Money Market Fund) so long as any such fund is rated in the highest category by (A) Moody’s (or, if not
rated by

 

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Moody’s,
otherwise acceptable to Moody’s, as confirmed in a Rating Agency Confirmation) and (B) each of DBRS and KBRA (if then rated
by KBRA) (or, if not rated by either of DBRS or KBRA, an equivalent rating (or higher) by at least two (2) NRSROs (which may include
the Rating Agencies) or otherwise acceptable to such Rating Agency, in any such case, as confirmed in a Rating Agency Confirmation)
and (2) units of any money market fund that (A) has substantially all of its assets invested continuously in the types of investments
referred to in clause (i) above, (B) has net assets of not less than $5,000,000,000 and (C) has the highest rating obtainable
from S&P, Moody’s and Fitch;

 

(vi)        an
obligation or security that, but for the failure to satisfy one or more of the minimum rating(s) set forth in the applicable clause,
would be listed in clauses (ii)-(v) above, and is the subject of a Rating Agency Confirmation from each Rating Agency
for which the minimum rating(s) set forth in the applicable clause is not satisfied with respect to such obligation or security;
and

 

(vii)       any
other obligation or security other than one listed in clauses (i)-(v) above, that is the subject of a Rating Agency
Confirmation from each and every Rating Agency;

 

provided
that each investment described hereunder shall not (A) evidence either the right to receive (1) only interest with respect
to such investment or (2) a yield to maturity greater than 120% of the yield to maturity at par of the obligations, (B) be purchased
at a price greater than par if such investment may be prepaid or called at a price less than its purchase price prior to stated
maturity, (C) be sold prior to stated maturity if such sale would result in a loss of principal on the instrument or a tax on
“prohibited transactions” under Section 860F of the Code or (D) have an “r” highlighter or other
comparable qualifier attached to its rating; and provided, further, that each investment described hereunder must
have (X) a predetermined fixed amount of principal due at maturity (that cannot vary or change), (Y) an original maturity of not
more than 365 days and a remaining maturity of not more than thirty (30) days and (Z) except in the case of a Permitted Investment
described in clause (v) of this definition, a fixed interest rate or an interest rate that is tied to a single interest
rate index plus a single fixed spread and moves proportionately with that index; and provided, further, that
each investment described hereunder must be a “cash flow investment” (within the meaning of the REMIC Provisions).

 

For
purposes of any condition set forth above, to the effect that any investment or the issuer thereof must have a minimum rating
by KBRA, such condition shall be deemed to be waived if such investment or the issuer thereof, as applicable, is not rated by
KBRA.

 

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

 

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“Permitted
Transferee”: Any Transferee of a Class R Certificate other than (a) a Disqualified Organization, (b) a Disqualified
Non-United States Tax Person, (c) a Disqualified Partnership, (d) a foreign permanent establishment or fixed base (within the
meaning of any applicable income tax treaty between the United States and any foreign jurisdiction) of a United States Tax Person
or (e) any other Person so designated by the Tax Administrator who is unable to provide an Opinion of Counsel at the expense of
such Person or the Person seeking to Transfer a Class R Certificate, that the Transfer of a Class R Certificate will not cause
any REMIC Pool to fail to qualify as a REMIC at any time that any Certificate is outstanding.

 

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

 

“Phase
I Environmental Assessment”: A “Phase I assessment” as described in, and meeting the criteria of, the ASTM,
plus a radon and asbestos inspection.

 

“Plan”:
Any of those employee benefit plans and other benefit plans and arrangements, including individual retirement accounts and annuities,
Keogh plans and collective investment funds and separate accounts, the assets of which are considered “plan assets”
under U.S. Department of Labor Regulation § 2510.3-101, as modified by Section 3(42) of ERISA, or for purposes of Similar
Law, including insurance company general accounts, that are subject to Title I of ERISA, Section 4975 of the Code or Similar Law.

 

“Post-ARD
Additional Interest”: With respect to any ARD Mortgage Loan after its Anticipated Repayment Date, all interest accrued
on the principal balance of such ARD Mortgage Loan at the Post-ARD Additional Interest Rate (the payment of which interest shall,
under the terms of such ARD Mortgage Loan, be deferred until the principal balance of such ARD Mortgage Loan and all other interest
thereon has been paid in full), together with all interest, if any, accrued at the related Mortgage Rate on such deferred interest.
There are no ARD Mortgage Loans in the Trust.

 

“Post-ARD
Additional Interest Rate”: With respect to any ARD Mortgage Loan after its Anticipated Repayment Date, the incremental
increase in the Mortgage Rate for such ARD Mortgage Loan resulting from the passage of such Anticipated Repayment Date. There
are no ARD Mortgage Loans in the Trust.

 

“Prepayment
Assumption”: For purposes of determining the accrual of original issue discount, market discount and premium, if any,
on the Mortgage Loans, the REMIC I Regular Interests, the REMIC II Regular Interests and the Certificates for federal income tax
purposes, the assumptions that no Mortgage Loan is voluntarily prepaid prior to its Stated Maturity Date.

 

“Prepayment
Interest Excess”: With respect to any Mortgage Loan (including any Non-Trust-Serviced Pooled Mortgage Loan) that was
subject to a Principal Prepayment in full or in part made (or, if resulting from the application of Insurance Proceeds or Condemnation
Proceeds, any other early recovery of principal received) after the Due Date for such Mortgage Loan in any Collection Period,
any payment of interest (net of related Master Servicing Fees

 

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(and, in the case of any Non-Trust-Serviced Pooled Mortgage Loan,
net of interest accrued at a rate equal to the sum of (A) the applicable Pari Passu Primary Servicing Fee Rate and (B) the rate
per annum at which the fee, if any, payable to the applicable Non-Trust Trust Advisor accrues) and, further, net of any
portion of such interest that represents Default Charges or Post-ARD Additional Interest) actually Received by the Trust and collected
from the related Borrower or out of such Insurance Proceeds or Condemnation Proceeds, as the case may be, and intended to cover
the period from and after such Due Date to, but not including, the date of prepayment (exclusive, for the avoidance of doubt,
of any related Prepayment Premium or Yield Maintenance Charge that may have been collected).

 

“Prepayment
Interest Shortfall”: With respect to any Mortgage Loan (including any Non-Trust-Serviced Pooled Mortgage Loan) that
was subject to a Principal Prepayment in full or in part made (or, if resulting from the application of Insurance Proceeds or
Condemnation Proceeds, any other early recovery of principal received) prior to the Due Date for such Mortgage Loan in any Collection
Period, the amount of interest, to the extent not collected from the related Borrower or otherwise (without regard to any Prepayment
Premium or Yield Maintenance Charge that may have been collected), not Received by the Trust, that would have accrued on the amount
of such Principal Prepayment during the period from the date to which interest was paid by the related Borrower to, but not including,
the related Due Date immediately following the date of the subject Principal Prepayment (net of related Master Servicing Fees
(and, in the case of (i) any Non-Trust-Serviced Pooled Mortgage Loan, if any, net of interest accrued at a rate equal to the sum
of (A) the applicable Pari Passu Primary Servicing Fee Rate and (B) the rate per annum at which the fee, if any, payable
to the applicable Non-Trust Trust Advisor accrues, and (ii) an ARD Mortgage Loan after its Anticipated Repayment Date, net of
any Post-ARD Additional Interest), and, further, net of any portion of that interest that represents Default Charges).

 

“Prepayment
Premium”: With respect to any Mortgage Loan, any premium, fee or other additional amount (other than a Yield Maintenance
Charge) paid or payable, as the context requires, by a Borrower in connection with a Principal Prepayment on, or other early collection
of principal of, such Mortgage Loan or any successor REO Mortgage Loan with respect thereto (including any payoff of a Mortgage
Loan by a mezzanine lender on behalf of the subject Borrower if and as set forth in the related intercreditor agreement).

 

“Pricing
Date”: September 25, 2015.

 

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

 

“Primary
Servicing Office”: The office of a Master Servicer or a Special Servicer, as the context may require, that is primarily
responsible for such party’s servicing obligations hereunder.

 

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“Principal
Balance Certificate”: Any of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB, Class A-S, Class B, Class C,
Class D, Class E, Class F, Class G, Class H and Class PEX Certificates.

 

“Principal
Distribution Amount”: With respect to any Distribution Date (other than the Final Distribution Date) and the Principal
Balance Certificates (other than the Class A-S, Class B, Class C and Class PEX Certificates) and the Class A-S Regular Interest,
Class B Regular Interest and Class C Regular Interest, an amount (which shall in no event be less than zero) equal to the excess,
if any, of:

 

(I)          the
sum of:

 

(A)        the
aggregate (without duplication) of the following (such aggregate of the following amounts described below in this clause (A),
the “Unadjusted Principal Distribution Amount” for such Distribution Date):

 

(i)          all
payments of principal (including Principal Prepayments), including any such payments on Corrected Mortgage Loans (but exclusive,
if applicable, in the case of a Serviced Loan Combination, of any payments of principal payable to the related Serviced Pari Passu
Companion Loan Holder pursuant to the related Intercreditor Agreement), Received by the Trust with respect to the Mortgage Loans
during the related Collection Period, in each case exclusive of any portion of the particular payment that represents a Late Collection
of principal for which a P&I Advance (including any Unliquidated Advance in respect of a prior P&I Advance) was previously
made under this Agreement for a prior Distribution Date or that represents the principal portion of a Monthly Payment due on or
before the Cut-off Date or on a Due Date occurring subsequent to the calendar month in which such Distribution Date occurs,

 

(ii)          the
aggregate of the principal portions of all Monthly Payments due in respect of the Mortgage Loans for their respective Due Dates
occurring in the month in which such Distribution Date occurs, that were Received by the Trust (other than as part of a Principal
Prepayment) prior to the related Collection Period,

 

(iii)          the
aggregate of all Liquidation Proceeds, Condemnation Proceeds and Insurance Proceeds Received by the Trust with respect to any
Mortgage Loans during the related Collection Period that were identified and applied by the applicable Master Servicer as recoveries
of principal (whether as Principal Prepayments or otherwise) of such Mortgage Loans in accordance with Section 1.03,
in each case net of any portion of such proceeds that represents a Late Collection of principal (a) due on or before the Cut-off
Date or (b) for which a P&I Advance (including an Unliquidated Advance in respect of a prior P&I Advance) was previously
made under this Agreement for a prior Distribution Date,

 

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(iv)          the
aggregate of all Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO Revenues Received by the Trust with respect
to any REO Properties during the related Collection Period that were identified and applied by the applicable Master Servicer
as recoveries of principal (whether as Principal Prepayments or otherwise) of the related REO Mortgage Loans in accordance with
Section 1.03, in each case net of any portion of such proceeds and/or revenues that represents a Late Collection of
principal (a) due on or before the Cut-off Date or (b) for which a P&I Advance (including an Unliquidated Advance in respect
of a prior P&I Advance) was previously made under this Agreement for a prior Distribution Date, and

 

(v)          the
respective principal portions of all P&I Advances made under this Agreement in respect of the Mortgage Loans and any REO Mortgage
Loans with respect to such Distribution Date;

 

(B)        the
aggregate amount of any collections received on or in respect of the Mortgage Loans during the related Collection Period that,
in each case, represents a delinquent amount as to which an Advance had been made, which Advance was previously reimbursed during
the Collection Period for a prior Distribution Date as part of a Workout-Delayed Reimbursement Amount for which a deduction was
made under clause (II)(B) below with respect to such Distribution Date; and

 

(C)        the
aggregate amount of any collections received on or in respect of the Mortgage Loans during the related Collection Period that,
in each case, is identified and applied by the applicable Master Servicer (in accordance with Section 1.03) as a recovery
of an amount previously determined (in a Collection Period for a prior Distribution Date) to have been a Nonrecoverable Advance
and for which a deduction was made under clause (II)(C) below with respect to a prior Distribution Date; less

 

(II)        the
sum of:

 

(A)        the
aggregate amount of Workout-Delayed Reimbursement Amounts (and Advance Interest thereon) that were reimbursed or paid during the
related Collection Period to one or more of the Master Servicers, the Special Servicers and the Trustee from principal advances
and collections on the Mortgage Pool pursuant to Section 3.05(a)(II)(iii);

 

(B)        with
respect to each Mortgage Loan (1) with respect to which Insurance Proceeds, Condemnation Proceeds and/or Liquidation Proceeds
were received during the related Collection Period or (2) that was otherwise liquidated, including at a discount, during such
Collection Period, the aggregate amount of Liquidation Fees and Workout Fees paid with respect to such Mortgage Loan from a source
other than Default Charges during such Collection Period, provided that, in the case of any individual Mortgage Loan, the
deduction in respect of such Liquidation Fees and Workout Fees under this clause (II)(B) shall not exceed the amounts
described in clauses (I)(A)(i) through (I)(A)(v) that are attributable to such Mortgage Loan; and

 

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(C)        the
aggregate amount of Nonrecoverable Advances (and Advance Interest thereon) that were reimbursed or paid during the related Collection
Period to one or more of the Master Servicers, the Special Servicers and the Trustee during the related Collection Period from
principal advances and collections on the Mortgage Pool pursuant to Section 3.05(a)(II)(iv).

 

Furthermore,
unless and until the Class Principal Balances of all Classes of Principal Balance Certificates other than the Control-Eligible
Certificates have been reduced to zero, the Principal Distribution Amount (or any lesser portion thereof allocable to the Class
A-1, Class A-2, Class A-3, Class A-4, Class A-SB or Class D Certificates and the Class A-S Regular Interest, Class B Regular Interest
or Class C Regular Interest) for each Distribution Date will be reduced to the extent of any Trust Advisor Expenses (other than
Designated Trust Advisor Expenses) that exceed the amount of interest otherwise payable on the Class B Regular Interest, the Class
C Regular Interest and the Class D and Class X-D Certificates on that Distribution Date.

 

With
respect to the Final Distribution Date, the “Principal Distribution Amount” shall equal the aggregate Stated Principal
Balance of the entire Mortgage Pool outstanding immediately prior to the Final Distribution Date.

 

In
no event shall any portion of any Excess Liquidation Proceeds constitute a portion of the Principal Distribution Amount for any
Distribution Date.

 

“Principal
Prepayment”: Any payment of principal made by the Borrower on a Mortgage Loan, which is received in advance of its scheduled
Due Date and that is not accompanied by an amount of interest (without regard to any Prepayment Premium, Yield Maintenance Charge
and/or Post-ARD Additional Interest that may have been collected) representing scheduled interest due on any date or dates in
any month or months subsequent to the month of prepayment.

 

“Private
Placement Memorandum”: The final Private Placement Memorandum dated September 29, 2015, relating to certain classes
of the Non-Registered Certificates delivered by the Depositor to WFS, Deutsche Bank Securities and Natixis Securities as of the
Closing Date.

 

“Privileged
Communications”: Any correspondence between the Subordinate Class Representative and a Special Servicer referred to
in clause (i) of the definition of “Privileged Information”.

 

“Privileged
Information”: Any (i) correspondence between the Subordinate Class Representative and a Special Servicer related to
any Specially Serviced Mortgage Loan or the exercise of the Subordinate Class Representative’s consent or consultation rights
under this Agreement, and (ii) information that a Special Servicer has reasonably determined could compromise the Trust Fund’s
position in any ongoing or future negotiations with a related Borrower under a Specially Serviced Mortgage Loan or other interested
party or in litigation or in potential legal proceedings.

 

“Privileged
Person”: Any of (i) the Depositor or its designee, (ii) each Underwriter, (iii) the Trustee, (iv) the Certificate Administrator,
(v) each Master Servicer, (vi) each Special Servicer, (vii) the Excluded Special Servicer, if any, (viii) the Trust Advisor, (ix)
any Mortgage

 

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Loan Seller, (x) any Non-Trust Master Servicer, (xi) any Person who certifies to the Certificate Administrator substantially
in the form of Exhibit K-1A, Exhibit K-1B, Exhibit K-2A or Exhibit K-2B hereto, as applicable
(which form shall also be located on, and may be submitted electronically via, the Certificate Administrator’s Website),
that such Person is a Certificateholder, a Certificate Owner or a prospective purchaser of a Certificate or any interest therein,
and agrees to be bound by the confidentiality provisions contained therein, that such Person is the Subordinate Class Representative
or a Subordinate Class Certificateholder and is not an Excluded Controlling Class Holder, or that such Person is the Subordinate
Class Representative or a Subordinate Class Certificateholder and is an Excluded Controlling Class Holder, as applicable, (xii)
any Serviced Pari Passu Companion Loan Holder that delivers a certification to the Certificate Administrator in the form of Exhibit
H hereto, (xiii) after an Other Securitization, any Other Master Servicer and Other Special Servicer and (xiv) each Rating
Agency and each NRSRO that has submitted an NRSRO Certification to the Certificate Administrator (which NRSRO Certification may
be submitted electronically via the Certificate Administrator’s Website); provided, however, that in no event may
a Borrower, a Mortgagor, a manager of a Mortgaged Property, an Affiliate, principal, partner, member, joint venturer, limited
partner, employee, representative, director, advisor or investor in any of the foregoing or an agent of any of the foregoing be
considered a Privileged Person, subject to the following provisos; provided, further, that any Excluded Controlling
Class Holder solely with respect to the related Excluded Controlling Class Loan and a Special Servicer that obtains knowledge
that it is a Borrower Party solely with respect to the related Excluded Special Servicer Loan will not be considered a Privileged
Person; provided, further, that the foregoing will 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 Loan or a Special Servicer’s right to access information with respect to any Mortgage
Loan other than with respect to an Excluded Special Servicer Loan; provided, further, that, for the avoidance of
doubt, with respect to a Co-op Mortgage Loan, a Person shall not be considered an agent, Affiliate, principal, partner, member,
joint venturer, limited partner, employee, representative, director, advisor or investor in any of the foregoing, or of a Borrower,
a Mortgagor or a manager of a Mortgaged Property, solely by reason of such person holding one or more cooperative unit loans that
are secured by direct equity interests in the related Borrower or owning one or more residential cooperative units comprising
the related Mortgaged Property as a result of any foreclosure, transfer in lieu of foreclosure or other exercise of remedies with
respect to any such unit loan(s). For purposes of obtaining information or access to the Certificate Administrator’s Website,
(i) to the extent that the Subordinate Class Representative or any Subordinate Class Certificateholder is an Excluded Controlling
Class Holder in respect of any Excluded Controlling Class Loan, such Person shall be prohibited from obtaining any Excluded Information
in respect of such Excluded Controlling Class Loan, and (ii) to the extent that a Borrower Party is not the Subordinate Class
Representative or a Subordinate Class Certificateholder, such person will only be entitled to receive the Distribution Date Statements
and such other documents as such Person is entitled to under Section 8.12(f). The Certificate Administrator may require
that investor certifications in the form of Exhibit K-1A, Exhibit K-1B, Exhibit K-2A or Exhibit K-2B
be re-submitted from time to time in accordance with its policies and procedures and shall restrict access to the Certificate
Administrator’s Website to a mezzanine lender upon notice from a Special Servicer pursuant to this Agreement in the form
of Exhibit K-6 hereto (or such other form as mutually agreed to by the Certificate Administrator

 

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and the applicable Special
Servicer) stating that such mezzanine lender has commenced foreclosure proceedings against the equity collateral pledged to secure
the related mezzanine loan.

 

“Prohibited
Party”: As of any date of determination, any Person that has theretofore failed to comply with such Person’s obligations
under Regulation AB with respect to the Trust Fund or any other securitization if (and only if) both (A) such failure was an “event
of default” under the relevant agreement to which such Person was a party, and (B) such Person is proposed to become a Servicing
Function Participant in respect of the Trust Fund. In determining whether any person or entity is a “Prohibited Party”,
each party hereto, provided that they are not an Affiliate of such Person, shall be entitled to conclusively rely on a
written certification from any Person stating that it is not a Prohibited Party. All necessary determinations under or for purposes
of this definition shall be made as of the date of consummation of the transaction in which the relevant person or entity would
become a Servicing Function Participant in respect of the Trust Fund.

 

“Prospectus”:
The Base Prospectus and the Prospectus Supplement, together.

 

“Prospectus
Supplement”: That certain prospectus supplement dated September 29, 2015, relating to the Registered Certificates, that
is a supplement to the Base Prospectus.

 

“PTCE”:
Prohibited Transaction Class Exemption.

 

“PTE”:
Prohibited Transaction Exemption.

 

“Purchase
Price”: With respect to any Mortgage Loan (or REO Property), a cash price equal to the aggregate of (a) the outstanding
principal balance of such Mortgage Loan (or the related REO Mortgage Loan) as of the date of purchase less any portion
of any Loss of Value Payment then on deposit in the Loss of Value Reserve Fund attributable to such Mortgage Loan (or REO Property),
(b) all accrued and unpaid interest on such Mortgage Loan (or the related REO Mortgage Loan) at the related Mortgage Rate to,
but not including, the Due Date occurring in the Collection Period during which the applicable purchase or repurchase occurs (exclusive,
however, of any portion of such accrued but unpaid interest that represents Default Interest or, in the case of an ARD Mortgage
Loan after its Anticipated Repayment Date, Post-ARD Additional Interest), (c) all related unreimbursed Servicing Advances (including,
in the case of any Non-Trust-Serviced Pooled Mortgage Loan, the pro rata portion of any such amounts allocable to such
Mortgage Loan and payable with respect thereto pursuant to the related Intercreditor Agreement) (together with Unliquidated Advances
in respect of prior Servicing Advances) and all related Servicing Advances (without duplication with Unliquidated Advances described
in the immediately preceding parenthetical clause) that were previously reimbursed out of collections on other Mortgage Loans
and/or REO Properties relating to other Mortgage Loans, if any, (d) all accrued and unpaid Advance Interest with respect to any
related Advances (including, in the case of (i) any Non-Trust-Serviced Pooled Mortgage Loan, the pro rata portion of any
such amounts allocable to such Mortgage Loan and payable with respect thereto pursuant to the related Intercreditor Agreement
and (ii) any Serviced Loan Combination, if a securitization trust holds a related Serviced Pari Passu Companion Loan, interest
on any comparable debt service advances made by a servicer or trustee of such securitization trust), and (e) solely in the case
of a purchase,

 

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repurchase or substitution, as applicable, by a Responsible Repurchase Party pursuant to the related Mortgage Loan
Purchase Agreement, (i) to the extent not otherwise included in the amount described in clause (d) of this definition,
any unpaid Special Servicing Fees and other outstanding Additional Trust Fund Expenses (including without limitation any Liquidation
Fee payable in connection with the applicable purchase or repurchase) with respect to such Mortgage Loan (or REO Property) and
(ii) to the extent not otherwise included in the amount described in clause (c) or clause (e) of this
definition, any costs and expenses incurred by the applicable Master Servicer, the applicable Special Servicer, the Certificate
Administrator, the Custodian, the Trustee or an agent of any of them (on behalf of the Trust) in enforcing the obligation, if
any, of a Responsible Repurchase Party to repurchase or replace such Mortgage Loan or REO Property.

 

For
purposes of this Agreement, (i) the “Purchase Price” in respect of a Serviced Pari Passu Companion Loan that is purchased
by the related mortgage loan seller shall be the repurchase price paid by the related mortgage loan seller under the related Other
Pooling and Servicing Agreement or the applicable servicing agreement and (ii) with respect to a sale of an REO Property securing
a Serviced Loan Combination, the term “Mortgage Loan” or “REO Mortgage Loan” shall be construed to include
the related Serviced Pari Passu Companion Loan(s).

 

“Qualified
Appraiser”: In connection with the appraisal of any Mortgaged Property or REO Property, an Independent MAI-designated
appraiser with at least five years of experience in respect of the relevant geographic location and property type.

 

“Qualified
Bidder”: As defined in Section 7.01(c).

 

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

 

“Qualified
Insurer”: An insurance company or security or bonding company qualified to write the related Insurance Policy in the
relevant jurisdiction.

 

“Qualified
Mortgage”: A qualified mortgage within the meaning of Section 860G(a)(3) of the Code.

 

“Qualified
Replacement Special Servicer”: A Person as to which all the following conditions are satisfied at the relevant date
of determination: (A)(i) all the representations and warranties set forth in Section 2.06 are true and accurate as
applied to such Person (other than any change in the entity type or the state or jurisdiction of formation), (ii) there is no
event or circumstances that constitutes, or would constitute, but for notice or the passage of time, a Servicer Termination Event
with respect to such Person under this Agreement, (iii) such Person is not the Trust Advisor or an Affiliate of the Trust Advisor
and there exists no agreement as a result of which, whether or not subject to any condition or contingency, such Person would
become an Affiliate of the Trust Advisor or merge or be consolidated with or into the Trust Advisor (regardless of the identity
of the surviving Person) or succeed to any portion of the business of the Trust Advisor that includes the Trust Advisor’s
rights or duties under this Agreement, (iv) neither such Person nor any Affiliate of such Person is obligated, whether by

 

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agreement
or otherwise, and whether or not subject to any condition or contingency, to pay any fee to, or otherwise compensate or grant
monetary or other consideration to, the Trust Advisor or any Affiliate thereof in connection with this Agreement, (x) in connection
with the special servicing obligations that such Person would assume under this Agreement or the performance thereof or (y) in
connection with the appointment of such Person as, or any recommendation by the Trust Advisor for such Person to become, the successor
Special Servicer, (v) such Person is not entitled to receive any compensation from the Trust Advisor in connection with its activities
under this Agreement and (vi) such Person is not entitled to receive from the Trust Advisor or any Affiliate thereof any fee in
connection with the appointment of such Person as successor Special Servicer, unless, in the case of each of the foregoing clauses (i)
through (vi), the appointment of such Person as successor Special Servicer has been expressly approved by 100% of the
Certificateholders; (B) such Person is not a Prohibited Party and has not been terminated in the capacity of Master Servicer or
Special Servicer hereunder in whole or in part as a result of a Servicer Termination Event under Section 7.01(a)(xii),
unless the appointment of such Person as successor Special Servicer has been expressly approved by Depositor acting in its reasonable
discretion; and (C) solely with respect to any Serviced Loan Combination, such Person satisfies any minimum criteria set forth
in any Intercreditor Agreement relating to such Serviced Loan Combination to be serviced and administered (if necessary) by such
Person.

 

“Qualifying
Substitute Mortgage Loan”: In connection with the replacement of a Defective Mortgage Loan as contemplated by Section 2.03,
any other mortgage loan which, on the date of substitution: (i) has an outstanding Stated Principal Balance, after application
of all scheduled payments of principal and interest due during or prior to the month of substitution, not in excess of the Stated
Principal Balance of the Defective Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs;
(ii) has a fixed Mortgage Rate that is not less than, and not more than one percentage point in excess of, the Mortgage Rate of
the Defective Mortgage Loan; (iii) has the same monthly Due Date as, and a grace period for delinquent Monthly Payments that is
no longer than, the Due Date and grace period, respectively, of the Defective Mortgage Loan; (iv) accrues interest on the same
Interest Accrual Basis as the Defective Mortgage Loan; (v) has a remaining term to stated maturity not greater than, and not more
than one year less than, that of the Defective Mortgage Loan, (vi) has a Stated Maturity Date not later than two years prior to
the Rated Final Distribution Date; (vii) has a then-current loan-to-value ratio not higher than, and a then-current debt service
coverage ratio not lower than, the loan-to-value ratio and debt service coverage ratio, respectively, of the Defective Mortgage
Loan as of the Closing Date; (viii) has comparable prepayment restrictions to those of the Defective Mortgage Loan; (ix) will
comply, as of the date of substitution, with all of the representations relating to the Defective Mortgage Loan set forth in or
made pursuant to the related Mortgage Loan Purchase Agreement; (x) has a Phase I Environmental Assessment relating to the related
Mortgaged Property in its Servicing File, which Phase I Environmental Assessment will evidence that there is no material adverse
environmental condition or circumstance at the related Mortgaged Property for which further remedial action may be required under
applicable law; and (xi) constitutes a “qualified replacement mortgage” within the meaning of Section 860G(a)(4) of
the Code (as evidenced by an Opinion of Counsel provided by the related Responsible Repurchase Party at its expense); provided
that if more than one mortgage loan is to be substituted for any Defective Mortgage Loan, then all such proposed Replacement
Mortgage Loans shall, in the aggregate, satisfy the requirement specified in clause (i) of this definition and have
a weighted average remaining term to stated maturity that

 

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satisfies the condition described in clause (v) above and
each such proposed Replacement Mortgage Loan shall, individually, satisfy each of the requirements specified in clauses (ii)
through (iv) and clauses (vi) through (xi) of this definition; and provided, further,
that no mortgage loan shall be substituted for a Defective Mortgage Loan unless (a) such prospective Replacement Mortgage Loan
shall (at all times other than during a Senior Consultation Period) be acceptable to the Subordinate Class Representative (or,
if there is no Subordinate Class Representative then serving, to the Majority Subordinate Certificateholder), in its sole discretion,
(b) such substitution is the subject of a Rating Agency Confirmation and (c) the related Responsible Repurchase Party (at its
expense) has delivered or caused to have been delivered to the Trustee an Opinion of Counsel to the effect that the substitution
of such mortgage loan would not result in an Adverse REMIC Event with respect to any REMIC Pool, either immediately or at some
future date due to the right of the mortgagor to obtain a release of all or any portion of the real property securing such Replacement
Mortgage Loan in a manner that could result in such Replacement Mortgage Loan ceasing to be a Qualified Mortgage on or after the
date of such release. When a Replacement Mortgage Loan is substituted for a Defective Mortgage Loan, the applicable Responsible
Repurchase Party shall certify that the Mortgage Loan meets all of the requirements of the above definition and shall send such
certification to the Trustee.

 

“Rated
Certificate”: Any of the Certificates to which a rating has been assigned by a Rating Agency at the request of the Depositor.

 

“Rated
Final Distribution Date”: With respect to each Class of Rated Certificates, the Distribution Date in July 2058.

 

“Rating
Agency”: With respect to any Class of Rated Certificates, each of DBRS, KBRA and Moody’s or their successors in
interest.

 

“Rating
Agency Confirmation”: With respect to any matter, written confirmation (which may be in electronic form) from each applicable
Rating Agency that a proposed action, failure to act or other event 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 such Rating Agency); provided
that if a written waiver or acknowledgment indicating its decision not to review the matter for which the Rating Agency Confirmation
is sought, then the requirement to receive a Rating Agency Confirmation from the Rating Agency with respect to such matter shall
not apply. For the purposes of this definition, any confirmation, waiver, request, acknowledgment or approval which is required
to be in writing may be in the form of electronic mail. Notwithstanding anything to the contrary set forth in this Agreement,
at any time during which the Certificates are no longer rated by a Rating Agency, no Rating Agency Confirmation will be required
under this Agreement.

 

“Rating
Agency Inquiries”: As defined in Section 8.12(g).

 

“Rating
Agency Q&A Forum and Servicer Document Request Tool”: As defined in Section 8.12(g).

 

“Realized
Loss”: With respect to:

 

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(1)          each
Mortgage Loan as to which a Final Recovery Determination has been made (or any related successor REO Mortgage Loan as to which
a Final Recovery Determination has been made as to the related REO Property), and with respect to each Mortgage Loan that is a
Corrected Mortgage Loan on which all amounts have been fully paid under the terms of such Corrected Mortgage Loan (as it may have
been modified), an amount (not less than zero) equal to the excess, if any, of (a) the sum of (i) the unpaid principal balance
of such Mortgage Loan or REO Mortgage Loan, as the case may be, as of the commencement of the Collection Period in which the Final
Recovery Determination was made or the final payment was made, as the case may be, plus (ii) without taking into account
the amount described in subclause (1)(b) of this definition, all accrued but unpaid interest (exclusive, however,
of any portion of such accrued but unpaid interest that represents Default Interest or, in the case of an ARD Mortgage Loan after
its Anticipated Repayment Date, Post-ARD Additional Interest) on such Mortgage Loan or such REO Mortgage Loan, as the case may
be, to but not including the Due Date in the Collection Period in which the Final Recovery Determination was made or such final
payment was made, as the case may be, plus (iii) without duplication with amounts included under another subclause above,
all related unreimbursed Servicing Advances (together with Unliquidated Advances in respect of prior Servicing Advances) and unpaid
Liquidation Expenses, plus (iv) the amount of any and all related Special Servicing Fees, Liquidation Fees and/or Workout
Fees with respect to such Mortgage Loan or successor REO Mortgage Loan, to the extent not previously reflected as Realized Loss
with respect to such Mortgage Loan or successor REO Mortgage Loan, plus (v) any accrued and unpaid Advance Interest on
any Advances, over (b) all payments and proceeds, if any, Received by the Trust in respect of such Mortgage Loan or, to the extent
allocable to such REO Mortgage Loan, the related REO Property, as the case may be, during the Collection Period in which such
Final Recovery Determination was made or such final payment was made, as the case may be;

 

(2)          each
Mortgage Loan as to which any portion of the principal or previously accrued interest payable thereunder or any Unliquidated
Advance was canceled in connection with a bankruptcy or similar proceeding involving the related Borrower or a modification,
extension, waiver or amendment of such Mortgage Loan granted or agreed to by the applicable Master Servicer or the applicable
Special Servicer pursuant to Section 3.20 (or, in the case of a Non-Trust-Serviced Pooled Mortgage Loan, by the
related Non-Trust Master Servicer or the related Non-Trust Special Servicer pursuant to the related Non-Trust Pooling and
Servicing Agreement), the amount of such principal and/or interest (other than Default Interest and, in the case of an ARD
Mortgage Loan after its Anticipated Repayment Date, Post-ARD Additional Interest) or Unliquidated Advance so canceled;
and

 

(3)          each
Mortgage Loan as to which the Mortgage Rate thereon has been permanently reduced and not recaptured for any period in connection
with a bankruptcy or similar proceeding involving the related Borrower or a modification, extension, waiver or amendment of such
Mortgage Loan granted or agreed to by the applicable Master Servicer or the applicable Special Servicer pursuant to Section 3.20
(or, in the case of a Non-Trust-Serviced Pooled Mortgage Loan, by the related Non-Trust Master Servicer or the related Non-Trust
Special Servicer pursuant to the related Non-Trust Pooling and

 

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Servicing
Agreement), the amount of the consequent reduction in the interest portion of each successive Monthly Payment due thereon (on
the related Due Date for the affected Monthly Payment).

 

Notwithstanding
the foregoing, any allocation of any Realized Loss to any REMIC I Regular Interest, any REMIC II Regular Interest, any Class of
Principal Balance Certificates (other than the Class A-S, Class B, Class C and Class PEX Certificates) or the Class A-S Regular
Interest, Class B Regular Interest or Class C Regular Interest, as the case may be, may occur (i) in the case of any amount described
in clause (1) or clause (2) above, solely pursuant to, in accordance with and to the extent provided by
the combination of (x) the accounting for such amount that occurs under the definition of “Stated Principal Balance”
and (y) the operation of Section 4.04 of this Agreement and (ii) in the case of any amount described in clause (3)
above, solely pursuant to, in accordance with and to the extent provided by the operation of Section 4.04 of this
Agreement.

 

“Realized
Loss Template”: With respect to each Collection Period, a report substantially in the form of, and containing the information
called for in, the downloadable form of the “Servicer Realized Loss Template” available and effective from time to
time on the CREFC® Website. The Realized Loss Template shall be in Excel format or such other format as is reasonably
acceptable to the Master Servicers, the Special Servicers, the Trustee, the Certificate Administrator and the Subordinate Class
Representative.

 

“Received
by the Trust”: In the case of (a) a Non-Trust-Serviced Pooled Mortgage Loan or any REO Property related thereto, received
by the Trustee (or the applicable Master Servicer on behalf of the Trustee), as holder of the Mortgage Note for such Non-Trust-Serviced
Pooled Mortgage Loan, on behalf of the Trust; and (b) any Serviced Mortgage Loan, Serviced Loan Combination or related Administered
REO Property, received by the applicable Master Servicer (or any Sub-Servicer thereof), the applicable Special Servicer (or any
Sub-Servicer thereof) or the Trustee, as the case may be, on behalf of the Trust and/or, in connection with a Serviced Loan Combination,
the related Serviced Pari Passu Companion Loan Holder(s).

 

“Record
Date”: With respect to any Distribution Date and each Class of Certificates, the last Business Day of the month immediately
preceding the month in which such Distribution Date occurs.

 

“Recovered
Interest Amounts”: As defined in the definition of “Interest Distribution Amount”.

 

“Registered
Certificate”: Any Certificate that has been the subject of registration under the Securities Act. As of the Closing
Date, the Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB, Class X-A, Class A-S, Class B, Class C and Class PEX Certificates
constitute Registered Certificates.

 

“Regular
Certificate”: Any of the Interest Only Certificates and the Principal Balance Certificates (other than the Class A-S,
Class B, Class C and Class PEX Certificates). The Regular Certificates have the terms provided for in Section 2.15.

 

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“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 or may hereafter be
from time to time provided by the Commission or by the staff of the Commission, in each case as effective from time to time as
of the compliance dates specified therein.

 

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

 

“Regulation
S Global Certificate”: With respect to any Class of Book-Entry Non-Registered Certificates offered and sold to institutions
that are non-United States Securities Persons in Offshore Transactions in reliance on Regulation S, a single global Certificate,
or multiple global Certificates collectively, in definitive, fully registered form without interest coupon, each of which Certificates
bears a Regulation S Legend.

 

“Regulation
S Legend”: With respect to any Class of Book-Entry Non-Registered Certificates offered and sold to institutions that
are non-United States Securities Persons in Offshore Transactions in reliance on Regulation S, a legend generally to the effect
that such Certificates may not be offered, sold, pledged or otherwise transferred in a non-Offshore Transaction or to a United
States Securities Person prior to the Release Date except pursuant to an exemption from the registration requirements of the Securities
Act.

 

“Reimbursement
Rate”: The rate per annum applicable to the accrual of Advance Interest, which rate per annum is equal
to the “prime rate” published in the “Money Rates” section of The Wall Street Journal, as such
“prime rate” may change from time to time. If The Wall Street Journal ceases to publish the “prime rate”,
then the Certificate Administrator, in its sole discretion, shall select an equivalent publication that publishes such “prime
rate”; and if such “prime rate” is no longer generally published or is limited, regulated or administered by
a governmental or quasi-governmental body, then the Certificate Administrator shall select a comparable interest rate index. In
either case, such selection shall be made by the Certificate Administrator in its sole discretion and the Certificate Administrator
shall notify the Master Servicers and the Special Servicers in writing of its selection.

 

“Release
Date”: The date that is forty (40) days following the later of (i) the Closing Date and (ii) the commencement of the
initial offering of the Non-Registered Certificates in reliance on Regulation S.

 

“Relevant
Servicing Criteria”: The Servicing Criteria applicable to each Reporting Servicer (as set forth on Schedule III
attached hereto). For clarification purposes, multiple Reporting Servicers can have responsibility for the same Relevant Servicing
Criteria and some of the Servicing Criteria will not be applicable to certain Reporting Servicers. With respect to a Servicing
Function Participant engaged by the Trustee, a Master Servicer, a Special Servicer, the Trust Advisor, the Certificate Administrator
or any Sub-Servicer, the term “Relevant Servicing Criteria” may refer to a portion of the Relevant Servicing Criteria
applicable to the Trustee, such Master Servicer, such Special Servicer, the Trust Advisor, the Certificate Administrator or such
Sub-Servicer.

 

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“REMIC”:
A “real estate mortgage investment conduit” as defined in Section 860A through G of the Code.

 

“REMIC
I”: The segregated pool of assets designated as such in Section 2.11(a).

 

“REMIC
I Regular Interest”: Any of the separate non-certificated beneficial ownership interests in REMIC I issued hereunder
and, in each such case, designated as a “regular interest” (within the meaning of Section 860G(a)(1) of the Code)
in REMIC I. The REMIC I Regular Interests have the designations and terms provided for in Section 2.11.

 

“REMIC
I Remittance Rate”: The per annum rate at which interest accrues in respect of any REMIC I Regular Interest during
any Interest Accrual Period, as set forth in or otherwise calculated in accordance with Section 2.11(f).

 

“REMIC
I Residual Interest”: The sole uncertificated “residual interest” (within the meaning of Section 860G(a)(2)
of the Code) in REMIC I issued pursuant to this Agreement.

 

“REMIC
II”: The segregated pool of assets designated as such in Section 2.13(a).

 

“REMIC
II Regular Interest”: Any of the separate non-certificated beneficial ownership interests in REMIC II issued hereunder
and, in each such case, designated as a “regular interest” (within the meaning of Section 860G(a)(1) of the Code)
in REMIC II. The REMIC II Regular Interests have the designations provided for in the Preliminary Statement hereto. The REMIC
II Regular Interests have the terms provided for in Section 2.13.

 

“REMIC
II Remittance Rate”: The per annum rate at which interest accrues in respect of any REMIC II Regular Interest
during any Interest Accrual Period, as set forth in or otherwise calculated in accordance with Section 2.13(f).

 

“REMIC
II Residual Interest”: The sole uncertificated “residual interest” (within the meaning of Section 860G(a)(2)
of the Code) in REMIC II issued pursuant to this Agreement.

 

“REMIC
III”: The segregated pool of assets designated as such in Section 2.15(a).

 

“REMIC
III Component”: Any of the separate beneficial ownership interests in REMIC III issued hereunder, evidenced by a Class
of Interest Only Certificates. The REMIC III Components have the designations provided for in the Preliminary Statement hereto
and each constitutes a “regular interest” in REMIC III (within the meaning of Section 860G(a)(1) of the Code). The
REMIC III Components have the terms provided for in Section 2.15.

 

“REMIC
III Regular Interest”: The Class A-S Regular Interest, Class B Regular Interest or Class C Regular Interest, as applicable.

 

“REMIC
III Residual Interest”: The sole uncertificated “residual interest” (within the meaning of Section 860G(a)(2)
of the Code) in REMIC III issued pursuant to this Agreement.

 

“REMIC
Pool”: Any of REMIC I, REMIC II or REMIC III.

 

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“REMIC Provisions”:
The provisions of the federal income tax law relating to real estate mortgage investment conduits, which appear at Sections 860A
through 860G of Subchapter M of Chapter 1 of the Code, and related provisions, and proposed, temporary and final Treasury regulations
and any published rulings, notices and announcements 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 Section 856(d) of the Code.

 

“REO Account”:
A segregated custodial account or accounts created and maintained by (a) with respect to each of the Mortgage Loans other than
the NCB Mortgage Loans and the One Court Square Mortgage Loan, the General Special Servicer, pursuant to and for the benefit of
the Persons specified in Section 3.16(b), which shall be titled “LNR Partners, LLC [or the name of any successor Special
Servicer], as Special Servicer, on behalf of Wilmington Trust, National Association [or the name of any successor Trustee], as
Trustee, for the benefit of the registered holders of Wells Fargo Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through
Certificates, Series 2015-NXS3, and if the account is established for the deposit of funds received in respect of one or more REO
Properties related to any Serviced Loan Combination (other than the One Court Square Loan Combination), “LNR Partners, LLC
[or the name of any successor Special Servicer], as Special Servicer, on behalf of Wilmington Trust, National Association [or the
name of any successor Trustee], as Trustee, for the benefit of the registered holders of Wells Fargo Commercial Mortgage Trust
2015-NXS3, Commercial Mortgage Pass-Through Certificates, Series 2015-NXS3 and the owners of any Serviced Pari Passu Companion
Loan, as their interests may appear, REO Account”, (b) with respect to the NCB Mortgage Loans, the NCB Special Servicer,
pursuant to and for the benefit of the Persons specified in Section 3.16(b), which shall be titled “National Cooperative
Bank, N.A. [or the name of any successor Special Servicer], as Special Servicer, on behalf of Wilmington Trust, National Association
[or the name of any successor Trustee], as Trustee, for the benefit of the registered holders of Wells Fargo Commercial Mortgage
Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates, Series 2015-NXS3”, and (c) with respect to the One Court
Square Mortgage Loan, the One Court Square Special Servicer, pursuant to and for the benefit of the Persons specified in Section
3.16(b), which shall be titled “Midland Loan Services, a Division of PNC Bank, National Association [or the name of any
successor Special Servicer], as Special Servicer, on behalf of Wilmington Trust, National Association [or the name of any successor
Trustee], as Trustee, for the benefit of the registered holders of Wells Fargo Commercial Mortgage Trust 2015-NXS3, Commercial
Mortgage Pass-Through Certificates, Series 2015-NXS3 and the owners of any Serviced Pari Passu Companion Loans, as their interests
may appear, REO Account”.

 

“REO Acquisition”:
The acquisition of any REO Property pursuant to Section 3.09 (or, in the case of any REO Property related to a Non-Trust-Serviced
Pooled Mortgage Loan, pursuant to the related Non-Trust Pooling and Servicing Agreement).

 

“REO Disposition”:
The sale or other disposition of any REO Property pursuant to Section 3.18 (or, in the case of any REO Property related
to a Non-Trust-Serviced Pooled Mortgage Loan, pursuant to the related Non-Trust Pooling and Servicing Agreement).

 

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

 

“REO Mortgage
Loan”: The successor mortgage loan to a Mortgage Loan or Serviced Loan Combination (including those deemed to be outstanding
with respect to a Non-Trust-Serviced Pooled Mortgage Loan or a Serviced Pari Passu Companion Loan), which successor mortgage loan
is deemed for purposes hereof to be outstanding with respect to each REO Property. Each REO Mortgage Loan shall be deemed to provide
for monthly payments of principal and/or interest equal to its Assumed Monthly Payment and otherwise to have the same terms and
conditions as its predecessor mortgage loan (such terms and conditions to be applied without regard to the default on such predecessor
mortgage loan and the acquisition of the related REO Property on behalf of the Trust or, if applicable, in the case of any REO
Property related to any Serviced Loan Combination, on behalf of the Trust and the respective holders of the related Serviced Pari
Passu Companion Loan(s)). Each REO Mortgage Loan shall be deemed to have an initial unpaid principal balance and Stated Principal
Balance equal to the unpaid principal balance and Stated Principal Balance, respectively, of its predecessor mortgage loan as of
the date of the related REO Acquisition. All Monthly Payments (other than a Balloon Payment), Assumed Monthly Payments (in the
case of a Balloon Mortgage Loan delinquent in respect of its Balloon Payment) and other amounts due and owing, or deemed to be
due and owing, in respect of the predecessor mortgage loan as of the date of the related REO Acquisition, shall be deemed to continue
to be due and owing in respect of an REO Mortgage Loan. In addition, all amounts payable or reimbursable to the applicable Master
Servicer, the applicable Special Servicer, the Trust Advisor or the Trustee in respect of the predecessor mortgage loan as of the
date of the related REO Acquisition, including any unpaid or unreimbursed Master Servicing Fees, Special Servicing Fees and Advances
(together with Unliquidated Advances in respect of prior Advances), together with any related unpaid Advance Interest on such Advances
(other than Unliquidated Advances), Trust Advisor Ongoing Fees and Trust Advisor Expenses, shall continue to be payable or reimbursable
in the same priority and manner pursuant to Section 3.05(a) to the applicable Master Servicer, the applicable Special Servicer,
the Trustee, the Trust Advisor or the Trust, as the case may be, in respect of an REO Mortgage Loan.

 

“REO Property”:
A Mortgaged Property acquired on behalf and in the name of the Trustee for the benefit of the Certificateholders (and, in the case
of each such Mortgaged Property relating to a Serviced Loan Combination, also on behalf of the related Serviced Pari Passu Companion
Loan Holder(s)) through foreclosure, acceptance of a deed in lieu of foreclosure or otherwise in accordance with applicable law
in connection with the default or imminent default of a Mortgage Loan or Serviced Pari Passu Companion Loan; provided that
a Mortgaged Property that secures a Non-Trust-Serviced Pooled Mortgage Loan shall constitute an REO Property if and when it is
acquired under the related Non-Trust Pooling and Servicing Agreement for the benefit of the Trustee as the holder of such Non-Trust-Serviced
Pooled Mortgage Loan and of the holder of the related Non-Serviced Companion Loan(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
Non-Trust-Serviced Pooled Mortgage Loan.

 

“REO Revenues”:
All income, rents, profits and proceeds derived from the ownership, operation or leasing of any REO Property, other than any income,
profits or proceeds derived from the REO Disposition of such REO Property.

 

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“REO Tax”:
As defined in Section 3.17(a).

 

“Replacement
Mortgage Loan”: Any Qualifying Substitute Mortgage Loan that is substituted by a Responsible Repurchase Party for a Defective
Mortgage Loan as contemplated by Section 2.03.

 

“Reportable
Event”: As defined in Section 11.10.

 

“Reporting
Requirements”: As defined in Section 11.15.

 

“Reporting
Servicer”: As defined in Section 11.13.

 

“Repurchase”:
As defined in Section 2.03(g).

 

“Repurchase
Communication”: For purposes of Section 2.03(g) and Section 3.22(a) 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(g).

 

“Repurchase
Request Recipient”: As defined in Section 2.03(g).

 

“Repurchase
Request Rejection”: As defined in Section 2.03(g).

 

“Repurchase
Request Withdrawal”: As defined in Section 2.03(g).

 

“Request for
Release”: A request signed by a Servicing Officer of, as applicable, the applicable Master Servicer in the form of Exhibit
F-1 attached hereto or the applicable Special Servicer in the form of Exhibit F-2 attached hereto.

 

“Requesting
Party”: As defined in Section 3.27(a).

 

“Required
Appraisal Loan”: As defined in Section 3.19(a).

 

“Required
Claims-Paying Ratings”: As used in Section 3.07 of this Agreement,

 

(i)           in
the case of coverage provided for a Mortgaged Property related to any Mortgage Loan or Serviced Loan Combination, a claims-paying
ability rating of at least (1) “A (low)” by DBRS (or, if not rated by DBRS, an equivalent rating by (A) at least two
NRSROs (which may include KBRA and/or Moody’s) or (B) one NRSRO (which may include KBRA or Moody’s) and A.M. Best Company),
(2) “A3” by Moody’s (or, if not rated by Moody’s, at least “A-” by S&P (or, if not rated
by S&P, an equivalent rating by (A) at least two NRSROs (which may include DBRS and/or KBRA) or (B) one NRSRO (which may include
DBRS or KBRA) and A.M. Best Company)) and (3) an equivalent rating by KBRA (if then rated by KBRA), and

 

(ii)          in
the case of fidelity bond coverage or errors and omissions insurance required to be maintained pursuant to Section 3.07(e)
of this Agreement, a claims-paying ability rating at least equal to both (x) any one of the following: (a) “A-” by
S&P, (b) 

 

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“A3”
by Moody’s, (c) “A-” by Fitch or (d) “A:X” by A.M. Best Company and (y) any one of the
following: (a) “A-” by S&P, (b) “A3” by Moody’s, (c) “A-” by Fitch, (d)
“A (low)” by DBRS or (e) “A:X” by A.M. Best Company; provided, however, that any
claims-paying ability rating that satisfies the requirement in the preceding clause (x) will also satisfy the requirement in
clause (y); and provided that (A) an insurance carrier shall be deemed to have the applicable claims-paying ability
ratings set forth above if the obligations of such insurance carrier under the related insurance policy are guaranteed or
backed in writing by an entity that has long-term unsecured debt obligations that are rated not lower than the ratings set
forth above or claims-paying ability ratings that are not lower than the ratings set forth above; and (B) an insurance
carrier will be deemed to have the applicable claims-paying ability ratings set forth in this clause (ii) if a Rating
Agency Confirmation is obtained from the Rating Agency whose rating requirement has not been satisfied.

 

“Reserve Account”:
Any of the accounts established and maintained pursuant to Section 3.03(d).

 

“Reserve Funds”:
With respect to any Mortgage Loan or Serviced Loan Combination, any amounts delivered by the related Borrower to be held in escrow
by or on behalf of the mortgagee representing: (i) reserves for repairs, replacements, capital improvements and/or environmental
testing and remediation with respect to the related Mortgaged Property, for ongoing or threatened litigation or, with respect to
any residential cooperative Mortgaged Property, for any unit maintenance or rent receivables or negative carry; (ii) reserves for
tenant improvements and leasing commissions; (iii) reserves for debt service; or (iv) amounts to be applied as a Principal Prepayment
on such Mortgage Loan or Serviced Loan Combination or held as Additional Collateral if certain leasing or other economic criteria
in respect of the related Mortgaged Property are not met.

 

“Resolution
Extension Period”: As defined in Section 2.03(b).

 

“Responsible
Officer”: Any Vice President, any Trust Officer, any Assistant Secretary or any other officer of the Certificate Administrator
or the Trustee as the case may be, assigned to the Corporate Trust Office of such party; in each case, with direct responsibility
for the administration of this Agreement and also, with respect to a particular matter, any other officer to whom such matter is
referred because of such officer’s knowledge of and familiarity with the particular subject, and, in the case of any certification
required to be signed by a Responsible Officer, such an officer whose name and specimen signature appears on a list of corporate
trust officers furnished to the applicable Master Servicer and the applicable Special Servicer by the Trustee and the Certificate
Administrator, as such list may from time to time be amended.

 

“Responsible
Repurchase Party”: (i) With respect to each Mortgage Loan transferred to the Depositor by Natixis, Natixis; (ii) with
respect to each Mortgage Loan transferred to the Depositor by WFB, WFB; (iii) with respect to each Mortgage Loan transferred to
the Depositor by Silverpeak, Silverpeak; and (iv) with respect to each Mortgage Loan transferred to the Depositor by NCB, NCB.

 

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“Restricted
Group”: Collectively, the following persons and entities: (a) the Trustee, (b) the Exemption-Favored Parties; (c) the
Depositor; (d) each Master Servicer; (e) each Special Servicer; (f) any Sub-Servicer; (g) any person that is considered a “sponsor”
as defined in Section III of the Exemption; (h) each Borrower, if any, with respect to Mortgage Loans constituting more than 5.0%
of the Cut-off Date Pool Balance; and (i) any and all Affiliates of any of the aforementioned Persons.

 

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

 

“Rule 15Ga-1
Notice”: As defined in Section 2.03(g).

 

“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 internet website of the Rule 17g-5 Information Provider, initially located
within the Certificate Administrator’s website (www.ctslink.com), under the “NRSRO” tab for the related transaction
access to which is limited to the Depositor and to NRSROs who have provided an NRSRO Certification to the Rule 17g-5 Information
Provider.

 

“Rule 144A”:
Rule 144A under the Securities Act.

 

“Rule 144A
Global Certificate”: With respect to any Class of Book-Entry Certificates, a single global Certificate, or multiple global
Certificates collectively, registered in the name of the Depository or its nominee, in definitive, fully registered form without
interest coupons, each of which Certificates bears a Qualified Institutional Buyer CUSIP number and does not bear a Regulation
S Legend.

 

“S&P”:
Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business, or its successor-in-interest.
If neither such rating agency nor any successor remains in existence, “S&P” shall be deemed to refer to such other
NRSRO or other comparable Person reasonably designated by the Depositor (and such designation shall be deemed to be reasonable
if the Person so designated is an NRSRO that has been regularly engaged in rating new issue commercial mortgage-backed securities
transactions during the 12 months preceding the designation), notice of which designation shall be given to the other parties hereto,
and specific ratings of S&P herein referenced shall be deemed to refer to the equivalent ratings of the party so designated.
References herein to “applicable rating category” (other than such references to “highest applicable rating category”)
shall, in the case of S&P, be deemed to refer to such applicable rating category of S&P, without regard to any plus or
minus or other comparable rating qualification.

 

“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 11.09.

 

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

 

“Security
Agreement”: With respect to any Mortgage Loan, any security agreement, chattel mortgage or similar document or instrument
creating in favor of the holder of such Mortgage a security interest in the personal property constituting security for repayment
of such Mortgage Loan or related Pari Passu Companion Loan.

 

“Senior Consultation
Period”: A period when the Class Principal Balance of the Class E Certificates, without regard to the allocation of any
Appraisal Reduction Amounts to such Class, is less than 25% of the initial Class Principal Balance of the Class E Certificates;
provided, however, that (x) if at any time the Class Principal Balances of the Principal Balance Certificates (other than the Class
E, Class F, Class G and Class H Certificates) have been reduced to zero as a result of the allocation of principal payments on
the Mortgage Loans, then a Subordinate Control Period shall be deemed to then be in effect and (y) solely with respect to the One
Court Square Loan Combination, a Subordinate Control Period will be deemed to be in effect at all times.

 

No Senior Consultation
Period shall limit the control and consultation rights, if any, of the “Controlling Note Holder” (as defined in the
related Intercreditor Agreement) of any Non-Serviced Loan Combination.

 

“Service(s)(ing)”:
In accordance with Regulation AB, the act of servicing and administering the Mortgage Loans or any other assets of the Trust by
an entity that meets the definition of “servicer” set forth in Item 1101 of Regulation AB and is 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
Loan Combination”: Any mortgage loan serviced under this Agreement that is divided into one or more notes, which includes
a mortgage note that is included in the Trust and one or more pari passu mortgage notes not included in the Trust. References
herein to a Serviced Loan Combination shall be construed to refer to the aggregate indebtedness under the related notes. Each of
the One Court Square Loan Combination and the Yosemite Resorts Loan Combination shall be a Serviced Loan Combination.

 

“Serviced
Loan Combination Remittance Amount”: For each remittance date that a Master Servicer is required to make a distribution
to a Serviced Pari Passu Companion Loan Holder pursuant to Section 3.04(j) and with respect to any Serviced Loan Combination
and related Mortgaged Property (if it becomes an REO Property), any amount received by the applicable Master Servicer (or, with
respect to an REO Property, the applicable Special Servicer) during the related Collection Period that is payable to the related
Serviced Pari Passu Companion Loan Holder pursuant to the related Intercreditor Agreement or to be remitted to the related Collection
Account.

 

“Serviced
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.

 

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“Serviced
Mortgage Loan”: Any Mortgage Loan other than a Non-Trust-Serviced Pooled Mortgage Loan, if any. Each Mortgage Loan (other
than the Hilton Nashville Mortgage Loan, the 11 Madison Avenue Mortgage Loan and the Cooper’s Crossing Mortgage Loan) shall
be a Serviced Mortgage Loan.

 

“Serviced
Pari Passu Companion Loan”: With respect to any Serviced Loan Combination, any related mortgage note not included in
the Trust that is serviced under this Agreement and that is generally payable on a pari passu basis with a Mortgage Loan
included in the Trust to the extent set forth in the related Intercreditor Agreement. Each of the One Court Square Pari Passu Companion
Loans and the Yosemite Resorts Pari Passu Companion Loan shall be a Serviced Pari Passu Companion Loan.

 

“Serviced
Pari Passu Companion Loan Administrative Fee Rate”: With respect to any Serviced Pari Passu Companion Loan, the “Administrative
Fee Rate” for such loan as set forth in the related Other Pooling and Servicing Agreement.

 

“Serviced
Pari Passu Companion Loan Custodial Account”: With respect to any Serviced Pari Passu Companion Loan(s), the separate
account or sub-account created and maintained by a Master Servicer pursuant to Section 3.04(h) on behalf of the Certificateholders
and any Serviced Pari Passu Companion Loan Holders, which shall be entitled “Wells Fargo Bank, National Association [or name
of successor General Master Servicer], as Master Servicer for the Certificateholders and any Serviced Pari Passu Companion Loan
Holders relating to, and for the benefit of Wilmington Trust, National Association [or name of successor Trustee], as Trustee,
for the benefit of the Holders of, Wells Fargo Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates,
Series 2015-NXS3, Serviced Pari Passu Companion Loan Custodial Account.” Amounts in the Serviced Pari Passu Companion Loan
Custodial Account applicable to any Serviced Pari Passu Companion Loan shall not be assets of the Trust Fund, but instead shall
be held by the applicable Master Servicer on behalf of the Trust Fund (in respect of amounts reimbursable therefrom) and, the related
Serviced Pari Passu Companion Loan Holders. Any such account or sub-account shall be an Eligible Account or a sub-account of an
Eligible Account (including a sub-account of the Collection Account).

 

“Serviced
Pari Passu Companion Loan Early Remittance Date”: As defined in Section 3.04(j).

 

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

 

“Serviced
Pari Passu Companion Loan Holder Register”: As defined in Section 3.26(b).

 

“Serviced
Pari Passu Companion Loan Securities”: For so long as the related Pari Passu Mortgage Loan or any successor REO Mortgage
Loan is part of the Mortgage Pool, any class of securities issued by an Other Securitization and backed by a Serviced Pari Passu
Companion Loan. Any reference herein to a “series” of Serviced Pari Passu Companion Loan Securities shall refer to
separate securitizations of the related Serviced Pari Passu Companion Loan.

 

“Serviced
Pari Passu Companion Loan With Early Remittance”: The Serviced Pari Passu Companion Loan designated as note A-2 in the
One Court Square Loan Combination.

 

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“Serviced
Pari Passu Mortgage Loan”: Any Pari Passu Mortgage Loan that is a Serviced Mortgage Loan.

 

“Servicer
Notice”: As defined in Section 11.17.

 

“Servicer
Termination Event”: As defined in Section 7.01(a).

 

“Servicing
Account”: The account or accounts established and maintained pursuant to Section 3.03(a).

 

“Servicing
Advances”: All customary, reasonable and necessary “out-of-pocket” costs and expenses, including reasonable
attorneys’ fees and expenses, incurred or to be incurred, as the context requires, by the applicable Master Servicer or the
applicable Special Servicer (or, if applicable, the Trustee) in connection with the servicing or administration of a Serviced Mortgage
Loan or Serviced Loan Combination and any related Mortgaged Property as to which a default, delinquency or other unanticipated
event has occurred or is imminent, or in connection with the administration of any Administered REO Property, including:

 

(1)          any
such costs and expenses associated with (a) compliance with the obligations of the applicable Master Servicer and/or the applicable
Special Servicer set forth in Sections 2.03, 3.03(c) and 3.09, (b) the preservation, insurance, restoration,
protection, operation and/or management of either a Mortgaged Property securing a Serviced Mortgage Loan, a Serviced Loan Combination
or an Administered REO Property, including the cost of any “force-placed” insurance policy purchased by the applicable
Master Servicer or the applicable Special Servicer to the extent such cost is allocable to a particular Mortgaged Property that
the applicable Master Servicer or the applicable Special Servicer is required to cause to be insured pursuant to Section 3.07(a),
(c) obtaining any Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds in respect of any such Serviced Mortgage Loan,
Serviced Loan Combination or any Administered REO Property, (d) any enforcement or judicial proceedings with respect to any such
Mortgage Loan or Serviced Loan Combination, including foreclosures and similar proceedings, (e) the operation, management, maintenance
and liquidation of any Administered REO Property, (f) obtaining any Appraisal required to be obtained hereunder, and (g) UCC filings
(to the extent that the costs thereof are not reimbursed by the related Borrower), and

 

(2)          the
reasonable and direct out-of-pocket travel expenses incurred by the applicable Special Servicer in connection with performing inspections
pursuant to Section 3.12(a);

 

provided that, notwithstanding anything
to the contrary, “Servicing Advances” shall not include (A) allocable overhead of the applicable Master Servicer, the
applicable Special Servicer or the Trustee, as the case may be, such as costs for office space, office equipment, supplies and
related expenses, employee salaries and related expenses and similar internal costs and expenses, (B) costs incurred by or on behalf
of any such party hereto or any Affiliate thereof in connection with its purchase of any Mortgage Loan or REO Property pursuant
to any provision of this Agreement or any intercreditor agreement or similar agreement or (C) costs or expenses

 

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expressly required
under this Agreement to be borne by the applicable Master Servicer, the applicable Special Servicer or the Trustee; and provided
further, however, that “Servicing Advances” shall also include any other expenditure which is expressly designated
as a “Servicing Advance” herein, including all Emergency Advances made by the applicable Special Servicer or the applicable
Master Servicer at the direction of the applicable Special Servicer hereunder.

 

“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
File”: Any documents (other than documents required to be part of the related Mortgage File, but including copies of
documents required to be part of the related Mortgage File and originals or copies of all management agreements which are not covered
by clause (xvii) of the definition of “Mortgage File” and originals of any Letters of Credit) that are in the
possession or under the control of, or that are required (pursuant to the applicable Mortgage Loan Purchase Agreement, this Agreement
or otherwise) to be delivered and actually have been delivered to, as the context may require, the applicable Master Servicer or
the applicable Special Servicer and relating to the origination and servicing of any Mortgage Loan or Serviced Loan Combination
or the administration of any REO Property and reasonably necessary for the ongoing administration and/or servicing of the applicable
Mortgage Loan or Serviced Loan Combination, including any documents delivered by a Mortgage Loan Seller as described in clause
(i) of Section 2.01(f).

 

“Servicing
Function Participant”: Any Person, other than either Master Servicer, either Special Servicer and the Trust Advisor,
that, within the meaning of Item 1122 of Regulation AB, is primarily responsible for performing activities addressed by the Servicing
Criteria, unless such Person’s activities relate only to 5% or less of the Mortgage Loans (based on their Stated Principal
Balance) or the applicable Master Servicer or the applicable Special Servicer, as applicable, takes responsibility for the activities
of such Person in accordance with SEC telephone interpretation 17.06 under Regulation AB. For clarification purposes, the Trustee
and the Certificate Administrator are Servicing Function Participants.

 

“Servicing
Officer”: Any officer or employee of a Master Servicer or a Special Servicer involved in, or responsible for, the administration
and servicing of Mortgage Loans, whose name and specimen signature appear on a list of servicing officers furnished by such party
to the Certificate Administrator, the Trustee, the Trust Advisor, the Custodian and the Depositor on the Closing Date, as such
list may thereafter be amended from time to time by a Master Servicer or a Special Servicer, as the case may be.

 

“Servicing-Released
Bid”: As defined in Section 7.01(c).

 

“Servicing-Retained
Bid”: As defined in Section 7.01(c).

 

“Servicing
Standard”: With respect to each of the Master Servicers and the Special Servicers, to service and administer the Mortgage
Loans, the Loan Combinations and any REO Properties that such party is obligated to service and administer pursuant to this Agreement
in the best interests and for the benefit of the Certificateholders (or, in the case of a Loan Combination,

 

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for
the benefit of the Certificateholders and the related Companion Loan Holder(s)) (as determined by the applicable Master Servicer
or the applicable Special Servicer, as the case may be, in its good faith and reasonable judgment), as a collective whole as if
such Certificateholders and, if applicable, the related Pari Passu Companion Loan Holder(s) constituted a single lender, in accordance
with applicable law and the terms of this Agreement, the terms of the respective Mortgage Loans or Loan Combinations, as applicable,
and the terms of the related Intercreditor Agreement, as applicable (provided that in the event the applicable Master Servicer
or the applicable Special Servicer, as applicable, in its reasonably exercised judgment determines that following the terms of
any Mortgage Loan Document would or potentially would result in an Adverse REMIC Event (for which determination, the applicable
Master Servicer and the applicable Special Servicer will be entitled to rely on advice of counsel, the cost of which will be reimbursed
as an Additional Trust Fund Expense by withdrawal from the Collection Account), the applicable Master Servicer or the applicable
Special Servicer, as applicable, must comply with the REMIC Provisions to the extent necessary to avoid an Adverse REMIC Event)
and, to the extent consistent with the foregoing, in accordance with the following standards:

 

(a)          with
the same care, skill, prudence and diligence as it services and administers comparable mortgage loans and manages real properties
on behalf of third parties or on behalf of itself, whichever is the higher standard with respect to mortgage loans and REO properties
that are comparable to those for which it is responsible hereunder, giving due consideration to customary and usual standards of
practice utilized by prudent institutional commercial mortgage loan servicers under comparable circumstances;

 

(b)          with
a view to: (i) in the case of each Master Servicer, the timely collection of all scheduled payments of principal and interest,
including Balloon Payments, under the Serviced Mortgage Loans (or Serviced Loan Combination, as applicable) and the full collection
of all Prepayment Premiums and Yield Maintenance Charges that may become payable under the Serviced Mortgage Loans (or Serviced
Loan Combination, as applicable), and (ii) in the case of each Special Servicer and any Serviced Mortgage Loan that is (A) a Specially
Serviced Mortgage Loan or (B) a Serviced Mortgage Loan (or Serviced Loan Combination, as applicable) as to which the related Mortgaged
Property has become an Administered REO Property, the maximization of recovery on such Mortgage Loan to the Certificateholders
(or, in the case of a Serviced Loan Combination, to the Certificateholders and the related Serviced Pari Passu Companion Loan Holder(s),
as applicable), as a collective whole, 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 a Serviced Loan
Combination, to the Certificateholders and the related Serviced Pari Passu Companion Loan Holder(s), as applicable), as a collective
whole, to be performed at a rate determined by the applicable Special Servicer but in no event less than the related Net Mortgage
Rate (or, in the case of a Serviced Loan Combination, in no event less than the weighted average of the Net Mortgage Rates for
the Mortgage Loans and/or Serviced Pari Passu Companion Loans in such Serviced Loan Combination)); and

 

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(c)          without
regard to any potential conflict of interest arising from (i) any known relationship that the applicable Master Servicer or the
applicable Special Servicer, as the case may be, or any of its Affiliates may have with a related Borrower, a Mortgage Loan Seller
or any other party to this Agreement, (ii) the ownership of any Certificate or any interest in a Serviced Pari Passu Companion
Loan by the applicable Master Servicer or the applicable Special Servicer, as the case may be, or any of their respective Affiliates,
(iii) the obligation of the applicable Master Servicer to make Advances or otherwise to incur servicing expenses with respect to
any Serviced Mortgage Loan, Serviced Pari Passu Companion Loan or Administered REO Property (or, if applicable, to make P&I
Advances with respect to a Non-Trust-Serviced Pooled Mortgage Loan), (iv) the obligation of the applicable Special Servicer to
make, or direct the applicable Master Servicer to make, Servicing Advances (including Emergency Advances) or otherwise to incur
servicing expenses with respect to any Serviced Mortgage Loan, Serviced Pari Passu Companion Loan or Administered REO Property,
(v) the right of the applicable Master Servicer or the applicable Special Servicer, as the case may be, or any of its Affiliates
to receive reimbursement of costs, or the sufficiency of any compensation payable to it, hereunder or with respect to any particular
transaction, (vi) any ownership, servicing and/or management by the applicable Master Servicer or the applicable Special Servicer,
as the case may be, or any of its Affiliates, of any other mortgage loans or real property, (vii) the ownership by the applicable
Master Servicer or the applicable Special Servicer, as the case may be, or any of its Affiliates of any other debt owed by, or
secured by ownership interests in, any of the Borrowers or any Affiliate of a Borrower, and (viii) the obligations of the applicable
Master Servicer or the applicable Special Servicer, as the case may be, or any of its Affiliates to repurchase any Mortgage Loan
from the Trust Fund, or to indemnify the Trust Fund, in any event as a result of a Material Breach or a Material Document Defect;

 

provided that the foregoing standards
shall apply with respect to a Non-Trust-Serviced Pooled Mortgage Loan and any related REO Property only to the extent that the
applicable Master Servicer or the applicable 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 Serviced Loan Combination, the occurrence of any of the
events described in clauses (a) through (h) of the definition of “Specially Serviced Mortgage Loan”.

 

“Significant
Obligor”: (a) Any obligor (as defined in Item 1101(i) of Regulation AB) or group of affiliated obligors on any Mortgage
Loan or group of Mortgage Loans that represent, as of the Closing Date, 10% or more of the principal balance of the Mortgage Pool
as of the Cut-off Date; or (b) any single Mortgaged Property or group of Mortgaged Properties securing any Mortgage Loan or Cross-Collateralized
Group and/or Cross-Collateralized Mortgage Loans that represent, as of the Closing Date, 10% or more of the pool balance of the
Mortgage Pool as of the Cut-off Date. For the avoidance of doubt, no Mortgaged Property or obligor (as defined in Item 1101(i)
of Regulation AB) is a Significant Obligor in respect of the Trust as of the Closing Date.

 

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“Silverpeak”:
Silverpeak Real Estate Finance LLC, a Delaware limited liability company, or its successor-in-interest.

 

“Similar Law”:
Any federal, state or local law that is materially similar to the provisions of Section 406 of ERISA or Section 4975 of the Code.

 

“Sole Certificateholder(s)”:
Any Holder or group of Holders, as the case may be, of 100% of the then-outstanding Certificates, acting unanimously.

 

“Space Lease”:
The space or occupancy lease pursuant to which any Borrower holds a leasehold interest in the related Mortgaged Property, together
with any estoppels or other agreements executed and delivered by the lessor in favor of the lender under the related Mortgage Loan(s).

 

“Special Notice”:
Any of the following delivered by any Person hereunder to any other Person: (i) any notice of a modification, waiver or amendment
of any term of any Mortgage Loan; (ii) any notice of Final Distribution Date; (iii) any notice of the occurrence of a Servicer
Termination Event; (iv) any notice of the resignation of the Trustee or the Certificate Administrator and notice of the acceptance
of appointment by the successor trustee or certificate administrator; (v) any Officer’s Certificate of a Master Servicer
or a Special Servicer in connection with a determination that an Advance is or would be a Nonrecoverable Advance (including supporting
documentation); (vi) any notice of the termination of a Master Servicer or a Special Servicer; and (vii) any notice of the termination
of the Trust Fund.

 

“Special Servicer”:
With respect to (a) any Mortgage Loan (other than an NCB Mortgage Loan or the One Court Square Mortgage Loan), any REO Property
acquired by the Trust with respect to a Mortgage Loan (other than an NCB Mortgage Loan or the One Court Square Mortgage Loan) and
any matters relating to the foregoing, the General Special Servicer, (b) any NCB Mortgage Loan, any REO Property acquired by the
Trust with respect to an NCB Mortgage Loan and any matters relating to the foregoing, the NCB Special Servicer, and (c) the One
Court Square Mortgage Loan, any REO Property acquired by the Trust with respect to the One Court Square Mortgage Loan and any matters
relating to the foregoing, the One Court Square Special Servicer (and in each case including with respect to any Excluded Special
Servicer Loan, if any, the related Excluded Special Servicer appointed pursuant to Section 6.05(g) of this Agreement, as
applicable and as the context may require).

 

“Special Servicer
Decision”: Any of the following with respect to any Mortgage Loan or Serviced Loan Combination (other than the One Court
Square Loan Combination):

 

(a)          approving
or denying 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 Mortgage Loan Documents;

 

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(b)          determining
whether to cure borrower defaults relating to Ground Leases (and in any such case, the applicable Master Servicer will be required
to provide the applicable Special Servicer with any notice that it receives relating to a default by the Borrower under a Ground
Lease where the collateral for the Mortgage Loan is the Ground Lease);

 

(c)          other
than with respect to any Mortgaged Property securing a Co-op Mortgage Loan, approving annual budgets for the related Mortgaged
Property with material (more than 10%) increases in operating expenses or payments to entities actually known by the applicable
Master Servicer to be Affiliates of the related Borrower (excluding affiliated managers paid at fee rates agreed to at the origination
of the related Mortgage Loan);

 

(d)          other
than with respect to a Co-op Mortgage Loan, 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 Mortgage Loans securing the Mortgaged Properties
identified on Schedule XI in this Agreement, 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
Mortgage Loan Documents or any other funding or disbursement as mutually agreed upon by the applicable Master Servicer and the
applicable Special Servicer, shall not constitute a Special Servicer Decision);

 

(e)          any
requests for the release of collateral or the acceptance of substitute or additional collateral for a Mortgage Loan or Serviced
Loan Combination that is not a Material Action other than: (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
or Serviced Loan Combination; (ii) the release of collateral securing any Mortgage Loan in connection with a defeasance of such
collateral; (iii) the acceptance of substitute or additional collateral in the form of non-callable United States Treasury obligations
in connection with a defeasance; or (iv) requests that are related to any condemnation action that is pending, or threatened in
writing, and would affect a non-material portion of the Mortgaged Property;

 

(f)           requests
to incur additional debt in accordance with the terms of the applicable Mortgage Loan Documents, other than, with respect to a
Co-op Mortgage Loan, any requests to incur subordinate debt as to which the NCB Subordinate Debt Conditions have been satisfied;

 

(g)          other
than with respect to Co-op Mortgage Loans, approval of any waiver regarding the receipt of financial statements (other than immaterial
timing waivers including late financial statements);

 

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(h)          approval
of easements that materially affect the use or value of a Mortgaged Property or the Borrower’s ability to make any payments
with respect to the related Mortgage Loan; and

 

(i)           agreeing
to any modification, waiver, consent or amendment of a Mortgage Loan or Serviced Loan Combination in connection with a defeasance
if such proposed modification, waiver, consent or amendment is with respect to (i) a waiver of a Mortgage Loan event of default,
(ii) a modification of the type of defeasance collateral required under the related Mortgage Loan Documents such that defeasance
collateral other than direct, non-callable obligations of the United States of America would be permitted or (iii) a modification
that would permit a principal prepayment instead of defeasance if the related Mortgage Loan documents do not otherwise permit such
principal prepayment; provided that the foregoing is not otherwise a Material Action.

 

“Special Servicing
Fee”: With respect to each Specially Serviced Mortgage Loan and each REO Mortgage Loan (other than any Non-Trust-Serviced
Pooled Mortgage Loan), the fee designated as such and payable to a Special Servicer pursuant to the first paragraph of Section
3.11(c).

 

“Special Servicing
Fee Rate”: With respect to each Specially Serviced Mortgage Loan and each REO Mortgage Loan (other than any Non-Trust-Serviced
Pooled Mortgage Loan), (a) 0.25% per annum (or, with respect to the One Court Square Loan Combination, 0.15% per annum)
or (b) if the rate in clause (a) would result in a Special Servicing Fee that would be less than (x) $1,000 with respect
to any NCB Mortgage Loan, or (y) $3,500 with respect to any Mortgage Loan that is not an NCB Mortgage Loan, in any given month,
then the Special Servicing Fee Rate for such month for such Specially Serviced Mortgage Loan or REO Mortgage Loan shall be a rate
equal to such higher rate as would result in a Special Servicing Fee equal to (x) $1,000 with respect to any NCB Mortgage Loan,
or (y) $3,500 with respect to any Mortgage Loan that is not an NCB Mortgage Loan, for such month with respect to such Specially
Serviced Mortgage Loan or REO Mortgage Loan.

 

“Specially
Designated Mortgage Loan Documents”: With respect to any Mortgage Loan, subject to Section 1.04, the following
documents on a collective basis:

 

(i)           the
original executed Mortgage Note or alternatively, if the original executed Mortgage Note has been lost, a lost note affidavit and
indemnity with a copy of such Mortgage Note;

 

(ii)          an
original or a copy of the Mortgage, in each case (unless the particular item has been sent for recording but has not been returned
from the applicable recording office) with evidence of recording indicated thereon; provided that if such original Mortgage
cannot be delivered with evidence of recording thereon on or before the 90th day following the Closing Date because of a delay
caused by the public recording office where such original Mortgage has been delivered for recordation, or because the public recording
office retains the original or because such original Mortgage has been lost, there shall be delivered to the Custodian a true and
correct copy of such Mortgage, together with (A) in the case of a delay caused by the public recording office, an

 

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Officer’s
Certificate of the applicable Mortgage Loan Seller stating that such original Mortgage has been sent to the appropriate public
recording official for recordation or retained by the appropriate public recording office or (B) in the case of an original Mortgage
that has been lost after recordation, a certification by the appropriate county recording office where such Mortgage is recorded
that such copy is a true and complete copy of the original recorded Mortgage;

 

(iii)         an
original executed assignment, in recordable form (except for recording information not yet available if the instrument being assigned
has not been returned from the applicable recording office), of the Mortgage, in favor of “Wilmington Trust, National Association,
as Trustee for the registered holders of Wells Fargo Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates,
Series 2015-NXS3”, or, in the case of any Mortgage Loan included in a Serviced Loan Combination, in favor of “Wilmington
Trust, National Association, as Trustee for the registered holders of Wells Fargo Commercial Mortgage Trust 2015-NXS3, Commercial
Mortgage Pass-Through Certificates, Series 2015-NXS3, and as lead lender on behalf of any Serviced Pari Passu Companion Loan Holder(s)
secured by the [insert name of Mortgaged Property]” (or a copy thereof, certified to be the copy of such assignment submitted
or to be submitted for recording);

 

(iv)         the
original or a copy of the policy or certificate of lender’s title insurance issued in connection with such Mortgage Loan
(or, if the policy has not yet been issued, an original or copy of a written commitment “marked-up” at the closing
of such Mortgage Loan, interim binder or the pro forma title insurance policy, in each case evidencing a binding commitment to
issue such policy);

 

(v)          if
a material portion of the interest of the Borrower in the related Mortgaged Property consists of a leasehold interest, the original
or a copy of the related Ground Lease or Space Lease;

 

(vi)         if
any documents relating to, evidencing or constituting Additional Collateral for such Mortgage Loan are in the form of a Letter
of Credit, a photocopy of such Letter of Credit (and, except in the case of a Non-Trust-Serviced Pooled Mortgage Loan, the original
of such Letter of Credit shall be delivered to the applicable Master Servicer); and

 

(vii)        if
the related Mortgaged Property is a hospitality property that is subject to a franchise, management or similar arrangement, (a)
an original or a copy of any franchise, management or similar agreement and (b) either (i) a signed copy of the estoppel certificate
or comfort letter delivered by the franchisor, manager or similar person, as applicable, for the benefit of the holder of the Mortgage
Loan in connection with the Mortgage Loan Seller’s origination or acquisition of the Mortgage Loan, together with such instrument(s)
of notice or transfer (if any) as are necessary to (A) transfer or assign to the Trust or the Trustee the benefits of such estoppel
certificate or comfort letter or (B) request the issuance of a new estoppel certificate or comfort letter for the benefit of the
Trust or the Trustee, or (ii) a copy of the estoppel certificate or comfort letter delivered by the franchisor, manager or similar
person, as applicable, for

 

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the benefit of the holder of the Mortgage Loan in connection with such origination or acquisition of
the Mortgage Loan or Loan Combination, together with a signed copy or a fax copy of a new estoppel certificate or comfort letter
(in substantially the same form and substance as the estoppel certificate or comfort letter delivered in connection with such origination
or acquisition) by the franchisor, manager or similar person, as applicable, for the benefit of the Trust or the Trustee (and,
if a fax copy of a new estoppel certificate or comfort letter is delivered, then the original copy shall be included in the “Mortgage
File” promptly following receipt thereof by the related Mortgage Loan Seller);

 

provided, however, that in
the case of a Non-Trust-Serviced Pooled Mortgage Loan, (1) the “Specially Designated Mortgage Loan Document” contemplated
by clause (ii) above need only consist of a copy of the related Mortgage in recordable form provided to the related Non-Trust
Trustee or Non-Trust Custodian pursuant to the related Non-Trust Pooling and Servicing Agreement, but need not reflect evidence
of recordation in the name of the related Non-Trust Trustee or the related trust established under such related Non-Trust Pooling
and Servicing Agreement, and (2) the “Specially Designated Mortgage Loan Document” contemplated by clause (iii)
above need only be a copy of the assignment in the name of the applicable Non-Trust Trustee.

 

“Specially
Serviced Mortgage Loan”: Any Serviced Mortgage Loan (including any related REO Mortgage Loan) or any Serviced Loan Combination
(including any related REO Mortgage Loan) as to which any of the following events has occurred:

 

(a)          the
related Borrower has failed to make when due any Balloon Payment, and the Borrower has not delivered to the applicable Master Servicer
or the applicable Special Servicer (and such Master Servicer or such Special Servicer, as applicable, shall promptly forward such
commitment to the applicable Special Servicer or the applicable Master Servicer, as applicable), on or before the due date of such
Balloon Payment, a written and fully executed (subject only to customary final closing conditions) refinancing commitment from
an acceptable lender and reasonably satisfactory in form and substance to the applicable Special Servicer, which provides that
such refinancing will occur within 90 days after the date on which such Balloon Payment will become due (provided that such Mortgage
Loan or Serviced Loan Combination shall immediately become a Specially Serviced Mortgage Loan if either (x) such refinancing does
not occur before the expiration of the time period for refinancing specified in such binding commitment or (y) the applicable Master
Servicer is required to make a P&I Advance in respect of such Mortgage Loan (or, in the case of any Serviced Loan Combination,
in respect of the Mortgage Loan included in the same Serviced Loan Combination) at any time prior to such a refinancing); or

 

(b)          the
related Borrower has failed to make when due any Monthly Payment (other than a Balloon Payment) or any other payment (other than
a Balloon Payment) required under the related Mortgage Note or the related Mortgage, which failure has continued unremedied for
60 days; or

 

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(c)          the
applicable Master Servicer determines (in accordance with the Servicing Standard) or receives from the applicable Special Servicer
a written determination of such Special Servicer (which determination the applicable Special Servicer shall make in accordance
with the Servicing Standard and, to the extent a Subordinate Control Period is then in effect, with the consent or deemed consent
of the Majority Subordinate Certificateholder (other than with respect to an Excluded Loan), and, to the extent a Collective Consultation
Period is then in effect, in consultation with the Majority Subordinate Certificateholder (other than with respect to any Excluded
Loan)), that a default in making any Monthly Payment (other than a Balloon Payment) or any other material payment (other than a
Balloon Payment) required under the related Mortgage Note or the related Mortgage is likely to occur in the foreseeable future,
and such default is likely to remain unremedied for at least sixty (60) days beyond the date on which the subject payment will
become due; or the applicable Master Servicer determines (in accordance with the Servicing Standard) or receives from the applicable
Special Servicer a written determination of such Special Servicer (which determination the applicable Special Servicer shall make
in accordance with the Servicing Standard and, to the extent a Subordinate Control Period is then in effect, with the consent or
deemed consent of the Majority Subordinate Certificateholder (other than with respect to an Excluded Loan), and, to the extent
a Collective Consultation Period is then in effect, in consultation with the Majority Subordinate Certificateholder (other than
with respect to an Excluded Loan)), that a default in making a Balloon Payment is likely to occur in the foreseeable future, and
such default is likely to remain unremedied for at least sixty (60) days beyond the date on which such Balloon Payment will become
due (or, if the Borrower has delivered to the applicable Master Servicer or the applicable Special Servicer (and such Master Servicer
or such Special Servicer, as applicable, shall promptly forward such commitment to the applicable Special Servicer or applicable
Master Servicer, as applicable) a written and fully executed (subject only to customary final closing conditions) refinancing commitment
from an acceptable lender and reasonably satisfactory in form and substance to the applicable Special Servicer which provides that
such refinancing will occur within 90 days following the date on which such Balloon Payment will become due, the applicable Master
Servicer determines (in accordance with the Servicing Standard) or receives from the applicable Special Servicer a written determination
of such Special Servicer (which determination the applicable Special Servicer shall make in accordance with the Servicing Standard
and, to the extent a Subordinate Control Period is then in effect, with the consent or deemed consent of the Majority Subordinate
Certificateholder (other than with respect to any Excluded Loan), and, to the extent a Collective Consultation Period is then in
effect, in consultation with the Majority Subordinate Certificateholder (other than with respect to any Excluded Loan)), that (A)
the Borrower is likely not to make one or more Assumed Monthly Payments prior to such a refinancing or (B) such refinancing is
not likely to occur within 90 days following the date on which such Balloon Payment will become due); or

 

(d)          there
shall have occurred a default (including, in the applicable Master Servicer’s or the applicable Special Servicer’s
judgment, the failure of the related Borrower to maintain any insurance required to be maintained pursuant to the related Mortgage
Loan Documents, unless such default has been waived in accordance with Section 3.07 or 3.20 hereof) under the related
Mortgage Loan Documents, other than as

 

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described in clause (a) or (b) above, that may, in the good faith and reasonable
judgment of the applicable Master Servicer or the applicable Special Servicer (and, in the case of the applicable Special Servicer
and to the extent a Subordinate Control Period is then in effect, with the consent or deemed consent of the Majority Subordinate
Certificateholder (other than with respect to an Excluded Loan), and, to the extent a Collective Consultation Period is then in
effect, in consultation with the Majority Subordinate Certificateholder (other than with respect to an Excluded Loan)), materially
impair the value of the related Mortgaged Property as security for such Mortgage Loan or Serviced Loan Combination or otherwise
materially and adversely affect the interests of Certificateholders (or, in the case of any Serviced Loan Combination, the interests
of the related Serviced Pari Passu Companion Loan Holder(s)), which default has continued unremedied for the applicable cure period
under the terms of such Mortgage Loan or Serviced Loan Combination (or, if no cure period is specified, sixty (60) days); or

 

(e)          a
decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law or the appointment of a conservator or receiver or
liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up
or liquidation of its affairs, shall have been entered against the related Borrower and such decree or order shall have remained
in force undischarged or unstayed for a period of sixty (60) days; or

 

(f)           the
related Borrower shall have consented to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment
of debt, marshalling of assets and liabilities or similar proceedings of or relating to such Borrower or of or relating to all
or substantially all of its property; or

 

(g)          the
related Borrower shall have admitted in writing its inability to pay its debts generally as they become due, filed a petition to
take advantage of any applicable insolvency or reorganization statute, made an assignment for the benefit of its creditors, or
voluntarily suspended payment of its obligations; or

 

(h)          the
applicable Master Servicer or the applicable Special Servicer shall have received notice of the commencement of foreclosure or
similar proceedings with respect to the corresponding Mortgaged Property; or

 

(i)           the
applicable Master Servicer or the applicable Special Servicer (and in the case of the applicable Special Servicer, during a Subordinate
Control Period, with the consent of the Subordinate Class Representative (other than with respect to an Excluded Loan)) determines
that (i) a default (including, in the applicable Master Servicer’s or the applicable Special Servicer’s judgment, the
failure of the related Borrower to maintain any insurance required to be maintained pursuant to the related Mortgage Loan Documents,
unless such default has been waived in accordance with Section 3.07 or Section 3.20 hereof) under the Mortgage Loan
Documents (other than as described in clause (c) above) is imminent or reasonably foreseeable, (ii) such default will materially
impair the value of the corresponding Mortgaged Property as security for the Mortgage Loan or Serviced Pari Passu Companion Loan(s)
(if any) or otherwise materially and

 

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adversely affect the interests of Certificateholders (or the related Serviced Pari Passu Companion
Loan Holder(s)) and (iii) the default is likely to continue unremedied for the applicable cure period under the terms of the Mortgage
Loan Documents, or, if no cure period is specified and the default is capable of being cured, for sixty (60) days;

 

provided that a Serviced Mortgage
Loan or Serviced Loan Combination shall cease to be a Specially Serviced Mortgage Loan when a Liquidation Event has occurred in
respect of such Serviced Mortgage Loan or Serviced Loan Combination, or at such time as such of the following as are applicable
occur with respect to the circumstances identified above that caused such Serviced Mortgage Loan or Serviced Loan Combination to
be characterized as a Specially Serviced Mortgage Loan (and provided that no other Servicing Transfer Event then exists):

 

(I)           with
respect to the circumstances described in clauses (a) and (b) above, the related Borrower has made three consecutive
full and timely Monthly Payments under the terms of such Serviced Mortgage Loan or Serviced Loan Combination (as such terms may
be changed or modified in connection with a bankruptcy or similar proceeding involving the related Borrower or by reason of a modification,
extension, waiver or amendment granted or agreed to by the applicable Master Servicer or the applicable Special Servicer pursuant
to Section 3.20);

 

(II)          with
respect to the circumstances described in clauses (c), (e), (f), (g) and (i) above, such circumstances
cease to exist in the good faith reasonable judgment, exercised in accordance with the Servicing Standard, of the applicable Special
Servicer;

 

(III)        with
respect to the circumstances described in clause (d) above, the default is cured in the good faith reasonable judgment,
exercised in accordance with the Servicing Standard, of the applicable Special Servicer; and

 

(IV)        with
respect to the circumstances described in clause (h) above, such proceedings are terminated.

 

“Startup Day”:
With respect to each REMIC Pool, the day designated as such in Section 2.11(a) (in the case of REMIC I), Section 2.13(a)
(in the case of REMIC II) or Section 2.15(a) (in the case of REMIC III), as applicable.

 

“Stated Maturity
Date”: With respect to any Mortgage Loan or Serviced Pari Passu Companion Loan, the Due Date specified in the related
Mortgage Note (as in effect on the Closing Date or, in the case of a Replacement Mortgage Loan, on the related date of substitution)
on which the last payment of principal is due and payable under the terms of such Mortgage Loan or Serviced Pari Passu Companion
Loan, without regard to any change in or modification of such terms in connection with a bankruptcy or similar proceeding involving
the related Borrower or a modification, waiver or amendment of such Mortgage Loan or Serviced Pari Passu Companion Loan granted
or agreed to by the applicable Master Servicer or the applicable Special Servicer pursuant to Section 3.20 (or, in the case
of (i) a Non-Trust-Serviced Pooled Mortgage Loan, by the related Non-Trust Master Servicer or the related Non-Trust Special Servicer
pursuant to the related Non-Trust Pooling and Servicing Agreement and (ii) an ARD Mortgage Loan, without regard to its Anticipated
Repayment Date).

 

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“Stated Principal
Balance”: With respect to any Mortgage Loan or Serviced Loan Combination (or any component thereof) (and any successor
REO Mortgage Loan with respect thereto), a principal balance which (a) initially shall equal the unpaid principal balance thereof
as of the related Cut-off Date or, in the case of any Replacement Mortgage Loan, as of the related date of substitution, in any
event after application of all payments of principal due thereon on or before such date, whether or not received, and (b) shall
be permanently reduced on each subsequent Distribution Date (to not less than zero) by the sum of:

 

(i)           that
portion, if any, of the Unadjusted Principal Distribution Amount for such Distribution Date that is attributable to such Mortgage
Loan or Serviced Loan Combination (or any component thereof) (or successor REO Mortgage Loan); and

 

(ii)          the
principal portion of any Realized Loss incurred in respect of such Mortgage Loan or Serviced Loan Combination (or any component
thereof) (or successor REO Mortgage Loan) during the related Collection Period;

 

provided that, if a Liquidation
Event occurs in respect of any Mortgage Loan or Serviced Loan Combination (or any component thereof) or the related REO Mortgage
Loan, then the “Stated Principal Balance” of such Mortgage Loan or Serviced Loan Combination (or any component thereof)
or of the related REO Mortgage Loan, as the case may be, shall be zero commencing as of the close of business on the Distribution
Date next following the Collection Period in which such Liquidation Event occurred; provided, further, that the Stated
Principal Balance of any Non-Trust-Serviced Pooled Mortgage Loan will be calculated in accordance with the definition of “Stated
Principal Balance” in the related Non-Trust Pooling and Servicing Agreement. For purposes of this definition, monthly remittances
to any Serviced Pari Passu Companion Loan Holders are deemed made on the Distribution Date in each calendar month.

 

“Subordinate
Class”: The outstanding Class (if any) of Control-Eligible Certificates that (a) is the most subordinate (based on the
payment priorities set forth in Section 4.01(a)) outstanding such Class and (b)(i) during a Subordinate Control Period,
has a Class Principal Balance, as reduced by any Appraisal Reduction Amounts allocable thereto, that is not less than 25% of the
initial Class Principal Balance of such Class, and (ii) during a Collective Consultation Period, has a Class Principal Balance,
without regard to any Appraisal Reduction Amounts allocable thereto, that is not less than 25% of the initial Class Principal Balance
of such Class; provided, that if at any time the Principal Balances of the Principal Balance Certificates (other than the
Class E, Class F, Class G and Class H Certificates) have been reduced to zero as a result of the allocation of principal payments
on the Mortgage Loans, then the “Subordinate Class” will be the most subordinate Class among the Control-Eligible Certificates
that has an aggregate Principal Balance greater than zero without regard to Appraisal Reduction Amounts.

 

“Subordinate
Class Certificateholder”: A Holder or Certificate Owner of any Certificate of the Subordinate Class.

 

“Subordinate
Class Representative”: As defined in Section 3.23(a).

 

“Subordinate
Control Period”: Any period when the Class Principal Balance of the Class E Certificates, net of any Appraisal Reduction
Amounts allocable to such Class, is at least 25%

 

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of the initial Class Principal Balance of the Class E Certificates; provided,
however, that (x) if at any time the Class Principal Balances of the Principal Balance Certificates (other than the Class E, Class
F, Class G and Class H Certificates) have been reduced to zero as a result of the allocation of principal payments on the Mortgage
Loans, then a Subordinate Control Period shall be deemed to then be in effect and (y) solely with respect to the One Court Square
Loan Combination, a Subordinate Control Period will be deemed to be in effect at all times.

 

No Subordinate Control
Period shall limit the control and consultation rights, if any, of the “Controlling Note Holder” (as defined in the
related Intercreditor Agreement) of any Non-Serviced Loan Combination.

 

“Sub-Servicer”:
Any Person with which a Master Servicer or a Special Servicer has entered into a Sub-Servicing Agreement with respect to the Mortgage
Loans or Serviced Loan Combinations in accordance with the terms hereof.

 

“Sub-Servicing
Agreement”: The written contract between a Master Servicer or a Special Servicer, on the one hand, and any Sub-Servicer,
on the other hand, relating to servicing and administration of Mortgage Loans or Serviced Loan Combinations as provided in Section
3.22.

 

“Sub-Servicing
Entity”: Any Sub-Servicer or Servicing Function Participant retained by a Master Servicer (other than a Designated Sub-Servicer)
or a Special Servicer.

 

“Substitution
Shortfall Amount”: In connection with the substitution of one or more Replacement Mortgage Loans for any Defective Mortgage
Loan, the amount, if any, by which the Purchase Price for such Defective Mortgage Loan (calculated as if it were to be repurchased,
instead of replaced, on the relevant date of substitution), exceeds the initial Stated Principal Balance or the initial aggregate
Stated Principal Balance, as the case may be, of such Replacement Mortgage Loan(s) as of the date of substitution.

 

“Successful
Bidder”: As defined in Section 7.01(c).

 

“Tax Administrator”:
The Certificate Administrator, in its capacity as tax administrator hereunder, or any successor tax administrator appointed as
herein provided.

 

“Tax Administrator
Fee”: At any time when the Certificate Administrator is not also the Tax Administrator, the portion of the Certificate
Administrator Fee payable to the Tax Administrator in an amount agreed to by the Certificate Administrator and the Tax Administrator.

 

“Tax Matters
Person”: With respect to any REMIC Pool, the Person designated as the “tax matters person” of such REMIC
Pool in the manner provided under Treasury Regulations Section 1.860F-4(d) and Treasury Regulations Section 301.6231(a)(7)-1, which
Person shall, pursuant to Section 10.01(b), be the Holder of Certificates evidencing the largest Percentage Interest in
the Class R Certificates.

 

“Tax Returns”:
The federal income tax return on IRS Form 1066, U.S. Real Estate Mortgage Investment Conduit Income (REMIC) Tax Return, including
Schedule Q thereto,

 

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Quarterly Notice to Residual Interest Holder of REMIC Taxable Income or Net Loss Allocation, or any
successor forms, to be filed on behalf of each REMIC Pool due to its classification as a REMIC under the REMIC Provisions and the
federal income tax return to be filed by the Certificate Administrator on behalf of the Grantor Trust Pool due to its classification
as a Grantor Trust, 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 under any applicable provisions of federal tax law or any other governmental taxing authority
under applicable state or local tax laws.

 

“Termination
Price”: As defined in Section 9.01(a).

 

“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 12.12.

 

“TIA Applicability
Determination”: As defined in Section 12.12.

 

“Transfer”:
Any direct or indirect transfer, sale, pledge, hypothecation, or other form of assignment of any Ownership Interest in a Certificate.

 

“Transfer
Affidavit and Agreement”: As defined in Section 5.02(d).

 

“Transferee”:
Any Person who is acquiring by Transfer any Ownership Interest in a Certificate.

 

“Transferor”:
Any Person who is disposing by Transfer of any Ownership Interest in a Certificate.

 

“Trust”:
The trust created hereby.

 

“Trust Advisor”:
Pentalpha Surveillance LLC, and its successors in interest and assigns, or any successor trust advisor appointed as herein provided.

 

“Trust Advisor
Annual Report”: As defined in Section 3.28(a)(ii).

 

“Trust Advisor
Consulting Fee”: The fee designated and payable as such and payable to the Trust Advisor pursuant to Section 3.28(l).

 

“Trust Advisor
Expenses”: With respect to any Distribution Date, an amount equal to any unreimbursed indemnification amounts or expenses
payable to (i) the Trust Advisor pursuant to Section 3.28(k) of this Agreement (other than any Trust Advisor Consulting
Fees and the Trust Advisor Ongoing Fee) and (ii) the Non-Trust Trust Advisor pursuant to Section 3.05(a)(I)(xix) of this
Agreement.

 

“Trust Advisor
Ongoing Fee”: With respect to each Serviced Mortgage Loan and any related successor REO Mortgage Loan, the fee designated
and payable as such to the Trust

 

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Advisor pursuant to Section 3.28(k). For the avoidance of doubt, no Trust Advisor Ongoing
Fee shall accrue on the principal balance of, or be payable with respect to the Hilton Nashville Mortgage Loan, the 11 Madison
Avenue Mortgage Loan, the Cooper’s Crossing Mortgage Loan or the related Companion Loans.

 

“Trust Advisor
Ongoing Fee Rate”: 0.0015% (or, with respect to the One Court Square Mortgage Loan, 0.0025%) per annum.

 

“Trust Fund”:
All of the assets of all the REMIC Pools, the Grantor Trust Pool and the Loss of Value Reserve Fund. For the avoidance of doubt,
no Pari Passu Companion Loan is an asset of the Trust Fund.

 

“Trust-Related
Litigation”: As defined in Section 3.32(a) of this Agreement.

 

“Trustee”:
Wilmington Trust, National Association, in its capacity as trustee hereunder, or any successor trustee appointed as herein provided.

 

“Trustee Fee”:
An amount payable to the Trustee as a portion of the Certificate Administrator Fee, equal to a fee of $210.00 per month, pursuant
to Section 8.05(a).

 

“UCC”:
The Uniform Commercial Code in effect in the applicable jurisdiction.

 

“UCC Financing
Statement”: A financing statement filed, or to be filed, pursuant to the UCC.

 

“Unadjusted
Distributable Certificate Interest”: As defined in the definition of “Interest Distribution Amount.”

 

“Unadjusted
Principal Distribution Amount”: As defined in the definition of “Principal Distribution Amount.”

 

“Uncertificated
Accrued Interest”: As defined in Section 2.11(g) with respect to any REMIC I Regular Interest for any Interest
Accrual Period and in Section 2.13(g) with respect to any REMIC II Regular Interest for any Interest Accrual Period.

 

“Uncertificated
Distributable Interest”: As defined in Section 2.11(g) with respect to any REMIC I Regular Interest for any Distribution
Date and in Section 2.13(g) with respect to any REMIC II Regular Interest for any Distribution Date.

 

“Uncertificated
Principal Balance”: The principal balance outstanding from time to time of any REMIC I Regular Interest (calculated in
accordance with Section 2.11(e) hereof) or any REMIC II Regular Interest (calculated in accordance with Section 2.13(e)
hereof).

 

“Uncovered
Amount”: With respect to any Master Servicer’s Collection Account, any Additional Trust Fund Expense, Nonrecoverable
Advance or other item that would be payable or reimbursable out of general funds (as opposed to a specific source of funds) in
such Collection Account pursuant to any of clauses (ii) – (xxi) of Section 3.05(a)(I), but which cannot
be so paid or reimbursed because such general funds are insufficient to cover such payment or

 

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reimbursement; provided that
any such Additional Trust Fund Expense, Nonrecoverable Advance or other item will be an Uncovered Amount only to the extent that
such general funds are insufficient to cover the payment or reimbursement thereof.

 

“Underwriters”:
WFS, Deutsche Bank Securities and Natixis Securities.

 

“United States
Securities Person”: Any “U.S. person” as defined in Rule 902(k) of Regulation S.

 

“United States
Tax Person”: A citizen or resident of the United States, a corporation, partnership 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 from sources
without the United States is includible in gross income for United States federal income tax purposes regardless of its source
or a trust if a court within the United States is able to exercise primary supervision over the administration of the trust and
one or more United States Tax Persons have the authority to control all substantial decisions of the trust, all within the meaning
of Section 7701(a)(30) of the Code (or, to the extent provided in the applicable Treasury Regulations, certain trusts in existence
on August 20, 1996 that have elected to be treated as United States Tax Persons).

 

“Unliquidated
Advance”: Any Advance previously made by a party hereto that has been previously reimbursed, as between the Person that
made the Advance hereunder, on the one hand, and the Trust Fund, on the other, as part of a Workout-Delayed Reimbursement Amount
pursuant to Section 3.05(a)(II)(iii) but that has not been recovered from the Borrower or otherwise from collections on
or the proceeds of the Mortgage Loan, Serviced Loan Combination or REO Property in respect of which the Advance was made.

 

“USPAP”:
The Uniform Standards of Professional Appraisal Practices.

 

“Voting Rights”:
The voting rights evidenced by the respective Certificates. At all times during the term of this Agreement: 98.0% of the Voting
Rights shall be allocated among all the Holders of the various Classes of Principal Balance Certificates in proportion to the respective
Class Principal Balances of such Classes (solely in connection with a proposed termination and replacement of the applicable Special
Servicer under Section 6.05(b) or Section 6.05(c) or the Trust Advisor under Section 3.28(m) or Section
3.28(n), as notionally reduced by any Appraisal Reduction Amounts allocable to the respective Classes of Certificates) and
2.0% to be allocated among the Holders of the Interest Only Certificates on a pro rata basis based on their respective outstanding
Class Notional Amounts at the time of determination). For purposes of this definition, the Class PEX Components shall be treated
as if they were Principal Balance Certificates, and the Class A-S Certificates and the Class A-S-PEX Component shall be considered
as if they together constitute a single “Class”, the Class B Certificates and the Class B-PEX Component shall be considered
as if they together constitute a single “Class”, the Class C Certificates and the Class C-PEX Component shall be considered
as if they together constitute as single “Class,” and the Holders of the Class PEX Certificates shall have the Voting
Rights so allocated to the Class PEX Components and no other Voting Rights. Voting Rights allocated to a particular Class of Certificateholders
shall be allocated among such Certificateholders in

 

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proportion to the respective Percentage Interests evidenced by their respective
Certificates. No Voting Rights shall be allocated to the Class R Certificateholders.

 

“WAC Rate”:
With respect to each Interest Accrual Period, is the rate per annum equal to the weighted average, (solely for reporting
purposes, expressed as a percentage and rounded to six decimal places), of the REMIC I Remittance Rates applicable to the respective
REMIC I Regular Interests for such Interest Accrual Period, weighted on the basis of the respective Uncertificated Principal Balances
of such REMIC I Regular Interests outstanding immediately prior to the related Distribution Date.

 

“WFB”:
Wells Fargo Bank, National Association, or its successor-in-interest.

 

“WFB Mortgage
Loans”: The Mortgage Loans sold to the Depositor by WFB pursuant to the related Mortgage Loan Purchase Agreement.

 

“WFCM 2015-NXS2
Pooling and Servicing Agreement”: That certain Pooling and Servicing Agreement, dated as of July 1, 2015, between the
Depositor, as depositor, WFB, as master servicer, Rialto Capital Advisors, LLC, as special servicer, Pentalpha Surveillance LLC,
as trust advisor, WFB, as certificate administrator, tax administrator and custodian, and Wilmington Trust, National Association,
as trustee, relating to the Wells Fargo Commercial Mortgage Trust 2015-NXS2 securitization (into which the Cooper’s Crossing
Pari Passu Companion Loan was deposited).

 

“WFS”:
Wells Fargo Securities, LLC, or its successor-in-interest.

 

“WHFIT”:
A “Widely Held Fixed Investment Trust” as that term is defined in Treasury Regulations Section 1.671-5(b)(22) or successor
provisions.

 

“WHFIT Regulations”:
Treasury Regulations Section 1.671-5, as amended.

 

“WHMT”:
A “Widely Held Mortgage Trust” as that term is defined in Treasury Regulations Section 1.671-5(b)(23) or successor
provisions.

 

“Within Grace
Period Loan”: With respect to any Monthly Payment or Assumed Monthly Payment due and payable, or deemed due and payable,
in respect of any particular Mortgage Loan, the status attributable to that Mortgage Loan by reason of, if applicable, the fact
that, although such Monthly Payment or Assumed Monthly Payment has not been received, the Due Date, together with any applicable
grace period, for such Monthly Payment or Assumed Monthly Payment has not passed.

 

“Workout-Delayed
Reimbursement Amount”: As defined in Section 3.05(a)(II)(i).

 

“Workout Fee”:
The fee designated as such in, and payable to the applicable Special Servicer in connection with Corrected Mortgage Loans pursuant
to, the second paragraph of Section 3.11(c).

 

“Workout Fee
Projected Amount”: As defined in Section 3.11(c).

 

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“Workout Fee
Rate”: With respect to each Corrected Mortgage Loan, 1.00% (or, with respect to the One Court Square Loan Combination,
0.50%).

 

“Yield Maintenance
Charge”: With respect to any Mortgage Loan, any premium, fee or other additional amount paid or payable, as the context
requires, by a Borrower in connection with a Principal Prepayment on, or other early collection of principal of, a Mortgage Loan,
calculated, in whole or in part, pursuant to a yield maintenance formula or otherwise pursuant to a formula that reflects the lost
interest, including any specified amount or specified percentage of the amount prepaid which constitutes the minimum amount that
such Yield Maintenance Charge may be.

 

“Yosemite
Resorts Loan Combination”: As defined in the Preliminary Statement.

 

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

 

“Yosemite
Resorts Pari Passu Companion Loan”: As defined in the Preliminary Statement.

 

Section
1.02     General Interpretive Principles. 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)          accounting
terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP as in effect from time to time;

 

(iii)         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;

 

(iv)         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;

 

(v)          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

 

(vi)         the
terms “include” and “including” shall mean without limitation by reason of enumeration.

 

Section
1.03     Certain Calculations in Respect of the Mortgage Pool. (a) All amounts Received
by the Trust in respect of any Cross-Collateralized Group, including any payments from Borrowers, Insurance Proceeds, Condemnation
Proceeds and Liquidation Proceeds (including any such collections on or in respect of Corrected Mortgage Loans but exclusive, if
applicable, in the case of a Serviced Loan Combination, of amounts payable to any related Serviced Pari Passu Companion Loan Holder
pursuant to the related Intercreditor Agreement),

 

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together with any other cash recoveries on and proceeds of any Cross-Collateralized
Group shall be applied among the Mortgage Loans constituting such Cross-Collateralized Group in accordance with the express provisions
of the related Mortgage Loan Documents (including any modifications, waivers or amendments thereto or supplemental agreements entered
into in connection with the servicing and administration of such Mortgage Loan) and, in the absence of such express provisions,
in accordance with the Servicing Standard. All amounts Received by the Trust in respect of or allocable to any particular Mortgage
Loan (but excluding any Non-Trust-Serviced Pooled Mortgage Loan, which shall be allocated in accordance with Section 1.03(c),
hereof), including any payments from Borrowers, Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds (including any
such collections on or in respect of Corrected Mortgage Loans but exclusive, if applicable, in the case of any Serviced Loan Combination,
of amounts payable to any related Serviced Pari Passu Companion Loan Holder pursuant to the related Intercreditor Agreement), together
with any other cash recoveries on and proceeds of such Mortgage Loan shall be applied to amounts due and owing under the related
Mortgage Note and Mortgage (including for principal and accrued and unpaid interest) in accordance with the express provisions
of the related Mortgage Loan Documents and, in the absence of such express provisions or if and to the extent that such terms authorize
the lender to use its discretion, shall be applied:

 

(i)            first,
as a recovery of any related and unreimbursed Servicing Advances (together with, without duplication, any Unliquidated Advances
in respect of prior Servicing Advances and any prior Servicing Advances theretofore determined to constitute Nonrecoverable Servicing
Advances) and, if applicable, unpaid Liquidation Expenses;

 

(ii)          second,
as a recovery of accrued and unpaid interest (together with, without duplication, any Unliquidated Advances in respect of prior
P&I Advances of such interest and any P&I Advances of interest theretofore determined to constitute Nonrecoverable P&I
Advances) on such Mortgage Loan to, but not including, the end of the mortgage loan interest accrual period ending in the Collection
Period in which the collection occurred, exclusive, however, of any portion of such accrued and unpaid interest that constitutes
Default Interest or, in the case of an ARD Mortgage Loan after its Anticipated Repayment Date, that constitutes Post-ARD Additional
Interest; provided that in no event shall any portion of any Liquidation Proceeds be applied under this clause second
to any interest that previously accrued on a Mortgage Loan and constitutes an Appraisal-Reduced Interest Amount;

 

(iii)         third,
as a recovery of principal (together with, without duplication, any Unliquidated Advances in respect of prior P&I Advances
of such principal and any prior P&I Advances of such principal theretofore determined to constitute Nonrecoverable P&I
Advances) of such Mortgage Loan then due and owing, including by reason of acceleration of such Mortgage Loan following a default
thereunder (or, if a Liquidation Event has occurred in respect of such Mortgage Loan, as a recovery of principal to the extent
of its entire remaining unpaid principal balance);

 

(iv)          fourth,
as a recovery of any Appraisal-Reduced Interest Amounts that have occurred and are then existing with respect to such Mortgage
Loan;

 

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(v)           fifth,
unless a Liquidation Event has occurred in respect of such Mortgage Loan, as a recovery of amounts to be currently applied to the
payment of, or escrowed for the future payment of, real estate taxes, assessments, insurance premiums, ground rents (if applicable)
and similar items;

 

(vi)         sixth,
unless a Liquidation Event has occurred in respect of such Mortgage Loan, as a recovery of Reserve Funds to the extent then required
to be held in escrow;

 

(vii)        seventh,
as a recovery of any Default Charges then due and owing under such Mortgage Loan;

 

(viii)       eighth,
as a recovery of any Prepayment Premium or Yield Maintenance Charge then due and owing under such Mortgage Loan;

 

(ix)          ninth,
as a recovery of any assumption fees and modification fees then due and owing under such Mortgage Loan;

 

(x)          tenth,
as a recovery of any other amounts then due and owing under such Mortgage Loan, other than remaining unpaid principal or, in the
case of an ARD Mortgage Loan after its Anticipated Repayment Date, other than Post-ARD Additional Interest (if both (x) fees that
constitute Additional Master Servicing Compensation or Additional Special Servicing Compensation and (y) Trust Advisor Consulting
Fees are due and owing, first, allocated to fees that constitute Additional Master Servicing Compensation or Additional Special
Servicing Compensation, and then allocated to Trust Advisor Consulting Fees);

 

(xi)         eleventh,
as a recovery of any remaining principal of such Mortgage Loan to the extent of its entire remaining unpaid principal balance;
and

 

(xii)        twelfth,
in the case of an ARD Mortgage Loan after its Anticipated Repayment Date, as a recovery of accrued and unpaid Post-ARD Additional
Interest on such ARD Mortgage Loan;

 

provided that, in connection
with any Serviced Mortgage Loan (or Serviced Loan Combination), payments or proceeds received from the related Borrower with respect
to any partial release (including pursuant to a condemnation) of a Mortgaged Property at a time when the loan-to-value ratio of
the related Serviced Mortgage Loan (or Serviced Loan Combination) exceeds 125% (based solely on the value of the real property
and excluding personal property and going concern value, if any, unless otherwise permitted under the applicable REMIC rules as
evidenced by an opinion of counsel provided to the Trustee) must be applied to reduce the principal balance of such Serviced Mortgage
Loan (or Serviced Loan Combination) in the manner permitted by the REMIC Provisions.

 

(b)          Amounts
Received by the Trust with respect to each REO Property (other than, if applicable, any REO Property related to a Non-Trust-Serviced
Pooled Mortgage Loan which shall be allocated in accordance with Section 1.03(c), hereof and other than, if applicable,
in the case of any Serviced Loan Combination, amounts payable to any related Serviced Pari Passu Companion Loan Holder pursuant
to the related Intercreditor Agreement as set forth in

 

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Section 1.03(g) hereof), exclusive of amounts to be applied to the
payment of the costs of operating, managing, maintaining and disposing of such REO Property, shall be treated:

 

(i)            first,
as a recovery of any related and unreimbursed Servicing Advances (together with any Unliquidated Advances in respect of prior Servicing
Advances and any prior Servicing Advances theretofore determined to constitute Nonrecoverable Servicing Advances) and, if applicable,
unpaid Liquidation Expenses;

 

(ii)          second,
as a recovery of accrued and unpaid interest (together with any Unliquidated Advances in respect of prior P&I Advances of such
interest and any P&I Advances of interest theretofore determined to constitute Nonrecoverable P&I Advances) on the related
REO Mortgage Loan to, but not including, the end of the mortgage loan interest accrual period ending in the Collection Period of
receipt by or on behalf of the Trust, exclusive, however, of any portion of such accrued and unpaid interest that constitutes Default
Interest or, in the case of an REO Mortgage Loan that relates to an ARD Mortgage Loan after its Anticipated Repayment Date, that
constitutes Post-ARD Additional Interest; provided that in no event shall any portion of any Liquidation Proceeds be applied
under this clause second to any interest that previously accrued on a Mortgage Loan and constitutes an Appraisal-Reduced
Interest Amount;

 

(iii)         third,
as a recovery of principal (together with any Unliquidated Advances in respect of prior P&I Advances of such principal and
any P&I Advances of principal theretofore determined to constitute Nonrecoverable P&I Advances) of the related REO Mortgage
Loan to the extent of its entire unpaid principal balance;

 

(iv)          fourth,
as a recovery of any Appraisal-Reduced Interest Amounts that have occurred and are then existing with respect to such Mortgage
Loan;

 

(v)           fifth,
as a recovery of any Default Charges deemed to be due and owing in respect of the related REO Mortgage Loan;

 

(vi)         sixth,
as a recovery of any Prepayment Premium or Yield Maintenance Charge deemed to be due and owing in respect of the related REO Mortgage
Loan;

 

(vii)        seventh,
as a recovery of any other amounts deemed to be due and owing in respect of the related REO Mortgage Loan (other than, in the case
of an REO Mortgage Loan that relates to an ARD Mortgage Loan after its Anticipated Repayment Date, accrued and unpaid Post-ARD
Additional Interest (and if both (x) fees that constitute Additional Master Servicing Compensation or Additional Special Servicing
Compensation and (y) Trust Advisor Consulting Fees are due and owing, first, allocated to fees that constitute Additional Master
Servicing Compensation or Additional Special Servicing Compensation, and then allocated to Trust Advisor Consulting Fees)); and

 

(viii)       eighth,
in the case of an REO Mortgage Loan that relates to an ARD Mortgage Loan after its Anticipated Repayment Date, as a recovery of
accrued and unpaid Post-ARD Additional Interest on such REO Mortgage Loan.

 

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(c)          The
parties hereto acknowledge that any payments, collections and recoveries received by the parties to the Non-Trust Pooling and Servicing
Agreement related to a Non-Trust-Serviced Pooled Mortgage Loan are required to be allocated by such parties as interest, principal
or other amounts in accordance with the terms and conditions of the related Intercreditor Agreement and the related Non-Trust-Serviced
Pooled Mortgage Loan.

 

(d)          For
the purposes of this Agreement, Post-ARD Additional Interest on an ARD Mortgage Loan or a successor REO Mortgage Loan with respect
thereto shall be deemed not to constitute principal or any portion thereof and shall not be added to the unpaid principal balance
or Stated Principal Balance of such ARD Mortgage Loan or successor REO Mortgage Loan, notwithstanding that the terms of the related
Mortgage Loan Documents so permit. To the extent any Post-ARD Additional Interest is not paid on a current basis, it shall be deemed
to be deferred interest.

 

(e)          The
foregoing applications of amounts received in respect of any Mortgage Loan or REO Property shall be determined by the applicable
Master Servicer and reflected in the appropriate monthly report from such Master Servicer and in the appropriate monthly Distribution
Date Statement as provided in Section 4.02.

 

(f)          All
net present value calculations and determinations made with respect to a Mortgage Loan (other than a Non-Trust-Serviced Pooled
Mortgage Loan), a Serviced Loan Combination, Mortgaged Property or REO Property (other than any Mortgaged Property or REO Property,
or any interest therein, related to any Non-Trust-Serviced Pooled Mortgage Loan) (including for purposes of the definition of “Servicing
Standard”) shall be made using a discount rate (a) for principal and interest payments on a Mortgage Loan or Serviced Loan
Combination, or the sale of a Mortgage Loan or Serviced Loan Combination, equal to the higher of (x) the rate determined by the
applicable Master Servicer or the applicable Special Servicer, as applicable, that approximates the market rate that would be obtainable
by the Borrower on similar non-defaulted debt of such Borrower as of such date of determination and (y) the Mortgage Rate on the
applicable Mortgage Loan or Serviced Loan Combination based on its outstanding principal balance (or, in connection with a sale
of a Mortgage Loan related to a Serviced Loan Combination, the senior note interest rate), and (b) for all other cash flows, including
property cash flow, identical to the “discount rate” set forth in the most recent Appraisal (or update of such Appraisal)
of the related Mortgaged Property or REO Property.

 

(g)          Amounts
collected on or with respect to any Serviced Loan Combination or any related REO Property shall be applied in accordance with the
allocation and payment provisions of the applicable Intercreditor Agreement. In no event, however, shall there be charged to or
borne by any one or more related Serviced Pari Passu Companion Loan Holders any out-of-pocket expense incurred under this Agreement
that, in the good faith, reasonable judgment of the applicable Master Servicer, the applicable Special Servicer, the Trustee, the
Certificate Administrator or the Tax Administrator, as applicable, (i) relates primarily to the general administration of the Trust
Fund (and is not attributable to any particular mortgage loans), (ii) relates primarily to a REMIC Pool or the general administration
thereof, (iii) relates primarily to any determination respecting the amount, payment or avoidance of any tax on the Trust Fund
under the REMIC Provisions, (iv) relates to any unrelated Mortgage Loan, or (v) consists of the

 

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actual payment of any REMIC tax.
Section 1.03 and Section 3.05(a) of this Agreement shall be construed in accordance with the preceding statement.

 

Section
1.04     Cross-Collateralized Mortgage Loans. Notwithstanding anything herein
to the contrary, it is hereby acknowledged that any groups of Mortgage Loans identified on the Mortgage Loan Schedule as being
cross-collateralized with each other are, in the case of each such particular group of Mortgage Loans, by their terms, cross-defaulted
and cross-collateralized with each other. For purposes of reference only in this Agreement, and without in any way limiting the
servicing rights and powers of the applicable Master Servicer and/or the applicable Special Servicer, with respect to any Cross-Collateralized
Mortgage Loan (or successor REO Mortgage Loan with respect thereto), the Mortgaged Property (or REO Property) that relates or
corresponds thereto shall be the property identified in the Mortgage Loan Schedule as corresponding thereto. The provisions of
this Agreement, including each of the defined terms set forth in Section 1.01, shall be interpreted in a manner consistent
with this Section 1.04; provided that, if there exists with respect to any Cross-Collateralized Group only one original
of any document referred to in the definition of “Mortgage File” covering all the Mortgage Loans in such Cross-Collateralized
Group, then the inclusion of the original of such document in the Mortgage File for any of the Mortgage Loans constituting such
Cross-Collateralized Group shall be deemed an inclusion of such original in the Mortgage File for each such Mortgage Loan.

 

Section
1.05     Incorporation of Preliminary Statement. The parties hereto acknowledge that
the Preliminary Statement at the beginning of this Agreement constitutes a part of this Agreement.

 

Article
II

CONVEYANCE OF MORTGAGE LOANS; REPRESENTATIONS AND

WARRANTIES; ORIGINAL ISSUANCE OF REMIC I REGULAR INTERESTS,

REMIC II REGULAR INTERESTS, REMIC III COMPONENTS, REMIC I RESIDUAL

INTEREST, REMIC II RESIDUAL INTEREST, REMIC III RESIDUAL INTEREST

AND CERTIFICATES

 

Section
2.01     Conveyance of Mortgage Loans.

 

(a)          It
is the intention of the parties hereto that a common law trust be established under the laws of the State of New York pursuant
to this Agreement and, further that such trust be designated as “Wells Fargo Commercial Mortgage Trust 2015-NXS3”.
The fiscal year-end of such trust shall be December 31. Wilmington Trust, National Association is hereby appointed, and does hereby
agree to act, as Trustee hereunder and, in such capacity, to hold the Trust Fund in trust for the exclusive use and benefit of
all present and future Certificateholders. This Agreement is not intended to create a partnership or a joint-stock association
between or among any of the parties hereto.

 

(b)          The
Depositor, concurrently with the execution and delivery hereof, does hereby transfer, assign, set over and otherwise convey to
the Trustee, in trust, without recourse, for the benefit of the Certificateholders (and for the benefit of the other parties to
this Agreement as their respective interests may appear) and the Trustee (as holder of the Class A-S Regular

 

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Interest,
Class B Regular Interest and Class C Regular Interest) all the right, title and interest of the Depositor, in, to and under (i)
the Original Mortgage Loans and all documents included in the related Mortgage Files and Servicing Files, (ii) the rights of the
Depositor under Sections 2, 3, 4 (other than Section 4(c), (d) and (f)) and 5
(other than Section 5(f), (g), (h) and (i)) and, to the extent related to the foregoing, Sections
9, 10, 11, 12, 13, 14, 15, 17 and 18 of each Mortgage Loan Purchase
Agreement and (iii) all other assets included or to be included in the Trust Fund. Such assignment includes (i) all scheduled
payments of principal and interest under and proceeds of the Original Mortgage Loans received after their respective Cut-off Dates
(other than scheduled payments of interest and principal due and payable on or before their respective Cut-off Dates, which amounts
shall belong and be promptly remitted to the related Mortgage Loan Seller when and if received), together with all documents delivered
or caused to be delivered hereunder with respect to the Original Mortgage Loans by the respective Mortgage Loan Sellers (including
all documents included in the related Mortgage Files and Servicing Files and any related Additional Collateral); (ii) any REO
Property acquired in respect of an Original Mortgage Loan (or, in the case of any REO Property related to a Non-Trust-Serviced
Pooled Mortgage Loan, the beneficial interest of the holder of the applicable Non-Serviced Companion Loan(s) with respect thereto);
and (iii) such funds or assets as from time to time are deposited in the Collection Account (but not in the Serviced Pari Passu
Companion Loan Custodial Account), the Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds Account
and, if established, and subject to the rights of any related Serviced Pari Passu Companion Loan Holder(s), the REO Account.

 

The Depositor’s
transfer and conveyance of: (i) any Non-Trust-Serviced Pooled Mortgage Loan is subject to the related Non-Trust Pooling and Servicing
Agreement and the related Intercreditor Agreement and (ii) any Mortgage Loan that is part of a Serviced Loan Combination is subject
to the related Intercreditor Agreement.

 

After the Depositor’s
transfer of the Original 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.

 

(c)          The
conveyance of the Original Mortgage Loans and the related rights and property accomplished hereby is absolute and is intended by
the parties hereto to constitute an absolute transfer of the Original Mortgage Loans and such other related rights and property
by the Depositor to the Trustee for the benefit of the Certificateholders (and the Trustee as holder of the Class A-S Regular Interest,
Class B Regular Interest and Class C Regular Interest). Furthermore, it is not intended that such conveyance be a pledge of security
for a loan. If such conveyance is determined to be a pledge of security for a loan, however, the Depositor and the Trustee intend
that the rights and obligations of the parties to such loan shall be established pursuant to the terms of this Agreement. The Depositor
and the Trustee also intend and agree that, in such event, (i) this Agreement shall constitute a security agreement under applicable
law, (ii) the Depositor shall be deemed to have granted and hereby grants to the Trustee (in such capacity) a first priority security
interest in all of the Depositor’s right, title and interest in and to the following, whether now owned or existing or hereafter
acquired or arising: (1) the Mortgage Loans, (2) all principal and interest received on or with respect to such Mortgage Loans
after the Cut-off Date (other than scheduled payments of interest and principal due and payable on such Mortgage Loans on or prior
to their respective Cut-off Dates or, in the case of a Replacement

 

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Mortgage Loan, on or prior to the related date of substitution),
(3) all amounts held from time to time in the Collection Account, the Distribution Account, the Interest Reserve Account, the Excess
Liquidation Proceeds Account and, if established, the REO Accounts, and all investment earnings on such amounts, (4) all of the
Depositor’s right, title and interest under the Mortgage Loan Purchase Agreements that are described under clause (ii)
of the first sentence of Section 2.01(b), (5) all other assets included or to be included in the Trust Fund and (6) all
income, payments, products and proceeds of any of the foregoing, together with any additions thereto or substitutions therefor,
(iii) the possession by the Custodian on the Trustee’s behalf of the Mortgage Notes with respect to the Mortgage Loans subject
hereto from time to time and such other items of property as constitute instruments, money, negotiable documents or chattel paper
shall be deemed to be “possession by the secured party” or possession by a purchaser or person designated by such secured
party for the purpose of perfecting such security interest under applicable law, and (iv) notifications to, and acknowledgments,
receipts or confirmations from, Persons holding such property, shall be deemed to be notifications to, or acknowledgments, receipts
or confirmations from, securities intermediaries, bailees or agents (as applicable) of the Trustee for the purpose of perfecting
such security interest under applicable law. The Depositor shall file or cause to be filed, as a precautionary filing, a UCC financing
statement substantially in the form attached as Exhibit J hereto in all appropriate locations in the State of Delaware promptly
following the initial issuance of the Certificates, and the Certificate Administrator shall, at the expense of the Depositor (to
the extent reasonable), prepare and file continuation statements with respect thereto, in each case in the six-month period prior
to every fifth anniversary of the date of the initial UCC financing statement. The Depositor shall cooperate in a reasonable manner
with the Certificate Administrator in the preparation and filing of such continuation statements. This Section 2.01(c) shall
constitute notice to the Certificate Administrator pursuant to any requirements of the UCC in effect in each applicable jurisdiction.

 

(d)          In
connection with the Depositor’s assignment pursuant to Section 2.01(b) above, the parties acknowledge that each Mortgage
Loan Seller is obligated, at such Mortgage Loan Seller’s expense, pursuant to the related Mortgage Loan Purchase Agreement,
to deliver to and deposit with, or cause to be delivered to and deposited with, the Custodian, (i) on or before the Closing Date,
the Mortgage Note relating to each Mortgage Loan so assigned, endorsed to the Trustee as specified in clause (i) of the
definition of “Mortgage File” (or, alternatively, if the original executed Mortgage Note has been lost, a lost note
affidavit and indemnity with a copy of such Mortgage Note as specified in clause (i) of the definition of “Mortgage
File”) and (ii) on or before the respective delivery dates therefor set forth in the related Mortgage Loan Purchase Agreement,
the remainder of the Mortgage File and any Additional Collateral (other than Reserve Funds and originals of Letters of Credit,
all of which are to be transferred to the applicable Master Servicer) for each Original Mortgage Loan acquired by the Depositor
from such Mortgage Loan Seller. Notwithstanding the preceding sentence, if the applicable Mortgage Loan Seller cannot so deliver,
or cause to be delivered, as to any Mortgage Loan, the original or a copy of any of the documents and/or instruments referred to
in clauses (ii), (iii), (vii) and (ix)(A) of the definition of “Mortgage File”, with evidence
of recording or filing (if applicable, and as the case may be) thereon, solely because of a delay caused by the public recording
or filing office where such document or instrument has been delivered for recordation or filing, as the case may be, then (subject
to the obligation of such Mortgage Loan Seller to nonetheless (1) from time to time make or cause to be made reasonably diligent
efforts to obtain such document or instrument (with such evidence) if it is not returned within a reasonable period after the date

 

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when
it was transmitted for recording and (2) deliver such document or instrument to the Custodian (if such document or instrument
is not otherwise returned to the Custodian) promptly upon such Mortgage Loan Seller’s receipt thereof), so long as a copy
of such document or instrument, certified by such Mortgage Loan Seller or title agent as being a copy of the document deposited
for recording or filing and (in the case of such clause (ii)) accompanied by an Officer’s Certificate of the applicable
Mortgage Loan Seller or a statement from the title agent to the effect that such original Mortgage has been sent to the appropriate
public recording official for recordation, has been delivered to the Custodian on or before the respective delivery dates therefor
set forth in the related Mortgage Loan Purchase Agreement, the delivery requirements of the related Mortgage Loan Purchase Agreement
shall be deemed to have been satisfied as to such missing item, and such missing item shall be deemed to have been included in
the related Mortgage File; or if the applicable Mortgage Loan Seller cannot or does not so deliver, or cause to be delivered,
as to any Mortgage Loan (exclusive of a Non-Trust-Serviced Pooled Mortgage Loan), the original of any of the documents and/or
instruments referred to in clauses (iv) and (ix)(B) of the definition of “Mortgage File”, because such
document or instrument has been delivered for recording or filing, as the case may be, then (subject to the obligation of such
Mortgage Loan Seller to nonetheless (1) from time to time make or cause to be made reasonably diligent efforts to obtain such
document or instrument (with such evidence) if it is not returned within a reasonable period after the date when it was transmitted
for recording and (2) deliver such document or instrument to the Custodian (if such document or instrument is not otherwise returned
to the Custodian) promptly upon such Mortgage Loan Seller’s receipt thereof), so long as a copy of such document or instrument,
certified by such Mortgage Loan Seller, a title agent or a recording or filing agent as being a copy of the document deposited
for recording or filing and accompanied by an Officer’s Certificate of such Mortgage Loan Seller or a statement from the
title agent that such document or instrument has been sent to the appropriate public recording official for recordation (except
that such copy and certification shall not be required if the Custodian is responsible for recordation of such document or instrument
under this Agreement and such Mortgage Loan Seller has delivered the original unrecorded document or instrument to the Custodian
on or before the date that is forty-five (45) days following the Closing Date), has been delivered to the Custodian on or before
the respective delivery dates therefor set forth in the related Mortgage Loan Purchase Agreement, the delivery requirements of
the related Mortgage Loan Purchase Agreement shall be deemed to have been satisfied as to such missing item, and such missing
item shall be deemed to have been included in the related Mortgage File. In addition, with respect to each Mortgage Loan (exclusive
of a Non-Trust-Serviced Pooled Mortgage Loan) under which any Additional Collateral is in the form of a Letter of Credit as of
the Closing Date, the parties acknowledge that the related Mortgage Loan Seller is contractually obligated to cause to be prepared,
executed and delivered to the issuer of each such Letter of Credit such notices, assignments and acknowledgments as are required
under such Letter of Credit to assign, without recourse, to the Trustee the related Mortgage Loan Seller’s rights as the
beneficiary thereof and drawing party thereunder. Furthermore, with respect to each Mortgage Loan (exclusive of a Non-Trust-Serviced
Pooled Mortgage Loan), if any, as to which there exists a secured creditor impaired property insurance policy or pollution limited
liability environmental impairment policy covering the related Mortgaged Property, the related Mortgage Loan Seller is contractually
obligated to cause such policy, within a reasonable period following the Closing Date, to inure to the benefit of the Trustee
on behalf of the Certificateholders (if and to the extent that it does not by its terms automatically inure to the holder of such
Mortgage Loan). The

 

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Depositor shall deliver to the Trustee and the Custodian on or before the Closing Date a fully executed counterpart
of each Mortgage Loan Purchase Agreement. With respect to a Non-Trust-Serviced Pooled Mortgage Loan, the parties hereto acknowledge
the provisions of the related Mortgage Loan Purchase Agreement in which the related Mortgage Loan Seller represents, warrants
and covenants that the documents described in clauses (ii), (iii) and (xi) of the definition of “Mortgage
File” and documents comparable to those described in clauses (iv), (vi) and (ix)(B) of the definition
of “Mortgage File” have been delivered to the related Non-Trust Trustee or Non-Trust Custodian, except to the extent
that the absence of such document does not constitute a breach pursuant to the terms of the related Non-Trust Pooling and Servicing
Agreement. In addition, with respect to a Non-Trust-Serviced Pooled Mortgage Loan, the parties hereto acknowledge the provisions
of the related Mortgage Loan Purchase Agreement in which the related Mortgage Loan Seller agrees that any “Document Defect”
or “Defect” as such term is defined in the applicable Non-Trust Pooling and Servicing Agreement shall constitute a
Document Defect under the related Mortgage Loan Purchase Agreement; provided that the foregoing shall not apply if any
such “Document Defect” relates solely to the promissory note for the applicable related Non-Serviced Companion Loan(s).
None of the Depositor, the Trustee, the Certificate Administrator, the Custodian, the Trust Advisor, the Master Servicers or the
Special Servicers shall be liable for any failure by any Mortgage Loan Seller to comply with the document delivery requirements
of the related Mortgage Loan Purchase Agreement.

 

(e)          The
parties hereto acknowledge that, except in the case of a Non-Trust-Serviced Pooled Mortgage Loan, each Mortgage Loan Purchase Agreement
requires the related Mortgage Loan Seller, or its designee, to itself submit, or cause to be submitted, (i) each assignment of
Mortgage and assignment of Assignment of Leases in favor of the Trustee referred to in clause (iv) of the definition of
“Mortgage File” and (ii) each assignment of UCC Financing Statement in favor of the Trustee referred to in clause
(ix)(B) of the definition of “Mortgage File”, for recording or filing to the extent that they are related to Mortgage
Loans for which it is the applicable Mortgage Loan Seller. Each such assignment shall reflect that it should be returned by the
public recording office to the applicable Mortgage Loan Seller or its designee, and such Mortgage Loan Seller has agreed in the
related Mortgage Loan Purchase Agreement to deliver or cause the delivery of each such assignment to the Custodian (with a copy
thereof to the applicable Master Servicer)) following recording, and each such assignment of UCC Financing Statement shall reflect
that the file copy thereof or an appropriate receipt therefor, as applicable, should be returned to the applicable Mortgage Loan
Seller or its designee, and such Mortgage Loan Seller has agreed in the related Mortgage Loan Purchase Agreement to deliver or
cause the delivery of each such assignment to the Custodian (with a copy thereof to the applicable Master Servicer) following filing;
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 has agreed to obtain therefrom a copy of the recorded original and
is required to provide a copy of such recorded original to the Custodian (with a copy to the applicable Master Servicer). The parties
hereto further acknowledge that, except in the case of a Non-Trust-Serviced Pooled Mortgage Loan, each Mortgage Loan Purchase Agreement
requires the related Mortgage Loan Seller, if any such document or instrument is lost or returned unrecorded or unfiled, as the
case may be, because of a defect therein, to prepare or cause to be prepared promptly a substitute therefor or cure such defect,
as the case may be, and thereafter cause the same to be duly recorded or filed, as appropriate.

 

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(f)           In
connection with the Depositor’s assignment pursuant to Section 2.01(b) above, the parties acknowledge that each Mortgage
Loan Seller is contractually obligated, at such Mortgage Loan Seller’s expense, pursuant to the related Mortgage Loan Purchase
Agreement, to deliver to and deposit with, or cause to be delivered to and deposited with, the applicable Master Servicer, on or
before the Closing Date: (i) a copy of the Mortgage File for each Original Mortgage Loan (except that copies of instruments of
assignment shall be forwarded by the Custodian upon request when the originals are returned to the Custodian in accordance with
Section 2.01(e) above); (ii) originals or copies of all financial statements, appraisals, environmental reports, engineering
reports, transaction screens, seismic assessment reports, leases, rent rolls (or, with respect to Co-op Mortgage Loans, maintenance
schedules), Insurance Policies and certificates, major space leases, legal opinions and tenant estoppels and any other relevant
documents relating to the origination and servicing of any Mortgage Loan or Serviced Loan Combination that are reasonably necessary
for the ongoing administration and/or servicing of the applicable Mortgage Loan or Serviced Loan Combination in the possession
or under the control of such Mortgage Loan Seller that relate to the Original Mortgage Loans transferred by it to the Depositor
and, to the extent that any original documents or copies, as applicable, of the following documents are not required to be a part
of a Mortgage File for any such Original Mortgage Loan or Serviced Loan Combination, originals or copies of all documents, certificates
and opinions in the possession or under the control of such Mortgage Loan Seller that were delivered by or on behalf of the related
Borrowers in connection with the origination of such Original Mortgage Loans (provided that such Mortgage Loan Seller shall
not be required to deliver any attorney-client privileged communication, draft documents or any documents or materials prepared
by it or its Affiliates for internal uses, including without limitation, credit committee briefs or memoranda and other internal
approval documents); and (iii) all unapplied Reserve Funds and Escrow Payments in the possession or under the control of such Mortgage
Loan Seller that relate to the Original Mortgage Loans transferred by such Mortgage Loan Seller to the Depositor. The applicable
Master Servicer (or a Sub-Servicer on its behalf) shall hold all such documents, records and funds that it so receives on behalf
of the Trust for the benefit of the Certificateholders (and the Trustee as holder of the Class A-S Regular Interest, Class B Regular
Interest and Class C Regular Interest) and, insofar as they also relate to any Serviced Pari Passu Companion Loan, on behalf of
and for the benefit of any and all related Serviced Pari Passu Companion Loan Holder(s).

 

(g)          With
respect to the Mortgage Loans identified as Loan Nos. 5, 26, 27 and 38 on the Mortgage Loan Schedule, which are each subject to
a franchise agreement with a related comfort letter in favor of the respective Mortgage Loan Seller, the related Mortgage Loan
Seller or its agent will be required to, within 30 days of the Closing Date (or any shorter period if required by the applicable
comfort letter), notify the related franchisor that each such Mortgage Loan has been transferred to the Trust and, unless only
notice to the related franchisor is required, request a replacement comfort letter (or any such new document or acknowledgement
as may be contemplated under the existing comfort letter), and deliver to the applicable Master Servicer and the Special Servicer
a copy of each such notice and request and the existing comfort letters, and the applicable Master Servicer shall use reasonable
efforts in accordance with the Servicing Standard to acquire such replacement comfort letter within a reasonable amount of time
after the end of such 30-day period, if necessary (or to acquire any such new document or acknowledgement as may be contemplated
under the existing comfort letter). If the applicable Master Servicer is unable to acquire any such replacement comfort letter
(or new document or

 

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acknowledgement,
as applicable) within 120 days of the Closing Date, such Master Servicer will notify the related Mortgage Loan Seller that no
such replacement comfort letter has been received.

 

Section
2.02     Acceptance of Mortgage Loans by Trustee. (a) Subject
to the other provisions in this Section 2.02, the Trustee, by its execution and delivery of this Agreement, hereby accepts
receipt on behalf of the Trust, through the Custodian on its behalf, of (i) the Original Mortgage Loans and all documents delivered
to the Custodian that constitute portions of the related Mortgage Files and (ii) all other assets delivered to the Custodian and
included in the Trust Fund, in good faith and without notice of any adverse claim. The Custodian declares that it holds and will
hold such documents and any other documents received by it that constitute portions of the Mortgage Files, and that it holds and
will hold the Original Mortgage Loans and such other assets, together with any other Mortgage Loans and 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 the Trustee (as holder of the Class A-S Regular Interest, Class B Regular Interest and Class C Regular Interest). To the extent
that the Mortgage File relates to a Mortgage Loan that is part of a Serviced Loan Combination, the Custodian shall also hold such
Mortgage File in trust for the use and benefit of the related Serviced Pari Passu Companion Loan Holder(s). The applicable Master
Servicer acknowledges receipt of all of the original Letters of Credit relating to the Mortgage Loans or Serviced Loan Combination
delivered to it (copies of which are part of the Mortgage File) and agrees to hold such Letters of Credit in trust for the benefit
of the Trustee. In connection with the foregoing, the Custodian hereby certifies to each of the other parties hereto, each Mortgage
Loan Seller and each Underwriter that, as to each Mortgage Loan, except as specifically identified in the Schedule of Exceptions
to Mortgage File Delivery attached hereto as Schedule II, (i) all documents specified in clause (i) of the definition
of “Mortgage File” are in its possession, and (ii) the original Mortgage Note (or, if accompanied by a lost note affidavit
and indemnity, the copy of such Mortgage 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 Borrower), (B) appears to have been executed (where appropriate) and (C) purports to relate to such Mortgage Loan. The Custodian
may rely on the purported due execution and genuineness of any such document and on the purported genuineness of any signature
thereon.

 

(b)          On
or about the 75th day following the Closing Date, the Custodian shall review the documents delivered to it with respect to each
Original Mortgage Loan, and the Custodian shall, subject to Sections 1.04, 2.02(c) and 2.02(d), certify in
writing (and, if any exceptions are noted or if the recordation/filing contemplated by Section 2.01(e) has not been completed
(based solely on receipt by the Custodian of the particular documents showing evidence of the recordation/filing), the Custodian
shall deliver updates to any exception list attached to such certification in accordance with the penultimate sentence of this
paragraph (which exception list shall also be delivered in Excel-compatible format)) to each of the other parties hereto (substantially
in the form of Exhibit M), the Mortgage Loan Sellers, any Serviced Pari Passu Companion Loan Holders (in each case, provided
that the Custodian has received notice of the identity of and notice address information for such Serviced Pari Passu Companion
Loan Holder), the Majority Subordinate Certificateholder and the Subordinate Class Representative that, as to each Original Mortgage
Loan then subject to this Agreement (except as specifically identified in any exception report annexed to such certification):
(i) the original Mortgage Note

 

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specified
in clause (i) of the definition of “Mortgage File” and all allonges thereto, if any (or a copy of such Mortgage
Note, together with a lost note affidavit and indemnity) and, except with respect to a Non-Trust-Serviced Pooled Mortgage Loan,
the original or copy of documents specified in clauses (ii), (iii), (iv), (viii) (without regard to
the verification of the effective date with respect to a title policy or the date of funding with respect to a title commitment),
(x) (if the Mortgage Loan Schedule specifies that a material portion of the interest of the Borrower in the related Mortgaged
Property consists of a leasehold interest) and (xx) (if the Mortgage Loan Schedule specifies that the Mortgaged Property
type is a hospitality property) of the definition of “Mortgage File” have been received by it; (ii) if such report
is due more than 180 days after the Closing Date, the recordation/filing contemplated by Section 2.01(e) has been completed
(based solely on receipt by the Custodian of the particular recorded/filed documents or an appropriate receipt of recording/filing
therefor); (iii) all documents received by it with respect to such Mortgage Loan have been reviewed by it and (A) appear regular
on their face (handwritten additions, changes or corrections shall not constitute irregularities if initialed by the Borrower),
(B) appear to have been executed and (C) purport to relate to such Mortgage Loan; and (iv) based on the examinations referred
to in Section 2.02(a) above and this Section 2.02(b) and only as to the foregoing documents, the information set
forth in the Mortgage Loan Schedule with respect to the items specified in clause (iv)(A) and clause (vi) of the
definition of “Mortgage Loan Schedule” accurately reflects the information set forth in the related Mortgage File.
Every ninety (90) days after such 75th day following the Closing Date, until the earlier of (i) the date on which such exceptions
are eliminated and such recordation/filing has been completed, and (ii) the date on which all the affected Mortgage Loans are
removed from the Trust Fund, the Custodian shall deliver electronically (including in Excel-compatible format) to each of the
other parties hereto, to the Mortgage Loan Sellers, any Serviced Pari Passu Companion Loan Holders, the Majority Subordinate Certificateholder
and the Subordinate Class Representative an update to the exception report annexed to the certification described above substantially
in the form of Exhibit M, which update shall report any remaining outstanding exceptions with respect to each Original
Mortgage Loan. Such delivery shall be deemed to constitute a certification of the substance of the matters set forth in the form
of such Exhibit M (except as set forth in such exception report). The applicable Master Servicer shall provide the contact
name, mailing address and e-mail address of any Serviced Pari Passu Companion Loan Holder to the applicable Special Servicer,
the Trustee, the Custodian and the Certificate Administrator to the extent not previously provided thereto, provided that
such Master Servicer has such information. The contact name, mailing address and e-mail address of each initial Serviced Pari
Passu Companion Loan Holder is set forth on Schedule IX hereto.

 

(c)          If
a Responsible Repurchase Party substitutes a Replacement Mortgage Loan for any Defective Mortgage Loan as contemplated by Section
2.03, the Custodian shall review the documents delivered to it with respect to such Replacement Mortgage Loan, and the Custodian
shall deliver a certification comparable to that described in the prior paragraph, in respect of such Replacement Mortgage Loan,
on or about the 30th day following the related date of substitution (and, if any exceptions are noted, every ninety (90) days thereafter
until the earlier of (i) the date on which such exceptions are eliminated and all related recording/filing has been completed,
and (ii) the date on which such Replacement Mortgage Loan is removed from the Trust Fund).

 

With respect to the
documents described in clause (iii) of the definition of “Mortgage File”, absent actual knowledge to the contrary,
the Custodian may assume, for purposes of the

 

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certification(s)
delivered in this Section 2.02(c) or to be delivered pursuant to Section 2.02(b), that the Mortgage File for each
Mortgage Loan includes a separate Assignment of Leases.

 

With respect to the
documents described in clause (ix) of the definition of “Mortgage File”, absent actual knowledge to the contrary
or copies of UCC Financing Statements delivered to the Custodian as part of the Mortgage File indicating otherwise, the Custodian
may assume, for purposes of the certification(s) to be delivered pursuant to this Section 2.02(c), that the Mortgage File
for each Mortgage Loan should include a copy of one state-level UCC Financing Statement filed in the state of incorporation or
organization of the related Borrower for each Mortgaged Property (or with respect to any Mortgage Loan that has two or more Borrowers,
for each related Borrower). To the extent appropriate under applicable law, the UCC Financing Statements to be assigned to the
Trustee will be delivered on the new national forms and in recordable form and will be filed in the state of incorporation or organization
as so indicated on the documents provided.

 

(d)          None
of the Depositor, the Certificate Administrator, the Trustee, any Master Servicer, any Sub-Servicer, any Special Servicer, the
Custodian or the Trust Advisor is under any duty or obligation to (i) determine whether any of the documents specified in clauses
(iii), (iv)(B), (v), (vi), (vii), (ix) and (xi) through (xviii) of the definition
of “Mortgage File” exist or are required to be delivered by the Mortgage Loan Sellers in respect of any Mortgage Loan
unless such item(s) are specified on the related Mortgage File Checklist, or (ii) inspect, review or examine any of the documents,
instruments, certificates or other papers relating to the Mortgage 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, except as expressly provided in Section 2.01(e), none of the Depositor,
the Trustee, the Certificate Administrator, the Master Servicers, any Sub-Servicer, the Special Servicers, the Custodian or the
Trust Advisor 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.

 

(e)          In
performing the reviews contemplated by subsections (a) and (b) above, the Custodian may conclusively rely on the
purported due execution and genuineness of any such document and any signature thereon. 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 (i),
(ii), (iii), (iv) (except with respect to a Non-Trust-Serviced Pooled Mortgage Loan), (viii) (without
regard to the verification of the effective date with respect to a title policy or the date of funding with respect to a title
commitment), (x) (if the Mortgage Loan Schedule specifies that a material portion of the interest of the Borrower in the
related Mortgaged Property consists of a leasehold interest) and (xx) (if the Mortgage Loan Schedule specifies that the
Mortgaged Property type is a hospitality property) of the definition of “Mortgage File” have been received by it and
such additional information as will be necessary for delivering the certifications required by subsections (a) and (b)
above.

 

Section
2.03     Certain Repurchases and Substitutions of Mortgage Loans
by the Responsible Repurchase Parties.

 

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(a)          If,
in the process of reviewing the documents delivered or caused to be delivered by the Mortgage Loan Sellers as contemplated by Section
2.01(d), the Custodian discovers that any document required to have been delivered as contemplated by Section 2.01(d)
has not been so delivered, or discovers that any of the documents that were delivered has not been properly executed, contains
information that does not conform in any material respect with the corresponding information set forth in the Mortgage Loan Schedule,
or is defective on its face (each, including, without limitation, that a document is missing, a “Document Defect”),
or if, at any other time, the Custodian or any other party hereto discovers (without implying that any such party has a duty to
make or attempt to make such discovery) a Document Defect in respect of any Mortgage Loan, the party discovering such Document
Defect shall promptly so notify each of the other parties hereto. If any party hereto discovers (without implying that any such
party has a duty to make or attempt to make such discovery) or receives notice of a breach of any representation or warranty relating
to any Mortgage Loan set forth in or made pursuant to Section 4(b) or 4(g) of any Mortgage Loan Purchase Agreement
(a “Breach”), such party shall promptly so notify each of the other parties hereto. Upon the Trustee’s
discovery or receipt of notice that a Document Defect or Breach exists with respect to any Mortgage Loan, the Trustee shall notify
the Subordinate Class Representative, the Majority Subordinate Certificateholder, the Depositor, the Certificate Administrator,
the Custodian, the applicable Master Servicer, the applicable Special Servicer, the related Responsible Repurchase Party and the
Rating Agencies.

 

(b)          Promptly
upon its actual knowledge of any Material Document Defect or Material Breach with respect to any Mortgage Loan or its receipt of
notice from the Trustee or any other party to this Agreement of a Material Document Defect or Material Breach with respect to any
Mortgage Loan, the applicable Special Servicer (or, in the case of the One Court Square Mortgage Loan if it is a Performing Serviced
Mortgage Loan, the applicable Master Servicer) shall notify the related Responsible Repurchase Party in writing (in each case,
with a copy to the Depositor) of such Material Document Defect or Material Breach, as the case may be, and direct such Responsible
Repurchase Party that it must, not later than (1) ninety (90) days from discovery of the subject Material Document Defect or Material
Breach by the Responsible Repurchase Party, or (2) ninety (90) days from the receipt by such Responsible Repurchase Party of such
notice (or, if (x) such Material Breach or Material Document Defect, as the case may be, relates to whether such Mortgage Loan
is or, as of the Closing Date (or, in the case of a Replacement Mortgage Loan, as of the related date of substitution), was a Qualified
Mortgage, and (y) such Responsible Repurchase Party discovered or received prompt written notice of the relation specified in clause
(x), then (z) within ninety (90) days after any earlier discovery by the Responsible Repurchase Party or any party to this
Agreement of such Material Breach or Material Document Defect, as the case may be) (such 90-day period, in any case, the “Initial
Resolution Period”), correct or cure such Material Document Defect or Material Breach, as the case may be, in all material
respects, or repurchase the affected Mortgage Loan (as, if and to the extent required by the related Mortgage Loan Purchase Agreement),
at the applicable Purchase Price; provided that if such Responsible Repurchase Party certifies to the Trustee in writing
(i) that such Material Document Defect or Material Breach, as the case may be, does not relate to whether the affected Mortgage
Loan is or, as of the Closing Date (or, in the case of a Replacement Mortgage Loan, as of the related date of substitution), was
a Qualified Mortgage, (ii) that such Material Document Defect or Material Breach, as the case may be, is capable of being cured
but not within the applicable Initial Resolution Period, (iii) that such Responsible Repurchase Party has commenced and is diligently
proceeding with the cure of such Material

 

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Document
Defect or Material Breach, as the case may be, during the applicable Initial Resolution Period, (iv) in the case of a Material
Document Defect, that (x) the related Mortgage Loan is not, at the end of the Initial Resolution Period, then a Specially Serviced
Mortgage Loan and a Servicing Transfer Event has not occurred as a result of a monetary default or as described in clause (e),
(f) or (g) of the definition of “Specially Serviced Mortgage Loan” in this Agreement and (y) the Material
Document Defect was not identified in a certification delivered to the Mortgage Loan Seller by the Custodian pursuant to Section
2.02 not less than ninety (90) days prior to the delivery of the notice of such Material Document Defect, and (v) that such
Responsible Repurchase Party anticipates that such Material Document Defect or Material Breach, as the case may be, will be cured
within an additional 90-day period (such additional 90-day period, the “Resolution Extension Period”) (a copy
of which certification shall be delivered by the Trustee to the Depositor, the applicable Master Servicer, the applicable Special
Servicer, the Subordinate Class Representative, the Majority Subordinate Certificateholder and the Rating Agencies), then such
Responsible Repurchase Party shall have an additional period equal to the Resolution Extension Period to complete such correction
or cure (or, upon failure to complete such correction or cure, for the applicable Responsible Repurchase Party to repurchase the
affected Mortgage Loan); and provided, further, however, that, in lieu of repurchasing the affected Mortgage
Loan as contemplated above (but, in any event, no later than such repurchase would have to have been completed), the applicable
Responsible Repurchase Party shall be permitted, during the three-month period commencing on the Startup Day for the REMIC Pool
that holds the affected Mortgage Loan (or during the two-year period commencing on such Startup Day if the affected Mortgage Loan
is a “defective obligation” within the meaning of Section 860G(a)(4)(B)(ii) of the Code and Treasury Regulations Section
1.860G-2(f)), to replace the affected Mortgage Loan with one or more Qualifying Substitute Mortgage Loans and to pay a cash amount
equal to the applicable Substitution Shortfall Amount, subject to any other applicable terms and conditions of the related Mortgage
Loan Purchase Agreement and this Agreement. The parties hereto agree that delivery by the Custodian of a certification or schedule
of exceptions to a Mortgage Loan Seller or Responsible Repurchase Party shall not in and of itself constitute delivery of notice
of any Material Document Defect or knowledge of such Mortgage Loan Seller or Responsible Repurchase Party of any Material Document
Defect. If any Mortgage Loan is to be repurchased or replaced as contemplated by this Section 2.03, the applicable Master
Servicer shall designate the Collection Account as the account to which funds in the amount of the applicable Purchase Price or
Substitution Shortfall Amount (as the case may be) are to be wired, and the applicable Master Servicer shall promptly notify the
Special Servicer, the Trustee and the Certificate Administrator when such deposit is made. Any such repurchase or replacement
of a Mortgage Loan shall be on a whole loan, servicing released basis. Notwithstanding this Section 2.03(b), the absence
from the Mortgage File, (i) on the Closing Date of the Mortgage Note (or a lost note affidavit and indemnity with a copy of the
Mortgage Note) and (ii) by the first anniversary of the Closing Date, of originals or copies of any other Specially Designated
Mortgage Loan Document (without the presence of any factor that reasonably mitigates such absence, nonconformity or irregularity)
shall (if the absence results from the related Mortgage Loan Seller’s failure to deliver such Specially Designated Mortgage
Loan Document in accordance with the terms of the related Mortgage Loan Purchase Agreement) be conclusively presumed to be a Material
Document Defect and shall obligate the party discovering such absence to give the Trustee prompt notice, whereupon the Trustee
shall notify the applicable Responsible Repurchase Party (with a copy to the Depositor) to cure such

 

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Material Document Defect,
or, failing that, repurchase or replace the related Mortgage Loan or REO Mortgage Loan, all in accordance with the procedures
set forth, and to the extent permitted, herein and in the related Mortgage Loan Purchase Agreement. Notwithstanding this Section
2.03(b), in the event of any Breach described in the second paragraph of Section 5(d) of any Mortgage Loan Purchase
Agreement, the remedy described in such second paragraph of such Section 5(d) shall constitute the sole remedy available
to the Trustee and any other affected Person with respect to such Breach. For the avoidance of doubt, none of the Trustee, the
Certificate Administrator or the Custodian shall have any obligation to review or approve any condition or requirement contemplated
hereunder in connection with any repurchase, removal, addition, or substitution.

 

The remedies provided
for in this Section 2.03(b) with respect to any Material Document Defect or Material Breach with respect to any Mortgage
Loan shall apply to the related REO Property.

 

If (x) a Defective
Mortgage Loan is to be repurchased or replaced as described above, (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 Responsible Repurchase Party 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 Responsible Repurchase Party (at its expense) delivers or causes to be delivered to the Trustee, the applicable Special
Servicer and, in the case of the One Court Square Mortgage Loan if it is a Performing Serviced Mortgage Loan, the applicable Master
Servicer (with a copy to the applicable Master Servicer except in the case of the One Court Square Mortgage Loan if it is a Performing
Serviced Mortgage Loan) an Opinion of Counsel to the effect that such Responsible Repurchase Party’s repurchase 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(b) will not result in an Adverse REMIC Event or any Adverse Grantor Trust Event hereunder; and

 

(B)         each
of the following conditions would be satisfied if the related Responsible Repurchase Party were to repurchase or replace only the
Affected Loans and not the Other Crossed Loans:

 

(I)          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

 

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A-1 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;

 

(II)         the
loan-to-value ratio for the Other Crossed Loans 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-1 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

 

(III)        the
exercise of remedies against the Primary Collateral of any Mortgage Loan in the Cross-Collateralized Group shall not impair the
ability to exercise remedies against the Primary Collateral of the other Mortgage Loans in the Cross-Collateralized Group.

 

The determination of the applicable Special
Servicer (or, in the case of the One Court Square Mortgage Loan if it is a Performing Serviced Mortgage Loan, the applicable Master
Servicer) as to whether the conditions set forth above have been satisfied shall be conclusive and binding in the absence of manifest
error. The applicable Special Servicer (or, in the case of the One Court Square Mortgage Loan if it is a Performing Serviced Mortgage
Loan, the applicable Master Servicer) will be entitled to cause to be delivered, or direct the related Responsible Repurchase Party
to cause to be delivered, to the applicable Special Servicer (or, in the case of the One Court Square Mortgage Loan if it is a
Performing Serviced Mortgage Loan, the applicable Master Servicer) an Appraisal of any or all of the related Mortgaged Properties
for purposes of determining whether the condition set forth in clause (II) above has been satisfied, in each case at the
expense of the related Responsible Repurchase Party if the scope and cost of the Appraisal is approved by the related Responsible
Repurchase Party and the Subordinate 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 preceding
paragraph are satisfied, such that the Trust Fund will continue to hold the Other Crossed Loans, the related Responsible Repurchase
Party and the Trustee, as successor to the Depositor, are bound by an agreement (set forth in the related Mortgage 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 Mortgage Loan Documents evidencing and securing the relevant Mortgage Loans can be modified
in a manner that complies with the applicable Mortgage Loan Purchase Agreement to remove the threat of impairment as a result of

 

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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 Mortgage Loan Documents, or otherwise
on a pro rata basis based upon their outstanding Stated Principal Balances. All other terms of the 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 Trustee shall execute (or, subject to Section 3.01(b) and Section 3.10, provide the applicable
Special Servicer (or, in the case of the One Court Square Mortgage Loan if it is a Performing Serviced Mortgage Loan, the applicable
Master Servicer) with a limited power of attorney that enables the applicable Special Servicer (or, in the case of the One Court
Square Mortgage Loan if it is a Performing Serviced Mortgage Loan, the applicable Master Servicer) to execute) the modification
of the Mortgage Loan Documents that complies with the applicable Mortgage Loan Purchase Agreement to remove the threat of impairment
of the ability of the Responsible Repurchase Party or the Trust Fund to exercise its remedies with respect to the Primary Collateral
securing the Mortgage Loan(s) held by such 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 applicable Special Servicer (or, in the
case of the One Court Square Mortgage Loan if it is a Performing Serviced Mortgage Loan, the applicable Master Servicer). The applicable
Master Servicer shall advance all costs and expenses incurred by the Trustee, such Master Servicer and the applicable Special Servicer
with respect to any Cross-Collateralized Group pursuant to this paragraph, 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 Mortgage Loan(s) to
be repurchased or replaced. Neither the applicable Master Servicer nor the applicable Special Servicer, as applicable, shall be
liable to any Certificateholder or any other party hereto if a modification of the Mortgage Loan Documents described above cannot
be effected for any reason beyond the control of such Master Servicer or such Special Servicer, respectively.

 

The reasonable “out-of-pocket”
costs and expenses incurred by the applicable Master Servicer, the applicable Special Servicer, the Trustee and/or the Custodian
pursuant to this Section 2.03(b), including reasonable attorney fees and expenses, shall constitute Servicing Advances to
the extent not collected from the related Responsible Repurchase Party.

 

(c)          Whenever
one or more Replacement Mortgage Loans are substituted for a Defective Mortgage Loan by a Mortgage Loan Seller as contemplated
by this Section 2.03, the applicable Special Servicer (or, in the case of the One Court Square Mortgage Loan if it is a
Performing Serviced Mortgage Loan, the applicable Master Servicer) shall direct the party effecting the substitution to deliver
to the Custodian the related Mortgage File and a certification to the effect that such Replacement Mortgage Loan satisfies or such
Replacement Mortgage Loans satisfy, as the case may be, all of the requirements of the definition of “Qualifying Substitute
Mortgage Loan”. No mortgage loan may be substituted for a Defective Mortgage Loan as contemplated by this Section 2.03
if the Mortgage Loan to be replaced was itself a Replacement Mortgage Loan, in which case, absent a cure of the relevant Material
Breach or Material Document Defect, the affected Mortgage Loan will be required to be repurchased as contemplated hereby. Monthly
Payments due with respect to each Replacement Mortgage Loan

 

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(if
any) after the related date of substitution, and Monthly Payments due with respect to each corresponding Deleted Mortgage Loan
(if any) after its respective Cut-off Date and on or prior to the related date of substitution, shall be part of the Trust Fund.
Monthly Payments due with respect to each Replacement Mortgage Loan (if any) on or prior to the related date of substitution,
and Monthly Payments due with respect to each corresponding Deleted Mortgage Loan (if any) after the related date of substitution,
shall not be part of the Trust Fund and are to be remitted by the applicable Master Servicer to the party effecting the related
substitution promptly following receipt.

 

If any Mortgage Loan
is to be repurchased or replaced by a Responsible Repurchase Party as contemplated by this Section 2.03, the applicable
Special Servicer (or, in the case of the One Court Square Mortgage Loan if it is a Performing Serviced Mortgage Loan, the applicable
Master Servicer) shall direct such party to amend the Mortgage Loan Schedule to reflect the removal of any Deleted Mortgage Loan
and, if applicable, the substitution of the related Replacement Mortgage Loan(s); and, upon its receipt of such amended Mortgage
Loan Schedule, the applicable Special Servicer (or, in the case of the One Court Square Mortgage Loan if it is a Performing Serviced
Mortgage Loan, the applicable Master Servicer) shall deliver or cause the delivery of such amended Mortgage Loan Schedule to the
other parties hereto. Upon any substitution of one or more Replacement Mortgage Loans for a Deleted Mortgage Loan, such Replacement
Mortgage Loan(s) shall become part of the Trust Fund and be subject to the terms of this Agreement in all respects.

 

The reasonable “out-of-pocket”
costs and expenses incurred by the applicable Master Servicer, the applicable Special Servicer, the Trustee and/or the Custodian
pursuant to this Section 2.03(c), including reasonable attorney fees and expenses, shall constitute Servicing Advances to
the extent not collected from the related Responsible Repurchase Party.

 

(d)          The
applicable Special Servicer (other than in the case of the One Court Square Mortgage Loan if it is a Performing Serviced Mortgage
Loan) shall notify the applicable Master Servicer in writing of the amount of the Purchase Price or Substitution Shortfall Amount
(as the case may be) for any Mortgage Loan to be repurchased or replaced by the related Responsible Repurchase Party as contemplated
by this Section 2.03 and the applicable Master Servicer shall be entitled to conclusively rely on any such notice. Upon
receipt of an Officer’s Certificate from the applicable Master Servicer to the effect that the full amount of the Purchase
Price or Substitution Shortfall Amount (as the case may be) for any Mortgage Loan repurchased or replaced by the related Responsible
Repurchase Party as contemplated by this Section 2.03 has been deposited in the Collection Account, and further, if applicable,
upon receipt of the Mortgage File for each Replacement Mortgage Loan (if any) to be substituted for a Deleted Mortgage Loan, together
with any certifications and/or opinions required pursuant to Section 2.03(b) to be delivered by the applicable Responsible
Repurchase Party, the Trustee and the Custodian shall each (i) release the Mortgage File and any Additional Collateral held by
it or on its behalf for the Deleted Mortgage Loan to the related Responsible Repurchase Party or its designee and (ii) execute
and deliver such instruments of release, transfer and/or assignment, in each case without recourse, as shall be provided to it
and are reasonably necessary to vest in the applicable Responsible Repurchase Party or its designee the ownership of the Deleted
Mortgage Loan, and the applicable Special Servicer (or, in the case of the One Court Square Mortgage Loan if it is a Performing
Serviced Mortgage Loan, the applicable Master Servicer) shall notify

 

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the
Depositor and the affected Borrowers of the transfers of the Deleted Mortgage Loan(s) and any Replacement Mortgage Loan(s). In
connection with any such repurchase or substitution by the related Responsible Repurchase Party, each of the applicable Master
Servicer and the applicable Special Servicer shall deliver to the applicable Responsible Repurchase Party or its designee any
portion of the related Servicing File, together with any Escrow Payments, Reserve Funds and Additional Collateral, held by or
on behalf of the applicable Master Servicer or the applicable Special Servicer, as the case may be, with respect to the Deleted
Mortgage Loan, in each case at the expense of such Responsible Repurchase Party. The reasonable “out-of-pocket” costs
and expenses, including reasonable attorneys’ fees and expenses, incurred by the applicable Master Servicer, the applicable
Special Servicer, the Trustee and/or the Custodian pursuant to this Section 2.03(d), to the extent not collected from the
related Responsible Repurchase Party, shall be reimbursable to each of them as Servicing Advances in respect of the affected Mortgage
Loan.

 

(e)          The
related Mortgage Loan Purchase Agreement provides the sole remedies available to the Certificateholders, or the Trustee on their
behalf, respecting any Document Defect or Breach with respect to any Mortgage Loan. If, in connection with any Material Document
Defect or Material Breach, the related Responsible Repurchase Party defaults on its obligations to cure such Material Document
Defect or Material Breach and fails to deliver a Loss of Value Payment as provided in Section 2.03(h), as the case may be,
in all material respects or to repurchase or replace the affected Mortgage Loan as contemplated by this Section 2.03, then
the applicable Special Servicer (or, in the case of the One Court Square Mortgage Loan if it is a Performing Serviced Mortgage
Loan, the applicable Master Servicer) shall promptly notify the Trustee, the applicable Master Servicer (or, in the case of the
One Court Square Mortgage Loan if it is a Performing Serviced Mortgage Loan, the applicable Special Servicer), the Depositor, the
Certificate Administrator, the Subordinate Class Representative and the Majority Subordinate Certificateholder, and the Certificate
Administrator shall notify the Certificateholders. Thereafter, the Trustee shall (and the applicable Special Servicer may in its
own name, or, as provided in Section 3.01(b) below, in the name of the Trustee) take such actions on behalf of the Trust
with respect to the enforcement of such repurchase/substitution obligations, including the institution and prosecution of appropriate
legal proceedings, as the Trustee (or, if applicable, the applicable Special Servicer) shall determine are in the best interests
of the Certificateholders (taken as a collective whole). Any and all reasonable “out-of-pocket” costs and expenses
incurred by the applicable Master Servicer, the Trustee and/or the applicable Special Servicer pursuant to this Section 2.03(e),
including, reasonable attorney’s fees and expenses, to the extent not collected from the related Responsible Repurchase Party,
shall constitute Servicing Advances in respect of the affected Mortgage Loan.

 

(f)           The
Trustee shall not consent to the assignment by a Mortgage Loan Seller or Responsible Repurchase Party of their respective obligations
under any Mortgage Loan Purchase Agreement unless such assignment is the subject of a Rating Agency Confirmation and, during any
Subordinate Control Period, with the consent of the Subordinate Class Representative, which consent shall be deemed given if the
Subordinate Class Representative does not respond within five (5) Business Days of receipt of the Trustee’s request.

 

(g)          If
the Depositor, the applicable Master Servicer or the applicable Special Servicer (each a “Repurchase Request Recipient”):
(1) receives a Repurchase Communication of a

 

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request
or demand for repurchase or replacement of any Mortgage Loan alleging a Document Defect or a Breach (a “Repurchase Request”);
(2) receives a Repurchase Communication of a withdrawal of a Repurchase Request by the Person making such Repurchase Request (a
“Repurchase Request Withdrawal”); or (3) 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 such party shall give written notice thereof to
the applicable Mortgage Loan Seller and the other parties hereto and the Other Depositor (if applicable) promptly but in any case
within ten (10) Business Days from the date of receipt thereof. Each notice required by this Section 2.03(g) (a “Rule
15Ga-1 Notice”) shall include: (i) the date that the Repurchase Communication relating to the Repurchase Request, Repurchase
Request Withdrawal, Repurchase or Repurchase Request Rejection, as applicable, was received by the Repurchase Request Recipient;
(ii) the identity of the Person making or withdrawing any such Repurchase Communication and the related Mortgage Loan; (iii) in
the case of a Repurchase Communication of a Repurchase Request, the basis for the Repurchase Request asserted by the Person making
the Repurchase Request, to the extent known to the Repurchase Request Recipient; and (iv) in the case of a Repurchase Communication
of a Repurchase Request received by the applicable Special Servicer (or, in the case of the One Court Square Mortgage Loan if
it is a Performing Serviced Mortgage Loan, the applicable Master Servicer), a statement from such Special Servicer (or, in the
case of the One Court Square Mortgage Loan if it is a Performing Serviced Mortgage Loan, from such Master Servicer) as to whether
it currently plans to pursue such Repurchase Request pursuant to Section 2.03(b). Each Rule 15Ga-1 Notice may be delivered
by electronic mail in accordance with Section 12.06. A Repurchase Request Recipient shall not be required to provide any
information under this Section 2.03(g) if and to the extent that such information is protected by either the attorney-client
privilege or the attorney work product doctrines. Each Mortgage Loan Purchase Agreement will provide that (i) any Rule 15Ga-1
Notice is provided only to assist the Depositor, the related Mortgage Loan Seller, the Other Depositor (if applicable) and their
respective Affiliates in complying with Rule 15Ga-1, Items 1104 and 1121 of Regulation AB and/or any other law or regulation,
and (ii) (A) no action taken by, or inaction of, a Repurchase Request Recipient, and (B) no information provided pursuant to this
Section 2.03(g) by a Repurchase Request Recipient, shall be deemed to constitute a waiver or defense to the exercise of
any legal right the Repurchase Request Recipient may have with respect to the related Mortgage Loan Purchase Agreement.

 

If the Trustee, the
Certificate Administrator, the Custodian or either Master Servicer (or, in the case of the One Court Square Mortgage Loan if it
is a Performing Serviced Mortgage Loan, the One Court Square Special Servicer) receives a Repurchase Communication of a Repurchase
Request, Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection, such party shall forward such Repurchase Communication
as soon as possible and in any event, no later than three (3) Business Days following receipt of such Repurchase Communication
to the applicable Special Servicer (or, in the case of the One Court Square Mortgage Loan if it is a Performing Serviced Mortgage
Loan, to the applicable Master Servicer) and shall include the following statement in the related correspondence: “This is
a Repurchase Communication of a [“Repurchase Request”] [“Repurchase Request Withdrawal”] [“Repurchase”]
[“Repurchase Request Rejection”] under Section 2.03 of the Pooling and Servicing Agreement relating to the WFCM
2015-NXS3 Commercial Mortgage Pass-Through Certificates requiring action by you as the “Repurchase Request Recipient”
of such Repurchase

 

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Communication
thereunder”. Upon receipt of any Repurchase Communication of a Repurchase Request, Repurchase Request Withdrawal, Repurchase
or Repurchase Request Rejection by the applicable Special Servicer (or, in the case of the One Court Square Mortgage Loan if it
is a Performing Serviced Mortgage Loan, the applicable Master Servicer) pursuant to the prior sentence, such Special Servicer
(or, in the case of the One Court Square Mortgage Loan if it is a Performing Serviced Mortgage Loan, such Master Servicer) shall
be deemed a Repurchase Request Recipient in respect of such Repurchase Request, Repurchase Request Withdrawal, Repurchase or Repurchase
Request Rejection, as applicable, and such Special Servicer (or, in the case of the One Court Square Mortgage Loan if it is a
Performing Serviced Mortgage Loan, such Master Servicer) shall comply with the procedures set forth in the prior paragraph of
this Section 2.03(g) with respect to such Repurchase Communication of such Repurchase Request, Repurchase Request Withdrawal,
Repurchase or Repurchase Request Rejection. In no event shall this provision require the Custodian (in its capacity as Custodian)
in connection with its review of a Mortgage File to provide any notice other than as set forth in Section 2.02 of this
Agreement. None of the Trustee, the Certificate Administrator or the Custodian shall accept any oral Repurchase Communication
of a Repurchase Request, and each of the Trustee, the Certificate Administrator and the Custodian shall direct any Person making
an oral Repurchase Communication of a Repurchase Request, Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection
to submit it in writing (or by means of electronic mail in accordance with Section 12.06) to the Certificate Administrator
(who will act in accordance with the first sentence of this paragraph). Repurchase Communications of Repurchase Requests made
to the Certificate Administrator must be submitted in writing or may be transmitted by electronic mail in accordance with Section
12.06 with a subject line of “Repurchase Request – WFCM 2015-NXS3”.

 

The parties hereto
agree that delivery of a Rule 15Ga-1 Notice shall not in and of itself constitute delivery of notice of any Material Document Defect
or Material Breach or knowledge on the part of the Responsible Repurchase Party of any Material Document Defect or Material Breach.

 

(h)          If
a Mortgage Loan Seller (or, if applicable, a related Responsible Repurchase Party), in connection with a Material Document Defect
or a Material Breach (or an allegation of a Material Document Defect or a Material Breach) pertaining to a Mortgage Loan, makes
a cash payment pursuant to an agreement or a settlement between the applicable Mortgage Loan Seller (or, if applicable, a related
Responsible Repurchase Party) and the applicable Special Servicer on behalf of the Trust (with the consent of the Majority Subordinate
Certificateholder to the extent a Subordinate Control Period or Collective Consultation Period is then in effect) (each such payment,
a “Loss of Value Payment”) with respect to such Mortgage Loan, the amount of such Loss of Value Payment shall
be deposited into the Loss of Value Reserve Fund to be applied in accordance with Section 3.05(h)(iii) of this Agreement.
If such Loss of Value Payment is made, the Loss of Value Payment shall serve as the sole remedy available to the Certificateholders
and the Trustee on their behalf regarding any such Material Breach or Material Document Defect in lieu of any obligation of the
Mortgage Loan Seller (or, if applicable, a related Responsible Repurchase Party) to otherwise cure such Material Breach or Material
Document Defect or repurchase or substitute for the affected Mortgage Loan based on such Material Breach or Material Document Defect
under any circumstances. This paragraph is intended to apply only to a mutual agreement or settlement between the applicable Mortgage
Loan Seller (or, if applicable,

 

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a
related Responsible Repurchase Party) and the Trust, provided that prior to any such agreement or settlement nothing in
this paragraph shall preclude the Mortgage Loan Seller (or, if applicable, a related Responsible Repurchase Party) or the Trustee
from exercising any of its rights related to a Material Document Defect or a Material Breach in the manner and timing set forth
in the related Mortgage Loan Purchase Agreement or this Section 2.03 (excluding this paragraph) (including any right to
cure, repurchase or substitute for such Mortgage Loan), and provided, further, that such Loss of Value Payment shall
not be greater than the repurchase price of the affected Mortgage Loan; and provided, further 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.

 

Section
2.04     Representations and Warranties of the Depositor.

 

(a)          The
Depositor hereby represents and warrants to each of the other parties hereto and for the benefit of the Certificateholders, as
of the Closing Date, that solely as to itself:

 

(i)            The
Depositor is a corporation duly organized, validly existing and in good standing under the laws of the State of North Carolina.

 

(ii)           The
Depositor’s execution and delivery of, performance under, and compliance with this Agreement, will not violate the Depositor’s
organizational documents 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 agreement or other material instrument to which it is a party or by which
it is bound, which default or breach, in the good faith and reasonable judgment of the Depositor, is likely to affect materially
and adversely the ability of the Depositor to perform its obligations under this Agreement.

 

(iii)          The
Depositor has the full corporate power and authority to 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. This Agreement, assuming
due authorization, execution and delivery by each of the other parties hereto, constitutes a valid, legal and binding obligation
of the Depositor, enforceable against the Depositor in accordance with the terms hereof, subject to (A) applicable bankruptcy,
insolvency, reorganization, receivership, conservatorship, moratorium and other laws affecting the enforcement of creditors’
rights generally and, to the extent applicable, the rights of creditors of national banks or of “financial companies”
(as defined in Section 201 of the Dodd-Frank Act) or their Affiliates, (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.

 

(iv)          No
litigation is pending or, to the best of the Depositor’s knowledge, threatened against the Depositor that, if determined
adversely to the Depositor, would prohibit the Depositor from entering into this Agreement or that, in the Depositor’s good

 

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faith and reasonable judgment, is likely to materially and adversely affect the ability of the Depositor to perform its obligations
under this Agreement.

 

(v)          Immediately
prior to the transfer of the Original 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 Original Mortgage Loan as was transferred to it by the
related Mortgage Loan Seller pursuant to the related Mortgage Loan Purchase Agreement. The Depositor has not transferred any of
its right, title and interest in and to the Original Mortgage Loans to any Person other than the Trustee.

 

(vi)         The
Depositor is transferring all of its right, title and interest in and to the Original Mortgage Loans to the Trustee for the benefit
of the Certificateholders free and clear of any and all liens, pledges, charges, security interests and other encumbrances created
by or through the Depositor.

 

(vii)        Except
for any actions that are the express responsibility of another party hereunder or under any Mortgage Loan Purchase Agreement, and
further except for actions that the Depositor is expressly permitted to complete subsequent to the Closing Date, the Depositor
has taken all actions required under applicable law to effectuate the transfer of all of its right, title and interest in and to
the Original Mortgage Loans by the Depositor to the Trustee.

 

(viii)       No
consent, approval, license, authorization or order of any state or federal court or governmental agency or body is required for
the consummation by the Depositor of the transactions contemplated herein, except for (A) those consents, approvals, licenses,
authorizations or orders that previously have been obtained or where the lack of such consent, approval, license, authorization
or order would not have a material adverse effect on the ability of the Depositor to perform its obligations under this Agreement
and (B) those filings and recordings of the Depositor and assignments thereof that are contemplated by this Agreement to be completed
after the Closing Date.

 

(b)          The
representations and warranties of the Depositor set forth in Section 2.04(a) shall survive the execution and delivery of
this Agreement and shall inure to the benefit of the Persons for whose benefit they were made for so long as the Trust remains
in existence. Upon discovery by any party hereto of any breach of any of such representations and warranties that materially and
adversely affects the interests of the Certificateholders or any party hereto, the party discovering such breach shall give prompt
written notice thereof to the other parties hereto.

 

Section
2.05     Representations and Warranties of the Master Servicers.

 

(a)          Each
of the Master Servicers, for itself only, hereby represents and warrants to each of the other parties hereto and for the benefit
of the Certificateholders, 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, and the Master Servicer is in compliance with the laws of each State in which any related Mortgaged Property is located
to the extent necessary to perform its obligations under this

 

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Agreement, except where the failure to so qualify or comply would
not materially adversely affect the Master Servicer’s ability to perform its obligations hereunder in accordance with the
terms of this Agreement.

 

(ii)          The
Master Servicer’s execution and delivery of, performance under and compliance with this Agreement, will not violate the Master
Servicer’s organizational documents 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 agreement or other material instrument to which it is a party
or by which it is bound, which default or breach, in the good faith and reasonable judgment of the Master Servicer, is likely to
affect materially and adversely the ability of the Master Servicer to perform its obligations under this Agreement.

 

(iii)         The
Master Servicer has the full power and authority to enter into and consummate all transactions involving the Master Servicer 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 hereof, subject
to (A) applicable bankruptcy, insolvency, reorganization, receivership, conservatorship, moratorium and other laws affecting the
enforcement of creditors’ rights generally and, to the extent applicable, the rights of creditors of national banks or of
“financial companies” (as defined in Section 201 of the Dodd-Frank Act) or their Affiliates, (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
Master Servicer is not in violation of, and its execution and delivery of, performance under and compliance with this Agreement
will 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.

 

(vi)         No
consent, approval, license, authorization or order of any state or federal court or governmental agency or body is required for
the consummation by the Master Servicer of the transactions contemplated herein, except for those consents, approvals, licenses,
authorizations or orders that previously have been obtained or where the lack of such consent, approval, license, authorization
or order would not have a material adverse effect on the ability of the Master Servicer to perform its obligations under this Agreement,
and, except to the extent in the case of performance, that its failure to be qualified as a foreign corporation or entity or licensed
in one or more states is not necessary for the performance by it of its obligations hereunder.

 

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(vii)          No
litigation is pending or, to the best of the Master Servicer’s knowledge, threatened against the Master Servicer that, if
determined adversely to the Master Servicer, would prohibit the Master Servicer from entering into this Agreement or that, in the
Master Servicer’s good faith and reasonable judgment, is likely to materially and adversely affect the ability of the Master
Servicer to perform its obligations under this Agreement.

 

(viii)          The
Master Servicer has errors and omissions insurance that is in full force and effect or is self-insuring with respect to such risks,
in either case in compliance with the requirements of Section 3.07(e).

 

(b)          The
representations and warranties of each Master Servicer set forth in Section 2.05(a) shall survive the execution and delivery
of this Agreement and shall inure to the benefit of the Persons for whose benefit they were made for so long as the Trust remains
in existence. Upon discovery by any party hereto of a breach of any of such representations and warranties that materially and
adversely affects the interests of the Certificateholders or any party hereto, the party discovering such breach shall give prompt
written notice to each of the other parties hereto.

 

(c)          Any
successor to a Master Servicer shall be deemed to have made, as of the date of its succession, each of the representations and
warranties set forth in Section 2.05(a), subject to such appropriate modifications to the representation and warranty set
forth in Section 2.05(a)(i) to accurately reflect such successor’s jurisdiction of organization and whether it is
a corporation, partnership, bank, association or other type of organization.

 

Section
2.06     Representations and Warranties of the Special Servicers.

 

(a)          Each
Special Servicer, for itself only, hereby represents and warrants to each of the other parties hereto and for the benefit of the
Certificateholders, as of the Closing Date, that:

 

(i)           The
Special Servicer is a national banking association (in the case of the NCB Master Servicer or the One Court Square Special Servicer)
or a limited liability company (in the case of the General Special Servicer) duly organized, validly existing and in good standing
under the laws of the United States or the State of Florida, respectively, and the Special Servicer is in compliance with the laws
of each State in which any related Mortgaged Property is located to the extent necessary to perform its obligations under this
Agreement, except where the failure to so qualify or comply would not materially adversely affect the Special Servicer’s
ability to perform its obligations hereunder in accordance with the terms of this Agreement.

 

(ii)          The
Special Servicer’s execution and delivery of, performance under and compliance with this Agreement will not violate the Special
Servicer’s organizational documents 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 agreement or other material instrument to which it is a party
or by which it is bound, which default or breach, in the good faith and reasonable judgment of the Special Servicer, is likely
to

 

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affect materially and adversely the ability of the Special Servicer to perform its obligations under this Agreement.

 

(iii)         The
Special Servicer has the full power and authority to enter into and consummate all transactions involving the Special Servicer
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, insolvency, reorganization, receivership, conservatorship, moratorium and other laws affecting the
enforcement of creditors’ rights generally and, to the extent applicable, the rights of creditors of national banks or of
“financial companies” (as defined in Section 201 of the Dodd-Frank Act) or their Affiliates, (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, performance under and compliance with the terms of
this Agreement will 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 the ability of the Special Servicer to perform
its obligations under this Agreement.

 

(vi)         No
consent, approval, license, authorization or order of any state or federal court or governmental agency or body is required for
the consummation by the Special Servicer of the transactions contemplated herein, except for those consents, approvals, licenses,
authorizations or orders that previously have been obtained or where the lack of such consent, approval, license, authorization
or order would not have a material adverse effect on the ability of the Special Servicer to perform its obligations under this
Agreement.

 

(vii)        No
litigation is pending or, to the best of the Special Servicer’s knowledge, threatened against the Special Servicer that,
if determined adversely to the Special Servicer, would prohibit the Special Servicer from entering into this Agreement or that,
in the Special Servicer’s good faith and reasonable judgment, is likely to materially and adversely affect the ability of
the Special Servicer to perform its obligations under this Agreement.

 

(viii)       The
Special Servicer has errors and omissions insurance that is in full force and effect or is self-insuring with respect to such risks,
in either case in compliance with the requirements of Section 3.07(e).

 

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(b)          The
representations and warranties of the Special Servicers set forth in Section 2.06(a) shall survive the execution and
delivery of this Agreement and shall inure to the benefit of the Persons for whose benefit they were made for so long as the Trust
remains in existence. Upon discovery by any party hereto of a breach of any of such representations and warranties that materially
and adversely affects the interests of the Certificateholders or any party hereto, the party discovering such breach shall give
prompt written notice to each of the other parties hereto.

 

(c)           Any
successor Special Servicer shall be deemed to have made, as of the date of its succession, each of the representations and warranties
set forth in Section 2.06(a), subject to such appropriate modifications to the representation and warranty set forth
in Section 2.06(a)(i) to accurately reflect such successor’s jurisdiction of organization and whether it is a
corporation, partnership, bank, association or other type of organization.

 

Section
2.07      Representations and Warranties of the Trust Advisor.

 

(a)           The
Trust Advisor hereby represents and warrants to each of the other parties hereto and for the benefit of the Certificateholders,
as of the Closing Date, that:

 

(i)          The
Trust Advisor is duly organized, validly existing and in good standing as a limited liability company under the laws of the State
of Delaware and possesses all licenses and authorizations necessary to the performance of its obligations under this Agreement.

 

(ii)         The
Trust Advisor’s execution and delivery of, performance under and compliance with this Agreement will not violate the Trust
Advisor’s organizational documents 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 agreement or other material instrument to which it is a
party or by which it is bound, which default or breach, in the good faith and reasonable judgment of the Trust Advisor, is likely
to affect materially and adversely the ability of the Trust Advisor to perform its obligations under this Agreement.

 

(iii)       The
Trust Advisor has the requisite limited liability company power and authority to enter into and consummate all transactions involving
the Trust Advisor 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 Trust Advisor, enforceable against the Trust Advisor in accordance with the terms hereof, subject to
(A) applicable bankruptcy, insolvency, reorganization, receivership, conservatorship, moratorium and other laws affecting the enforcement
of creditors’ rights generally and, to the extent applicable, the rights of creditors of national banks or of “financial
companies” (as defined in Section 201 of the Dodd-Frank Act) or their Affiliates, (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

 

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regarding the
enforceability of provisions providing or purporting to provide indemnification or contribution with respect to violations of securities
laws.

 

(v)        The
Trust Advisor is not in violation of, and its execution and delivery of, performance under and compliance with the terms of this
Agreement will 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 Trust Advisor’s reasonable
judgment, is likely to affect materially and adversely the ability of the Trust Advisor to perform its obligations under this Agreement.

 

(vi)       No
consent, approval, authorization or order of any state or federal court or governmental agency or body is required for the consummation
by the Trust Advisor of the transactions contemplated herein, except for those consents, approvals, authorizations or orders that
previously have been obtained.

 

(vii)      No
litigation is pending or, to the best of the Trust Advisor’s knowledge, threatened against the Trust Advisor that, if determined
adversely to the Trust Advisor, would prohibit the Trust Advisor from entering into this Agreement or that, in the Trust Advisor’s
reasonable judgment, is likely to materially and adversely affect the ability of the Trust Advisor to perform its obligations under
this Agreement.

 

(viii)     The
Trust Advisor is eligible to act in such capacity hereunder in accordance with Section 3.28.

 

(b)          The
representations and warranties of the Trust Advisor set forth in Section 2.07(a) shall survive the execution and delivery
of this Agreement and shall inure to the benefit of the Persons for whose benefit they were made for so long as the Trust remains
in existence. Upon discovery by any party hereto of a breach of any of such representations and warranties that materially and
adversely affects the interests of the Certificateholders or any party hereto, the party discovering such breach shall give prompt
written notice to each of the other parties hereto.

 

(c)          Any
successor Trust Advisor shall be deemed to have made, as of the date of its succession, each of the representations and warranties
set forth in Section 2.07(a), subject to such appropriate modifications to the representation and warranty set forth
in Section 2.07(a)(i) to accurately reflect such successor’s jurisdiction of organization and whether it is a
corporation, partnership, bank, association or other type of organization.

 

Section
2.08     Representations and Warranties of the Certificate Administrator.

 

(a)          The
Certificate Administrator hereby represents and warrants to each of the other parties hereto and for the benefit of the Certificateholders,
as of the Closing Date, that:

 

(i)         The
Certificate Administrator is duly organized, validly existing and in good standing as a national banking association under the
laws of the United States and possesses all licenses and authorizations necessary to the performance of its obligations under this
Agreement.

 

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(ii)        The
Certificate Administrator’s execution and delivery of, performance under and compliance with this Agreement will not violate
the Certificate Administrator’s organizational documents 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 agreement or other material instrument
to which it is a party or by which it is bound, which default or breach, in the good faith and reasonable judgment of the Certificate
Administrator, is likely to affect materially and adversely the ability of the Certificate Administrator to perform its obligations
under this Agreement.

 

(iii)       The
Certificate Administrator has the requisite power and authority to enter into and consummate all transactions involving the Certificate
Administrator 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 Certificate Administrator, enforceable against the Certificate Administrator in accordance with the terms
hereof, subject to (A) applicable bankruptcy, insolvency, reorganization, receivership, conservatorship, moratorium and other laws
affecting the enforcement of creditors’ rights generally and, to the extent applicable, the rights of creditors of national
banks or of “financial companies” (as defined in Section 201 of the Dodd-Frank Act) or their Affiliates, (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 its execution and delivery of, performance under and compliance with the
terms of this Agreement will 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 Certificate Administrator’s
reasonable judgment, is likely to affect materially and adversely the ability of the Certificate Administrator to perform its obligations
under this Agreement.

 

(vi)       No
consent, approval, authorization or order of any state or federal court or governmental agency or body is required for the consummation
by the Certificate Administrator of the transactions contemplated herein, except for those consents, approvals, authorizations
or orders that previously have been obtained.

 

(vii)      No
litigation is pending or, to the best of the Certificate Administrator’s knowledge, threatened against the Certificate Administrator
that, if determined adversely to the Certificate Administrator, would prohibit the Certificate Administrator from entering into
this Agreement or that, in the Certificate Administrator’s reasonable judgment, is likely to materially and adversely affect
the ability of the Certificate Administrator to perform its obligations under this Agreement.

 

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(viii)     The
Certificate Administrator is eligible to act in such capacity hereunder in accordance with Section 8.06.

 

(b)          The
representations and warranties of the Certificate Administrator set forth in Section 2.08(a) shall survive the execution
and delivery of this Agreement and shall inure to the benefit of the Persons for whose benefit they were made for so long as the
Trust remains in existence. Upon discovery by any party hereto of a breach of any of such representations and warranties that materially
and adversely affects the interests of the Certificateholders or any party hereto, the party discovering such breach shall give
prompt written notice to each of the other parties hereto.

 

(c)          Any
successor Certificate Administrator shall be deemed to have made, as of the date of its succession, each of the representations
and warranties set forth in Section 2.08(a), subject to such appropriate modifications to the representation and warranty
set forth in Section 2.08(a)(i) to accurately reflect such successor’s jurisdiction of organization and whether
it is a corporation, partnership, bank, association or other type of organization.

 

Section
2.09     Representations and Warranties of the Tax Administrator.

 

(a)           The
Tax Administrator hereby represents and warrants to each of the other parties hereto and for the benefit of the Certificateholders,
as of the Closing Date, that:

 

(i)         The
Tax Administrator is duly organized, validly existing and in good standing as a national banking association under the laws of
the United States and possesses all licenses and authorizations necessary to the performance of its obligations under this Agreement.

 

(ii)        The
Tax Administrator’s execution and delivery of, performance under and compliance with this Agreement will not violate the
Tax Administrator’s organizational documents or constitute a default (or an event which, with notice or lapse of time, or
both, would constitute a default) under, or result in a material breach of, any material agreement or other material instrument
to which it is a party or by which it is bound, which default or breach, in the reasonable judgment of the Tax Administrator, is
likely to affect materially and adversely the ability of the Tax Administrator to perform its obligations under this Agreement.

 

(iii)       The
Tax Administrator has the requisite 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 the valid, legal
and binding obligation of the Tax Administrator, enforceable against the Tax Administrator in accordance with the terms hereof,
subject to (A) applicable bankruptcy, insolvency, reorganization, receivership, conservatorship, moratorium and other laws affecting
the enforcement of creditors’ rights generally and, to the extent applicable, the rights of creditors of national banks or
of “financial companies” (as defined in Section 201 of the Dodd-Frank Act) or

 

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their Affiliates, (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
Tax Administrator is not in violation of, and its execution and delivery of, performance under and compliance with this Agreement
will 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 Tax Administrator’s reasonable
judgment, is likely to affect materially and adversely the ability of the Tax Administrator to perform its obligations under this
Agreement.

 

(vi)       No
consent, approval, authorization or order of any state or federal court or governmental agency or body is required for the consummation
by the Tax Administrator of the transactions contemplated herein, except for those consents, approvals, authorizations or orders
that previously have been obtained.

 

(vii)      No
litigation is pending or, to the best of the Tax Administrator’s knowledge, threatened against the Tax Administrator that,
if determined adversely to the Tax Administrator, would prohibit the Tax Administrator from entering into this Agreement or that,
in the Tax Administrator’s reasonable judgment, is likely to materially and adversely affect the ability of the Tax Administrator
to perform its obligations under this Agreement.

 

(viii)     The
Tax Administrator is eligible to act in such capacity hereunder in accordance with Section 8.06.

 

(b)          The
representations and warranties of the Tax Administrator set forth in Section 2.09(a) shall survive the execution and
delivery of this Agreement and shall inure to the benefit of the Persons for whose benefit they were made for so long as the Trust
remains in existence. Upon discovery by any party hereto of a breach of any such representations and warranties that materially
and adversely affects the interests of the Certificateholders or any party hereto, the party discovering such breach shall give
prompt written notice thereof to the other parties hereto, the Majority Subordinate Certificateholder and the Subordinate Class
Representative.

 

(c)          Any
successor to the Tax Administrator shall be deemed to have made, as of the date of its succession, each of the representations
and warranties set forth in Section 2.09(a), subject to such appropriate modifications to the representation and warranty
set forth in Section 2.09(a)(i) to accurately reflect such successor’s jurisdiction of organization and whether
it is a corporation, partnership, bank, association or other type of organization.

 

Section
2.10     Representations, Warranties and Covenants of the Trustee.

 

(a)          The Trustee hereby represents and warrants to, and covenants with, each of the other parties hereto and
for the benefit of the Certificateholders, as of the Closing Date, that:

 

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(i)         The
Trustee is duly organized, validly existing and in good standing as a national banking association under the laws of the United
States of America and is, shall be or, if necessary, shall appoint a co-trustee that is, in compliance with the laws of each State
in which any Mortgaged Property is located to the extent necessary to ensure the enforceability of each Mortgage Loan (insofar
as such enforceability is dependent upon compliance by the Trustee with such laws) and to perform its obligations under this Agreement
and possesses all licenses and authorizations necessary to the performance of its obligations under this Agreement.

 

(ii)        The
Trustee’s execution and delivery of, performance under and compliance with this Agreement, will not violate the Trustee’s
organizational documents or constitute a default (or an event which, with notice or lapse of time, or both, would constitute a
default) under, or result in a material breach of, any material agreement or other material instrument to which it is a party or
by which it is bound, which breach or default, in the good faith and reasonable judgment of the Trustee is likely to affect materially
and adversely the ability of the Trustee to perform its obligations under this Agreement.

 

(iii)       The
Trustee 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 Trustee, enforceable against the Trustee in accordance with the terms hereof, subject to (A) applicable
bankruptcy, insolvency, reorganization, receivership, conservatorship, moratorium and other laws affecting the enforcement of creditors’
rights generally and, to the extent applicable, the rights of creditors of national banks or of “financial companies”
(as defined in Section 201 of the Dodd-Frank Act) or their Affiliates, (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 its execution and delivery of, performance under and compliance with this Agreement will 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 Trustee’s good faith and reasonable judgment,
is likely to affect materially and adversely the ability of the Trustee to perform its obligations under this Agreement.

 

(vi)       No
consent, approval, authorization or order of any state or federal court or governmental agency or body is required for the consummation
by the Trustee of the transactions contemplated herein, except for those consents, approvals, authorizations or orders that previously
have been obtained.

 

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(vii)      No
litigation is pending or, to the best of the Trustee’s knowledge, threatened against the Trustee that, if determined adversely
to the Trustee, would prohibit the Trustee from entering into this Agreement or that, in the Trustee’s good faith and reasonable
judgment, is likely to materially and adversely affect the ability of the Trustee to perform its obligations under this Agreement.

 

(viii)     The
Trustee is eligible to act as trustee hereunder in accordance with Section 8.06.

 

(b)          The
representations, warranties and covenants of the Trustee set forth in Section 2.10(a) shall survive the execution and
delivery of this Agreement and shall inure to the benefit of the Persons for whose benefit they were made for so long as the Trust
remains in existence. Upon discovery by any party hereto of a breach of any such representations, warranties and covenants that
materially and adversely affects the interests of the Certificateholders or any party hereto, the party discovering such breach
shall give prompt written notice thereof to the other parties hereto.

 

(c)          Any
successor Trustee shall be deemed to have made, as of the date of its succession, each of the representations and warranties set
forth in Section 2.10(a), subject to such appropriate modifications to the representation, warranty and covenant set
forth in Section 2.10(a)(i) to accurately reflect such successor’s jurisdiction of organization and whether it
is a corporation, partnership, bank, association or other type of organization.

 

Section
2.11     Creation of REMIC I; Issuance of the REMIC I Regular Interests and the REMIC I Residual Interest; Certain Matters
Involving REMIC I.

 

(a)          It
is the intention of the parties hereto that the following segregated pool of assets constitute a REMIC for federal income tax purposes
and, further, that such segregated pool of assets be designated as “REMIC I”: (i) the Mortgage Loans that are from
time to time subject to this Agreement, together with (A) all payments under and proceeds of such Mortgage Loans received after
the Closing Date (other than any Post-ARD Additional Interest) or, in the case of any such Mortgage Loan that is a Replacement
Mortgage Loan, after the related date of substitution (other than scheduled payments of interest and principal due on or before
the respective Cut-off Dates for such Mortgage Loans or, in the case of any such Mortgage Loan that is a Replacement Mortgage Loan,
on or before the related date of substitution, and exclusive of any such amounts that constitute Excess Servicing Fees), and (B)
all rights of the holder of such Mortgage Loans under the related Mortgage Loan Documents and in and to any related Additional
Collateral; (ii) any REO Property acquired in respect of any Mortgage Loan (or, in the case of any REO Property related to a Non-Trust-Serviced
Pooled Mortgage Loan, the beneficial interest of the holder of the related Mortgage Loan in such REO Property); (iii) such funds
and assets as from time to time are deposited in the Collection Account (but not in the Serviced Pari Passu Companion Loan Custodial
Account), the Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds Account and, if established (but,
in the case of any such account established with respect to a Serviced Loan Combination, subject to the rights of any Serviced
Pari Passu Companion Loan Holders), the REO Accounts (exclusive of any such amounts that constitute Excess Servicing Fees) and
(iv) the rights of the Depositor under Sections 2, 3, 4 (other than Section 4(c), (d) and
(f)) and 5 (other than Section 5(f), (g), (h)

 

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 and (i)) (and, to the extent related
to the foregoing, Sections 9, 10, 11, 12, 13, 14, 15, 17 and 18
of each Mortgage Loan Purchase Agreement. The Closing Date is hereby designated as the “Startup Day” of REMIC I within
the meaning of Section 860G(a)(9) of the Code.

 

(b)          Concurrently
with the assignment to the Trustee of the Original Mortgage Loans and certain related assets, pursuant to Section 2.01(b),
and in exchange therefor, the REMIC I Regular Interests and the REMIC I Residual Interest shall be issued. A single separate REMIC
I Regular Interest shall be issued with respect to each Original Mortgage Loan. For purposes of this Agreement each REMIC I Regular
Interest shall relate to the Original Mortgage Loan in respect of which it was issued, to each Replacement Mortgage Loan (if any)
substituted for such Original Mortgage Loan and to each REO Mortgage Loan deemed outstanding with respect to any REO Property acquired
in respect of such Original Mortgage Loan or any such Replacement Mortgage Loan (or, in the case of any REO Property related to
a Non-Trust-Serviced Pooled Mortgage Loan, the beneficial interest of the holder of the related Mortgage Loan in any related REO
Property). None of the REMIC I Regular Interests shall be certificated. The REMIC I Regular Interests and the REMIC I Residual
Interest shall collectively constitute the entire beneficial ownership of REMIC I.

 

(c)          The
REMIC I Regular Interests shall constitute the “regular interests” (within the meaning of Section 860G(a)(1) of the
Code), and the REMIC I Residual Interest shall constitute the sole “residual interest” (within the meaning of Section
860G(a)(2) of the Code), in REMIC I. None of the parties hereto, to the extent it is within the control thereof, shall create or
permit the creation of any other “interests” in REMIC I (within the meaning of Treasury Regulations Section 1.860D-1(b)(1)).

 

(d)          The
designation for each REMIC I Regular Interest shall be the identification number for the related Original Mortgage Loan set forth
in the Mortgage Loan Schedule.

 

(e)          Each
REMIC I Regular Interest shall have an Uncertificated Principal Balance. As of the Closing Date, the Uncertificated Principal Balance
of each REMIC I Regular Interest shall equal the Cut-off Date Principal Balance of the related Original Mortgage Loan (as specified
in the Mortgage Loan Schedule). On each Distribution Date, the Uncertificated Principal Balance of each REMIC I Regular Interest
shall be (1) permanently reduced by any distributions of principal deemed made with respect to such REMIC I Regular Interest on
such Distribution Date pursuant to Section 4.01(j) and (2) further adjusted in the manner and to the extent provided
in Section 4.04(c). Except as provided in the preceding sentence and except to the extent of the recovery of amounts
previously allocated as a Realized Loss as a result of the reimbursement from principal collections of Nonrecoverable Advances,
the Uncertificated Principal Balance of each REMIC I Regular Interest shall not otherwise be increased or reduced. Deemed distributions
to REMIC II in reimbursement of any Realized Losses and Additional Trust Fund Expenses previously deemed allocated to a REMIC I
Regular Interest, shall not constitute deemed distributions of principal and shall not result in any reduction of the Uncertificated
Principal Balance of such REMIC I Regular Interest.

 

(f)           The
per annum rate at which each REMIC I Regular Interest shall accrue interest during each Interest Accrual Period is herein
referred to as its “REMIC I Remittance Rate”. The REMIC I Remittance Rate in respect of any particular REMIC I Regular
Interest, for any Interest

 

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Accrual Period, shall equal: (A) if the related Original Mortgage Loan is or was, as the case may be,
a 30/360 Mortgage Loan, the related Net Mortgage Rate then in effect (including as a result of any step-up provision) for the related
Original Mortgage Loan under the original terms of such Mortgage Loan in effect as of the Closing Date (without regard to any modifications,
extensions, waivers or amendments of such Mortgage Loan subsequent to the Closing Date, whether entered into by the applicable
Master Servicer or the applicable Special Servicer or in connection with any bankruptcy, insolvency or other similar proceeding
involving the related Borrower) and (B) if the related Original Mortgage Loan is or was, as the case may be, an Actual/360 Mortgage
Loan, a fraction (expressed as a percentage), the numerator of which is the product of 12 times the Adjusted Actual/360 Accrued
Interest Amount with respect to such REMIC I Regular Interest for such Interest Accrual Period, and the denominator of which is
the Uncertificated Principal Balance of such REMIC I Regular Interest immediately prior to the Distribution Date that corresponds
to such Interest Accrual Period.

 

The “Adjusted
Actual/360 Accrued Interest Amount” with respect to any REMIC I Regular Interest referred to in clause (B)
of the second sentence of the prior paragraph, for any Interest Accrual Period, is an amount of interest equal to the product of
(a) the Net Mortgage Rate then in effect (including as a result of any step-up provision) for the related Mortgage Loan under the
original terms of such Mortgage Loan in effect as of the Closing Date (without regard to any modifications, extensions, waivers
or amendments of such Mortgage Loan subsequent to the Closing Date, whether entered into by the applicable Master Servicer or the
applicable Special Servicer or in connection with any bankruptcy, insolvency or other similar proceeding involving the related
Borrower), multiplied by (b) a fraction, the numerator of which is the number of days in such Interest Accrual Period, and
the denominator of which is 360, multiplied by (c) the Uncertificated Principal Balance of such REMIC I Regular Interest
immediately prior to the Distribution Date that corresponds to such Interest Accrual Period; provided that, if the subject
Interest Accrual Period occurs during (x) December of any year that does not immediately precede a leap year or (y) January of
any year, then the amount of interest calculated with respect to the subject REMIC I Regular Interest pursuant to this definition
for such Interest Accrual Period without regard to this proviso shall be decreased by the Interest Reserve Amount, if any (and
the fraction described in clause (B) of the second sentence of the preceding paragraph shall be adjusted accordingly),
with respect to the related Mortgage Loan (or any successor REO Mortgage Loan with respect thereto) transferred, in accordance
with Section 3.04(c), from the Distribution Account to the Interest Reserve Account on the Master Servicer Remittance
Date that occurs immediately following the end of such Interest Accrual Period; and provided, further, that, if the
subject Interest Accrual Period occurs during February of any year (or during any December or January preceding the month of the
Final Distribution Date), then the amount of interest calculated with respect to the subject REMIC I Regular Interest pursuant
to this definition for such Interest Accrual Period without regard to this proviso shall be increased by the Interest Reserve Amount(s),
if any (and the fraction described in clause (B) of the second sentence of the preceding paragraph shall be adjusted
accordingly), with respect to the related Mortgage Loan (or any successor REO Mortgage Loan with respect thereto) transferred,
in accordance with Section 3.05(c), from the Interest Reserve Account to the Distribution Account on the Master Servicer
Remittance Date that occurs immediately following the end of such Interest Accrual Period.

 

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(g)          Each
REMIC I Regular Interest shall bear interest. Such interest shall be calculated on a 30/360 Basis and, during each Interest Accrual
Period, such interest shall accrue at the REMIC I Remittance Rate with respect to such REMIC I Regular Interest for such Interest
Accrual Period on the Uncertificated Principal Balance of such REMIC I Regular Interest outstanding immediately prior to the related
Distribution Date. The total amount of interest accrued with respect to each REMIC I Regular Interest during each Interest Accrual
Period is referred to herein as its “Uncertificated Accrued Interest” for such Interest Accrual Period. The
portion of the Uncertificated Accrued Interest with respect to any REMIC I Regular Interest for any Interest Accrual Period that
shall be distributable to REMIC II, as the holder of such REMIC I Regular Interest, on the related Distribution Date pursuant to
Section 4.01(j), shall be an amount (herein referred to as the “Uncertificated Distributable Interest”
with respect to such REMIC I Regular Interest for the related Distribution Date) equal to (i) the Uncertificated Accrued Interest
with respect to such REMIC I Regular Interest for the related Interest Accrual Period, reduced (to not less than zero) by (ii)
the portion of any Net Aggregate Prepayment Interest Shortfall for such Distribution Date that is allocable to such REMIC I Regular
Interest. For purposes of the foregoing, the Net Aggregate Prepayment Interest Shortfall, if any, for each Distribution Date shall
be allocated among all the REMIC I Regular Interests on a pro rata basis in accordance with their respective amounts of
Uncertificated Accrued Interest for the related Interest Accrual Period. If the entire Uncertificated Distributable Interest with
respect to any REMIC I Regular Interest for any Distribution Date is not deemed distributed to REMIC II, as the holder of such
REMIC I Regular Interest, on such Distribution Date pursuant to Section 4.01(j), then the unpaid portion of such Uncertificated
Distributable Interest shall be distributable with respect to such REMIC I Regular Interest for future Distribution Dates as provided
in such Section 4.01(j).

 

(h)          Solely
for purposes of satisfying Treasury Regulations Section 1.860G-1(a)(4)(iii), the Latest Possible Maturity Date for each REMIC I
Regular Interest shall be the date that is the Rated Final Distribution Date.

 

(i)           The
REMIC I Residual Interest will not have a principal balance and will not bear interest.

 

Section
2.12     Conveyance of the REMIC I Regular Interests; Acceptance of the REMIC I Regular Interests by Trustee.

 

The Depositor, as of
the Closing Date, and concurrently with the execution and delivery of this Agreement, does hereby assign without recourse all of
its right, title and interest in and to the REMIC I Regular Interests to the Trustee for the benefit of the Holders of the Regular
Certificates and the Class R Certificates. The Trustee acknowledges the assignment to it of the REMIC I Regular Interests and declares
that it holds and will hold the same in trust for the exclusive use and benefit of all present and future Holders of the Regular
Certificates and the Class R Certificates.

 

Section
2.13    Creation of REMIC II; Issuance of the REMIC II Regular Interests and the REMIC II Residual Interest; Certain
Matters Involving REMIC II.     (a)     It is the intention of the parties hereto
that the segregated pool of assets consisting of the REMIC I Regular Interests constitute a REMIC for federal income tax purposes
and, further, that such segregated pool of

 

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assets be designated as “REMIC II”. The Closing Date is hereby designated
as the “Startup Day” of REMIC II within the meaning of Section 860G(a)(9) of the Code.

 

(b)          Concurrently
with the assignment of the REMIC I Regular Interests to the Trustee pursuant to Section 2.12 and in exchange therefor,
the REMIC II Regular Interests and the REMIC II Residual Interest shall be issued. None of the REMIC II Regular Interests shall
be certificated. The REMIC II Regular Interests and the REMIC II Residual Interest shall collectively constitute the entire beneficial
ownership of REMIC II.

 

(c)          The REMIC II Regular Interests shall constitute the “regular interests” (within the meaning of Section 860G(a)(1)
of the Code), and the REMIC II Residual Interest shall constitute the sole “residual interest” (within the
meaning of Section 860G(a)(2) of the Code), in REMIC II. None of the parties hereto, to the extent it is within the control
thereof, shall create or permit the creation of any other “interests” in REMIC II (within the meaning of Treasury
Regulations Section 1.860D-1(b)(1)).

 

(d)          The
REMIC II Regular Interests will have the alphabetic or alphanumeric designations indicated in the table set forth in the Preliminary
Statement under the caption “REMIC II”.

 

(e)          Each
REMIC II Regular Interest shall have an Uncertificated Principal Balance. As of the Closing Date, the Uncertificated Principal
Balance of each REMIC II Regular Interest shall equal the amount set forth opposite such REMIC II Regular Interest in the table
set forth in the Preliminary Statement under the caption “REMIC II”. On each Distribution Date, the Uncertificated
Principal Balance of each REMIC II Regular Interest shall be (1) permanently reduced by any distributions of principal deemed made
with respect to such REMIC II Regular Interest on such Distribution Date pursuant to Section 4.01(i), and (2) further
adjusted in the manner and to the extent provided in Section 4.04(b). Except as provided in the preceding sentence
and except to the extent of the recovery of amounts previously allocated as a Realized Loss as a result of the reimbursement from
principal collections of Nonrecoverable Advances, the Uncertificated Principal Balance of each REMIC II Regular Interest shall
not otherwise be increased or reduced. Deemed distributions to REMIC III in reimbursement of any Realized Losses and Additional
Trust Fund Expenses previously deemed allocated to a REMIC II Regular Interest, shall not constitute deemed distributions of principal
and shall not result in any reduction of the Uncertificated Principal Balance of such REMIC II Regular Interest.

 

The per annum
rate at which each REMIC II Regular Interest shall accrue interest during each Interest Accrual Period is herein referred to as
its “REMIC II Remittance Rate”. The REMIC II Remittance Rate with respect to each REMIC II Regular Interest for any
Interest Accrual Period shall be the WAC Rate for such Interest Accrual Period.

 

(f)           Each
REMIC II Regular Interest shall bear interest. Such interest shall be calculated on a 30/360 Basis and, during each Interest Accrual
Period, such interest shall accrue at the REMIC II Remittance Rate with respect to such REMIC II Regular Interest for such Interest
Accrual Period on the Uncertificated Principal Balance of such REMIC II Regular Interest outstanding immediately prior to the related
Distribution Date. The total amount of interest accrued with respect to each REMIC II Regular Interest during each Interest Accrual

 

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Period is referred to herein as its “Uncertificated Accrued Interest” for such Interest Accrual Period. The portion
of the Uncertificated Accrued Interest with respect to any REMIC II Regular Interest for any Interest Accrual Period that shall
be distributable to REMIC III, as the holder of such REMIC II Regular Interest, on the related Distribution Date pursuant to Section 4.01(i),
shall be an amount (herein referred to as the “Uncertificated Distributable Interest” with respect to such REMIC II
Regular Interest for the related Distribution Date) equal to (i) the Uncertificated Accrued Interest with respect to such REMIC
II Regular Interest for the related Interest Accrual Period, reduced (to not less than zero) by (ii) the portion of any Net Aggregate
Prepayment Interest Shortfall for such Distribution Date that is allocable to such REMIC II Regular Interest. For purposes of the
foregoing, the Net Aggregate Prepayment Interest Shortfall, if any, for each Distribution Date shall be allocated among all the
REMIC II Regular Interests on a pro rata basis in accordance with their respective amounts of Uncertificated Accrued Interest
for the related Interest Accrual Period. If the entire Uncertificated Distributable Interest with respect to any REMIC II Regular
Interest for any Distribution Date is not deemed distributed to REMIC III, as the holder of such REMIC II Regular Interest, on
such Distribution Date pursuant to Section 4.01(i), then the unpaid portion of such Uncertificated Distributable Interest
shall be distributable with respect to such REMIC II Regular Interest for future Distribution Dates as provided in such Section 4.01(i).

 

(g)          Solely
for purposes of satisfying Treasury Regulations Section 1.860G-1(a)(4)(iii), the Latest Possible Maturity Date for each REMIC II
Regular Interest shall be the Rated Final Distribution Date.

 

(h)          The
REMIC II Residual Interest shall not have a principal balance and shall not bear interest.

 

Section
2.14     Conveyance of the REMIC II Regular Interests; Acceptance of the REMIC II Regular Interests
by Trustee. The Depositor, as of the Closing Date, and concurrently with the execution and delivery of this Agreement, does
hereby assign without recourse all of its right, title and interest in and to the REMIC II Regular Interests to the Trustee for
the benefit of the Holders of the Regular Certificates and the Class R Certificates. The Trustee acknowledges the assignment to
it of the REMIC II Regular Interests and declares that it holds and will hold the same in trust for the exclusive use and benefit
of all present and future Holders of the Regular Certificates and the Class R Certificates.

 

Section
2.15     Creation of REMIC III; Issuance of the Regular Certificates, the Class A-S Regular Interest, the Class B Regular
Interest, the Class C Regular Interest, the REMIC III Components and the REMIC III Residual Interest; Certain Matters Involving
REMIC III and the Class A-S, Class B, Class C and Class PEX Certificates.

 

(a)          It
is the intention of the parties hereto that the segregated pool of assets consisting of the REMIC II Regular Interests constitute
a REMIC for federal income tax purposes and, further, that such segregated pool of assets be designated as “REMIC III”.
The Closing Date is hereby designated as the “Startup Day” of REMIC III within the meaning of Section 860G(a)(9) of
the Code.

  

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(b)          Concurrently
with the assignment of the REMIC II Regular Interests to the Trustee pursuant to Section 2.14 and in exchange therefor,
the REMIC III Residual Interest shall be issued and the Certificate Administrator shall execute, and the Authenticating Agent shall
authenticate and deliver, to or upon the order of the Depositor, (i) the Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB,
Class X-A, Class X-D, Class X-E, Class X-FG, Class X-H, Class D, Class E, Class F, Class G and Class H Certificates in authorized
denominations and (ii) the Class A-S Regular Interest, Class B Regular Interest and Class C Regular Interest, and the Depositor
does hereby assign without recourse all of its right, title and interest in and to the Class A-S Regular Interest, Class B Regular
Interest and Class C Regular Interest to the Trustee for the benefit of (i) in the case of the Class A-S Regular Interest, the
Holders of the Class A-S Certificates and the Class A-S-PEX Component, (ii) in the case of the Class B Regular Interest, the Holders
of the Class B Certificates and the Class B-PEX Component, and (iii) in the case of the Class C Regular Interest, the Holders of
the Class C Certificates and the Class C-PEX Component. The Class X-A Certificates shall evidence the ownership of six (6) “regular
interests” corresponding to the REMIC III Components whose designations are described in the first sentence under the caption
“REMIC III—Designations of the REMIC III Components” in the Preliminary Statement hereto, the Class X-D Certificates
shall evidence the ownership of one (1) “regular interest” corresponding to the REMIC III Component whose designation
is described in the second sentence under the caption “REMIC III—Designations of the REMIC III Components” in
the Preliminary Statement hereto, the Class X-E Certificates shall evidence the ownership of one (1) “regular interest”
corresponding to the REMIC III Component whose designation is described in the third sentence under the caption “REMIC III—Designations
of the REMIC III Components” in the Preliminary Statement hereto, the Class X-FG Certificates shall evidence the ownership
of two (2) “regular interests” corresponding to the REMIC III Components whose designations are described in the fourth
sentence under the caption “REMIC III—Designations of the REMIC III Components” in the Preliminary Statement
hereto and the Class X-H Certificates shall evidence the ownership of one (1) “regular interest” corresponding to the
REMIC III Component whose designation is described in the fifth sentence under the caption “REMIC III—Designations
of the REMIC III Components” in the Preliminary Statement hereto. The interests evidenced by the Regular Certificates, together
with the Class A-S Regular Interest, Class B Regular Interest and Class C Regular Interest and the REMIC III Residual Interest,
shall collectively constitute the entire beneficial ownership of REMIC III.

 

(c)          The
Regular Certificates (in the case of those Principal Balance Certificates), the Class A-S Regular Interest, Class B Regular Interest
and Class C Regular Interest and the REMIC III Components (in the case of the Interest Only Certificates), shall constitute the
“regular interests” (within the meaning of Section 860G(a)(1) of the Code), and the REMIC III Residual Interest shall
constitute the sole “residual interest” (within the meaning of Section 860G(a)(2) of the Code), in REMIC III. None
of the parties hereto, to the extent it is within the control thereof, shall create or permit the creation of any other “interests”
in REMIC III (within the meaning of Treasury Regulations Section 1.860D-1(b)(1)).

 

(d)          [Reserved.]

 

(e)          Each
Class of Principal Balance Certificates and each of the Class A-S Regular Interest, Class B Regular Interest and Class C Regular
Interest shall have a Class Principal Balance. As of the Closing Date, the Class Principal Balance of each such Class of Principal

 

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Balance
Certificates or Regular Interests shall equal the amount set forth opposite such Class of Certificates or the Class A-S Regular
Interest, Class B Regular Interest or Class C Regular Interest, as applicable, in the table set forth in the Preliminary Statement
under the caption “REMIC III”. On each Distribution Date, the Class Principal Balance of each such Class of Principal
Balance Certificates or the Class A-S Regular Interest, Class B Regular Interest or Class C Regular Interest, as applicable, shall
be permanently reduced by any distributions of principal made in respect of such Class on such Distribution Date pursuant to Section 4.01(a)
and shall be further adjusted in the manner and to the extent provided in Section 4.04(a). Except as provided
in the preceding sentence and except to the extent of the recovery of amounts previously allocated as a Realized Loss as a result
of the reimbursement from principal collections of Nonrecoverable Advances, the Class Principal Balance of each such Class of
Principal Balance Certificates or the Class A-S Regular Interest, Class B Regular Interest or Class C Regular Interest, as applicable,
shall not otherwise be increased or reduced. Distributions in reimbursement of the Holders of any such Class of Principal Balance
Certificates or the Class A-S Regular Interest, Class B Regular Interest or Class C Regular Interest, as applicable, for previously
allocated Realized Losses and Additional Trust Fund Expenses shall not constitute distributions of principal and shall not result
in any reduction of the Certificate Principal Balances of such Principal Balance Certificates or Class A-S Regular Interest, Class
B Regular Interest or Class C Regular Interest or of the related Class Principal Balance of such Class of Principal Balance Certificate
or Class A-S Regular Interest, Class B Regular Interest or Class C Regular Interest.

 

The Interest Only Certificates
shall not have principal balances. For purposes of accruing interest, however, each Class of Interest Only Certificates shall have
or be deemed to have a Class Notional Amount that is, as of any date of determination, equal to: (i) in the case of the Class X-A
Certificates, the total of the then Component Notional Amounts of the REMIC III Components of the Class X-A Certificates; (ii)
in the case of the Class X-D Certificates, the then Component Notional Amount of the REMIC III Component of the Class X-D Certificates;
(iii) in the case of the Class X-E Certificates, the then Component Notional Amount of the REMIC III Component of the Class X-E
Certificates; (iv) in the case of the Class X-FG Certificates, the total of the then Component Notional Amounts of the REMIC III
Components of the Class X-FG Certificates; and (v) in the case of the Class X-H Certificates, the then Component Notional Amount
of the REMIC III Component of the Class X-H Certificates.

 

None of the REMIC III
Components of the Class X-A Certificates, the REMIC III Component of the Class X-D Certificates, the REMIC III Component of the
Class X-E Certificates, the REMIC III Components of the Class X-FG Certificates or the REMIC III Component of the Class X-H Certificates
shall have a principal balance. For purposes of accruing interest, however, each REMIC III Component of the Class X-A Certificates,
the REMIC III Component of the Class X-D Certificates, the REMIC III Component of the Class X-E Certificates, each REMIC III Component
of the Class X-FG Certificates and the REMIC III Component of the Class X-H Certificates shall have a Component Notional Amount.
The Component Notional Amount of each REMIC III Component of the Class X-A Certificates is, as of any date of determination, equal
to the then-current Uncertificated Principal Balance of the REMIC II Regular Interest that is the Corresponding REMIC II Regular
Interest for such REMIC III Component. The Component Notional Amount of the REMIC III Component of the Class X-D Certificates is,
as of any date of determination, equal to the then-current Uncertificated

 

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Principal
Balance of the REMIC II Regular Interest that is the Corresponding REMIC II Regular Interest for such REMIC III Component. The
Component Notional Amount of the REMIC III Component of the Class X-E Certificates is, as of any date of determination, equal
to the then-current Uncertificated Principal Balance of the REMIC II Regular Interest that is the Corresponding REMIC II Regular
Interest for such REMIC III Component. The Component Notional Amount of each REMIC III Component of the Class X-FG Certificates
is, as of any date of determination, equal to the then-current Uncertificated Principal Balance of the REMIC II Regular Interest
that is the Corresponding REMIC II Regular Interest for such REMIC III Component. The Component Notional Amount of the REMIC III
Component of the Class X-H Certificates is, as of any date of determination, equal to the then-current Uncertificated Principal
Balance of the REMIC II Regular Interest that is the Corresponding REMIC II Regular Interest for such REMIC III Component.

 

(f)           Each
Class of Regular Certificates, each of the Class A-S, Class B and Class C Certificates, each of the Class PEX Components, and each
of the Class A-S Regular Interest, Class B Regular Interest and Class C Regular Interest, shall have or be deemed to have a Pass-Through
Rate as set forth in the definition of “Pass-Through Rate.” The Class PEX Certificates shall not have a Pass-Through
Rate, but will be entitled to receive the sum of the interest distributable on the Class PEX Components.

 

(g)          Solely
for purposes of satisfying Treasury Regulations Section 1.860G-1(a)(4)(iii), the Latest Possible Maturity Date for each Class of
Regular Certificates (other than the Class A-S, Class B, Class C and Interest Only Certificates), REMIC III Component and the Class
A-S Regular Interest, Class B Regular Interest and Class C Regular Interest shall be the Rated Final Distribution Date.

 

(h)          The
REMIC III Residual Interest shall not have a principal balance and shall not bear interest.

 

(i)           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 A-S Regular Interest, Class B Regular Interest
and Class C Regular Interest to the Trustee for the benefit of the respective Holders of (i) in the case of the Class A-S Regular
Interest, the Class A-S Certificates and the Class PEX Certificates in respect of the Class A-S-PEX Component, (ii) in the case
of the Class B Regular Interest, the Class B Certificates and the Class PEX Certificates in respect of the Class B-PEX Component,
and (iii) in the case of the Class C Regular Interest, the Class C Certificates and the Class PEX Certificates in respect of the
Class C-PEX Component. The Trustee further (i) acknowledges the assignment to it of the Class A-S Regular Interest, Class B Regular
Interest and Class C Regular Interest, (ii) declares that it holds and will hold the Class A-S Regular Interest, Class B Regular
Interest and Class C Regular Interest in trust for the exclusive use and benefit of all present and future Holders of (A) in the
case of the Class A-S Regular Interest, the Class A-S Certificates and the Class A-S-PEX Component, (B) in the case of the Class
B Regular Interest, the Class B Certificates and the Class B-PEX Component, and (C) in the case of the Class C Regular Interest,
the Class C Certificates and the Class C-PEX Component, and (iii) declares that it has caused the Certificate Registrar to execute,
and has caused the Authenticating Agent to authenticate and to deliver to or upon the order of the Depositor, in exchange for the
Class A-S

 

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Regular Interest, Class B Regular Interest and Class C Regular Interest, and the Depositor hereby acknowledges the receipt
by it or its designees of the Class A-S, Class B, Class C and Class PEX Certificates in authorized denominations.

 

Section
2.16     Issuance of the Class R Certificates.

 

Simultaneously with
the issuance of the Regular Certificates and the Class A-S Regular Interest, Class B Regular Interest and Class C Regular Interest,
the Certificate Registrar shall execute, and the Authenticating Agent shall authenticate and deliver, to or upon the order of the
Depositor, the Class R Certificates in authorized denominations, and evidencing the entire beneficial ownership of each of the
REMIC I Residual Interest, the REMIC II Residual Interest and the REMIC III Residual Interest. The rights of the Holders of the
Class R Certificates to receive distributions from the proceeds of the Trust Fund, and all ownership interests of such Holders
in and to such distributions, shall be as set forth in this Agreement.

 

Section
2.17     Grantor Trust Pool; Issuance of the Class A-S, Class B, Class C and Class PEX Certificates.

 

(a)          It
is the intention of the parties hereto that: (i) the segregated pool of assets consisting of the Class A-S Specific Grantor
Trust Assets shall constitute a separate portion of the Trust Fund, and the Class A-S Certificates are hereby designated as
representing undivided beneficial interests in such portion of the Trust Fund; (ii) the segregated pool of assets consisting
of the Class B Specific Grantor Trust Assets shall constitute a separate portion of the Trust Fund, and the Class B
Certificates are hereby designated as representing undivided beneficial interests in such portion of the Trust Fund; (iii)
the segregated pool of assets consisting of the Class C Specific Grantor Trust Assets shall constitute a separate portion of
the Trust Fund, and the Class C Certificates are hereby designated as representing undivided beneficial interests in such
portion of the Trust Fund; (iv) the segregated pool of assets consisting of the Class PEX Specific Grantor Trust Assets shall
constitute a separate portion of the Trust Fund, and the Class PEX Certificates are hereby designated as representing
undivided beneficial interests in such portion of the Trust Fund; (v) such portions of the Trust Fund collectively constitute
a Grantor Trust for federal income tax purposes; and (vi) such segregated pools of assets be collectively designated as the
“Grantor Trust Pool” and that the affairs of such portions of the Trust Fund shall be conducted so as to qualify
as a Grantor Trust. The provisions of this Agreement shall be interpreted consistently with the foregoing intention. The
Trustee, by its execution and delivery hereof, acknowledges the assignment to it of the assets of the Grantor Trust Pool and
declares that it holds and will hold such assets in trust for the exclusive use and benefit of all present and future Holders
of the Class A-S, Class B, Class C and Class PEX Certificates, as applicable.

 

(b)          Simultaneously
with the assignment to the Trustee of the assets included in the Grantor Trust Pool, the Certificate Registrar shall execute, and
the Authenticating Agent shall authenticate and deliver, to or upon the order of the Depositor, the Class A-S, Class B, Class C
and Class PEX Certificates in authorized denominations evidencing the entire beneficial ownership of the related portions of the
Grantor Trust Pool. The rights of the Holders of the Class A-S, Class B, Class C and Class PEX Certificates to receive distributions
from the related proceeds of the Grantor Trust Pool, and all ownership interests of such Holders in and to such distributions,
shall be as set forth in this Agreement.

 

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Article
III

ADMINISTRATION AND SERVICING OF THE TRUST FUND

 

Section
3.01     General Provisions.

 

(a)          Each
of the Master Servicers and the Special Servicers shall service and administer the applicable Serviced Mortgage Loans, any applicable
Serviced Pari Passu Companion Loans and any applicable Administered REO Properties that it is obligated (as provided below) to
service and administer pursuant to this Agreement on behalf of the Trustee, and in the best interests and for the benefit of the
Certificateholders (or, in the case of any Serviced Loan Combination, of the Certificateholders and the related Serviced Pari Passu
Companion Loan Holder(s)) (as determined by the applicable Master Servicer or the applicable Special Servicer, as the case may
be, in its good faith and reasonable judgment), as a collective whole, in accordance with any and all applicable laws, the terms
of this Agreement, the terms of the respective Serviced Mortgage Loans and, in the case of any Serviced Loan Combination, the terms
of the related Intercreditor Agreement (provided that, in the event the applicable Master Servicer or the applicable Special
Servicer, as applicable, in its reasonably exercised judgment determines that following the terms of any Mortgage Loan Document
would or potentially would result in an Adverse REMIC Event (for which determination, the applicable Master Servicer and the applicable
Special Servicer will be entitled to rely on advice of counsel, the cost of which will be reimbursed as an Additional Trust Fund
Expense by withdrawal from the Collection Accounts), the applicable Master Servicer or the applicable Special Servicer, as applicable,
must comply with the REMIC Provisions to the extent necessary to avoid an Adverse REMIC Event) and, to the extent consistent with
the foregoing, in accordance with the Servicing Standard. The General Master Servicer shall be the applicable Master Servicer with
respect to all the Mortgage Loans (other than the NCB Mortgage Loans), any related Serviced Pari Passu Companion Loans and other
related assets in the Trust and, as such, shall service and administer such Mortgage Loans, any related Serviced Pari Passu Companion
Loans and such other assets as shall be required of the applicable Master Servicer hereunder and under any related Intercreditor
Agreement. The General Special Servicer shall be the applicable Special Servicer, in each case with respect to all the Serviced
Mortgage Loans (other than the NCB Mortgage Loans and the One Court Square Mortgage Loan), any related Serviced Pari Passu Companion
Loans and other related assets in the Trust and, as such, shall service and administer such Mortgage Loans, any related Serviced
Pari Passu Companion Loans and such other assets as shall be required of the applicable Special Servicer, hereunder and under any
related Intercreditor Agreement. The One Court Square Special Servicer shall be the applicable Special Servicer with respect to
the One Court Square Mortgage Loan, the related Serviced Pari Passu Companion Loans and other related assets in the Trust and,
as such, shall service and administer such Mortgage Loan and Serviced Pari Passu Companion Loans and such other assets as shall
be required of the applicable Special Servicer hereunder and under any related Intercreditor Agreement. The NCB Master Servicer
shall be the applicable Master Servicer, and the NCB Special Servicer shall be the applicable Special Servicer, with respect to
the NCB Mortgage Loans and other related assets in the Trust and, as such, shall service and administer such NCB Mortgage Loans
and such other assets as shall be required of the applicable Master Servicer or the applicable Special Servicer, as applicable,
hereunder. For purposes of this Agreement and any references to the duties and obligations of the Master Servicers or Special Servicers,
any references to Mortgage Loans or

 

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Serviced Pari Passu Companion Loans in the context of such duties and/or obligations shall
be deemed to refer solely to the Mortgage Loans or Serviced Pari Passu Companion Loans serviced by the applicable Master Servicer
or the applicable Special Servicer and no other Mortgage Loan, Serviced Pari Passu Companion Loan or other related asset in the
Trust serviced hereunder, unless specifically indicated otherwise. In clarification of, and neither in addition to nor in deletion
of the duties and obligations of the applicable Master Servicer or the applicable Special Servicer pursuant to this Agreement,
no provision herein contained shall be construed as an express or implied guarantee by the applicable Master Servicer or the applicable
Special Servicer of the collectability or recoverability of payments on the Mortgage Loans or any Serviced Pari Passu Companion
Loan or shall be construed to impair or adversely affect any rights or benefits provided by this Agreement to the applicable Master
Servicer or the applicable Special Servicer (including with respect to Master Servicing Fees or the right to be reimbursed for
Advances). Any provision in this Agreement for any Advance by the applicable Master Servicer, the applicable Special Servicer or
the Trustee is intended solely to provide liquidity for the benefit of the Certificateholders and, if applicable, any Serviced
Pari Passu Companion Loan Holders, and not as credit support or otherwise to impose on any such Person the risk of loss with respect
to one or more of the Mortgage Loans. No provision hereof shall be construed to impose liability on the applicable Master Servicer
or the applicable Special Servicer for the reason that any recovery to the Certificateholders (or, in the case of any Serviced
Loan Combination, to the Certificateholders and the related Serviced Pari Passu Companion Loan Holder(s)) in respect of a Mortgage
Loan at any time after a determination of present value recovery made in its reasonable and good faith judgment in accordance with
the Servicing Standard by the applicable Master Servicer or the applicable Special Servicer hereunder at any time is less than
the amount reflected in such determination. Without limiting the foregoing, and subject to Section 3.21(f), (i) the applicable
Master Servicer shall service and administer all related Performing Serviced Mortgage Loans and related Performing Serviced Pari
Passu Companion Loans, (ii) the applicable Special Servicer shall service and administer (x) each Serviced Mortgage Loan and each
Serviced Pari Passu Companion Loan (other than Corrected Mortgage Loans) as to which a Servicing Transfer Event has occurred, and
(y) each Administered REO Property; provided that the applicable Master Servicer shall continue to (A) make P&I Advances
required hereunder with respect to each related Mortgage Loan that constitutes a Specially Serviced Mortgage Loan and each related
successor REO Mortgage Loan in respect thereof, (B) make Servicing Advances required hereunder with respect to any related Specially
Serviced Mortgage Loans and Administered REO Properties (and related REO Mortgage Loans), (C) receive payments, collect information
and deliver reports to the Certificate Administrator and the Trustee required hereunder with respect to any related Specially Serviced
Mortgage Loans and Administered REO Properties (and the related REO Mortgage Loans), and (D) render such incidental services with
respect to any related Specially Serviced Mortgage Loans and Administered REO Properties as and to the extent as may be specifically
provided for herein. In addition, the applicable Master Servicer shall notify the applicable Special Servicer within three (3)
Business Days following its receipt of any collections on any Specially Serviced Mortgage Loan or REO Mortgage Loan, the applicable
Special Servicer shall within one Business Day thereafter notify the applicable Master Servicer with instructions on how to apply
such collections and the applicable Master Servicer shall apply such collections in accordance with such instructions within one
Business Day following the applicable Master Servicer’s receipt of such notice.

 

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(b)          Subject
to Section 3.01(a) and the other terms and provisions of this Agreement, the applicable Master Servicer and the applicable
Special Servicer shall each have full power and authority, acting alone or, subject to Section 3.22, through Sub-Servicers,
to do or cause to be done any and all things in connection with such servicing and administration which it may deem necessary or
desirable. Without limiting the generality of the foregoing, the applicable Master Servicer (with respect to those Serviced Mortgage
Loans and any Serviced Pari Passu Companion Loan that it is obligated to service and administer pursuant to this Agreement) and
the applicable Special Servicer (with respect to the Specially Serviced Mortgage Loans and Administered REO Properties that it
is obligated to service and administer pursuant to this Agreement and with respect to Performing Serviced Mortgage Loans and, if
applicable a related Performing Serviced Pari Passu Companion Loan, with respect to which the applicable Special Servicer is to
process the applicable matter pursuant to Section 3.21(f)), in its own name or in the name of the Trustee, is hereby authorized
and empowered by the Trustee (and in the case of any Serviced Loan Combination is, pursuant to the related Intercreditor Agreement,
authorized by the related Serviced Pari Passu Companion Loan Holder) to execute and deliver, on behalf of the Certificateholders,
the Trustee (and in the case of any Serviced Loan Combination), the related Serviced Pari Passu Companion Loan Holder, or any of
them: (i) 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 on the related Mortgaged Property and other
related collateral; (ii) 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 (iii) subject to Sections 3.08, 3.20
and 3.24) 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 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, consents
to other matters that pursuant to the applicable Mortgage Loan Documents require the consent of the holder of the Mortgage, 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 the 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 Serviced Mortgage Loan under the related Mortgage Loan Documents, lease subordination agreements,
non-disturbance and attornment agreements or other leasing or rental arrangements that may be requested by any Borrower or its
tenants, documents granting, modifying or releasing (or joining the Borrower therein) 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 Serviced Mortgage Loan and any other consents. Subject to
Section 3.10, the Trustee shall, at the written request of a Servicing Officer of the applicable Master Servicer or the
applicable Special Servicer, furnish, or cause to be so furnished, to the applicable Master Servicer or the applicable Special
Servicer, as the case may be, any limited powers of attorney in the form attached as Exhibit L-1 or Exhibit L-2 hereto,
as applicable (or such other form as mutually agreed to by the Trustee and the applicable Master Servicer or the applicable Special
Servicer, as applicable) and other documents (each of which

 

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shall be prepared by the applicable Master Servicer or the applicable
Special Servicer, as the case may be) necessary or appropriate to enable it to carry out its servicing and administrative duties
hereunder; provided that the Trustee shall not be held responsible or liable for any negligence with respect to, or any
willful misuse of, any such power of attorney by the applicable Master Servicer or the applicable Special Servicer. Without limiting
the generality of the foregoing, the Trustee shall execute and deliver to the applicable Master Servicer and the applicable Special
Servicer, on or before the Closing Date, a power of attorney in the form attached as Exhibit L-1 or Exhibit L-2 hereto,
as applicable (or such other form as mutually agreed to by the Trustee and the applicable Master Servicer or the applicable Special
Servicer, as applicable). Notwithstanding anything contained herein to the contrary, neither the applicable Master Servicer nor
the applicable Special Servicer shall, without the Trustee’s written consent: (i) initiate any action, suit or proceeding
solely under the Trustee’s name without indicating the applicable Master Servicer’s or applicable Special Servicer’s,
as applicable, representative capacity; provided, however, that in those jurisdictions in which the foregoing requirement
would not be legally or procedurally permissible, the applicable Master Servicer or the applicable Special Servicer, as applicable,
shall provide five (5) Business Days’ prior written notice to the Trustee of the initiation of such action, suit or proceeding
(or provide such prior notice as the applicable Master Servicer or the applicable Special Servicer, as applicable, shall determine
in its reasonable judgment exercised in accordance with the Servicing Standard, to be reasonably practicable prior to filing such
action, suit or proceeding) (and shall not be required to obtain the Trustee’s written consent or indicate the applicable
Master Servicer’s or applicable 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. The applicable Master
Servicer and the applicable Special Servicer shall indemnify (out of its own funds without reimbursement therefor) the Trustee
for any and all costs, liabilities and expenses incurred by the Trustee in connection with the negligent or willful misuse of such
power of attorney by the applicable Master Servicer or the applicable Special Servicer, as the case may be.

 

(c)          The
applicable Master Servicer or the applicable Special Servicer, as the case may be, in accordance with this Agreement, shall service
and administer each Cross-Collateralized Group as a single Mortgage Loan as and when necessary and appropriate consistent with
the Servicing Standard and applicable law and in accordance with this Agreement.

 

(d)          The
relationship of the applicable Master Servicer and the applicable Special Servicer to the Trustee and, unless they are the same
Person, one another under this Agreement is intended by the parties to be that of an independent contractor and not that of a joint
venturer, partner or agent.

 

(e)          Notwithstanding
anything herein to the contrary, the parties hereto acknowledge and agree that each of the applicable Master Servicer’s and
applicable Special Servicer’s obligations and responsibilities hereunder and the applicable Master Servicer’s and applicable
Special Servicer’s authority with respect to the Non-Serviced Loan Combinations and any REO Property that is not an Administered
REO Property is limited by and subject to the terms of the related Intercreditor Agreements and the rights, responsibilities and
obligations of the Non-Trust Master Servicer, the Non-Trust Special Servicer and the Non-Trust Trustee under the related Non-Trust
Pooling and Servicing Agreement. The applicable Master Servicer shall, to the extent directed and instructed as contemplated by
Section 3.01(g), enforce the rights of the Trustee (as

 

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holder of each Non-Trust-Serviced Pooled Mortgage Loan) under the
related Intercreditor Agreement and the related Non-Trust Pooling and Servicing Agreement.

 

(f)           Nothing
contained in this Agreement shall limit the ability of the applicable Master Servicer or the applicable Special Servicer to lend
money to (to the extent not secured, in whole or in part, by any Mortgaged Property, except, in the case of an NCB Co-op Mortgage
Loan, any such indebtedness as to which the NCB Subordinate Debt Conditions have been satisfied, which indebtedness may be secured
by a lien on the related Mortgaged Property), accept deposits from and otherwise generally engage in any kind of business or dealings
with any Borrower as though the applicable Master Servicer or the applicable Special Servicer was not a party to this Agreement
or to the transactions contemplated hereby; provided that this sentence shall not be construed to modify or supersede the
Servicing Standard.

 

(g)          The
parties hereto acknowledge that each Non-Trust-Serviced Pooled Mortgage Loan and any REO Property that is not an Administered REO
Property is subject to the terms and conditions of the related Intercreditor Agreement and the related Non-Trust Pooling and Servicing
Agreement. The parties hereto recognize the respective rights and obligations of the “Initial Note Holders” and “Note
Holders” (or the analogous terms) under the Intercreditor Agreements for such Non-Trust-Serviced Pooled Mortgage Loans, including
with respect to the allocation of collections and losses on or in respect of such Non-Trust-Serviced Pooled Mortgage Loans and
the related Non-Serviced Companion Loans and the making of payments to the “Initial Note Holders” and “Note Holders”
in accordance with each such Intercreditor Agreement and the related Non-Trust Pooling and Servicing Agreement. The parties hereto
further acknowledge that, pursuant to the related Intercreditor Agreement(s) for each Non-Trust-Serviced Pooled Mortgage Loan and
any REO Property that is not an Administered REO Property, each Non-Trust-Serviced Pooled Mortgage Loan, the related Non-Serviced
Companion Loan(s) and any REO Property that is not an Administered REO Property are to be serviced and administered by the related
Non-Trust Master Servicer and related Non-Trust Special Servicer in accordance with the related Non-Trust Pooling and Servicing
Agreement. Although each Non-Trust-Serviced Pooled Mortgage Loan is not a Serviced Mortgage Loan hereunder, the applicable Master
Servicer hereunder for each such Non-Trust-Serviced Pooled Mortgage Loan shall have certain duties as set forth herein and shall
constitute the “Master Servicer” hereunder with respect to each such Non-Trust-Serviced Pooled Mortgage Loan. The applicable
Special Servicer shall have no obligations under this Agreement for servicing any Non-Serviced Loan Combinations or related REO
Property.

 

With respect to any
Non-Trust-Serviced Pooled Mortgage Loan, the parties to this Agreement shall have no obligation or authority to supervise respective
parties to the related Non-Trust Pooling and Servicing Agreement (but this statement shall not relieve them of liabilities they
may otherwise have in their capacities as parties to such Non-Trust Pooling and Servicing Agreement) or to make Servicing Advances
with respect to any such Non-Trust-Serviced Pooled Mortgage Loan. If there are at any time amounts due from the Trust, as holder
of a Non-Trust-Serviced Pooled Mortgage Loan, to any party under the related Intercreditor Agreement or the related Non-Trust Pooling
and Servicing Agreement pursuant to the terms thereof, the applicable Master Servicer shall notify the applicable Special Servicer
and the Subordinate Class Representative, and the applicable Master Servicer shall pay such amounts out of the related Collection
Account. Except as otherwise expressly addressed in Section 3.20, if a

 

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party to the Non-Trust Pooling and Servicing
Agreement related to a Non-Trust-Serviced Pooled Mortgage Loan requests the Trustee to consent to a modification, waiver or amendment
of, or other loan-level action related to, such Non-Trust-Serviced Pooled Mortgage Loan, then the Trustee shall promptly deliver
a copy of such request to the applicable Master Servicer to be addressed by the applicable Master Servicer pursuant to Section 3.20(g);
provided that, if such Non-Trust-Serviced Pooled Mortgage Loan were serviced hereunder and such action would not be permitted
without Rating Agency Confirmation, then the applicable Master Servicer shall not grant such direction without first having obtained
such Rating Agency Confirmation (payable at the expense of the party requesting such approval of the Trustee, if a Certificateholder
or a party to this Agreement, otherwise from the Collection Account). If a Responsible Officer of the Trustee receives actual notice
of a “servicer termination event” (or other similar term) under the related Non-Trust Pooling and Servicing Agreement,
then (during any Subordinate Control Period or Collective Consultation Period) the Trustee shall notify (in writing), and direct
the applicable Master Servicer to act in accordance with the instructions of, the Subordinate Class Representative (other than
with respect to any Non-Trust-Serviced Pooled Mortgage Loan that is an Excluded Loan); provided that, during a Senior Consultation
Period, or 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 related Non-Trust Pooling and Servicing Agreement), or if the applicable Master Servicer
is not permitted by the related Non-Trust Pooling and Servicing Agreement to follow such instructions, or if the matter is with
respect to an Excluded Loan, then the Trustee shall direct the applicable Master Servicer to take such action or inaction (to the
extent permitted by the related Non-Trust Pooling and Servicing Agreement), as directed in writing by the Holders of the Certificates
entitled to a majority of the Voting Rights (such direction communicated to the applicable Master Servicer by the Trustee) within
a reasonable period of time that does not exceed such response time as is afforded under the related Non-Trust Pooling and Servicing
Agreement. If the Trustee receives a request from any party to a Non-Trust Pooling and Servicing Agreement for consent to or approval
of a modification, waiver or amendment of such Non-Trust Pooling and Servicing Agreement and/or the related Intercreditor Agreement,
or the adoption of any servicing agreement that is the successor to and/or in replacement of such Non-Trust Pooling and Servicing
Agreement in effect as of the Closing Date or a change in servicer under such Non-Trust Pooling and Servicing Agreement, then the
Trustee shall not grant such consent or approval unless it receives the consent of the applicable Master Servicer under this Agreement,
the consent of the Subordinate Class Representative (during any Subordinate Control Period or Collective Consultation Period and
other than with respect to any Non-Trust-Serviced Pooled Mortgage Loan that is an Excluded Loan) and a Rating Agency Confirmation
(at the expense of the party requesting such approval of the Trustee, if a Certificateholder or a party to this Agreement, otherwise
from the Collection Account) from each Rating Agency to the effect that such consent or approval would not result in an Adverse
Rating Event with respect to any Class of Rated Certificates. During the continuation of any “servicer termination event”
(or other similar term) under a Non-Trust Pooling and Servicing Agreement, each of the Trustee, the applicable Master Servicer
and the applicable 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). The
reasonable costs and expenses incurred by the applicable Master Servicer or the applicable Special Servicer

 

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in connection with
such enforcement shall be an Additional Trust Fund Expense. The Trustee, the applicable Master Servicer and the applicable Special
Servicer shall each promptly forward all material notices or other communications delivered to it in connection with each Non-Trust
Pooling and Servicing Agreement to the other such parties, the Depositor and (other than with respect to any Non-Trust-Serviced
Pooled Mortgage Loan that is an Excluded Loan) the Subordinate Class Representative and, if such notice or communication is in
the nature of a notice or communication that would be required to be delivered to the Rating Agencies if the related Non-Trust-Serviced
Pooled Mortgage Loan were a Serviced Mortgage Loan, 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 8.12(c)); provided that, notwithstanding
the foregoing, the applicable Special Servicer shall have no obligation to forward any such notice or communication under this
provision unless (A) the applicable Special Servicer is the only addressee of such notice or communication or (B) there is no addressee
on such notice or communication. Any obligation of the applicable Master Servicer or the applicable Special Servicer, as applicable,
to provide information and collections to the Trustee, the Certificate Administrator and the Certificateholders with respect to
any Non-Trust-Serviced Pooled Mortgage Loan shall be dependent on its receipt of the corresponding information and collections
from the related Non-Trust Master Servicer or the related Non-Trust Special Servicer.

 

(h)          With
respect to each Non-Trust-Serviced Pooled Mortgage Loan, the parties to this Agreement agree as follows:

 

(i)         the
Trust shall be responsible for its pro rata share of any “Nonrecoverable Servicing Advances” (or the analogous
term) (as defined in the related Non-Trust Pooling and Servicing Agreement) (and advance interest thereon) and any “Additional
Trust Fund Expenses” (or the analogous term) (as defined in the related Non-Trust Pooling and Servicing Agreement), but only
to the extent that they relate to servicing and administration of the related Non-Serviced Loan Combination, including without
limitation, any unpaid “Special Servicing Fees”, “Liquidation Fees” and “Workout Fees” (or
the analogous terms) (each, as defined in the related Non-Trust Pooling and Servicing Agreement) relating to the related Non-Serviced
Loan Combination, and that if the funds received with respect to the related Non-Serviced Loan Combination are insufficient to
cover “Servicing Advances” or “Additional Trust Fund Expenses” (or the analogous terms) (each as defined
in the related Non-Trust Pooling and Servicing Agreement), (i) the applicable Master Servicer shall, promptly following notice
from the Non-Trust Master Servicer, reimburse the Non-Trust Master Servicer, the Non-Trust Special Servicer, the Non-Trust Certificate
Administrator or the Non-Trust Trustee, as applicable (such reimbursement, to the extent owed to the Non-Trust Special Servicer,
the Non-Trust Certificate Administrator or the Non-Trust Trustee, may be paid by the applicable Master Servicer to the Non-Trust
Master Servicer, who shall pay such amounts to the Non-Trust Special Servicer, the Non-Trust Certificate Administrator or the Non-Trust
Trustee, as applicable), out of general collections in either Collection Account for the Trust’s pro rata share of
any such “Nonrecoverable Servicing Advances” and/or “Additional Trust Fund Expenses”, and (ii) if the related
Non-Trust Pooling and Servicing Agreement permits the Non-Trust Master Servicer, the Non-Trust Special Servicer, the Non-Trust
Certificate Administrator or the Non-Trust Trustee to reimburse itself from the related trust’s general collections, then
the parties to

 

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this Agreement
hereby acknowledge and agree that the Non-Trust Master Servicer, the Non-Trust Special Servicer, the Non-Trust Certificate Administrator
or the Non-Trust Trustee, as applicable, may do so and the applicable Master Servicer shall be required to, promptly following
notice from the Non-Trust Master Servicer, reimburse the related trust out of general collections in the applicable Collection
Account for the Trust’s pro rata share of any such “Nonrecoverable Servicing Advances” and/or “Additional
Trust Fund Expenses”; provided, however, that to the extent of any insufficiency of general collections in
the applicable Collection Account, the other Master Servicer shall, subject to and in accordance with Section 3.05(a)(I)(xxiii),
reimburse the related trust for the amount of such insufficiency out of general collections in its Collection Account as an Uncovered
Amount;

 

(ii)           each
of the Indemnified Parties shall be indemnified (as and to the same extent the related trust established pursuant to the related
Non-Trust Pooling and Servicing Agreement is required to indemnify each of such Indemnified Parties in respect of other mortgage
loans in such trust pursuant to the terms of the related Non-Trust Pooling and Servicing Agreement) by the Trust, against any of
the Indemnified Items to the extent of the Trust’s pro rata share of such Indemnified Items, and to the extent amounts
on deposit in the “Pari Passu Companion Loan Custodial Account” (as such term or other similar term is defined in the
related Non-Trust Pooling and Servicing Agreement) are insufficient for reimbursement of such amounts, the applicable Master Servicer
shall, promptly following notice from the Non-Trust Master Servicer, reimburse each of the applicable Indemnified Parties for the
Trust’s pro rata share of the insufficiency out of general funds in the Collection Account;

 

(iii)          the
Certificate Administrator shall deliver to the Non-Trust Trustee, the Non-Trust Certificate Administrator, the Non-Trust Special
Servicer, the Non-Trust Master Servicer and the Non-Trust Trust Advisor (with a copy to be sent to the applicable Master Servicer
and applicable Special Servicer) (A) promptly following the Closing Date, written notice in the form of Exhibit U attached
hereto, stating that, as of the Closing Date, the Trustee is the holder of such Non-Trust-Serviced Pooled Mortgage Loan and directing
each such recipient to remit to the applicable Master Servicer all amounts payable to, and to forward, deliver or otherwise make
available, as the case may be, to the applicable 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 Non-Trust-Serviced Pooled Mortgage Loan
under the related Intercreditor Agreement and the related Non-Trust Pooling and Servicing Agreement (which notice shall also provide
contact information for the Trustee, the Certificate Administrator, the applicable Master Servicer, the applicable Special Servicer
and the party designated to exercise the rights of the “Non-Controlling Note Holder” or “Non-Controlling Holder”
under each Intercreditor Agreement), and (B) notice of any subsequent change in the identity of the applicable Master Servicer
or the Subordinate Class Representative (together with the applicable contact information); and

 

(iv)         the
Non-Trust Master Servicer, the Non-Trust Special Servicer and the related trust established pursuant to the related Non-Trust Pooling
and Servicing Agreement shall be third party beneficiaries of this Section 3.01(h).

 

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(i)           In
the event that any Mortgage Loan included in any Serviced Loan Combination is no longer part of the Trust Fund, such Mortgage Loan
and the related Serviced Loan Combination shall continue to be serviced and administered under this Agreement by the applicable
Master Servicer and the applicable Special Servicer until a successor servicing agreement, acceptable to the parties thereto, is
entered into with the consent of the holder of such Mortgage Loan and the related Pari Passu Companion Loan; provided, however,
that, as of the time such Mortgage Loan is no longer part of the Trust Fund, such Serviced Loan Combination and the related Mortgaged
Property shall be serviced for the benefit of the holders of such Serviced Loan Combination as if they were the sole assets serviced
and administered hereunder, and the sole source of funds hereunder (other than with respect to the reimbursement of Nonrecoverable
Advances made while such Mortgage Loan was part of the Trust Fund) and that there shall be no further obligation of any Person
to make P&I Advances. The Master Servicing Fee, the Special Servicing Fee, the Liquidation Fee and/or the Workout Fee with
respect to such Serviced Loan Combination shall continue to be calculated based on the entire principal amount of such Serviced
Loan Combination. All amounts due to the applicable Master Servicer and the applicable Special
Servicer (including Advances and interest thereon) pursuant to this Agreement and the applicable Intercreditor Agreement shall
be paid to the applicable Master Servicer and the applicable Special Servicer on the first Master Servicer Remittance Date following
removal of the Mortgage Loan from the Trust Fund and any related Master Servicer Remittance Date thereafter. In addition, until
such time as a separate servicing agreement with respect to such Serviced Loan Combination and any related REO Property has been
entered into, notwithstanding that neither such Mortgage Loan nor any related REO Property is part of the Trust Fund, the Custodian
shall continue to hold the Mortgage File.

 

Section
3.02  Collection of Mortgage Loan Payments.     (a)    Each of the
applicable Master Servicer and the applicable Special Servicer shall make efforts consistent with the Servicing Standard and the
terms of this Agreement to collect all payments required under the terms and provisions of the respective Serviced Mortgage Loans
and any Serviced Pari Passu Companion Loan it is obligated to service hereunder (including, without limitation, all Special Servicing
Fees, Workout Fees, Liquidation Fees and other fees and compensation payable to the applicable Master Servicer and to the applicable
Special Servicer to the extent the Borrower is obligated to pay such amounts pursuant to the related Mortgage Loan Documents);
and shall follow such collection procedures as are consistent with the Servicing Standard; provided that the applicable
Master Servicer shall not, with respect to any Mortgage Loan that constitutes an ARD Mortgage Loan after its Anticipated Repayment
Date, take any enforcement action with respect to the payment of Post-ARD Additional Interest (other than the making of requests
for its collection), and the applicable Special Servicer may do so only if (A) such Mortgage Loan is a Specially Serviced Mortgage
Loan and (B) either (i) the taking of an enforcement action with respect to the payment of other amounts due under such Mortgage
Loan is, in the reasonable judgment of such Special Servicer, and without regard to such Post-ARD Additional Interest, also necessary,
appropriate and consistent with the Servicing Standard or (ii) all other amounts due under such Mortgage Loan have been paid, the
payment of such Post-ARD Additional Interest has not been forgiven in accordance with Section 3.20 and, in the reasonable
judgment of the applicable Special Servicer, exercised in accordance with the Servicing Standard, the Liquidation Proceeds expected
to be recovered in connection with such enforcement action will cover the anticipated costs of such enforcement action and, if
applicable, any associated Post-ARD Additional Interest; provided that the applicable Master Servicer or the applicable
Special

 

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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 related Mortgage Loan Documents. Consistent with the foregoing, the applicable Master Servicer
or the applicable Special Servicer may grant case-by-case waivers of Default Charges in connection with a late payment on a Mortgage
Loan or Serviced Pari Passu Companion Loan.

 

(b)         At
least ninety (90) days prior to the Stated Maturity Date of each Balloon Mortgage Loan that is a Serviced Mortgage Loan, the applicable
Master Servicer shall send a notice to the related Borrower of such maturity date (with a copy to be sent to the applicable Special
Servicer) and shall request confirmation that the Balloon Payment will be paid by such maturity date.

 

(c)          With
respect to each Non-Trust-Serviced Pooled Mortgage Loan, if the applicable Master Servicer does not receive from a Non-Trust Master
Servicer any Monthly Payment or other amounts known by the applicable Master Servicer to be owing on a Non-Trust-Serviced Pooled
Mortgage Loan in accordance with the terms of the related Non-Trust Pooling and Servicing Agreement and/or the related Intercreditor
Agreement, then such Master Servicer shall provide notice of such failure to the related Non-Trust Master Servicer and the related
Non-Trust Trustee.

 

Section
3.03 Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts.    (a)
   Each Master Servicer shall establish and maintain one or more segregated accounts (“Servicing Accounts”), in
which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall
be deposited and retained, separate and apart from its own funds. Subject to any terms of the related Mortgage Loan Documents that
specify the nature of the account in which Escrow Payments shall be held, each Servicing Account shall be an Eligible Account.
As and to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable
Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with
respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows:
(i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance
Policy), ground rents (if applicable) and comparable items in respect of the related Mortgaged Property; (ii) to reimburse the
applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed Servicing Advances
made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the
immediately preceding clause (i); (iii) to refund to the related Borrower any sums as may be determined to be overages;
(iv) to pay interest or other income, if required and as described below, to the related Borrower on balances in the related Servicing
Account (or, if and to the extent not payable to the related Borrower to pay such interest or other income (up to the amount of
any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer);
(v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi)
after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage
Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in a Servicing Account in error; or (viii) to clear
and terminate the Servicing Accounts at the termination of this Agreement in

 

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accordance with Section 9.01. The applicable
Master Servicer shall pay or cause to be paid to the related Borrowers interest and other income, if any, earned on the investment
of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan
Documents. If a Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein,
it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly
after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or
Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt (provided, that to the
extent any of the foregoing amounts are received after 2:00 p.m. (Eastern time) on any given Business Day, the applicable Special
Servicer shall use commercially reasonable efforts to remit such amounts within one Business Day of receipt of such amounts but,
in any event, such Special Servicer shall remit such amounts to the applicable Master Servicer within two Business Days of receipt
of such amounts), such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable
Servicing Account(s).

 

(b)         The
applicable Master Servicer shall as to each related Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (including each
Specially Serviced Mortgage Loan): (i) maintain accurate records with respect to the related Mortgaged Property reflecting the
status of real estate taxes, assessments and other similar items that are or may become a lien thereon and the status of insurance
premiums and any ground rents payable in respect thereof and (ii) use reasonable efforts consistent with the Servicing Standard
to obtain, from time to time, all bills for the payment of such items (including renewal premiums) and effect payment thereof prior
to the applicable penalty or termination date. For purposes of effecting any such payment with respect to any Serviced Mortgage
Loan or Serviced Pari Passu Companion Loan, the applicable Master Servicer shall apply Escrow Payments as allowed under the terms
of the related Mortgage Loan Documents; provided that if such Mortgage Loan or Serviced Pari Passu Companion Loan does not
require the related Borrower to escrow for the payment of real estate taxes, assessments, insurance premiums, ground rents (if
applicable) and similar items, the applicable Master Servicer (or, if such Mortgage Loan or the related Serviced Loan Combination
becomes a Specially Serviced Mortgage Loan, the applicable Special Servicer) shall, subject to and in accordance with the Servicing
Standard, use reasonable efforts to enforce the requirement of the related Mortgage Loan Documents that the related Borrower make
payments in respect of such items at the time they first become due.

 

(c)          In
accordance with the Servicing Standard, but subject to Section 3.11(h), the applicable Master Servicer, with respect
to each related Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (including each such Mortgage Loan or Serviced Pari
Passu Companion Loan that is a Specially Serviced Mortgage Loan) shall make a Servicing Advance with respect to the related Mortgaged
Property in an amount equal to all such funds as are necessary for the purpose of effecting the timely payment of (i) real estate
taxes, assessments and other similar items, (ii) ground rents (if applicable), and (iii) premiums on Insurance Policies (including,
premiums on any Environmental Insurance Policy), in each instance prior to the applicable penalty or termination date, in each
instance if and to the extent that (x) Escrow Payments (if any) collected from the related Borrower are insufficient to pay such
item when due, and (y) the related Borrower has failed to pay such item on a timely basis; provided that, in the case of
amounts described in the preceding clause (i), the applicable Master Servicer shall not

 

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make a Servicing Advance of
any such amount if such Master Servicer reasonably anticipates (in accordance with the Servicing Standard) that such amounts will
be paid by the related Borrower on or before the applicable penalty date, in which case the applicable Master Servicer shall use
efforts consistent with the Servicing Standard to confirm whether such amounts have been paid and, subject to Section 3.11(h),
shall make a Servicing Advance of such amounts, if necessary, not later than five (5) Business Days following confirmation by the
applicable Master Servicer that such amounts have not been paid by the applicable penalty date. All such Advances shall be reimbursable
in the first instance from related collections from the Borrowers and further as provided in Section 3.05(a). No costs
incurred by the applicable Master Servicer in effecting the payment of real estate taxes, assessments and, if applicable, ground
rents on or in respect of any Mortgaged Property shall, for purposes hereof, including calculating monthly distributions to Certificateholders,
be added to the respective unpaid principal balances or Stated Principal Balances of the subject Mortgage Loan or Serviced Pari
Passu Companion Loan, notwithstanding that the terms of such Mortgage Loan or Serviced Pari Passu Companion Loan so permit; provided
that this sentence shall not be construed to limit the rights of the applicable Master Servicer or the applicable Special Servicer
on behalf of the Trust to enforce any obligations of the related Borrower under such Mortgage Loan.

 

(d)         Each
Master Servicer shall establish and maintain one or more accounts, which may be sub-account(s) of the Servicing Accounts or segregated
account(s) (“Reserve Accounts”), in which all Reserve Funds, if any, received by it with respect to the related
Serviced Mortgage Loans or any Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its
own funds. Subject to any terms of the related Mortgage Loan Documents that specify the nature of the account in which Reserve
Funds shall be held, each Reserve Account shall be an Eligible Account. As and to the extent consistent with the Servicing Standard,
applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Reserve Accounts
maintained by it, and may apply Reserve Funds held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion
Loan (together with interest earned thereon), only as follows: (i) in the case of Reserve Funds that are intended to cover specific
costs and expenses, to pay for, or to reimburse the related Borrower in connection with, the costs associated with the related
tenant improvements, leasing commissions, repairs, replacements, capital improvements and/or environmental testing and remediation,
litigation and/or other special expenses at or with respect to the related Mortgaged Property for which such Reserve Funds were
intended and to refund the related Borrower any sums as may be determined to be overages; (ii) in the case of Reserve Funds intended
to cover debt service payments, to apply amounts on deposit therein in respect of principal and interest on such Mortgage Loan
or Serviced Pari Passu Companion Loan; (iii) to reimburse the applicable Master Servicer, the applicable Special Servicer or the
Trustee, as applicable, for any unreimbursed Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion
Loan to cover any of the items described in the immediately preceding clauses (i) and (ii) (or, if any such
Advance has become an Unliquidated Advance, to transfer to the Collection Account an amount equal to the reimbursement that would
otherwise have been made as described in this clause (iii)); (iv) subject to Section 3.20, to release such
Reserve Funds to the related Borrower if the conditions precedent for such release are satisfied or otherwise apply such Reserve
Funds in accordance with the related Mortgage Loan Documents if the conditions precedent for such release are not satisfied; (v)
to pay interest or other income, if required and as described below, to the related Borrower on balances in the

 

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Reserve Account
(or, if and to the extent not payable to the related Borrower, to pay such interest or other income (up to the amount of any Net
Investment Earnings in respect of such Reserve Account for each Collection Period) to the applicable Master Servicer); (vi) to
withdraw amounts deposited in such Reserve Account in error; (vii) after an event of default, to pay the principal of, accrued
interest on, and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; or (viii)
to clear and terminate the Reserve Account at the termination of this Agreement in accordance with Section 9.01. If
the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan delivers a Letter of Credit in lieu of Reserve
Funds, then the applicable Master Servicer, subject to Section 3.20, shall make draws on or reduce the amount of such
Letter of Credit at such times and for such purposes as it would have made withdrawals from or reductions of the amount of a Reserve
Account and, to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, in order
to convert the amount of such Letter of Credit into Reserve Funds. Promptly after any Reserve Funds are received by the applicable
Special Servicer from any Borrower, and in any event within one Business Day of such receipt, the applicable Special Servicer shall
remit such Reserve Funds to the applicable Master Servicer for deposit in the applicable Reserve Account(s); provided, that
to the extent any Reserve Funds are received after 2:00 p.m. (Eastern time) on any given Business Day, the applicable Special Servicer
shall use commercially reasonable efforts to remit such Reserve Funds within one Business Day of receipt of such Reserve Funds
but, in any event, the Special Servicer shall remit such Reserve Funds to the applicable Master Servicer within two Business Days
of receipt of such Reserve Funds. Any out-of-pocket expenses, including reasonable attorneys’ fees and expenses, incurred
by the applicable Master Servicer or the applicable Special Servicer to enable the applicable Master Servicer or the applicable
Special Servicer, as the case may be, to make any draw under any Letter of Credit shall constitute a Servicing Advance, and the
applicable Master Servicer or the applicable Special Servicer, as the case may be, shall make reasonable efforts to recover such
expenses from the related Borrower to the extent the Borrower is required to pay such expenses under the terms of the related Mortgage
Loan or Serviced Pari Passu Companion Loan.

 

(e)          To
the extent an operations and maintenance plan is required to be established and executed pursuant to the terms of the Mortgage
Loan Documents for a Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, the applicable Master Servicer shall request
from the related Borrower written confirmation thereof within a reasonable time after the later of the Closing Date and the date
as of which such plan is required to be established or completed. To the extent any other action or remediation with respect to
environmental matters is required to have been taken or completed pursuant to the terms of a Serviced Mortgage Loan or Serviced
Pari Passu Companion Loan, the applicable Master Servicer shall request from the related Borrower written confirmation of such
action and remediation within a reasonable time after the later of the Closing Date and the date as of which such action or remediation
are required to have been taken or completed. To the extent that a Borrower shall fail to promptly respond to any inquiry described
in this Section 3.03(e), the applicable Master Servicer shall notify the Trustee, the applicable Special Servicer,
the Subordinate Class Representative (other than with respect to any Excluded Loan), the Majority Subordinate Certificateholder
(other than with respect to any Excluded Loan) and (if affected) the related Serviced Pari Passu Companion Loan Holder(s). The
applicable Master Servicer shall promptly notify the Trustee, the applicable Special Servicer, the Subordinate Class Representative
(other than with respect to any Excluded Loan) and any affected Serviced Pari Passu Companion Loan Holders if such Master Servicer

 

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determines that the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan has failed to perform its obligations
under such Serviced Mortgage Loan or Serviced Pari Passu Companion Loan in respect of environmental matters.

 

(f)           Subject
to applicable law and the terms of the related Mortgage Loan Documents, funds in the Servicing Accounts and the Reserve Accounts
may be invested only in Permitted Investments in accordance with the provisions of Section 3.06.

 

(g)         With
respect to each Serviced Mortgage Loan or Serviced Pari Passu Companion Loan that requires the related Borrower to establish and
maintain one or more lock-box, cash management or similar accounts, the applicable Master Servicer shall establish and maintain,
in accordance with the Servicing Standard, such account(s) in accordance with the terms of the related Mortgage Loan Documents.
No such lock-box account is required to be an Eligible Account, unless the Mortgage Loan Documents otherwise so require. The applicable
Master Servicer shall apply the funds deposited in such accounts in accordance with terms of the related Mortgage Loan Documents,
any lock-box, cash management or similar agreement and the Servicing Standard.

 

Section
3.04  Collection Account, Distribution Account, Interest Reserve Account, Excess Liquidation Proceeds Account, Serviced
Pari Passu Companion Loan Custodial Account and Loss of Value Reserve Fund.    (a)  Each Master Servicer shall segregate and hold all funds collected and received by it in connection with the Mortgage Loans serviced
by it hereunder, separate and apart from its own funds and general assets. In connection therewith, each Master Servicer shall
establish and maintain one or more segregated accounts as its Collection Account, in which the funds described below are to be
deposited and held on behalf of the Trustee for the benefit of the Certificateholders. Each account that constitutes a Collection
Account shall be an Eligible Account. Each Master Servicer shall deposit or cause to be deposited in its Collection Account, within
two Business Days of receipt (or in the case of the Non-Trust-Serviced Pooled Mortgage Loans, by 11:00 a.m. New York City time,
on such second Business Day) by it of properly identified funds (in the case of payments by Borrowers or other collections on the
Mortgage Loans) or as otherwise required hereunder, the following payments and collections received or made by or on behalf of
the applicable Master Servicer subsequent to the Closing Date with respect to the Mortgage Loans serviced by it hereunder and any
REO Properties acquired in respect thereof (other than in respect of scheduled payments of principal and interest due and payable
on such Mortgage Loans on or before their respective Cut-off Dates (or, in the case of a Replacement Mortgage Loan, on or before
the related date of substitution), which payments shall be delivered promptly to the related Mortgage Loan Seller or its designee,
with negotiable instruments endorsed as necessary and appropriate without recourse):

 

(i)            all
payments (from whatever source) on account of principal of such Mortgage Loans, including Principal Prepayments;

 

(ii)           all
payments (from whatever source) on account of interest on such Mortgage Loans, including Default Interest;

 

(iii)          all
Prepayment Premiums, Yield Maintenance Charges and/or late payment charges received with respect to such Mortgage Loans;

 

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(iv)         all
Insurance Proceeds, Condemnation Proceeds and Liquidation Proceeds received with respect to such Mortgage Loans and/or, insofar
as such payments and/or proceeds represent amounts allocable to reimburse Servicing Advances or pay Liquidation Expenses and/or
other servicing expenses in respect of the entire Serviced Loan Combination of which any such Mortgage Loan is part;

 

(v)           any
amounts relating to such Serviced Mortgage Loans and/or Administered REO Properties required to be deposited by the applicable
Master Servicer or the applicable Special Servicer pursuant to Section 3.07(c) in connection with losses resulting
from a deductible clause in a blanket or master force-placed hazard insurance policy;

 

(vi)         any
amounts relating to an REO Property required to be transferred from any REO Account pursuant to Section 3.16(c);

 

(vii)        to
the extent not otherwise included in another clause of this Section 3.04(a), any payments collected in respect of Unliquidated
Advances on such Mortgage Loans in respect of amounts previously determined to constitute Nonrecoverable Advances;

 

(viii)       insofar
as they do not constitute Escrow Payments or Reserve Funds, any amounts relating to such Mortgage Loans paid by a Borrower specifically
to cover items for which a Servicing Advance has been made or that represent a recovery of property protection expenses from a
Borrower; and

 

(ix)          any
Loss of Value Payments, as set forth in Section 3.05(h) of this Agreement.

 

Furthermore, each Master
Servicer shall deposit in its Collection Account any amounts required to be deposited by such Master Servicer pursuant to Section 3.06,
as and when required by such section, in connection with losses incurred with respect to Permitted Investments of funds held in
its Collection Account.

 

Notwithstanding the
foregoing requirements, each Master Servicer need not deposit into its Collection Account any amount that such Master Servicer
would be authorized to withdraw immediately from its Collection Account in accordance with the terms of Section 3.05
and shall be entitled to instead pay such amount directly to the Person(s) entitled thereto.

 

The foregoing requirements
for deposit in the Collection Accounts shall be exclusive. Without limiting the generality of the foregoing, actual payments from
Borrowers in the nature of Escrow Payments, Reserve Funds, Assumption Fees, Assumption Application Fees, earn-out fees, extension
fees, Modification Fees, charges for beneficiary statements or demands, amounts collected for checks returned for insufficient
funds and other fees and amounts collected from Borrowers that constitute Additional Master Servicing Compensation and/or Additional
Special Servicing Compensation, need not be deposited by either Master Servicer in its Collection Account. Each Master Servicer
shall promptly, and in any event within two (2) Business Days of such Master Servicer’s receipt of same, deliver to the applicable
Special Servicer any of the foregoing items received by it with respect to any Mortgage Loan, if and to the extent that such

 

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items
constitute Additional Special Servicing Compensation payable to the applicable Special Servicer. If a Master Servicer shall deposit
into its Collection Account any amount not required to be deposited therein, it may at any time withdraw such amount from its Collection
Account, any provision herein to the contrary notwithstanding.

 

Upon receipt of any
of the amounts described in clauses (i) through (iv) and (vii) through (viii) of the first paragraph
of this Section 3.04(a) with respect to any Serviced Mortgage Loan, the applicable Special Servicer shall promptly,
but in no event later than one Business Day after receipt, remit such amounts to the applicable Master Servicer for deposit into
its Collection Account, unless the applicable Special Servicer determines, consistent with the Servicing Standard, that a particular
item should not be deposited because of a restrictive endorsement; provided, that to the extent any of the foregoing amounts
are received after 2:00 p.m. (Eastern time) on any given Business Day, the applicable Special Servicer shall use commercially reasonable
efforts to remit such amounts within one Business Day of receipt of such amounts but, in any event, the Special Servicer shall
remit such amounts to the applicable Master Servicer within two Business Days of receipt of such amounts. With respect to any such
amounts paid by check to the order of the applicable Special Servicer, the applicable Special Servicer shall endorse such check
to the order of the applicable Master Servicer (in its capacity as such), without recourse, representation or warranty, unless
the applicable Special Servicer determines, consistent with the Servicing Standard, that a particular item cannot be so endorsed
and delivered because of a restrictive endorsement. Any such amounts received by the applicable Special Servicer with respect to
an Administered REO Property shall be deposited by such Special Servicer into the related REO Account and remitted to the applicable
Master Servicer for deposit into its Collection Account pursuant to Section 3.16(c).

 

(b)         The
Certificate Administrator shall establish and maintain one or more segregated accounts (collectively, the “Distribution
Account”), to be held on behalf of the Trustee and in the name of the Certificate Administrator for the benefit of the
Certificateholders. Each account that constitutes the Distribution Account shall be an Eligible Account. Not later than 1:00 p.m.
(New York City time) on the Master Servicer Remittance Date, each Master Servicer shall deliver to the Certificate Administrator,
for deposit in the Distribution Account, an aggregate amount of immediately available funds equal to the related Master Servicer
Remittance Amount for the Master Servicer Remittance Date. In addition, each Master Servicer shall, as and when required hereunder,
deliver to the Certificate Administrator for deposit in the Distribution Account any P&I Advances and Compensating Interest
Payments required to be made by such Master Servicer hereunder. Furthermore, any amounts paid by any party hereto to indemnify
the Trust Fund pursuant to any provision hereof shall be delivered to the Certificate Administrator for deposit in the Distribution
Account. The Certificate Administrator shall, upon receipt, deposit in the Distribution Account any and all amounts received or,
pursuant to Section 4.03, advanced by the Trustee that are required by the terms of this Agreement to be deposited
therein. As and when required pursuant to Section 3.05(c), the Certificate Administrator shall transfer Interest Reserve
Amounts in respect of the Interest Reserve Loans from the Interest Reserve Account to the Distribution Account. Furthermore, as
and when required pursuant to Section 3.05(d), the Certificate Administrator shall transfer monies from the Excess
Liquidation Proceeds Account to the Distribution Account. The Certificate Administrator shall also deposit in the Distribution
Account any amounts required to be deposited by the Certificate Administrator pursuant to Section 3.06 in connection with
losses incurred with respect to Permitted Investments of funds

 

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held in the Distribution Account. If the Certificate Administrator
shall deposit in the Distribution Account any amount not required to be deposited therein, it may at any time withdraw such amount
from the Distribution Account, any provision herein to the contrary notwithstanding.

 

(c)          The
Certificate Administrator shall establish and maintain one or more accounts (collectively, the “Interest Reserve Account”)
to be held in its name for the benefit of the Trustee and the Certificateholders. Each account that constitutes the Interest Reserve
Account shall be an Eligible Account or a sub-account of the Distribution Account. On the Distribution Date in January (except
during a leap year) and February of each calendar year, commencing in 2016, prior to any distributions being made with respect
to the Certificates on such Distribution Date, the Certificate Administrator shall, with respect to each Interest Reserve Loan,
withdraw from the Distribution Account and deposit in the Interest Reserve Account an amount equal to the Interest Reserve Amount,
if any, in respect of such Interest Reserve Loan for such Distribution Date; provided that no such transfer of monies from
the Distribution Account to the Interest Reserve Account shall be made on the Final Distribution Date. The Certificate Administrator
shall also deposit in the Interest Reserve Account from its own funds any amounts required to be deposited by the Certificate Administrator
pursuant to Section 3.06 in connection with losses incurred with respect to Permitted Investments of funds held in
the Interest Reserve Account.

 

Notwithstanding that
the Interest Reserve Account may be a sub-account of the Distribution Account for reasons of administrative convenience, the Interest
Reserve Account and the Distribution Account shall, for all purposes of this Agreement (including the obligations and responsibilities
of the Certificate Administrator hereunder), be considered to be and shall be required to be treated as, separate and distinct
accounts.

 

(d)         If
any Excess Liquidation Proceeds are received, the Certificate Administrator shall establish and maintain one or more accounts (collectively,
the “Excess Liquidation Proceeds Account”) to be held on behalf and in the name of the Trustee for the benefit
of the Certificateholders. Each account that constitutes the Excess Liquidation Proceeds Account shall be an Eligible Account (or
a separately identified sub-account of the Distribution Account, provided that for all purposes of this Agreement (including
the obligations of the Certificate Administrator hereunder) such account shall be considered to be and shall be required to be
treated as separate and distinct from the Distribution Account). On the Master Servicer Remittance Date, each Master Servicer shall
withdraw from its Collection Account and remit to the Certificate Administrator for deposit in the Excess Liquidation Proceeds
Account all Excess Liquidation Proceeds received by it during the Collection Period ending on the Determination Date immediately
prior to the Master Servicer Remittance Date. The Certificate Administrator shall also deposit in the Excess Liquidation Proceeds
Account from its own funds any amounts required to be deposited by the Certificate Administrator pursuant to Section 3.06
in connection with losses incurred with respect to Permitted Investments of funds held in the Excess Liquidation Proceeds Account.
For the avoidance of doubt, each of the Collection Accounts, the Interest Reserve Account, the Excess Liquidation Proceeds Account,
the REO Account, any Reserve Account, any Servicing Account, and the portion of the Distribution Account in respect of REMIC I
(including interest, if any, earned on the investment of funds in such accounts) will be owned by REMIC I; the Serviced Pari Passu
Companion Loan Custodial Account (including interest, if any, earned on the investment of funds in such account) will be owned
by the

 

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applicable Serviced Pari Passu Companion Loan Holder(s) as described in Section 3.04(i); and the Loss of Value
Fund (including interest, if any, earned on the investment of funds in such account) will be owned by the applicable Mortgage Loan
Sellers as described in Section 3.04(g).

 

(e)         [Reserved.]

 

(f)          Funds
in the Collection Accounts, the Distribution Account, the Interest Reserve Account, the Serviced Pari Passu Companion Loan Custodial
Account and the Excess Liquidation Proceeds Account may be invested in Permitted Investments in accordance with the provisions
of Section 3.06. Each Master Servicer shall give notice to the other parties hereto of the location of its Collection
Account as of the Closing Date and of the new location of its Collection Account prior to any change thereof. Notwithstanding the
first sentence of this Section 3.04(f), for as long as WFB acts as Certificate Administrator hereunder, all funds held in
the Distribution Account, the Interest Reserve Account and the Excess Liquidation Proceeds Account shall remain uninvested.

 

(g)         If
any Loss of Value Payments are received in connection with a Material Document Defect or Material Breach, as the case may be, pursuant
to or as contemplated by Section 2.03(h) of this Agreement, the applicable Special Servicer shall establish and maintain
one or more accounts (collectively, the “Loss of Value Reserve Fund”) to be held in trust for the benefit of
the Certificateholders, for purposes of holding such Loss of Value Payments. Each account that constitutes the Loss of Value Reserve
Fund shall be an Eligible Account or a sub-account of an Eligible Account. The applicable Special Servicer shall, upon receipt,
deposit in the Loss of Value Reserve Fund all Loss of Value Payments received by it. The Loss of Value Reserve Fund shall be accounted
for as an outside reserve fund within the meaning of Treasury Regulations Section 1.860G-2(h) and not an asset of any REMIC Pool.
Furthermore, for all federal tax purposes, the Certificate Administrator shall (i) treat amounts paid out of the Loss of Value
Reserve Fund through the Collection Account to the Certificateholders as damages paid to and distributed by the REMIC Pools on
account of a breach of a representation or warranty by the related Mortgage Loan Seller and (ii) treat any amounts paid out of
the Loss of Value Reserve Fund through the Collection Account to a Mortgage Loan Seller as distributions by the Trust Fund to such
Mortgage Loan Seller as beneficial owner of the Loss of Value Reserve Fund. The applicable Mortgage Loan Seller will be the beneficial
owner of the related account in the Loss of Value Reserve Fund for all federal income tax purposes, and shall be taxable on all
income earned thereon.

 

(h)         The
applicable Master Servicer shall segregate and hold all funds collected and received by it in connection with the related Serviced
Pari Passu Companion Loan separate and apart from its own funds and general assets. In connection therewith, if there are one or
more Serviced Loan Combinations related to this Trust, the related Master Servicer shall establish and maintain a segregated account
(the “Serviced Pari Passu Companion Loan Custodial Account”), in which the funds described below are to be deposited
and held on behalf of the related Serviced Pari Passu Companion Loan Holder(s) (and which account may be maintained as a separately
identified sub-account of the applicable Collection Account, provided that for all purposes of this Agreement (including
the obligations of the applicable Master Servicer hereunder) such account shall be considered to be and shall be required to be
treated as separate and distinct from the Collection Accounts, and provided further that no collections in respect of one or more
Serviced

 

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Pari Passu Companion Loans relating to a single Serviced Loan Combination and on deposit in the Serviced Pari Passu Companion
Loan Custodial Account shall be applied in respect of, or shall be applied to cover any fees or expenses in respect of, one or
more Serviced Pari Passu Companion Loans relating to another Serviced Loan Combination). Any Serviced Pari Passu Companion Loan
Custodial Account shall be an Eligible Account or a sub-account of an Eligible Account. The applicable Master Servicer shall deposit
or cause to be deposited in any Serviced Pari Passu Companion Loan Custodial Account, within two Business Days of receipt by it
of properly identified funds or as otherwise required hereunder, the following payments and collections received or made by or
on behalf of the applicable Master Servicer in respect of the Serviced Pari Passu Companion Loans subsequent to the Closing Date:

 

(i)           all
payments (from whatever source) on account of principal of any Serviced Pari Passu Companion Loan, including Principal Prepayments;

 

(ii)          all
payments (from whatever source) on account of interest on any Serviced Pari Passu Companion Loan, including Default Interest;

 

(iii)         all
Prepayment Premiums and Yield Maintenance Charges received in respect of any Serviced Pari Passu Companion Loan;

 

(iv)         all
Insurance Proceeds, Condemnation Proceeds and Liquidation Proceeds received in respect of, and allocable as interest (including
Default Interest) on, principal of or Prepayment Premiums or Yield Maintenance Charges with respect to, any Serviced Pari Passu
Companion Loan (or any successor REO Mortgage Loan with respect thereto);

 

(v)          any
amounts required to be deposited by the applicable Master Servicer pursuant to Section 3.06 in connection with losses
incurred with respect to Permitted Investments of funds held in the Serviced Pari Passu Companion Loan Custodial Account;

 

(vi)         any
amounts required to be deposited by the applicable Master Servicer or the applicable Special Servicer pursuant to Section 3.07(c)
in connection with losses on any Serviced Pari Passu Companion Loan (or any successor interest in a REO Mortgage Loan with respect
thereto) resulting from a deductible clause in a blanket or master force-placed hazard insurance policy;

 

(vii)        any
amounts required to be transferred to the Serviced Pari Passu Companion Loan Custodial Account from the related REO Account pursuant
to Section 3.16(c); and

 

(viii)       any
other amounts received and applied on any Serviced Pari Passu Companion Loan pursuant to the related Intercreditor Agreement.

 

Notwithstanding the
foregoing requirements, the applicable Master Servicer need not deposit into the Serviced Pari Passu Companion Loan Custodial Account
any amount that the applicable Master Servicer would be authorized to withdraw immediately from the Serviced Pari Passu Companion
Loan Custodial Account in accordance with the terms of Section 3.05 and shall be entitled to instead pay such amount
directly to the Person(s) entitled thereto.

 

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The foregoing requirements
for deposit in the Serviced Pari Passu Companion Loan Custodial Account shall be exclusive. Without limiting the generality of
the foregoing, actual payments from the applicable Borrower in the nature of Escrow Payments, Reserve Funds, Assumption Fees, Assumption
Application Fees, earn-out fees, extension fees, Modification Fees, charges for beneficiary statements or demands, amounts collected
for checks returned for insufficient funds and other fees and amounts collected from the applicable Borrower that constitute Additional
Master Servicing Compensation and/or Additional Special Servicing Compensation, need not be deposited by the applicable Master
Servicer in the Serviced Pari Passu Companion Loan Custodial Account. The applicable Master Servicer shall promptly deliver to
the applicable Special Servicer any of the foregoing items received by it with respect to any Serviced Pari Passu Companion Loan,
if and to the extent that such items constitute Additional Special Servicing Compensation with respect to any Serviced Pari Passu
Companion Loan. If a Master Servicer shall deposit in the Serviced Pari Passu Companion Loan Custodial Account any amount not required
to be deposited therein, it may at any time withdraw such amount from the Serviced Pari Passu Companion Loan Custodial Account,
any provision herein to the contrary notwithstanding.

 

Upon receipt of any
of the amounts described in clauses (i) through (iv) of the first paragraph of this Section 3.04(h),
the applicable Special Servicer shall promptly, but in no event later than two (2) Business Days after receipt, remit such amounts
to the applicable Master Servicer for deposit into the Serviced Pari Passu Companion Loan Custodial Account, unless the applicable
Special Servicer determines, consistent with the Servicing Standard, that a particular item should not be deposited because of
a restrictive endorsement or because of another appropriate reason that is consistent with the Servicing Standard. With respect
to any such amounts paid by check to the order of the applicable Special Servicer, the applicable Special Servicer shall endorse
such check to the order of the applicable Master Servicer (in its capacity as such), without recourse, representation or warranty,
unless the applicable Special Servicer determines, consistent with the Servicing Standard, that a particular item cannot be so
endorsed and delivered because of a restrictive endorsement or because of another appropriate reason that is consistent with the
Servicing Standard. Any such amounts received by the applicable Special Servicer with respect to an Administered REO Property relating
to the applicable Serviced Loan Combination shall be deposited by the applicable Special Servicer into the related REO Account
and, insofar as such amounts are allocable as interest on, principal of, or Prepayment Premiums or Yield Maintenance Charges with
respect to any Serviced Pari Passu Companion Loan or any successor REO Mortgage Loan with respect thereto, shall be remitted to
the applicable Master Servicer for deposit into the Serviced Pari Passu Companion Loan Custodial Account pursuant to Section 3.16(c)
(subject to the terms of the related Intercreditor Agreement). Any remittances by the applicable Special Servicer under this paragraph
may be made as part of an aggregate remittance under this paragraph and/or the final paragraph of Section 3.04(a).

 

(i)      
   To the extent of any Serviced Pari Passu Companion Loan Holder’s interest therein, the Serviced
Pari Passu Companion Loan Custodial Account shall be treated as an “outside reserve fund” within the meaning of
the REMIC Provisions, beneficially owned by any Serviced Pari Passu Companion Loan Holder(s), who shall be liable for any tax
on its share of any reinvestment income thereon, and who shall be deemed to receive any related reimbursements from the
Trust Fund.

 

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(j)          Notwithstanding
anything to the contrary contained herein, with respect to each Due Date and any Serviced Pari Passu Companion Loan, within one
Business Day after the related Determination Date (or, following the securitization of a Serviced Pari Passu Companion Loan With
Early Remittance, at such earlier time as the related Mortgage Loan Seller or the related Other Master Servicer notifies the applicable
Master Servicer in writing is necessary for such remittance to occur on the Business Day following the “determination date”
under the Other Pooling and Servicing Agreement for the Other Securitization that includes such Serviced Pari Passu Companion Loan;
provided, however, that in no event may any such “determination date” occur prior to (and any such otherwise earlier
“determination date” shall, for purposes of this Section 3.04(j) and Section 4.02(n), be deemed to occur
on) the 6th day of each month or, if such 6th day is not a Business Day, the next succeeding Business Day (such earlier date, if
any, a “Serviced Pari Passu Companion Loan Early Remittance Date”)), the applicable Master Servicer shall remit,
from amounts on deposit in the Serviced Pari Passu Companion Loan Custodial Account, to any related Serviced Pari Passu Companion
Loan Holder by wire transfer in immediately available funds to the account of any Serviced Pari Passu Companion Loan Holder or
an agent therefor appearing on any Serviced Pari Passu Companion Loan Holder Register on the related date such amounts as are required
to be remitted (or, if no such account so appears or information relating thereto is not provided at least five (5) Business Days
prior to the date such amounts are required to be remitted, by check sent by first class mail to the address of any Serviced Pari
Passu Companion Loan Holder or its agent appearing on any Serviced Pari Passu Companion Loan Holder Register) the portion of any
Serviced Loan Combination Remittance Amount allocable to such Serviced Pari Passu Companion Loan Holder.

 

Section
3.05Permitted Withdrawals From the Collection Accounts, the Distribution Account, the Interest Reserve Account and
the Excess Liquidation Proceeds Account.

 

(a)          Subsection
(I). Each Master Servicer may, from time to time, make withdrawals from its Collection Account for any of the following purposes
(the order set forth below not constituting an order of priority for such withdrawals):

 

(i)           to
remit to the Certificate Administrator for deposit in the Distribution Account (A) the Master Servicer Remittance Amount for the
Master Servicer Remittance Date and (B) any amounts that may be applied by the applicable Master Servicer to make P&I Advances
pursuant to Section 4.03(a);

 

(ii)          to
reimburse the Trustee or itself, as applicable, in that order, for unreimbursed P&I Advances made by such Person (in each case,
with its own funds) with respect to the Mortgage Loans and/or any successor REO Mortgage Loans serviced
by such Master Servicer in respect thereof, the applicable Master Servicer’s and the Trustee’s, as the case may be,
respective rights to reimbursement pursuant to this clause (ii) with respect to any P&I Advance (other than a Nonrecoverable
P&I Advance, which is reimbursable pursuant to clause (vi) below) being limited to (subject to the operation of
subsection (II)(iii) of this Section 3.05(a)) amounts on deposit in such Collection Account that represent Late
Collections of interest and principal Received by the Trust in respect of the particular Mortgage Loan or REO Mortgage Loan as
to which such P&I Advance was made (net of related Master Servicing Fees);

 

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(iii)         to
pay itself earned and unpaid Master Servicing Fees, with respect to the Mortgage Loans and/or any successor REO Mortgage Loans
in respect thereof, such Master Servicer’s right to payment pursuant to this clause (iii) with respect to any
such Mortgage Loan or REO Mortgage Loan being limited to amounts on deposit in such Collection Account that are received and allocable
as interest on such Mortgage Loan or REO Mortgage Loan, as the case may be, and to pay to the Trust Advisor earned and unpaid Trust
Advisor Ongoing Fees, with respect to each Mortgage Loan and/or any successor REO Mortgage Loan in respect thereof (other than
any Non-Trust-Serviced Pooled Mortgage Loan or any successor REO Mortgage Loan in respect thereof), the Trust Advisor’s right
to payment pursuant to this clause (iii) with respect to any such Mortgage Loan or successor REO Mortgage Loan being
limited to amounts received and allocable as interest on such Mortgage Loan or REO Mortgage Loan, as the case may be;

 

(iv)         to
pay the applicable Special Servicer (or, if applicable, any predecessor thereto) earned and unpaid Special Servicing Fees, Workout
Fees and Liquidation Fees to which it is entitled in respect of each Specially Serviced Mortgage Loan, Corrected Mortgage Loan
and/or REO Mortgage Loan pursuant to, and from the sources contemplated by, Section 3.11(c) and, following a Liquidation
Event in respect of any Serviced Mortgage Loan and/or any successor REO Mortgage Loan in respect thereof, to pay to itself, from
general collections on the Mortgage Loans on deposit in such Collection Account, any unpaid Master Servicing Fees in respect of
such Mortgage Loan and/or successor REO Mortgage Loan;

 

(v)          to
reimburse the Trustee, the applicable Special Servicer or itself, as applicable, in that order, for any unreimbursed Servicing
Advances made thereby (in each case, with its own funds), the applicable Master Servicer’s, the applicable Special Servicer’s
and the Trustee’s, as the case may be, respective rights to reimbursement pursuant to this clause (v) with respect
to any Servicing Advance (other than a Nonrecoverable Servicing Advance, which is reimbursable pursuant to clause (vi)
below) being limited to (subject to the operation of subsection (II)(iii) of this Section 3.05(a)) amounts on
deposit in such Collection Account that represent (A) payments made by the related Borrower that are allocable to cover the item
in respect of which such Servicing Advance was made, and/or (B) Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds
and, if applicable, REO Revenues Received by the Trust in respect of the particular Mortgage Loan or related REO Property as to
which such Servicing Advance was made;

 

(vi)         to
reimburse the Trustee, the applicable Special Servicer or itself, as applicable, in that order, out of such general collections
(subject to the operation of Section 3.05(a)(II)(iv) below) on the Mortgage Loans and any REO Properties serviced by
such Master Servicer as are then on deposit in such Collection Account, for any unreimbursed Nonrecoverable Advances made thereby
with respect to any of the Mortgage Loans and/or related REO Properties;

 

(vii)         to
pay the Trustee, the applicable Special Servicer or itself, as applicable, in that order, any unpaid Advance Interest accrued
on Advances made by such Person, such payment to be made, as and to the extent contemplated by Section 3.25, out of

 

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 amounts
on deposit in such Collection Account that represent Default Charges Received by the Trust on the Mortgage Loans or REO Mortgage
Loans as to which the subject Advance was made;

 

(viii)       to
the extent that the applicable Master Servicer has reimbursed or is reimbursing the Trustee, the applicable Special Servicer or
itself, as applicable, for any unreimbursed Advance (regardless of whether such reimbursement is pursuant to clause (ii),
(v) or (vi) above, pursuant to Section 3.03(c) or Section 3.03(d) or pursuant to Section 3.05(a)(II)),
and insofar as payment has not already been made out of related Default Charges, and the related Default Charges then on deposit
in such Collection Account and available therefor are not sufficient to make such payment, pursuant to clause (vii)
above, to pay the Trustee, the applicable Special Servicer or itself, as applicable, in that order, first out of amounts on deposit
in the Collection Account that represent the remaining Liquidation Proceeds, Insurance Proceeds and/or Condemnation Proceeds, if
any, from the Mortgage Loan or REO Property to which the Advance relates, then out of such general collections (subject to the
operation of Section 3.05(a)(II) below) on the Mortgage Loans and any REO Properties as are then on deposit in the
Collection Account, any related Advance Interest accrued and payable on the portion of such Advance so reimbursed or being reimbursed;

 

(ix)          to
pay (A) any outstanding expenses that were incurred by the applicable Special Servicer in connection with its inspecting, pursuant
to Section 3.12(a), any Administered REO Property or any Mortgaged Property securing a Specially Serviced Mortgage
Loan or (B) any other outstanding expenses incurred on behalf of the Trust with respect to any Mortgage Loan or related REO Property
(other than Advance Interest that is paid pursuant to clause (vii) above, and other than Special Servicing Fees, Workout
Fees and Liquidation Fees, which are covered by clause (iv) above) that will likely otherwise become Additional Trust
Fund Expenses, such payments to be made, first, out of amounts on deposit in such Collection Account that represent Insurance
Proceeds, Condemnation Proceeds or Liquidation Proceeds and, if applicable, REO Revenues received with respect to such Mortgage
Loan or REO Property, as the case may be, and then, out of such general collections on the Mortgage Loans and any REO Properties
serviced by such Master Servicer as are then on deposit in such Collection Account;

 

(x)           to
pay itself any items of Additional Master Servicing Compensation, and to pay the applicable Special Servicer any items of Additional
Special Servicing Compensation, in each case on deposit in such Collection Account from time to time, and to pay to the Trust Advisor
any Trust Advisor Consulting Fee then due and payable to the Trust Advisor, the Trust Advisor’s right to payment pursuant
to this clause (x) with respect to any Mortgage Loan (other than any Non-Trust-Serviced Pooled Mortgage Loan) being
limited to amounts on deposit in such Collection Account that represent collections of such fee from the related Borrower in accordance
with the other provisions of this Agreement;

 

(xi)          to
pay any unpaid Liquidation Expenses incurred with respect to any Serviced Mortgage Loan or related Administered REO Property, such
payments to be

 

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made, first, out of amounts on deposit in such Collection Account that represent Insurance Proceeds, Condemnation
Proceeds or Liquidation Proceeds and, if applicable, REO Revenues received with respect to such Mortgage Loan or REO Property,
as the case may be, and then, out of such general collections on the Mortgage Loans and any REO Properties serviced by such
Master Servicer as are then on deposit in such Collection Account;

 

(xii)         to
pay, subject to and in accordance with Section 3.11(i), out of such general collections on the Mortgage Loans and any
related REO Properties serviced by such Master Servicer as are then on deposit in such Collection Account, servicing expenses related
to the Mortgage Loans and related REO Properties, which expenses would, if advanced, constitute Nonrecoverable Servicing Advances;

 

(xiii)        to
pay, first out of amounts on deposit in such Collection Account that represent related Liquidation Proceeds, Insurance Proceeds
and/or Condemnation Proceeds, if any, and then, out of such general collections on the Mortgage Loans and any related REO Properties
serviced by such Master Servicer as are then on deposit in such Collection Account, costs and expenses incurred by the Trust pursuant
to Section 3.09(c) with respect to any Serviced Mortgage Loan or Administered REO Property (other than the costs of
environmental testing, which are to be covered by, and reimbursable as, a Servicing Advance);

 

(xiv)        to
pay itself, the applicable Special Servicer, the Depositor, the Certificate Administrator, the Tax Administrator, the Trustee,
the Trust Advisor, or any of their respective directors, officers, members, managers, employees and agents, as the case may be,
first out of amounts on deposit in such Collection Account that represent related Liquidation Proceeds, Insurance Proceeds and/or
Condemnation Proceeds, if any, and then, out of such general collections on the Mortgage Loans and any REO Properties serviced
by such Master Servicer as are then on deposit in such Collection Account, any amounts payable to any such Person pursuant to Section 6.03,
Section 7.01(b), or Section 8.05(b); provided that in the case of the Trust Advisor, any such amount
withdrawn pursuant to this clause (xiv) in respect of any Trust Advisor Expenses other than Designated Trust Advisor
Expenses shall not exceed the limit set forth for the related Distribution Date in Section 4.05(b) hereof (and, in
connection with any request by the Trust Advisor for the reimbursement of any Trust Advisor Expenses, (x) the applicable Master
Servicer shall be entitled to request and rely on reasonable documentation of expenses and certifications as to the nature thereof
(including whether such expenses are Designated Trust Advisor Expenses) from the Trust Advisor, and (y) the Certificate Administrator
shall cooperate with the applicable Master Servicer and provide a calculation of the limit set for the related Distribution Date
in Section 4.05(b) hereof with respect to Trust Advisor Expenses that are not Designated Trust Advisor Expenses);

 

(xv)         to
pay, first out of amounts on deposit in such Collection Account that represent related Liquidation Proceeds, Insurance Proceeds
and/or Condemnation Proceeds, if any, and then, out of such general collections on the Mortgage Loans and any REO Properties serviced
by such Master Servicer as are then on deposit in such

 

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Collection Account, (A) any reasonable out-of-pocket cost or expense (including
the reasonable fees of tax accountants and attorneys) incurred by the Trustee pursuant to Section 3.17(a)(iii) in connection
with providing advice to the applicable Special Servicer with respect to any REO Property serviced by such Special Servicer, and
(B) to the extent not otherwise advanced by the applicable Master Servicer, any fees and/or expenses payable or reimbursable, as
the case may be, in accordance with Section 3.18, to the applicable Master Servicer or the Trustee or an Independent
third party for confirming, in accordance with such Section 3.18, a fair price determination made with respect to any
Defaulted Mortgage Loan or REO Property serviced by such Master Servicer;

 

(xvi)        to
pay itself, the applicable Special Servicer, the Certificate Administrator, the Trustee, the Trust Advisor or the Depositor, as
the case may be, any amount related to the Mortgage Loans and/or related REO Properties serviced by such Master Servicer, that
is specifically required to be paid to such Person at the expense of the Trust Fund under any provision of this Agreement and to
which reference is not made in any other clause of this Section 3.05(a), it being acknowledged that this clause (xvi)
shall not be construed to modify any limitation otherwise set forth in this Agreement on the time at which any Person is entitled
to payment or reimbursement of any amount or the funds from which any such payment or reimbursement is permitted to be made;

 

(xvii)       to
pay itself, the applicable Special Servicer, any Responsible Repurchase Party, a Subordinate Class Certificateholder, any Serviced
Pari Passu Companion Loan Holder or any other particular Person, as the case may be, with respect to any Mortgage Loan (or portion
thereof) serviced by such Master Servicer that was previously purchased or otherwise removed from the Trust Fund by such Person
pursuant to or as contemplated by this Agreement, all amounts received on such Mortgage Loan (or portion thereof) subsequent to
the date of purchase or other removal;

 

(xviii)      to
pay to the applicable Mortgage Loan Seller or Responsible Repurchase Party, as the case may be, any amounts on deposit in such
Collection Account that represent Monthly Payments due on the respective Mortgage Loans serviced by such Master Servicer on or
before the Cut-off Date or, in the case of a Replacement Mortgage Loan, on or before the date on which such Replacement Mortgage
Loan was added to the Trust Fund;

 

(xix)        in
connection with a Non-Trust-Serviced Pooled Mortgage Loan, to pay, out of such general collections on the Mortgage Loans and REO
Properties as are then on deposit in such Collection Account, to the related Non-Trust Master Servicer, the related Non-Trust Special
Servicer, the related Non-Trust Trust Advisor and/or the holders of the related Non-Serviced Companion Loan(s), any amount reimbursable
to such party by the holder of such Non-Trust-Serviced Pooled Mortgage Loan pursuant to the terms of the related Intercreditor
Agreement(s);

 

(xx)         to
pay to CREFC® (solely to the extent of funds available in such Collection Account following the withdrawal of the
amounts described in clauses (ii) through (xix) above), the CREFC® License Fee;

 

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(xxi)        to
transfer any applicable Excess Liquidation Proceeds on deposit in such Collection Account to the Excess Liquidation Proceeds Account
in accordance with Section 3.04(d);

 

(xxii)       to
withdraw any amount and pay to the Person entitled thereto any amount deposited in such Collection Account in error;

 

(xxiii)      so
long as such Master Servicer has received notice of the applicable Uncovered Amount on or before the related Determination Date,
to pay or reimburse the applicable Person for any Uncovered Amount in respect of the other Master Servicer’s Collection Account,
any such Person’s right to payment or reimbursement for any such Uncovered Amount being limited to any general funds in the
subject Master Servicer’s Collection Account that are not otherwise to be applied to make any of the payments or reimbursements
contemplated to be made out of the subject Master Servicer’s Collection Account pursuant to any of clauses (ii)-(xxi)
above; and

 

(xxiv)      to
clear and terminate such Collection Account at the termination of this Agreement pursuant to Section 9.01;

 

provided that if and to the extent
that any expense, cost, reimbursement or other amount otherwise permitted to be withdrawn from Collection Account pursuant to clause (vi)
(relating to Nonrecoverable Advances), clause (ix) (relating to certain expenses), clause (xiii) (relating
to certain environmental costs) or clause (xiv) (relating to certain indemnification and similar expenses), other than
(in the case of clause (xiv)) Trust Advisor Expenses, relates to a Serviced Loan Combination, then such payment shall
be made from collections with respect to such Serviced Loan Combination on deposit in the Collection Account and (unless the expense,
cost, reimbursement or other amount is a Nonrecoverable P&I Advance, in which case (for the avoidance of doubt) the payment
in reimbursement thereof shall be made solely from the relevant Collection Account) any related Serviced Pari Passu Companion Loan
Custodial Account (withdrawals from the Collection Account and any related Serviced Pari Passu Companion Loan Custodial Account
shall be made pro rata according to the related Intercreditor Agreement and based on the respective outstanding principal
balances of the related Mortgage Loan and any related Serviced Pari Passu Companion Loan) prior to payment from funds in the Collection
Account that are unrelated to such Serviced Loan Combination; provided, further, that in the case of any amounts
payable as reimbursements to the Depositor, the Certificate Administrator, the Tax Administrator, the Trustee, the Trust Advisor,
a Special Servicer, or any of their respective directors, officers, members, managers, employees and agents pursuant to clause
(xiv) that do not relate to a specific Mortgage Loan or REO Property (other than costs incurred in connection with the replacement
of a Master Servicer or Special Servicer) or that relate to multiple Mortgage Loans and/or REO Properties not all being serviced
by the same Master Servicer, such amounts shall be payable out of both Collection Accounts, to the extent funds are available,
on a pro rata basis, based on the aggregate Stated Principal Balances of the Mortgage Loans being serviced by each Master
Servicer (and any Master Servicer that receives notice or obtains awareness of such an amount to be payable shall promptly notify
the other Master Servicer of the nature and aggregate amount of the item payable and such other information in its possession as
to enable the calculation of a pro rata allocation). Notwithstanding the foregoing, to the extent the applicable Master
Servicer, the applicable

 

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Special Servicer or the Trustee, as applicable, obtains funds from the Collection Account that are unrelated
to a Serviced Loan Combination as a reimbursement for a Nonrecoverable Servicing Advance or any Advance Interest on a Servicing
Advance or a Nonrecoverable Servicing Advance relating to a Serviced Loan Combination, any related Serviced Pari Passu Companion
Loan Holder is required under the related Intercreditor Agreement to, promptly following notice from the applicable Master Servicer,
reimburse the Trust Fund for its pro rata share of such Nonrecoverable Servicing Advance or Advance Interest to the extent
set forth in the related Intercreditor Agreement.

 

If amounts on deposit
in either Collection Account at any particular time (after withdrawing any portion of such amounts deposited in such Collection
Account in error) are insufficient to satisfy all payments, reimbursements and remittances to be made therefrom as set forth in
clauses (ii) through (xxi) of the first paragraph of this Section 3.05(a)(I), then the corresponding
withdrawals from such Collection Account shall be made in the following priority and subject to the following rules: (x) if the
payment, reimbursement or remittance is to be made from a specific source of funds, then such payment, reimbursement or remittance
shall be made from that specific source of funds on a pro rata basis with any and all other payments, reimbursements and
remittances to be made from such specific source of funds; and (y) if the payment, reimbursement or remittance can be made from
any funds on deposit in such Collection Account, then (following any withdrawals made from such Collection Account in accordance
with the immediately preceding clause (x) of this sentence) such payment, reimbursement or remittance shall be made
from the general funds remaining on deposit in such Collection Account on a pro rata basis with any and all other payments,
reimbursements or remittances to be made from such general funds; provided that any reimbursements of Advances in respect
of any particular Mortgage Loan or REO Property out of such Collection Account pursuant to any of clauses (ii), (v)
and (vi) of the first paragraph of this Section 3.05(a)(I), and any payments of interest thereon out of such
Collection Account pursuant to either of clauses (vii) and (viii) of the first paragraph of this Section 3.05(a)(I),
shall be made (to the extent of their respective entitlements to such reimbursements and/or payments): first, to the Trustee;
and second, pro rata, to the applicable Master Servicer and the applicable Special Servicer.

 

The applicable Master
Servicer shall keep and maintain separate accounting records, on a loan-by-loan and property-by-property basis when appropriate,
in connection with any withdrawal from its Collection Account pursuant to any of clauses (ii) through (xviii)
of the first paragraph of this Section 3.05(a)(I).

 

Each Master Servicer
shall pay to the other Master Servicer, the applicable Special Servicer, and, subject to Section 3.01(h)(i), each Non-Trust
Master Servicer, each Non-Trust Special Servicer, each Non-Trust Certificate Administrator or each Non-Trust Trustee, as applicable,
from its Collection Account on each Master Servicer Remittance Date amounts permitted to be paid to the other Master Servicer,
the applicable Special Servicer, each Non-Trust Master Servicer, each Non-Trust Special Servicer, each Non-Trust Certificate Administrator
or each Non-Trust Trustee, as applicable, therefrom based upon an Officer’s Certificate received from the other Master Servicer,
the applicable Special Servicer, the related Non-Trust Master Servicer, the related Non-Trust Special Servicer, the related Non-Trust
Certificate Administrator or the related Non-Trust Trustee, as applicable, on the first Business

 

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Day following the
immediately preceding Determination Date, describing the item and amount to which the other Master Servicer, the applicable Special
Servicer, such Non-Trust Master Servicer, such Non-Trust Special Servicer, such Non-Trust Certificate Administrator or such Non-Trust
Trustee, as applicable, is entitled. The applicable Master Servicer may rely conclusively on any such certificate and shall have
no duty to recalculate the amounts stated therein. The applicable Special Servicer shall keep and maintain separate accounting
for each Specially Serviced Mortgage Loan and REO Property as to which it is the Special Servicer on a loan-by-loan and property-by-property
basis when appropriate, for the purpose of justifying any request thereby for withdrawal from the Collection Accounts.

 

Subsection (II).
The provisions of this subsection (II) of this Section 3.05(a) shall apply notwithstanding any contrary provision
of subsection (I) of this Section 3.05(a):

 

(i)         Identification
of Workout-Delayed Reimbursement Amounts: If any Advance made with respect to any Mortgage Loan on or before the date on which
such Mortgage Loan becomes (or, but for the making of three monthly payments under its modified terms, would then constitute) a
Corrected Mortgage Loan, together with (to the extent theretofore accrued and unpaid) Advance Interest thereon, is not pursuant
to the operation of the provisions of Section 3.05(a)(I) reimbursed to the Person who made such Advance on or before
the date, if any, on which such Mortgage Loan becomes a Corrected Mortgage Loan (or, but for the making of three monthly payments
under its modified terms, would constitute a Mortgage Loan that is a Corrected Mortgage Loan), such Advance, together with such
Advance Interest, shall constitute a “Workout-Delayed Reimbursement Amount” to the extent that such amount has not
been determined to constitute a Nonrecoverable Advance. All references herein to “Workout-Delayed Reimbursement Amount”
shall be construed always to mean the related Advance and (to the extent theretofore accrued and unpaid) any Advance Interest thereon,
together with (to the extent it remains unpaid) any further Advance Interest that accrues on the unreimbursed portion of such Advance
from time to time in accordance with the other provisions of this Agreement. 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 that such amount
instead constitutes a Nonrecoverable Advance.

 

(ii)        General
Relationship of Provisions. Subsection (iii) below (subject to the terms, conditions and limitations thereof) sets forth
the terms of and conditions to the right of a Person to be reimbursed for any Workout-Delayed Reimbursement Amount to the extent
that such Person is not otherwise entitled to reimbursement and payment of such Workout-Delayed Reimbursement Amount pursuant to
the operation of Section 3.05(a)(I) above (construed without regard to the reference therein to this subsection except
that it is nonetheless hereby acknowledged that, for purposes of “Late Collections” in Section 3.05(a)(I),
funds received on the related Mortgage Loan shall be applied in accordance with the terms of the applicable modification even though
such application may result in an Advance continuing to be outstanding when the Borrower is current in its payments under the terms
of the Mortgage Loan as modified). Subsection (iv) below (subject to the terms, conditions and limitations thereof) authorizes
or permits the applicable Master Servicer, under certain circumstances, to abstain from reimbursing

 

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itself (or, if applicable,
the Trustee to abstain from obtaining reimbursement) for Nonrecoverable Advances at its sole option. Upon any determination that
all or any portion of a Workout-Delayed Reimbursement Amount constitutes a Nonrecoverable Advance, then the reimbursement or payment
of such amount (and any further Advance Interest that may accrue thereon) shall cease to be subject to the operation of subsection
(iii) below, such amount (and further Advance Interest) shall be as fully payable and reimbursable to the relevant Person as
would any other Nonrecoverable Advance (and Advance Interest thereon) and, as a Nonrecoverable Advance, such amount may become
the subject of the applicable Master Servicer’s (or, if applicable, the Trustee’s) exercise of its sole option authorized
by subsection (iv) below.

 

(iii)       Reimbursements
of Workout-Delayed Reimbursement Amounts: The applicable Master Servicer, the applicable Special Servicer and the Trustee,
as applicable, shall be entitled to reimbursement and payment (and, notwithstanding any contrary provision of subsection (I)
above, shall be entitled to withdraw and pay to itself the amount of such reimbursement and payment) for all Workout-Delayed Reimbursement
Amounts in each Collection Period (and it is again hereby acknowledged that, for purposes of “Late Collections” in
Section 3.05(a)(I), funds received on the related Mortgage Loan shall be applied in accordance with the terms of the
applicable modification even though such application may result in an Advance continuing to be outstanding when the Borrower is
current in its payments under the terms of the Mortgage Loan as modified); provided that the aggregate amount (for all such
Persons collectively) of such reimbursements and payments from amounts advanced or collected on the Mortgage Pool in such Collection
Period shall not exceed (and the reimbursement and payment shall be made from) the aggregate principal portions of P&I Advances
and principal collections and recoveries on the Mortgage Pool for such Collection Period contemplated by clauses (i)
through (v) of the definition of “Unadjusted Principal Distribution Amount”, net of the aggregate deduction
amounts for Nonrecoverable Advances (and accrued and unpaid Advance Interest thereon) that were reimbursed or paid during the related
Collection Period from principal collections on the Mortgage Pool, as described by clause (II)(B) of the definition
of “Principal Distribution Amount” and pursuant to Section 3.05(a)(II)(iv). As and to the extent provided
in clause (II)(A) of the definition thereof, the Principal Distribution Amount for the Distribution Date related to
such Collection Period shall be reduced to the extent that such payment or reimbursement of a Workout-Delayed Reimbursement Amount
is made from aggregate principal collections pursuant to the preceding sentence.

 

Any collections (as
applied under Section 1.03) received on or in respect of the Mortgage Loans during a Collection Period that, in each
case, represents a delinquent amount as to which an Advance had been made, which Advance was previously reimbursed during the Collection
Period for a prior Distribution Date as part of a Workout-Delayed Reimbursement Amount, shall be added to and constitute a part
of the Principal Distribution Amount for the related Distribution Date (pursuant to clause (I)(B) of the definition
of “Principal Distribution Amount”) to the extent of all Workout-Delayed Reimbursement Amounts on or in respect of
such respective Mortgage Loan that were reimbursed from collections of principal on the Mortgage Pool in all prior Collection Periods
pursuant to the preceding paragraph.

 

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The Certificate Administrator
(and, with respect to Advances made by the applicable Master Servicer or the Trustee) shall be entitled to rely conclusively upon
any direction or notice received from the applicable Master Servicer in connection with any determination made by the applicable
Master Servicer pursuant to the foregoing provisions of this Section 3.05(a)(II)(iii) and shall not be obligated to
independently verify, monitor or oversee any such determination.

 

(iv)        Sole
Option to Abstain from Reimbursements of Certain Nonrecoverable Advances. To the extent that Section 3.05(a)(I)
entitles the applicable Master Servicer, the applicable Special Servicer or the Trustee to reimbursement for any Nonrecoverable
Advance (or payment of Advance Interest thereon from a source other than Default Charges on the related Mortgage Loan) during any
Collection Period, then, notwithstanding any contrary provision of subsection (I) above, (a) to the extent that one or more
such reimbursements and payments of Nonrecoverable Advances (and such Advance Interest thereon) are made, they shall be made, first,
from the aggregate principal portions of P&I Advances and principal collections and recoveries on the Mortgage Pool for such
Collection Period contemplated by clauses (i) through (v) of the definition of “Unadjusted Principal Distribution
Amount”, and then from other amounts advanced or collected on the Mortgage Pool for such Collection Period; provided
that, if so provided as set forth below, the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable,
shall provide each Rating Agency with at least fifteen (15) days’ notice before any reimbursement shall be made of a Nonrecoverable
Advance (or payment of Advance Interest thereon from a source other than Default Charges on the related Mortgage Loan from such
other amounts advanced or collected on the Mortgage Pool for such Collection Period, and (b) if and to the extent that the amount
of such a Nonrecoverable Advance (and Advance Interest thereon), together with all Nonrecoverable Advances (and Advance Interest
thereon) theretofore reimbursed during such Collection Period, would exceed the aggregate principal portions of P&I Advances
and principal collections and recoveries on the Mortgage Pool for such Collection Period contemplated by clauses (i)
through (v) of the definition of “Unadjusted Principal Distribution Amount”, the applicable Master Servicer,
the applicable Special Servicer and/or the Trustee, as applicable, if it made the relevant Advance) is hereby authorized (but shall
not be construed to have any obligation whatsoever), if it elects at its sole option and in its sole discretion, to abstain from
reimbursing itself or obtaining reimbursement (notwithstanding that it is entitled to such reimbursement) during that Collection
Period for all or a portion of such Nonrecoverable Advance (and Advance Interest thereon), for successive one month periods for
a total period not to exceed twelve (12) months; provided that any such deferral exceeding six (6) months shall require
(during a Subordinate Control Period) the consent of the Subordinate Class Representative or (during a Collective Consultation
Period) consultation with the Subordinate Class Representative; provided, further, that the aggregate amount that
is the subject of the exercise of such option with respect to all Nonrecoverable Advances (and Advance Interest thereon) with respect
to all Mortgage Loans for any particular Collection Period is less than or equal to such excess described above in this clause (b).
If the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, makes such an election at its
sole option to defer reimbursement with respect to all or a portion of a Nonrecoverable Advance (and Advance Interest thereon),
then such Nonrecoverable Advance (and Advance Interest thereon) or portion thereof shall

 

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continue to be fully reimbursable in any
subsequent Collection Period. In connection with a potential election by the applicable Master Servicer, the applicable Special
Servicer or the Trustee, as applicable, to abstain from the reimbursement of a particular Nonrecoverable Advance or portion thereof
during the Collection Period for any Distribution Date, the applicable Master Servicer, the applicable Special Servicer or the
Trustee, as applicable, shall further be authorized to wait for principal collections to be received before making its determination
of whether to abstain from the reimbursement of a particular Nonrecoverable Advance or portion thereof. The applicable Master Servicer,
the applicable Special Servicer or the Trustee, as applicable, shall give the Rating Agencies at least fifteen (15) days’
notice (subject to Section 3.27) prior to any reimbursement to it of Nonrecoverable Advances from amounts in the Collection
Account or Distribution Account, as applicable, allocable to interest on the Mortgage Loans unless (1) the applicable Master Servicer,
the applicable Special Servicer or the Trustee, as applicable, determines in its sole discretion that waiting fifteen (15) days
after such a notice could jeopardize its ability to recover such Nonrecoverable Advances, (2) changed circumstances or new or different
information becomes known to the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, that
could affect or cause a determination of whether any Advance is a Nonrecoverable Advance or whether to defer reimbursement of a
Nonrecoverable Advance or the determination in clause (1) above, or (3) the applicable Master Servicer or the applicable
Special Servicer, as applicable, has not timely received from the Trustee information requested by the applicable Master Servicer
or the applicable Special Servicer, as applicable, to consider in determining whether to defer reimbursement of a Nonrecoverable
Advance; provided that, if any of clause (1), clause (2) or clause (3) above apply,
the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, shall give each Rating Agency notice
(subject to Section 3.27) of an anticipated reimbursement to it of Nonrecoverable Advances from amounts in the Collection
Account or Distribution Account, as applicable, allocable to interest on the Mortgage Loans as soon as reasonably practicable in
such circumstances. The applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, shall have no
liability for any loss, liability or expenses resulting from any notice provided to the Rating Agencies contemplated by the immediately
preceding sentence.

 

Any collections (as
applied under Section 1.03) received on the Mortgage Loans during a Collection Period that, in each case, represents
a recovery of an amount determined in a prior Collection Period to have been a Nonrecoverable Advance shall be added to and constitute
a part of the Principal Distribution Amount for the related Distribution Date (pursuant to clause (I)(C) of the definition
of “Principal Distribution Amount”) to the extent of all Nonrecoverable Advances on such respective Mortgage
Loan that were reimbursed from collections of principal on the Mortgage Pool in all prior Collection Periods pursuant to the preceding
paragraph.

 

None of the Master
Servicers, the Special Servicers or the Trustee shall have any liability whatsoever for making an election, or refraining from
making an election, that is authorized under this subsection (II)(iv). The foregoing shall not, however, be construed to
limit any liability that may otherwise be imposed on such Person for any failure by such Person to comply with the conditions to
making such an election under this subsection (II)(iv) or to comply with 

 

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the terms of this subsection
(II)(iv) and the other provisions of this Agreement that apply once such an election, if any, has been made.

 

Any election by the
applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, to abstain from reimbursing itself for
any Nonrecoverable Advance (and Advance Interest thereon) or portion thereof with respect to any Collection Period shall not be
construed to impose on the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, 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 applicable Master Servicer, the
applicable Special Servicer or the Trustee, as applicable, to otherwise be reimbursed for such Nonrecoverable Advance (and Advance
Interest thereon). Any such election by one of the applicable Master Servicer, the applicable Special Servicer or the Trustee shall
not be construed to impose any duty on any 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 abstain from reimbursing itself or obtaining reimbursement
for any Nonrecoverable Advance or portion thereof with respect to any one or more Collection Periods shall not limit the accrual
of Advance Interest on such Nonrecoverable Advance for the period prior to the actual reimbursement of such Nonrecoverable Advance.
None of the Master Servicers, the Special Servicers, the Trustee or the other parties to this Agreement shall have any liability
to one another or to any of the Certificateholders or any of the Companion Loan Holders for any such election that such party makes
to defer or not to defer reimbursement as contemplated by this subsection or for any losses, damages or other adverse economic
or other effects that may arise from such an election, nor shall such election constitute a violation of the Servicing Standard
or any duty under this Agreement. The foregoing statements in this paragraph shall not limit the generality of the statements made
in the immediately preceding paragraph.

 

The Certificate Administrator
(and, with respect to Advances made by the applicable Master Servicer, the applicable Special Servicer and the Trustee) shall be
entitled to rely conclusively upon any direction or notice received from the applicable Master Servicer or the applicable Special
Servicer in connection with any determination made by such Master Servicer or Special Servicer, as the case may be, pursuant to
the foregoing provisions of this Section 3.05(a)(II)(iv) and shall not be obligated to independently verify, monitor
or oversee any such determination.

 

(v)        Deferral
is Not Subordination. No determination by the applicable Master Servicer, the applicable Special Servicer or the Trustee, as
applicable, to exercise its sole option to defer the reimbursement of Advances and/or Advance Interest under subsection (iv)
above shall be construed as an agreement by the applicable Master Servicer, the applicable Special Servicer or the Trustee, as
applicable, to subordinate (in respect of realizing losses), to any Class of Certificates, such party’s right to such reimbursement
during such period of deferral.

 

(b)          The
Certificate Administrator shall, from time to time, make withdrawals from the Distribution Account for each of the following purposes
(the order set forth below not constituting an order of priority for such withdrawals):

  

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(i)         to
make distributions to the Holders of the Regular Certificates (and to the Holders of the Class A-S Regular Interest, Class B Regular
Interest and Class C Regular Interest) on each Distribution Date pursuant to Section 4.01;

 

(ii)        to
transfer Interest Reserve Amounts in respect of the Interest Reserve Loans to the Interest Reserve Account as and when required
by Section 3.04(c);

 

(iii)       to
pay itself, the Tax Administrator, the applicable Master Servicer, the applicable Special Servicer, the Depositor, the Trustee,
the Trust Advisor or any of their respective directors, officers, members, managers, employees and agents, as the case may be,
any amounts payable to any such Person pursuant to Section 6.03, Section 7.01(b) or Section 8.05(b),
as applicable, if and to the extent such amounts are not payable out of the Collection Accounts pursuant to Section 3.05(a)(I)(xiv);
provided that in the case of the Trust Advisor, no such amount may be withdrawn by the Certificate Administrator and paid
to the Trust Advisor unless the conditions set forth in the proviso to Section 3.05(a)(I)(xiv) are satisfied;

 

(iv)        to
pay any and all federal, state and local taxes imposed on any REMIC Pool or on the assets or transactions of any REMIC Pool, together
with all incidental costs and expenses, and any and all expenses relating to tax audits, if and to the extent that either (A) none
of the parties hereto are liable therefor pursuant to Section 10.01(b) and/or Section 10.01(f) or (B) any
such Person that may be so liable has failed to timely make the required payment;

 

(v)        to
pay for the cost of the Opinions of Counsel as contemplated by Section 12.01(a) or Section 12.01(c) in
connection with any amendment to this Agreement requested by the Trustee or the Certificate Administrator which amendment is in
furtherance of the rights and interests of Certificateholders;

 

(vi)       to
pay itself Net Investment Earnings earned on funds in the Distribution Account for each Collection Period;

 

(vii)      to
pay for the cost of recording this Agreement pursuant to Section 12.02(a);

 

(viii)     to
pay to any party hereto any amounts deposited or remitted by such Person for deposit into the Distribution Account in error; and

 

(ix)        to
clear and terminate the Distribution Account at the termination of this Agreement pursuant to Section 9.01.

 

(c)           On
the Master Servicer Remittance Date in March of each year (commencing in March 2016) and in any event on the Master Servicer Remittance
Date that occurs in the same calendar month as the Final Distribution Date, the Certificate Administrator shall withdraw from the
Interest Reserve Account and deposit in the Distribution Account all Interest Reserve Amounts in respect of the Interest Reserve
Loans then on deposit in the Interest Reserve Account. In addition, the Certificate Administrator shall, from time to time, make
withdrawals from the Interest Reserve Account to pay itself interest or other income earned on deposits in the

 

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Interest Reserve
Account, in accordance with Section 3.06(b) (but only to the extent of the Net Investment Earnings, if any, with respect
to the Interest Reserve Account for each Collection Period).

 

(d)           On
the Business Day prior to each Distribution Date, the Certificate Administrator shall withdraw from the Excess Liquidation Proceeds
Account and deposit in the Distribution Account, for distribution on such Distribution Date, an amount equal to the lesser of (i)
the entire amount of Excess Liquidation Proceeds, if any, then on deposit in the Excess Liquidation Proceeds Account and (ii) the
excess, if any, of the aggregate amount distributable on such Distribution Date pursuant to Section 4.01(a), over the
Available Distribution Amount for such Distribution Date (calculated without regard to such transfer from the Excess Liquidation
Proceeds Account to the Distribution Account); provided that on the Business Day prior to the Final Distribution Date, the
Certificate Administrator shall withdraw from the Excess Liquidation Proceeds Account and deposit in the Distribution Account,
for distribution on such Distribution Date, any and all Excess Liquidation Proceeds then on deposit in the Excess Liquidation Proceeds
Account. In addition, the Certificate Administrator shall, from time to time, make withdrawals from the Excess Liquidation Proceeds
Account to pay itself interest or other income earned on deposits in the Excess Liquidation Proceeds Account, in accordance with
Section 3.06(b) (but only to the extent of the Net Investment Earnings, if any, with respect to the Excess Liquidation
Proceeds Account for each Collection Period).

 

(e)           The
Certificate Administrator, the Trustee, the Depositor, the applicable Master Servicer, the applicable Special Servicer and, subject
to Section 4.05(b) with respect to any Trust Advisor Expenses, the Trust Advisor, as applicable, shall in all cases
have a right prior to the Certificateholders to any particular funds on deposit in the Collection Accounts and the Distribution
Account from time to time for the reimbursement or payment of compensation, Advances (with interest thereon at the Reimbursement
Rate) and their respective expenses hereunder, but only if and to the extent such compensation, Advances (with such interest) and
expenses are to be reimbursed or paid from such particular funds on deposit in the Collection Accounts or the Distribution Account
pursuant to the express terms of this Agreement.

 

(f)            The
applicable Master Servicer may, from time to time, make withdrawals from the Serviced Pari Passu Companion Loan Custodial Account
for any of the following purposes (the order set forth below not constituting an order of priority for such withdrawals):

 

(i)          to
remit to any Serviced Pari Passu Companion Loan Holder the amounts to which such Serviced Pari Passu Companion Loan Holder is entitled
in accordance with Section 3.04(j), as and when required by such paragraph;

 

(ii)        to
pay to itself earned and unpaid Master Servicing Fees in respect of any related Serviced Pari Passu Companion Loan or any successor
interest in an REO Mortgage Loan with respect thereto;

 

(iii)       to
pay to the applicable Special Servicer earned and unpaid Special Servicing Fees in respect of any related Serviced Pari Passu Companion
Loan or any successor interest in an REO Mortgage Loan with respect thereto;

 

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(iv)       to
pay the applicable Special Servicer (or, if applicable, any predecessor thereto) earned and unpaid Workout Fees and Liquidation
Fees to which it is entitled with respect to any related Serviced Pari Passu Companion Loan or any successor REO Mortgage Loan
with respect thereto pursuant to, and from the sources contemplated by, the second and third paragraphs of Section 3.11(c);

 

(v)        to
reimburse itself, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed Servicing Advances made thereby
(in each case, with its own funds) with respect to any related Serviced Loan Combination or any related REO Property (but only
to the extent that amounts specifically allocable to such purpose have not been deposited in the Collection Account);

 

(vi)       to
pay itself, the applicable Special Servicer or the Trustee, as applicable, any Advance Interest then due and owing to such Person
with respect to any Servicing Advance made by such Person (out of its own funds) with respect to any related Serviced Loan Combination
or any successor REO Mortgage Loan with respect thereto;

 

(vii)      to
pay itself any items of Additional Master Servicing Compensation, and to pay to the applicable Special Servicer any items of Additional
Special Servicing Compensation with respect to any related Serviced Loan Combination, in each case on deposit in such Serviced
Pari Passu Companion Loan Custodial Account from time to time, and to pay to the Trust Advisor any Trust Advisor Consulting Fee
then due and payable to the Trust Advisor with respect to any related Serviced Loan Combination, the Trust Advisor’s right
to payment pursuant to this clause (vii) with respect to such Serviced Loan Combination being limited to amounts on
deposit in such Serviced Pari Passu Companion Loan Custodial Account that represent collections of such fee from the related Borrower
in accordance with the other provisions of this Agreement;

 

(viii)     to
pay any unpaid Liquidation Expenses incurred with respect to any related Serviced Loan Combination or any related REO Property
(but only to the extent that amounts specifically allocable to such purpose have not been deposited in the Collection Account);

 

(ix)        to
pay, in accordance with Section 3.11(i), certain servicing expenses with respect to any related Serviced Loan Combination
or any related REO Property, which expenses would, if advanced, constitute Nonrecoverable Servicing Advances (but only to the extent
that amounts specifically allocable to such purpose have not been deposited in the Collection Account);

 

(x)         to
pay any costs and expenses incurred by the Trust pursuant to Section 3.09(c) (other than the costs of environmental
testing, which are to be covered by, and reimbursable as, a Servicing Advance) with respect to any related Serviced Loan Combination
or any related REO Property (but only to the extent that amounts specifically allocable to such purpose have not been deposited
in the Collection Account);

 

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(xi)        to
pay itself, the applicable Special Servicer, the Depositor, the Trustee, the Certificate Administrator, the Trust Advisor, or any
of their respective directors, officers, members, managers, employees and agents, as the case may be, any amounts payable to any
such Person pursuant to Section 6.03, Section 7.01(b) or Section 8.05, as applicable, in connection
with any related Serviced Loan Combination or any related REO Property (but only to the extent that amounts specifically allocable
to such purpose have not been deposited in the Collection Account);

 

(xii)       to
pay to itself, the applicable Special Servicer, the Trustee or the Depositor, as the case may be, any amount specifically required
to be paid to such Person at the expense of any related Serviced Pari Passu Companion Loan Holder(s) under any provision of this
Agreement or the related Intercreditor Agreement to which reference is not made in any other clause of this Section 3.05(f),
it being acknowledged that this clause (xii) shall not be construed to modify any limitation otherwise set forth in
this Agreement on the time at which any Person is entitled to payment or reimbursement of any amount or the funds from which any
such payment or reimbursement is permitted to be made;

 

(xiii)      to
withdraw any amount and pay to the Person entitled thereto any amount deposited in such Serviced Pari Passu Companion Loan Custodial
Account in error; and

 

(xiv)      to
clear and terminate such Serviced Pari Passu Companion Loan Custodial Account at the termination of this Agreement pursuant to
Section 9.01 or at such time as any related Serviced Loan Combination or any related REO Property is no longer serviced
hereunder.

 

provided that in connection with
any expense, cost, reimbursement or other amount otherwise permitted to be withdrawn from a Serviced Pari Passu Companion Loan
Custodial Account pursuant to clause (v) (relating to Servicing Advances), clause (vi) (relating to Advance
Interest on Servicing Advances), clause (viii) (relating to Liquidation Expenses), clause (ix) (relating
to Nonrecoverable Servicing Advances), clause (x) (relating to certain environmental expenses) or clause (xi)
(relating to certain indemnification and similar expenses), other than (in the case of such clause (xi)) Trust Advisor
Expenses, such payment shall be made from amounts on deposit in the applicable Collection Account and any related Serviced Pari
Passu Companion Loan Custodial Account (withdrawals from the applicable Collection Account and any related Serviced Pari Passu
Companion Loan Custodial Account shall be made pro rata according to the related Intercreditor Agreement and based on the
respective outstanding principal balances of the related Mortgage Loan and any related Serviced Pari Passu Companion Loan) from
related funds prior to payment from funds in the Collection Accounts that are unrelated to such Serviced Loan Combination. Notwithstanding
the foregoing, to the extent the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, obtains
funds from either Collection Account that are unrelated to a Serviced Loan Combination as a reimbursement for a Nonrecoverable
Servicing Advance or any Advance Interest on a Servicing Advance or a Nonrecoverable Servicing Advance relating to a Serviced Loan
Combination, the parties acknowledge that any related Serviced Pari Passu Companion Loan Holder shall, if and to the extent required
under the related Intercreditor Agreement, promptly following notice from the

 

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applicable Master Servicer, reimburse the Trust Fund
for its pro rata share of such Nonrecoverable Servicing Advance or Advance Interest.

 

Notwithstanding any
contrary provision above, any reimbursements of Servicing Advances out of such Serviced Pari Passu Companion Loan Custodial Account
shall be made (to the extent of their respective entitlements to such reimbursements and/or payments): first, to
the Trustee; second, to the applicable Special Servicer; and third, to the applicable Master Servicer.

 

The applicable Master
Servicer shall pay to the applicable Special Servicer from any related Serviced Pari Passu Companion Loan Custodial Account amounts
permitted to be paid to the applicable Special Servicer therefrom in respect of Special Servicing Fees, Workout Fees, Liquidation
Fees or Additional Special Servicing Compensation or otherwise, such payment to be based upon a written statement of the applicable
Special Servicer describing the item and amount to which the applicable Special Servicer is entitled; provided that no written
statement is required for a payment of Special Servicing Fees and/or Workout Fees arising from collections other than the initial
collection on a Corrected Mortgage Loan. The applicable Master Servicer may rely conclusively on any such statement and shall have
no duty to recalculate the amounts stated therein.

 

The Trustee, the Certificate
Administrator, the Depositor, the applicable Master Servicer, the applicable Special Servicer and the Trust Advisor, as applicable,
shall in all cases have a right prior to any related Serviced Pari Passu Companion Loan Holder(s) to any particular funds on deposit
in a Serviced Pari Passu Companion Loan Custodial Account from time to time for the reimbursement or payment of compensation, Servicing
Advances (with interest thereon at the Reimbursement Rate) and their respective expenses hereunder, but only if and to the extent
such compensation, Servicing Advances (with interest) and expenses are to be reimbursed or paid from such funds on deposit in such
Serviced Pari Passu Companion Loan Custodial Account pursuant to the express terms of this Agreement and/or the related Intercreditor
Agreement.

 

(g)           [Reserved.]

 

(h)           If
any Loss of Value Payments are deposited into the Loss of Value Reserve Fund with respect to any Mortgage Loan or any related REO
Property, then the applicable Special Servicer shall, promptly upon written direction from the applicable Master Servicer (provided
that, (1) with respect to clause (iv) below, the applicable Special Servicer shall have provided notice to the applicable
Master Servicer of the occurrence of such Liquidation Event and (2) with respect to clause (v) below, the Certificate
Administrator shall have provided the applicable Master Servicer and the applicable Special Servicer with five Business Days’
prior notice of such final Distribution Date), transfer such Loss of Value Payments (up to the remaining portion thereof) from
the Loss of Value Reserve Fund to the applicable Master Servicer for deposit into the Collection Account for the following purposes:

 

(i)          to
reimburse the applicable Master Servicer, the applicable Special Servicer or the Trustee, in accordance with Section 3.05(a)
of this Agreement, for any Nonrecoverable Advance made by such party with respect to such Mortgage Loan or any related REO Property
(together with Advance Interest);

 

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(ii)        to
pay, in accordance with Section 3.05(a) of this Agreement, or to reimburse the Trust for the prior payment of, any
expense relating to such Mortgage Loan or any related REO Property that constitutes or, if not paid out of such Loss of Value Payments,
would constitute an Additional Trust Fund Expense;

 

(iii)       to
offset any portion of Realized Losses that are attributable to such Mortgage Loan or related REO Property (as calculated without
regard to the application of such Loss of Value Payments), incurred with respect to such Mortgage Loan or any related successor
REO Mortgage Loan;

 

(iv)       following
the occurrence of a Liquidation Event with respect to such Mortgage Loan or any related REO Property and any related transfers
from the Loss of Value Reserve Fund with respect to the items contemplated by the immediately preceding clauses (i)-(iii)
above as to such Mortgage Loan, to cover the items contemplated by the immediately preceding clauses (i)-(iii) in respect
of any other Mortgage Loan or REO Mortgage Loan; and

 

(v)        on
the final Distribution Date after all distributions have been made as set forth in clauses (i) through (iv)
above, to each Mortgage Loan Seller, its pro rata share, based on the amount that it contributed, net of any amount contributed
by such Mortgage Loan Seller that was used pursuant to clauses (i)-(iii) to offset any portion of Realized Losses that
are attributable to such Mortgage Loan or related REO Property, Additional Trust Fund Expenses or any Nonrecoverable Advances incurred
with respect to the Mortgage Loan related to such contribution.

 

Any Loss of Value Payments
transferred to the Collection Accounts pursuant to clauses (i)-(iii) of the prior paragraph shall be treated as Liquidation
Proceeds Received by the Trust in respect of the related Mortgage Loan or any successor REO Mortgage Loan with respect thereto
for which such Loss of Value Payments were received; and any Loss of Value Payments transferred to the Collection Accounts pursuant
to clause (iv) of the prior paragraph shall be treated as Liquidation Proceeds Received by the Trust in respect of
the Mortgage Loan or REO Mortgage Loan for which such Loss of Value Payments are being transferred to the Collection Accounts to
cover an item contemplated by clauses (i)-(iii) of the prior paragraph.

 

(i)            With
respect to any Serviced Loan Combination, if amounts required to pay the compensation, fees, costs, expenses or reimbursement incurred
in connection with the servicing and administration of any related Serviced Pari Passu Companion Loan exceed amounts on deposit
in the Serviced Pari Passu Companion Loan Custodial Account and the applicable Master Servicer, the applicable Special Servicer,
the Certificate Administrator, the Trust Advisor or the Trustee, as applicable, have sought reimbursement from the Trust Fund with
respect to such expenses allocable to such Serviced Pari Passu Companion Loan, then the applicable Master Servicer or the applicable
Special Servicer, as applicable, shall use efforts in accordance with the Servicing Standard to exercise promptly the rights of
the Trust Fund under the related Intercreditor Agreement to obtain reimbursement from the holder of any Serviced Pari Passu Companion
Loan for that holder’s pro rata share of the expense.

 

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Section
3.06     Investment of Funds in the Accounts. (a) Each Master Servicer
may direct (pursuant to a standing order or otherwise) any depositary institution (including the Certificate Administrator) that
holds its Collection Account, the Serviced Pari Passu Companion Loan Custodial Account, any Servicing Account or any Reserve Account,
in each case, maintained by it, each Special Servicer may direct (pursuant to a standing order or otherwise) any depositary institution
(including the Certificate Administrator) that holds the REO Account and any Loss of Value Reserve Fund, and the Certificate Administrator
(other than WFB acting as the Certificate Administrator) may direct (pursuant to a standing order or otherwise) any depositary
institution that holds the Distribution Account, the Interest Reserve Account or the Excess Liquidation Proceeds Account to invest,
or if any of the applicable Master Servicer, the applicable Special Servicer or the Certificate Administrator, as appropriate,
is such depositary institution, the applicable Master Servicer, the applicable Special Servicer or the Certificate Administrator
(other than WFB acting as the Certificate Administrator), as the case may be, may invest itself, the funds held therein in (but
only in) one or more Permitted Investments bearing interest or sold at a discount, and maturing, unless payable on demand, no later
than the Business Day immediately preceding the next succeeding date on which such funds are required to be withdrawn from such
Investment Account pursuant to this Agreement or the related Mortgage Loan Documents, as applicable, or with respect to Permitted
Investments of funds held in the Distribution Account, no later than 11:00 a.m., New York City time, on the next succeeding Distribution
Date; provided that any such investment of funds in any Servicing Account or Reserve Account shall be subject to applicable
law and the terms of the related Mortgage Loan Documents; and provided, further, that the funds in any Investment
Account shall remain uninvested unless and until the applicable Master Servicer, the applicable Special Servicer or the Certificate
Administrator, as appropriate, gives timely investment instructions with respect thereto pursuant to or as contemplated by this
Section 3.06. All such Permitted Investments shall be held to maturity, unless payable on demand. Any investment of
funds in an Investment Account shall be made in the name of the Trustee (in its capacity as such). The applicable Master Servicer
(with respect to Permitted Investments of amounts in its Collection Account, the Serviced Pari Passu Companion Loan Custodial Account,
any Servicing Account or any Reserve Account, in each case, maintained by it), the applicable Special Servicer (with respect to
Permitted Investments of amounts in the REO Account or any Loss of Value Reserve Fund), and the Certificate Administrator (with
respect to Permitted Investments of amounts in the Distribution Account, the Interest Reserve Account or the Excess Liquidation
Proceeds Account) acting on behalf of the Trustee, shall (and the Trustee hereby designates the applicable Master Servicer, the
applicable Special Servicer or the Certificate Administrator, as the case may be, as the Person that shall) (i) be the “entitlement
holder” of any Permitted Investment that is a “security entitlement” and (ii) maintain “control”
of any Permitted Investment that is either a “certificated security” or an “uncertificated security”. For
purposes of this Section 3.06(a), the terms “entitlement holder”, “security entitlement”, “control”,
“certificated security” and “uncertificated security” shall have the meanings given such terms in Revised
Article 8 (1994 Revision) of the UCC, and “control” of any Permitted Investment by the applicable Master Servicer,
the applicable Special Servicer or the Certificate Administrator shall constitute “control” by a Person designated
by, and acting on behalf of, the Trustee for purposes of Revised Article 8 (1994 Revision) of the UCC. If amounts on deposit in
an Investment Account are at any time invested in a Permitted Investment payable on demand, the party hereunder that

 

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maintains
such Investment Account (whether it is the applicable Master Servicer, the applicable Special Servicer or the Certificate Administrator),
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 at least 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 applicable Master Servicer, the applicable Special Servicer
or the Certificate Administrator, as the case may be, that such Permitted Investment would not constitute a Permitted Investment
in respect of funds thereafter on deposit in such Investment Account.

 

(b)           Whether
or not the applicable Master Servicer directs the investment of funds in any Investment Account (other than a Servicing Account
or Reserve Account) maintained by it, interest and investment income realized on funds deposited therein, to the extent of the
Net Investment Earnings, if any, for such Investment Account for each Collection Period, shall be for the sole and exclusive benefit
of the applicable Master Servicer and shall be subject to its withdrawal in accordance with Section 3.05. Whether or
not the applicable Master Servicer directs the investment of funds in any Servicing Account or Reserve Account maintained by it,
interest and investment income realized on funds deposited therein, to the extent of the Net Investment Earnings, if any, for such
Investment Account for each Collection Period, and subject to the requirements of applicable law or the terms of the related Serviced
Mortgage Loan(s) or Serviced Pari Passu Companion Loan(s) regarding the payment of such interest and investment income to the related
Borrower, shall be for the sole and exclusive benefit of the applicable Master Servicer and shall be subject to withdrawal from
time to time in accordance with Section 3.03. Whether or not the applicable Special Servicer directs the investment
of funds in the REO Account or the Loss of Value Reserve Fund, interest and investment income realized on funds deposited therein,
to the extent of the Net Investment Earnings, if any, for such Investment Account for each Collection Period, shall be for the
sole and exclusive benefit of the applicable Special Servicer and shall be subject to its withdrawal in accordance with Section 3.16(b).
Whether or not the Certificate Administrator directs the investment of funds in the Distribution Account, the Interest Reserve
Account or the Excess Liquidation Proceeds Account, interest and investment income realized on funds deposited therein, to the
extent of the Net Investment Earnings, if any, for each such Investment Account for each Collection Period, shall be for the sole
and exclusive benefit of the Certificate Administrator and shall be subject to its withdrawal in accordance with Section 3.05.
If any loss shall be incurred in respect of any Permitted Investment on deposit in any Investment Account, the party hereunder
that maintains such Investment Account (whether it is the applicable Master Servicer, the applicable Special Servicer or the Certificate
Administrator), shall promptly deposit therein from its own funds, without right of reimbursement, no later than the end of the
Collection Period during which such loss was incurred, the amount of the Net Investment Loss, if any, in respect of such Investment
Account for such Collection Period (except, in the case of any such loss with respect to a Servicing Account or Reserve Account,
to the extent the loss amounts were invested for the benefit of a Borrower under the terms of a Serviced Mortgage Loan, Serviced
Pari Passu Companion Loan or applicable law).

 

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(c)           Except
as otherwise expressly provided in this Agreement, if any default occurs in the making of any payment due (or in any other performance
required) under any Permitted Investment of funds on deposit in any Investment Account, and if the party hereunder that maintains
such Investment Account (whether it is the applicable Master Servicer, the applicable Special Servicer or the Certificate Administrator)
is in default of its obligations under or contemplated by Section 3.06(b), the Trustee may and, subject to Section 8.02,
upon the request of (i) Holders of Certificates entitled to not less than 25% of the Voting Rights allocated to any Class of Interest
Only Certificates or Principal Balance Certificates or (ii) the Subordinate Class Representative or (iii) alternatively, but only
if the Permitted Investment involves funds on deposit in a Serviced Pari Passu Companion Loan Custodial Account, any related Serviced
Pari Passu Companion Loan Holder(s) (it being understood that, for purposes of this clause (iii), Section 8.02
shall be construed as if references therein to one or more “Certificateholders” were instead references to such Serviced
Pari Passu Companion Loan Holder), the Trustee shall, take such action as may be appropriate to enforce such payment or performance,
including the institution and prosecution of appropriate legal proceedings. Any costs incurred by the Trustee in taking any such
action shall be reimbursed to it by the party hereunder that maintains such Investment Account (whether it is the applicable Master
Servicer, the applicable Special Servicer or the Certificate Administrator). This provision is in no way intended to limit any
actions that the applicable Master Servicer, the applicable Special Servicer or the Certificate Administrator may take in this
regard at its own expense.

 

(d)           Notwithstanding
the investment of funds held in any Investment Account, for purposes of the calculations hereunder, including the calculation of
the Available Distribution Amount, the Master Servicer Remittance Amounts and the monthly amounts payable to the respective Serviced
Pari Passu Companion Loan Holders, the amounts so invested shall be deemed to remain on deposit in such Investment Account.

 

Section
3.07     Maintenance of Insurance Policies; Errors and Omissions and Fidelity Coverage. (a)
In the case of each Serviced Mortgage Loan or Serviced Loan Combination, the applicable Master Servicer shall use reasonable
efforts consistent with the Servicing Standard to cause the related Borrower to maintain (including identifying the extent to
which a Borrower is maintaining insurance coverage and, if such Borrower does not so maintain, the applicable Master Servicer
will itself cause to be maintained with Qualified Insurers having the Required Claims-Paying Ratings) for the related
Mortgaged Property (x) a fire and casualty extended coverage insurance policy, which does not provide for reduction due to
depreciation, in an amount that is at least equal to the lesser of (i) the full replacement cost of improvements securing
such Serviced Mortgage Loan or Serviced Loan Combination or (ii) the outstanding principal balance of such Serviced Mortgage
Loan or Serviced Loan Combination, but, in any event, in an amount sufficient to avoid the application of any co-insurance
clause and (y) all other insurance coverage (including but not limited to coverage for damage resulting from acts of
terrorism) as is required or (subject to the Servicing Standard) that the lender is entitled to reasonably require, subject
to applicable law, under the related Mortgage Loan Documents; provided that all of the following conditions and/or
limitations shall apply:

 

(A)          the
applicable Master Servicer shall not be required to maintain any earthquake or environmental insurance policy on any Mortgaged
Property securing a Serviced Mortgage Loan or Serviced Loan Combination unless such

 

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insurance policy was in effect at the time
of the origination of such Serviced Mortgage Loan or Serviced Loan Combination pursuant to the terms of the related Mortgage Loan
Documents and is available at commercially reasonable rates and the Trustee has an insurable interest;

 

(B)           if
and to the extent that any Serviced Mortgage Loan or Serviced Loan Combination grants the lender thereunder any discretion (by
way of consent, approval or otherwise) as to the insurance provider from whom the related Borrower is to obtain the requisite insurance
coverage, the applicable Master Servicer shall (to the extent consistent with the Servicing Standard) use efforts consistent with
the Servicing Standard to cause the related Borrower to obtain the requisite insurance coverage from Qualified Insurers that, in
each case, have the Required Claims-Paying Ratings at the time such insurance coverage is obtained;

 

(C)           the
applicable Master Servicer shall have no obligation beyond using its reasonable efforts consistent with the Servicing Standard
to cause the Borrower under any Serviced Mortgage Loan to maintain the insurance required to be maintained or that the lender is
entitled to reasonably require, subject to applicable law, under the related Mortgage Loan Documents;

 

(D)          in
no event shall the applicable Master Servicer be required to cause the Borrower under any Serviced Mortgage Loan to maintain, or
itself obtain, insurance coverage that the applicable Master Servicer has determined is either (i) not available at any rate or
(ii) not available at commercially reasonable rates and the related hazards are not at the time commonly insured against at the
then-available rates for properties similar to the related Mortgaged Property and located in or around the region in which the
related Mortgaged Property is located;

 

(E)           the
reasonable efforts of the applicable Master Servicer to cause the Borrower under any Serviced Mortgage Loan to maintain insurance
shall be conducted in a manner that takes into account the insurance that would then be available to such Master Servicer on a
force-placed basis; and

 

(F)           to
the extent the applicable Master Servicer itself is required to maintain insurance that the Borrower under any Serviced Mortgage
Loan does not maintain, the applicable Master Servicer shall not be required to maintain insurance other than what is available
to the applicable Master Servicer on a force-placed basis (and this will not be construed to modify the other limits set forth
in clause (D) above).

 

Notwithstanding the
limitation set forth in clause (D) above, if the related Borrower under any Serviced Mortgage Loan fails to maintain
with respect to the related Mortgaged Property (i) specific casualty insurance coverage providing for “special” form
coverage that does not specifically exclude, terrorist or similar acts, and/or (ii) specific insurance coverage with respect to
damages or casualties caused by terrorist or similar acts, the applicable Master Servicer shall cause the related Borrower to maintain,
or itself obtain, such insurance upon terms

 

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not materially less favorable than those in place as of the Closing Date, unless the
applicable Special Servicer has determined in its reasonable judgment based on inquiry consistent with the Servicing Standard,
and (during any Subordinate Control Period and other than with respect to any Excluded Loan) with the consent of the Subordinate
Class Representative or (during any Collective Consultation Period or Senior Consultation Period) after having consulted with the
Trust Advisor and (during any Collective Consultation Period and other than with respect to any Excluded Loan) the Subordinate
Class Representative, that either (a) such insurance is not available at commercially reasonable rates and that such hazards are
not at the time commonly insured against for properties similar to the related Mortgaged Property and located in or around the
region in which such related Mortgaged Property is located, or (b) such insurance is not available at any rate (failure to maintain
required insurance due to either of clause (a) or (b) is referred to herein as an “Acceptable Insurance
Default”). The Subordinate Class Representative and/or Trust Advisor, as applicable, will have no more than thirty (30)
days to respond to the applicable Special Servicer’s request for such consent or consultation; provided that upon
the applicable Special Servicer’s determination, consistent with the Servicing Standard, that exigent circumstances do not
allow the applicable Special Servicer to consult with the Subordinate Class Representative and/or Trust Advisor, the applicable
Special Servicer will not be required to do so. If any such approval of the applicable Special Servicer has not been expressly
denied within ninety (90) days of the applicable Special Servicer’s receipt from the applicable Master Servicer of the applicable
Master Servicer’s determination and analysis and all information reasonably requested thereby and reasonably available to
the applicable Master Servicer in order to make an informed decision, such approval shall be deemed to have been granted. If the
applicable Special Servicer is in the process of making a determination described above in this paragraph, then, during the period
of such evaluation by the applicable Special Servicer (or, to the extent applicable, during the period that the applicable Special
Servicer is obtaining the consent of the Subordinate Class Representative (other than with respect to an Excluded Loan) or consulting
with the Trust Advisor and/or the Subordinate Class Representative (other than with respect to an Excluded Loan), as applicable),
the applicable Master Servicer shall not be liable for any loss related to its failure to require the related Borrower to maintain
terrorism insurance and shall not be in default of its obligations hereunder as a result of such failure to maintain terrorism
insurance.

 

The applicable Master
Servicer shall notify the applicable Special Servicer, the Trustee, the Subordinate Class Representative (other than with respect
to an Excluded Loan) and the Majority Subordinate Certificateholder (other than with respect to an Excluded Loan) and (if a Serviced
Loan Combination is involved) the related Serviced Pari Passu Companion Loan Holder(s) if the applicable Master Servicer determines
that any Borrower under a Serviced Mortgage Loan or Serviced Loan Combination has failed to maintain insurance required under (or
that such Master Servicer has required pursuant to a provision that entitles the lender to reasonably require insurance under)
the related Mortgage Loan Documents and such failure materially and adversely affects such Mortgage Loan or Loan Combination and/or
the interest of the Trust or the Serviced Pari Passu Companion Loan Holder(s) in the related Mortgaged Property or if any Borrower
under a Serviced Mortgage Loan or Serviced Loan Combination has notified the applicable Master Servicer in writing that such Borrower
does not intend to maintain such insurance and the applicable Master Servicer has determined that such failure materially and adversely
affects such Mortgage Loan or Loan Combination and/or the interest of the Trust or the Serviced Pari Passu Companion Loan Holder(s)
in the related Mortgaged Property.

 

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(b)           Subject
to Sections 3.17(b), and/or 3.24, as applicable, with respect to each Administered REO Property, the applicable
Special Servicer shall use reasonable efforts, consistent with the Servicing Standard, to maintain with Qualified Insurers having
the Required Claims-Paying Ratings (a) a fire and casualty extended coverage insurance policy, which does not provide for reduction
due to depreciation, in an amount that is at least equal to the lesser of (i) the full replacement cost of improvements at such
Administered REO Property or (ii) the outstanding principal balance of the related REO Mortgage Loan, but, in any event, in an
amount sufficient to avoid the application of any co-insurance clause, (b) a comprehensive general liability insurance policy with
coverage comparable to that which would be required under prudent lending requirements and in an amount not less than $1,000,000
per occurrence and (c) to the extent consistent with the Servicing Standard, a business interruption or rental loss insurance covering
revenues or rents for a period of at least twelve (12) months (or at least eighteen (18) months, in the case of an Administered
REO Property whose related REO Mortgage Loan had an initial principal balance exceeding $35,000,000), in each case if so required
pursuant to the related Mortgage Loan Documents; provided that both of the following conditions and/or limitations shall
apply:

 

(A)          the
applicable Special Servicer shall not be required to maintain or obtain the insurance coverage otherwise described above unless
the Trustee has an insurable interest; and

 

(B)           the
applicable Special Servicer shall not be required to maintain or obtain the insurance coverage otherwise described above to the
extent that the coverage is not available at commercially reasonable rates and consistent with the Servicing Standard.

 

All such insurance
policies maintained as described above shall contain (if they insure against loss to property) a “standard” mortgagee
clause, with loss payable to the applicable Master Servicer (or the applicable sub-servicer) on behalf of the Trustee, in the case
of insurance maintained in respect of a Serviced Mortgage Loan or Serviced Loan Combination, or shall name the Trustee as the insured,
with loss payable to the applicable Special Servicer on behalf of the Trustee, in the case of insurance maintained in respect of
an Administered REO Property. Any amounts collected by the applicable Master Servicer or the applicable Special Servicer, as applicable,
under any such policies (other than amounts to be applied to the restoration or repair of the related Mortgaged Property or REO
Property or amounts to be released to the related Borrower, in each case in accordance with the Servicing Standard) shall be deposited
in the Collection Account or, to the extent the loss affects a Serviced Pari Passu Companion Loan Holder, in the Serviced Pari
Passu Companion Loan Custodial Account, as applicable, in each case as appropriate in accordance with Section 3.04,
subject to withdrawal pursuant to Section 3.05, in the case of amounts received in respect of a Serviced Mortgage Loan,
or in the REO Account of the applicable Special Servicer, subject to withdrawal pursuant to Section 3.16(c), in the
case of amounts received in respect of an Administered REO Property. Any cost incurred by the applicable Master Servicer or the
applicable Special Servicer in maintaining any such insurance shall not, for purposes hereof, including calculating monthly distributions
to Certificateholders, be added to unpaid principal balance or Stated Principal Balance of the related Serviced Mortgage Loan or
Serviced Loan Combination, notwithstanding that the terms of such Serviced Mortgage Loan or Serviced Loan Combination so permit;

 

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provided that this sentence shall not limit the rights of the applicable Master Servicer or the applicable Special Servicer
on behalf of the Trust (and, if applicable, any related Serviced Pari Passu Companion Loan Holders) to enforce any obligations
of the related Borrower under such Serviced Mortgage Loan or Serviced Loan Combination. Costs to the applicable Master Servicer
or the applicable Special Servicer of maintaining insurance policies pursuant to this Section 3.07 shall (subject to
Section 3.11(h) and Section 3.19(b)) be paid by, and reimbursable to, the applicable Master Servicer or
the applicable Special Servicer, as the case may be, as a Servicing Advance.

 

(c)          If
(i) the applicable Master Servicer or the applicable Special Servicer shall obtain and maintain, or cause to be obtained and maintained,
a blanket policy or master force-placed policy insuring against hazard losses on all of any Serviced Mortgage Loans, Serviced Loan
Combinations or Administered REO Properties, as applicable, then, to the extent such policy (A) is obtained from a Qualified Insurer
having the Required Claims-Paying Ratings, and (B) provides protection equivalent to the individual policies otherwise required
herein and in the Mortgage Loan Documents or (ii) the applicable Master Servicer or the applicable Special Servicer has long-term
unsecured debt obligations or deposit accounts that are rated not lower than “A (low)” by DBRS (or, if not rated by
DBRS, an equivalent (or higher) rating by (A) at least two NRSROs (which may include KBRA and/or Moody’s) or (B) one
NRSRO (which may include KBRA or Moody’s) and A.M. Best Company), “A3” by Moody’s (or, if not rated
by Moody’s, at least “A-” by S&P (or, if not rated by S&P, an equivalent rating by (A) at least
two NRSROs (which may include DBRS and/or KBRA) or (B) one NRSRO (which may include DBRS or KBRA) and A.M. Best Company))
and an equivalent (or higher) rating by KBRA (if then rated by KBRA), or it has received a Rating Agency Confirmation from each
Rating Agency with respect to which such rating is not satisfied, and the applicable Master Servicer or the applicable Special
Servicer, as the case may be, self-insures for its obligation to maintain the individual policies otherwise required, the applicable
Master Servicer or the applicable Special Servicer, as the case may be, shall conclusively be deemed to have satisfied its obligation
to cause hazard insurance to be maintained on the related Mortgaged Properties or REO Properties, as applicable. Such a blanket
or master force-placed policy may contain a deductible clause (not in excess of a customary amount), in which case the applicable
Master Servicer or the applicable Special Servicer, as the case may be, whichever maintains such policy, shall, if there shall
not have been maintained on any Mortgaged Property securing a Serviced Mortgage Loan, Serviced Loan Combination or any Administered
REO Property thereunder a hazard insurance policy complying with the requirements of Section 3.07(a), and there shall
have been one or more losses that would have been covered by such an individual policy, promptly deposit into the Collection Account
(or, to the extent the loss affects any Serviced Pari Passu Companion Loan Holder(s), in the Serviced Pari Passu Companion Loan
Custodial Account, as applicable) maintained by the applicable Master Servicer, from its own funds without any right of reimbursement
from the Trust, the amount not otherwise payable under the blanket or master force-placed policy in connection with such loss or
losses because of such deductible clause to the extent that any such deductible exceeds the deductible limitation that pertained
to the related Serviced Mortgage Loan or Serviced Loan Combination (or, in the absence of any such deductible limitation, the deductible
limitation for an individual policy which is consistent with the Servicing Standard). The applicable Master Servicer and the applicable
Special Servicer shall each prepare and present, on behalf of itself, the Trustee and Certificateholders and, if applicable, any
related Serviced Pari Passu Companion Loan Holders, claims under any such

 

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blanket or master force-placed policy maintained by it
in a timely fashion in accordance with the terms of such policy.

 

(d)          With
respect to each Performing Serviced Mortgage Loan that is subject to an Environmental Insurance Policy, if the applicable Master
Servicer has actual knowledge of any event (an “Insured Environmental Event”) giving rise to a claim under an
Environmental Insurance Policy, the applicable Master Servicer shall notify the applicable Special Servicer to such effect and
the applicable Master Servicer shall take reasonable actions as are in accordance with the Servicing Standard and the terms and
conditions of such Environmental Insurance Policy to make a claim thereunder and achieve the payment of all amounts to which the
Trust is entitled thereunder. With respect to each Specially Serviced Mortgage Loan that is subject to an Environmental Insurance
Policy, if the applicable Special Servicer has actual knowledge of any event giving rise to a claim under an Environmental Insurance
Policy, the applicable Special Servicer shall notify the applicable Master Servicer, which shall take reasonable actions as are
in accordance with the Servicing Standard and the terms and conditions of such Environmental Insurance Policy to make a claim thereunder
and achieve the payment of all amounts to which the Trust is entitled thereunder. With respect to each Administered REO Property
that is subject to an Environmental Insurance Policy, if the applicable Special Servicer has actual knowledge of any event giving
rise to a claim under an Environmental Insurance Policy, the applicable Special Servicer shall take reasonable actions as are in
accordance with the Servicing Standard and the terms and conditions of such Environmental Insurance Policy to make a claim thereunder
and achieve the payment of all amounts to which the Trust is entitled thereunder. Any legal fees or other out-of-pocket costs incurred
in accordance with the Servicing Standard in connection with any claim under an Environmental Insurance Policy described above
(whether by the applicable Master Servicer or the applicable Special Servicer) shall be (subject to Section 3.11(h)
and Section 3.19(b)) paid by, and reimbursable to, the applicable Master Servicer or the applicable Special Servicer,
as the case may be, as a Servicing Advance.

 

(e)           The
applicable Master Servicer and the applicable Special Servicer shall each at all times during the term of this Agreement (or, in
the case of the applicable Special Servicer, at all times during the term of this Agreement during which Specially Serviced Mortgage
Loans and/or Administered REO Properties exist as part of the Trust Fund) keep in force with a Qualified Insurer having the Required
Claims-Paying Ratings, a fidelity bond in such form and amount as are consistent with the Servicing Standard. The applicable Master
Servicer or applicable Special Servicer shall be deemed to have complied with the foregoing provision if an Affiliate thereof has
such fidelity bond coverage and, by the terms of such fidelity bond, the coverage afforded thereunder extends to the applicable
Master Servicer or the applicable Special Servicer, as the case may be. Such fidelity bond shall provide that it may not be canceled
without ten (10) days’ prior written notice to the Trustee. So long as the long-term unsecured debt obligations or deposit
accounts of the applicable Master Servicer or the applicable Special Servicer, as applicable, are rated not lower than “A
(low)” by DBRS (or, if not rated by DBRS, an equivalent (or higher) rating by any two other NRSROs (which may include KBRA
and/or Moody’s)), “A3” by Moody’s and an equivalent (or higher) rating by KBRA (if then rated by KBRA),
or it has received a Rating Agency Confirmation from each Rating Agency with respect to which such rating is not satisfied, the
applicable Master Servicer or the applicable Special Servicer, as the case may be, may self-insure with respect to the fidelity
bond coverage required

 

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as described above, in which case it shall not be required to maintain an insurance policy with respect
to such coverage.

 

The applicable Master
Servicer and the applicable Special Servicer shall each at all times during the term of this Agreement (or, in the case of the
applicable Special Servicer, at all times during the term of this Agreement during which Specially Serviced Mortgage Loans and/or
Administered REO Properties exist as part of the Trust Fund) also keep in force with a Qualified Insurer having the Required Claims-Paying
Ratings, a policy or policies of insurance covering loss occasioned by the errors and omissions of its officers and employees in
connection with its servicing obligations hereunder, which policy or policies shall be in such form and amount as are consistent
with the Servicing Standard. The applicable Master Servicer or applicable Special Servicer shall be deemed to have complied with
the foregoing provision if an Affiliate thereof has such policy or policies and, by the terms of such policy or policies, the coverage
afforded thereunder extends to the applicable Master Servicer or the applicable Special Servicer, as the case may be. Any such
errors and omissions policy shall provide that it may not be canceled without ten (10) days’ prior written notice to the
Trustee. So long as the long-term unsecured debt obligations or deposit accounts of the applicable Master Servicer or the applicable
Special Servicer, as applicable, are rated not lower than “A (low)” by DBRS (or, if not rated by DBRS, an equivalent
(or higher) rating by (1) any two other NRSROs (which may include KBRA and/or Moody’s) or (2) one NRSRO (which may include
KBRA or Moody’s) and A.M. Best Company), “A3” by Moody’s and an equivalent (or higher) rating by KBRA (if
then rated by KBRA), or it has received a Rating Agency Confirmation from each Rating Agency with respect to which such rating
is not satisfied, the applicable Master Servicer or the applicable Special Servicer, as the case may be, may self-insure with respect
to the errors and omissions coverage required as described above, in which case it shall not be required to maintain an insurance
policy with respect to such coverage.

 

Section
3.08     Enforcement of Alienation Clauses. (a) If the provisions of any Serviced
Mortgage Loan or Serviced Loan Combination expressly permit the assignment of the related Mortgaged Property to, and
assumption of such Mortgage Loan by, another Person, or the transfer of interests in the related Borrower, in each case upon
the satisfaction of specified conditions, prohibit such an assignment and assumption or transfer except upon the satisfaction
of specified conditions, or fully prohibit such an assignment and assumption or transfer, and the related Borrower (and/or
the holders of interests in such Borrower) requests approval for such an assignment and assumption or transfer or enters into
a transfer of the related Mortgaged Property or of interest(s) in such Borrower in violation of the related Mortgage Loan
Documents, or if the provisions of any Serviced Mortgage Loan or Serviced Loan Combination expressly permit the further
encumbrance of the related Mortgaged Property or interests in the related Borrower upon the satisfaction of specified
conditions, prohibit such a further encumbrance except upon the satisfaction of specified conditions, or fully prohibit such
a further encumbrance, in each case, other than an encumbrance with respect to an NCB Co-op Mortgage Loan as to which the NCB
Subordinate Debt Conditions have been satisfied, and the related Borrower requests approval for such a further encumbrance or
enters into a further encumbrance in violation of the related Mortgage Loan Documents, the applicable Master Servicer (with
respect to a Performing Serviced Mortgage Loan and, if applicable, any related Performing Serviced Pari Passu Companion Loan,
but other than with respect to any such matter to be processed by the applicable Special Servicer pursuant to Section
3.21(f) and subject to the other provisions of

 

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Section 3.21(f)) or
the applicable Special Servicer (with respect to a Specially Serviced Mortgage Loan and with respect to any such matter on a Performing
Serviced Mortgage Loan to be processed by the applicable Special Servicer pursuant to Section 3.21(f)) shall obtain the
relevant information and review and make a determination to either (i) disapprove such request for approval of an assignment and
assumption or transfer or further encumbrance (in the case of a Borrower request for approval thereof) and not waive any violation
of the relevant due-on-sale clause or due-on-encumbrance clause or (ii) if in the best economic interest of the Trust and, if applicable,
any affected Serviced Pari Passu Companion Loan Holder(s) (as a collective whole), approve the request or waive the effect of the
due-on-sale or due-on-encumbrance clause; provided that all of the following conditions and/or restrictions shall apply:

 

(A)          subject
to Section 3.08(c), the applicable Master Servicer shall not enter into such a waiver or approval for any Performing
Serviced Mortgage Loan and, if applicable, any related Performing Serviced Pari Passu Companion Loan, unless such Master Servicer
has obtained the consent of the applicable Special Servicer (it being understood and agreed that (1) the applicable Master Servicer
shall promptly provide the applicable Special Servicer with (x) written notice of any Borrower request for such assignment and
assumption or transfer or such encumbrance, (y) the applicable Master Servicer’s written recommendations and analysis, and
(z) all information reasonably available to the applicable Master Servicer that the applicable Special Servicer may reasonably
request in order to withhold or grant any such consent, (2) the applicable Special Servicer shall decide whether to withhold or
grant such consent in accordance with the Servicing Standard (and subject to Section 3.24, and/or Section 3.26
if and as applicable), and (3) if any such consent has not been expressly denied within fifteen (15) Business Days (or at least
five (5) Business Days after the time period provided for in the related Intercreditor Agreement) of the applicable Special Servicer’s
receipt from the applicable Master Servicer of the applicable Master Servicer’s written recommendations and analysis and
all information reasonably requested thereby and reasonably available to the applicable Master Servicer in order to make an informed
decision, such consent shall be deemed to have been granted;

 

(B)          if
approval of an assignment and assumption or waiver of a due-on-sale provision is involved and the affected Serviced Mortgage Loan
is a Mortgage Loan that (together with all other Mortgage Loans, if any, that are in the same Cross-Collateralized Group as such
Mortgage Loan or have the same Borrower as such Mortgage Loan or have Borrowers that are known to be affiliated with the Borrower
under such Mortgage Loan) is one of the ten largest Mortgage Loans then in the Trust, has a Cut-off Date Principal Balance in excess
of $20,000,000, or if a Serviced Loan Combination is involved, then, subject to the related Mortgage Loan Documents and applicable
law, neither the applicable Master Servicer (with respect to a Performing Serviced Mortgage Loan or, if applicable, any related
Performing Serviced Pari Passu Companion Loan, but other than with respect to any such matter to be processed by the applicable
Special Servicer pursuant to Section 3.21(f) and subject to the other provisions of Section 3.21(f)) nor the applicable
Special Servicer (with respect to a Specially

 

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Serviced Mortgage Loan and with respect to any such matter on a Performing Serviced
Mortgage Loan to be processed or consented to by the applicable Special Servicer pursuant to Section 3.21(f)) shall enter
into such approval or waiver unless and until such approval or waiver is the subject of a Rating Agency Confirmation (subject to
Section 3.27) and in the case of a Serviced Loan Combination, the equivalent confirmation from each Pari Passu Companion
Loan Rating Agency with respect to the related Serviced Pari Passu Companion Loan Securities; and

 

(C)           if
approval of a further encumbrance or waiver of a due-on-encumbrance provision is involved, then, subject to the related Mortgage
Loan Documents and applicable law, neither the applicable Master Servicer (with respect to a Performing Serviced Mortgage Loan
or, if applicable, any related Performing Serviced Pari Passu Companion Loan, but other than with respect to any such matter to
be processed by the applicable Special Servicer pursuant to Section 3.21(f) and subject to the other provisions of Section
3.21(f)) nor the applicable Special Servicer (with respect to a Specially Serviced Mortgage Loan and with respect to any such
matter on a Performing Serviced Mortgage Loan to be processed by the applicable Special Servicer pursuant to Section 3.21(f))
shall enter into such approval or waiver unless and until such approval or waiver is the subject of a Rating Agency Confirmation
(subject to Section 3.27) if the related Serviced Mortgage Loan (a) represents 2% or more of the then-aggregate principal
balance of all of the Mortgage Loans then in the Trust Fund, (b) is one of the ten largest Mortgage Loans then in the Trust Fund
by principal balance, (c) has an aggregate loan-to-value ratio (including existing and proposed additional debt) that is equal
to or greater than 85% or (d) has an aggregate debt service coverage ratio (including the debt service on the existing and proposed
additional debt) that is less than 1.20x;

 

(D)          if
approval of an assignment and assumption or waiver of a due-on-sale provision is involved, then, subject to the related Mortgage
Loan Documents and applicable law, neither the applicable Master Servicer (with respect to a Performing Serviced Mortgage Loan
or, if applicable, any related Performing Serviced Pari Passu Companion Loan, but other than with respect to any such matter to
be processed by the applicable Special Servicer pursuant to Section 3.21(f) and subject to the other provisions of Section
3.21(f)) nor the applicable Special Servicer (with respect to a Specially Serviced Mortgage Loan and with respect to any such
matter on a Performing Serviced Mortgage Loan to be processed by the applicable Special Servicer pursuant to Section 3.21(f))
shall enter into such approval or waiver with respect to any Mortgaged Property which secures a Cross-Collateralized Group unless
(i) all of the Mortgaged Properties securing such Cross-Collateralized Group are transferred simultaneously by the respective Borrower(s)
or (ii) either (x) in the case of the applicable Master Servicer, it has obtained the consent of the applicable Special Servicer
(pursuant to the approval procedures described in clause (A) above) or (y) in the case of the applicable Special Servicer,
it has obtained the consent of the Subordinate Class

 

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Representative (other than with respect to an Excluded Loan), if and to the
extent required under Sections 3.24 and/or Section 3.26, as applicable);

 

(E)           subject
to the related Mortgage Loan Documents and applicable law, neither the applicable Master Servicer (with respect to a Performing
Serviced Mortgage Loan or, if applicable, any related Performing Serviced Pari Passu Companion Loan, but other than with respect
to any such matter to be processed by the applicable Special Servicer pursuant to Section 3.21(f) and subject to the other
provisions of Section 3.21(f)) nor the applicable Special Servicer (with respect to a Specially Serviced Mortgage Loan and
with respect to any such matter on a Performing Serviced Mortgage Loan to be processed by the applicable Special Servicer pursuant
to Section 3.21(f)) shall enter into such approval or waiver unless all associated costs and expenses (including the costs
of any Rating Agency Confirmation) are covered without any expense to the Trust or (in the case of a Serviced Loan Combination)
any expense to any related Serviced Pari Passu Companion Loan Holder(s) (it being understood and agreed that, except as expressly
provided herein, neither the applicable Master Servicer nor the applicable Special Servicer shall be obligated to cover or assume
any such costs or expenses) and if the related Borrower refuses to pay any such costs and expenses then the applicable Master Servicer
or the applicable Special Servicer, as applicable, shall be permitted to deny the related request;

 

(F)           neither
the applicable Master Servicer (with respect to a Performing Serviced Mortgage Loan or, if applicable, any related Performing Serviced
Pari Passu Companion Loan, but other than with respect to any such matter to be processed by the applicable Special Servicer pursuant
to Section 3.21(f) and subject to the other provisions of Section 3.21(f)) nor the applicable Special Servicer (with
respect to a Specially Serviced Mortgage Loan and with respect to any such matter on a Performing Serviced Mortgage Loan to be
processed by the applicable Special Servicer pursuant to Section 3.21(f)) shall, in connection with any such approval or
waiver, consent or agree to any modification, waiver or amendment of any term or provision of such Serviced Mortgage Loan that
would result in an Adverse REMIC Event with respect to any REMIC Pool or an Adverse Grantor Trust Event with respect to the Grantor
Trust Pool; and

 

(G)           the
applicable Special Servicer shall not consent to the applicable Master Servicer’s recommendation described in clause (A)
above, or itself enter into such an approval or waiver, unless the applicable Special Servicer has complied with Section 3.24
and/or Section 3.26, as applicable.

 

Notwithstanding the
foregoing and subject to Section 3.21(f), in no event will the applicable Master Servicer’s approval of an assignment
and assumption or further encumbrance be conditioned on the approval or absence of objection from the applicable Special Servicer
(or the applicable Special Servicer interacting with the Subordinate Class Representative in connection with such Master Servicer
approval) or (solely in the case of an approval of a further encumbrance of a Mortgaged Property securing a Co-op Mortgage Loan)
the need to obtain a

 

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Rating Agency Confirmation if solely in the case of an NCB Co-op Mortgage Loan, the NCB Subordinate Debt Conditions
have been met with respect to such NCB Co-op Mortgage Loan.

 

Notwithstanding the
foregoing, and regardless of whether a particular NCB Co-op Mortgage Loan contains specific provisions regarding the incurrence
of subordinate debt, or prohibits the incurrence of subordinate debt, or requires the consent of the Mortgagee in order to incur
subordinate debt, the NCB Master Servicer may, nevertheless, in accordance with the Servicing Standard, without the need to obtain
any consent or approval hereunder (and without the need to obtain a Rating Agency Confirmation), permit the related Borrower to
incur subordinate debt if the NCB Subordinate Debt Conditions have been met; provided that, subject to the related Mortgage Loan
Documents and applicable law, the NCB Master Servicer shall not waive any right it has, or grant any consent it is otherwise entitled
to withhold, in accordance with any related “due-on-encumbrance” clause under any Mortgage Loan, pursuant to this paragraph,
unless in any such case, all associated costs and expenses are covered without any expense to the Trust.

 

(b)           In
connection with any permitted assumption of any Serviced Mortgage Loan or Serviced Loan Combination or waiver of a “due-on-sale”
or “due-on-encumbrance” clause thereunder, the applicable Master Servicer (in the case of a Performing Serviced Mortgage
Loan other than with respect to any such matter to be processed by the applicable Special Servicer pursuant to Section 3.21(f)
and subject to the other provisions of Section 3.21(f)) or the applicable Special Servicer (in the case of a Specially Serviced
Mortgage Loan and with respect to any such matter on a Performing Serviced Mortgage Loan to be processed by the applicable Special
Servicer pursuant to Section 3.21(f)) shall prepare all documents necessary and appropriate for such purposes and shall
coordinate with the related Borrower for the due execution and delivery of such documents.

 

(c)           Notwithstanding
Section 3.08(a), in connection with any transfer of an interest in the related Borrower under a Performing Serviced
Mortgage Loan or any related Serviced Pari Passu Companion Loan, the applicable Master Servicer shall have the right to grant its
consent to the same without the consent or approval of the applicable Special Servicer (or the applicable Special Servicer interacting
with the Subordinate Class Representative in connection with such applicable Master Servicer consent) if such transfer is allowed
under the terms of the related Mortgage Loan Documents without the exercise of any lender approval or discretion other than confirming
the satisfaction of the other conditions to the transfer set forth in the related Mortgage Loan Documents (provided that
any confirmation of conditions precedent to any such transfer shall be subject to the approval of the applicable Special Servicer)
that do not include any other approval or exercise of discretion and does not involve incurring new mezzanine indebtedness or a
change of control of such Borrower, including a consent to transfer to any subsidiary or affiliate of such Borrower or to a person
acquiring less than a majority interest in such Borrower; provided that, subject to the terms of the related Mortgage Loan
Documents and applicable law, if (i) the affected Serviced Mortgage Loan is or relates to a Mortgage Loan that, together with all
other Mortgage Loans, if any, that are in the same Cross-Collateralized Group as such Mortgage Loan or have the same Borrower as
such Mortgage Loan or have Borrowers that are known to be affiliated with the Borrower under such Mortgage Loan, is one of the
then-current top ten Mortgage Loans (by Stated Principal Balance) in the Mortgage Pool, has a Cut-off Date Principal Balance in
excess of $20,000,000, or has a Stated Principal Balance that equals or

 

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exceeds 5% of the then-aggregate Stated Principal Balance
of the Mortgage Pool, or a Serviced Loan Combination is involved and the related Other Pooling and Servicing Agreement would require
Rating Agency Confirmation if such Serviced Loan Combination was serviced thereunder, and (ii) the transfer is of an interest in
the Borrower greater than 49% or otherwise would result in a change in control of the Borrower (for these purposes, “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), then the applicable Master Servicer shall not consent
to such transfer unless and until such transfer is the subject of a Rating Agency Confirmation (subject to Section 3.27)
(and, in the case of any applicable Serviced Mortgage Loan that is part of a Loan Combination, an analogous rating agency confirmation
from each Pari Passu Companion Loan Rating Agency, if applicable pursuant to Section 3.27(k)) (the costs of which are
to be payable by the related Borrower to the extent provided for in the related Mortgage Loan Documents, which provisions shall
not be waived by the applicable Master Servicer, and, if not paid, such costs shall be paid by and reimbursed to the applicable
Master Servicer as an Additional Trust Fund Expense). The applicable Master Servicer shall be entitled to collect and receive from
Borrowers any customary fees in connection with such transfers of interest as Additional Master Servicing Compensation.

 

Section
3.09     Realization Upon Defaulted Serviced Mortgage Loans. (a)
The applicable Special Servicer shall, subject to Sections 3.09(b), 3.09(c), 3.09(d), Section 3.24,
Section 3.26 and/or Section 3.28, as applicable, exercise reasonable efforts, consistent with the Servicing
Standard, to foreclose upon or otherwise comparably convert the ownership of the real property and other collateral securing any
Serviced Mortgage Loan or Serviced Loan Combination that comes into and continues in default and as to which no satisfactory arrangements
can be made for collection of delinquent payments, including pursuant to Section 3.20. In connection with the foregoing,
in the event of a default under any Serviced Mortgage Loan, Serviced Loan Combination or Cross-Collateralized Group that is secured
by real properties located in multiple states, and such states include California or another state with a statute, rule or regulation
comparable to California’s “one action rule”, then the applicable Special Servicer shall consult Independent
counsel regarding the order and manner in which the applicable Special Servicer should foreclose upon or comparably proceed against
such properties. The applicable Special Servicer may direct the applicable Master Servicer to advance, as contemplated by Section 3.19(b),
all costs and expenses (including attorneys’ fees and litigation costs and expenses) to be incurred on behalf of the Trust
in any such proceedings or such consultation, subject to the applicable Master Servicer being entitled to reimbursement for any
such advance as a Servicing Advance as provided in Section 3.05(a), and further subject to the applicable Special Servicer’s
being entitled to pay out of the related Liquidation Proceeds, Insurance Proceeds and/or Condemnation Proceeds any Liquidation
Expenses incurred in respect of any Serviced Mortgage Loan or Serviced Loan Combination, which Liquidation Expenses were outstanding
at the time such proceeds are received. Nothing contained in this Section 3.09 shall be construed so as to require
the applicable Special Servicer, on behalf of the Trust, to make a bid on any Mortgaged Property at a foreclosure sale or similar
proceeding that is in excess of the fair market value of such property, as determined by the applicable Special Servicer taking
into account the factors described in Section 3.18 and the results of any appraisal obtained pursuant to the following
sentence or otherwise, all such cash bids to be made in a manner consistent with the Servicing Standard. If and when the applicable
Master Servicer or the

 

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applicable Special Servicer deems it necessary in accordance with the Servicing Standard for purposes of
establishing the fair market value of any Mortgaged Property securing a defaulted Serviced Mortgage Loan or Serviced Loan Combination,
whether for purposes of bidding at foreclosure or otherwise, the applicable Master Servicer or the applicable Special Servicer
(as the case may be) is authorized to have an Appraisal completed with respect to such property (the cost of which appraisal shall
be covered by, and be reimbursable as, a Servicing Advance).

 

The applicable Master
Servicer shall not foreclose upon or otherwise comparably convert, including by taking title thereto, any real property or other
collateral securing a Defaulted Mortgage Loan or Serviced Loan Combination.

 

(b)           Notwithstanding
the foregoing provisions of this Section 3.09, no Mortgaged Property shall be acquired by the applicable Special Servicer
on behalf of the Trust (and, in the case of a Serviced Loan Combination, the related Serviced Pari Passu Companion Loan Holder(s))
under such circumstances, in such manner or pursuant to such terms as would (i) cause such Mortgaged Property to fail to qualify
as “foreclosure property” within the meaning of Section 860G(a)(8) of the Code (unless the portion of such REO Property
that is not treated as “foreclosure property” and that is held by any REMIC Pool at any given time constitutes not
more than a de minimis amount of the assets of such REMIC Pool within the meaning of Treasury Regulations Section 1.860D-1(b)(3)(i)
and (ii)), or (ii) except as permitted by Section 3.17(a), subject the Trust to the imposition of any federal income
or prohibited transaction taxes under the Code. Subject to the foregoing, however, a Mortgaged Property may be acquired through
a single-member limited liability company. In addition, except as permitted under Section 3.17(a), the applicable Special
Servicer shall not acquire any personal property on behalf of the Trust (and, in the case of a Serviced Loan Combination, the related
Serviced Pari Passu Companion Loan Holder(s) pursuant to this Section 3.09 unless either:

 

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

 

(ii)         the
applicable Special Servicer shall have obtained an Opinion of Counsel (the cost of which shall be covered by, and reimbursable
as, a Servicing Advance) to the effect that the holding of such personal property as part of the Trust Fund will not result in
an Adverse REMIC Event with respect to any REMIC Pool or an Adverse Grantor Trust Event with respect to the Grantor Trust Pool.

 

(c)          Notwithstanding
the foregoing provisions of this Section 3.09, the applicable Special Servicer shall not, on behalf of the Trust (and,
in the case of a Serviced Loan Combination, the related Serviced Pari Passu Companion Loan Holder(s)), have a receiver of rents
appointed with respect to a Mortgaged Property, or obtain title to a Mortgaged Property by foreclosure, deed in lieu of foreclosure
or otherwise, or take any other action with respect to any Mortgaged Property, if, as a result of any such action, the Trustee,
on behalf of the Certificateholders, could, in the reasonable judgment of the applicable Special Servicer, exercised in accordance
with the Servicing Standard, be considered to hold title to, to be a “mortgagee-in-possession” of, or to be an “owner”
or “operator” of such Mortgaged Property within the meaning of CERCLA or any comparable law, unless:

 

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(i)          the
applicable Special Servicer has previously determined in accordance with the Servicing Standard, based on a Phase I Environmental
Assessment (and any additional environmental testing that the applicable Special Servicer deems necessary and prudent) of such
Mortgaged Property conducted by an Independent Person who regularly conducts Phase I Environmental Assessments and performed during
the nine-month period preceding any such acquisition of title or other action, that such Mortgaged Property is in compliance with
applicable environmental laws and regulations and there are no circumstances or conditions present at the Mortgaged Property relating
to the use, management or disposal of Hazardous Materials for which investigation, testing, monitoring, containment, clean-up or
remediation could be required under any applicable environmental laws and regulations; or

 

(ii)         if
the determination described in clause (c)(i) above cannot be made, the applicable Special Servicer has previously determined
in accordance with the Servicing Standard, on the same basis as described in clause (c)(i) above, and taking into account
the coverage provided under the related Environmental Insurance Policy, that it would maximize the recovery to the Certificateholders
and, in the case of a Mortgaged Property securing a Serviced Loan Combination, to the related Serviced Pari Passu Companion Loan
Holder(s) (as a collective whole) on a present value basis (the relevant discounting of anticipated collections that will be distributable
to Certificateholders and, in the case of a Mortgaged Property securing a Serviced Loan Combination, to the related Serviced Pari
Passu Companion Loan Holder(s), to be performed at the related Net Mortgage Rate (or (x) in the case of an ARD Mortgage Loan after
its Anticipated Repayment Date, at the related Net Mortgage Rate immediately prior to the Anticipated Repayment Date, or (y) in
the case of a Serviced Loan Combination, at the weighted average of the Net Mortgage Rates for the related notes)) to acquire title
to or possession of the Mortgaged Property and to take such remedial, corrective and/or other further actions as are necessary
to bring the Mortgaged Property into compliance with applicable environmental laws and regulations and to appropriately address
any of the circumstances and conditions referred to in clause (c)(i) above.

 

Any such determination
by the applicable Special Servicer contemplated by clause (i) or clause (ii) of the preceding paragraph
shall be evidenced by an Officer’s Certificate to such effect delivered to the Trustee, the applicable Master Servicer, the
Subordinate Class Representative (other than with respect to any Mortgaged Property securing an Excluded Loan) and the Majority
Subordinate Certificateholder (other than with respect to any Mortgaged Property securing an Excluded Loan) (and, in the case of
a Mortgaged Property securing a Serviced Loan Combination, to the related Serviced Pari Passu Companion Loan Holder(s)), specifying
all of the bases for such determination, such Officer’s Certificate to be accompanied by all related environmental reports.

 

The cost of such Phase
I Environmental Assessment and any such additional environmental testing, as well as the cost of any remedial, corrective or other
further action contemplated by clause (i) and/or clause (ii) above of the first paragraph of Section 3.09(c),
shall be paid out of the Collection Account (subject to, if it relates to one or more Mortgage Loans in a Serviced Loan Combination,
the proviso at the end of the first paragraph (that is, the initial paragraph that includes the enumerated clauses (i)
through (xxiii) of Section 3.05(a)(I)).

 

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(d)           If
neither of the conditions set forth in clauses (i) and (ii) of the first paragraph of Section 3.09(c)
has been satisfied with respect to any Mortgaged Property securing a defaulted Serviced Mortgage Loan (or, if applicable, a Serviced
Loan Combination), the applicable Special Servicer shall take such action as is in accordance with the Servicing Standard (other
than proceeding against the Mortgaged Property) and, at such time as it deems appropriate, may, on behalf of the Trust and, if
applicable, any related Serviced Pari Passu Companion Loan Holder(s), release all or a portion of such Mortgaged Property from
the lien of the related Mortgage; provided that both (i) if such Serviced Mortgage Loan has a then-outstanding principal
balance greater than $1,000,000, then prior to the release of all or a portion of the related Mortgaged Property from the lien
of the related Mortgage, the applicable Special Servicer shall have notified the Rating Agencies (subject to Section 3.27),
the Subordinate Class Representative, the Majority Subordinate Certificateholder, the Trustee, the Certificate Administrator and
the applicable Master Servicer, in writing of its intention to so release all or a portion of such Mortgaged Property and the basis
for the determination that such intention, in the applicable Special Servicer’s good faith judgment, was consistent with
the Servicing Standard and (ii) if any Serviced Loan Combination is involved, the holders of the related Serviced Pari Passu Companion
Loan or their representatives shall have the rights, if any, in respect thereof that are enumerated in the related Intercreditor
Agreement.

 

(e)           The
applicable Special Servicer shall report to the Trustee, the applicable Master Servicer, the Majority Subordinate Certificateholder
(other than with respect to any Mortgaged Property securing an Excluded Loan), the Trust Advisor (during any Collective Consultation
Period and any Senior Consultation Period), the Subordinate Class Representative (during any Subordinate Control Period and any
Collective Consultation Period and other than with respect to any Mortgaged Property securing an Excluded Loan), and, in case of
a Mortgaged Property securing a Serviced Loan Combination, the related Serviced Pari Passu Companion Loan Holder(s), monthly in
writing as to any actions taken by the applicable Special Servicer with respect to any Mortgaged Property as to which neither of
the conditions set forth in clauses (i) and (ii) of the first paragraph of Section 3.09(c) has been
satisfied, in each case until the earliest to occur of (x) satisfaction of either of such conditions, (y) release of the lien of
the related Mortgage on such Mortgaged Property and (z) the related Mortgage Loan (or in the case of a Serviced Loan Combination,
each of the related Mortgage Loan and any related Serviced Pari Passu Companion Loan) becoming a Corrected Mortgage Loan.

 

(f)            The
applicable Special Servicer shall have the right to determine, in accordance with the Servicing Standard, with respect to any Specially
Serviced Mortgage Loan, the advisability of seeking to obtain a deficiency judgment if the state in which the related Mortgaged
Property is located and the terms of the subject Mortgage Loan permit such an action and shall, in accordance with the Servicing
Standard, seek such deficiency judgment if it deems advisable. The applicable Master Servicer, at the direction of the applicable
Special Servicer, shall make a Servicing Advance for the costs incurred in pursuing any such deficiency action, provided
that the applicable Master Servicer shall not be obligated in connection therewith to advance any funds, which if so advanced would
constitute a Nonrecoverable Advance.

 

(g)           Annually
in each January, each Master Servicer shall, with the reasonable cooperation of the applicable Special Servicer, prepare and file
with the IRS on a timely basis the information returns with respect to the reports of foreclosures and abandonments and reports

 

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relating to any cancellation of indebtedness income with respect to any Serviced Mortgage Loan, or Mortgaged Property securing
a Serviced Mortgage Loan and any Serviced Loan Combination, required by Sections 6050H (as applicable), 6050J and 6050P of the
Code. Contemporaneously therewith, the applicable Master Servicer shall deliver a copy of such information returns to the applicable
Special Servicer and the Trustee.

 

(h)           As
soon as the applicable Special Servicer makes a Final Recovery Determination (during any Subordinate Control Period and any Collective
Consultation Period, such determination to be made in consultation with the Subordinate Class Representative and the related calculations
to be subject to the approval of such Subordinate Class Representative, in each case, other than with respect to any Mortgaged
Property securing an Excluded Loan) with respect to any Mortgage Loan, Serviced Loan Combination or REO Property, it shall promptly
notify the Certificate Administrator, the Trustee, the Rating Agencies (subject to Section 3.27), the applicable Master
Servicer (unless it is the one making the determination), the Trust Advisor (during any Collective Consultation Period and any
Senior Consultation Period) and the Subordinate Class Representative (during any Subordinate Control Period and any Collective
Consultation Period and other than with respect to an Excluded Loan). The applicable Special Servicer shall maintain accurate records,
prepared by a Servicing Officer, of each such Final Recovery Determination (if any) made by it and the basis thereof. Each such
Final Recovery Determination (if any) shall be evidenced by an Officer’s Certificate delivered to the Certificate Administrator,
the Trustee, the applicable Master Servicer (unless it is the one making the determination), the Trust Advisor (during any Collective
Consultation Period and any Senior Consultation Period) and the Subordinate Class Representative (during any Subordinate Control
Period and any Collective Consultation Period and other than with respect to an Excluded Loan) no later than ten (10) Business
Days following such Final Recovery Determination.

 

(i)            Notwithstanding
anything the contrary, to the extent that the applicable Special Servicer acquires a Mortgaged Property that is a hospitality property
on behalf of the Trust and such hospitality property has a franchise or licensing agreement that requires a successor or replacement
franchisee or licensee to have a specified net worth, the applicable Special Servicer shall, to the extent consistent with the
Servicing Standard, take all actions reasonably necessary to permit the Mortgaged Property to maintain its franchise or license
with the same franchisor or licensor in place prior to such foreclosure.

 

Section
3.10     Trustee to Cooperate; Release of Mortgage Files. (a) Upon
the payment in full of any Serviced Mortgage Loan, or the receipt by the applicable Master Servicer of a notification that payment
in full shall be escrowed or made in a manner customary for such purposes, the applicable Master Servicer shall promptly so notify
the Trustee and the Custodian and, in the case of any Serviced Pari Passu Companion Loan, the applicable Master Servicer shall
promptly so notify any related Serviced Pari Passu Companion Loan Holder, and request delivery to it or its designee of the related
Mortgage File and request delivery to it or its designee of the related Mortgage Note, as applicable (such notice and request to
be effected by delivering to the Custodian a Request for Release in the form of Exhibit F-1 attached hereto, which Request
for Release shall be accompanied by the form of any release or discharge to be executed by the Custodian and, in the case of a
Serviced Pari Passu Companion Loan, the related Serviced Pari Passu Companion Loan Holder, and 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

 

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the Collection
Account and/or in the case of any Serviced Pari Passu Companion Loan, in the Serviced Pari Passu Companion Loan Custodial Account,
as applicable, pursuant to Section 3.04 have been or will be so deposited). Upon receipt of such Request for Release,
the Custodian shall promptly release the related Mortgage File to the applicable Master Servicer or its designee and shall deliver
to the applicable Master Servicer or its designee such accompanying release or discharge, duly executed. No expenses incurred in
connection with preparing or recording any instrument of satisfaction or deed of reconveyance shall be chargeable to the Collection
Account, the Serviced Pari Passu Companion Loan Custodial Account or the Distribution Account.

 

(b)           If
from time to time, and as appropriate for servicing or foreclosure of any Serviced Mortgage Loan, the applicable Master Servicer
or the applicable Special Servicer shall otherwise require any Mortgage File (or any portion thereof) or, in the case of any Serviced
Pari Passu Companion Loan, the related Mortgage Note, then, upon request of the applicable Master Servicer and receipt from the
applicable Master Servicer of a Request for Release in the form of Exhibit F-1 attached hereto signed by a Servicing Officer
thereof, or upon request of the applicable Special Servicer and receipt from the applicable Special Servicer of a Request for Release
in the form of Exhibit F-2 attached hereto, the Custodian shall release such Mortgage File (or portion thereof) or such
Mortgage Note to the applicable Master Servicer or the applicable Special Servicer, as the case may be, or its designee. Upon return
of such Mortgage File (or portion thereof) to the Person from whom it was obtained as described above, or upon the applicable Special
Servicer’s delivery to such Person of an Officer’s Certificate stating that (i) such Mortgage Loan was liquidated and
all amounts received or to be received in connection with such liquidation that are required to be deposited into the Collection
Account and/or the Serviced Pari Passu Companion Loan Custodial Account (if any) pursuant to Section 3.04 have been
or will be so deposited or (ii) such Mortgage Loan has become an REO Mortgage Loan, a copy of the Request for Release shall be
returned to the applicable Master Servicer or the applicable Special Servicer, as applicable, by the Person to whom it was delivered
as described above.

 

(c)           Within
five (5) Business Days of the applicable Special Servicer’s written request therefor (or, in case of an exigency, within
such shorter period as is reasonable under the circumstances), the Trustee and, in the case of a Serviced Loan Combination, any
related Serviced Pari Passu Companion Loan Holder shall execute and deliver to the applicable Special Servicer, in the form supplied
to the Trustee or any related Serviced Pari Passu Companion Loan Holder(s), as applicable, by the applicable Special Servicer,
any court pleadings, requests for trustee’s sale or other documents reasonably necessary, with respect to any Mortgage Loan,
to the foreclosure or trustee’s sale in respect of the related Mortgaged Property or to any legal action brought to obtain
judgment against the related Borrower on the Mortgage Note or Mortgage or to obtain a deficiency judgment, or to enforce any other
remedies or rights provided by the Mortgage Note or Mortgage or otherwise available at law or in equity or to defend any legal
action or counterclaim filed against the Trust, the applicable Master Servicer, the applicable Special Servicer or any related
Serviced Pari Passu Companion Loan Holder(s); provided that the Trustee and each such Serviced Pari Passu Companion Loan
Holder may alternatively execute and deliver to the applicable Special Servicer, in the form supplied to the Trustee and such Serviced
Pari Passu Companion Loan Holder, as applicable by the applicable Special Servicer, a limited power of attorney issued in favor
of the applicable Special Servicer, subject to Section 3.01(b), and empowering the applicable Special Servicer to execute
and deliver any or

 

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all of such pleadings or documents on behalf of the Trustee and any Serviced Pari Passu Companion Loan Holder
(however, neither the Trustee nor any such Serviced Pari Passu Companion Loan Holder shall be liable for any misuse of such power
of attorney by the applicable Special Servicer). Together with such pleadings or documents (or such power of attorney), the applicable
Special Servicer shall deliver to the Trustee or such Serviced Pari Passu Companion Loan Holder an Officer’s Certificate
requesting that such pleadings or documents (or such power of attorney) be executed by the Trustee or such Serviced Pari Passu
Companion Loan Holder and certifying as to the reason such pleadings or documents are required and that the execution and delivery
thereof by the Trustee or such Serviced Pari Passu Companion Loan Holder (or by the applicable Special Servicer on behalf of such
Person) will not invalidate or otherwise affect the lien of the Mortgage, except for the termination of such a lien upon completion
of the foreclosure or trustee’s sale. Within five (5) Business Days following receipt, the Trustee shall forward any documents
it receives related to the servicing of the Mortgage Loans (including but not limited to any court pleadings and other documents
related to legal action involving any Borrower or Mortgaged Property) to the applicable Special Servicer. Upon delivery of such
documents, the Trustee shall not be liable for any loss, claim or expense related to any failure by the applicable Special Servicer
to process such documentation in a timely fashion. Any document delivered to the applicable Special Servicer shall be deemed to
have been duly delivered when delivered via overnight carrier to the address of such party as set forth in Section 12.05.

 

(d)           If
from time to time, pursuant to the terms of an Intercreditor Agreement and the related Non-Trust Pooling and Servicing Agreement
related to a Non-Trust-Serviced Pooled Mortgage Loan, and as appropriate for enforcing the terms of, or otherwise properly servicing,
such Non-Trust-Serviced Pooled Mortgage Loan, the related Non-Trust Master Servicer, the related Non-Trust Special Servicer or
other similar party requests delivery to it of the original Mortgage Note for such Non-Trust-Serviced Pooled Mortgage Loan, then
such party shall deliver a Request for Release in the form of Exhibit F-1 attached hereto to the Custodian and the Custodian
shall release or cause the release of such original Mortgage Note to the requesting party or its designee. In connection with the
release of the original Mortgage Note for a Non-Trust-Serviced Pooled Mortgage Loan in accordance with the preceding sentence,
the Custodian shall obtain such documentation as is appropriate to evidence the holding by the related Non-Trust Master Servicer,
the related Non-Trust Special Servicer or such other similar party, as the case may be, of such original Mortgage Note as custodian
on behalf of and for the benefit of the Trustee.

 

Section
3.11     Master Servicing and Special Servicing Compensation; Interest on and Reimbursement of Servicing Advances; Payment
of Certain Expenses; Obligations of the Trustee Regarding Back-up Servicing Advances. (a)
As compensation for its activities hereunder, the applicable Master Servicer shall be entitled to receive monthly the Master Servicing
Fee with respect to each Mortgage Loan and any Serviced Pari Passu Companion Loan (including each Specially Serviced Mortgage Loan),
and each successor REO Mortgage Loan thereto (in the case of a Serviced Loan Combination, including (in each case) both the interest
therein represented by the related Mortgage Loan and the interest therein represented by the related Serviced Pari Passu Companion
Loan). As to each such Mortgage Loan, Serviced Pari Passu Companion Loan and REO Mortgage Loan, for each calendar month (commencing
with October 2015) or any applicable portion thereof, the Master Servicing Fee shall accrue at the

 

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related Master Servicing Fee
Rate (or, (i) in the case of a Serviced Pari Passu Mortgage Loan, at the sum of the applicable Master Servicing Fee Rate and the
applicable Pari Passu Primary Servicing Fee Rate or (ii) in the case of a Serviced Pari Passu Companion Loan, at the applicable
Pari Passu Primary Servicing Fee Rate) on the Stated Principal Balance of such Mortgage Loan, Serviced Pari Passu Companion Loan
or such REO Mortgage Loan, as the case may be, and shall be calculated on the same Interest Accrual Basis as is applicable to such
Mortgage Loan, Serviced Pari Passu Companion Loan or REO Mortgage Loan, as the case may be, and for the same number of days respecting
which any related interest payment due on such Mortgage Loan, Serviced Pari Passu Companion Loan or deemed to be due on such REO
Mortgage Loan is computed under the terms of the related Mortgage Note (as such terms may be changed or modified at any time following
the Closing Date) and applicable law. To the extent attributable to a Mortgage Loan, the Master Servicing Fee with respect to any
Mortgage Loan or any REO Mortgage Loan shall cease to accrue (but not as to any Replacement Mortgage Loan with respect thereto)
if a Liquidation Event occurs in respect of such Mortgage Loan. Furthermore, to the extent attributable to any Serviced Pari Passu
Companion Loan or any REO Mortgage Loan with respect thereto, the Master Servicing Fee shall cease to accrue if a Liquidation Event
occurs in respect of the related Mortgage Loan. Master Servicing Fees earned with respect to any Mortgage Loan, Serviced Pari Passu
Companion Loan or any REO Mortgage Loan shall be payable monthly from payments of interest on such Mortgage Loan, Serviced Pari
Passu Companion Loan or REO Revenues allocable as interest on such REO Mortgage Loan, as the case may be. The applicable Master
Servicer shall be entitled to recover unpaid Master Servicing Fees in respect of any Mortgage Loan or any REO Mortgage Loan out
of the portion any related Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds allocable as interest on such Mortgage
Loan or REO Mortgage Loan, as the case may be and, to the extent such amounts are not sufficient to pay accrued Master Servicing
Fees on any Mortgage Loan and a Liquidation Event has occurred with respect to such Mortgage Loan, from general collections on
the Mortgage Loans on deposit in the Collection Accounts. Master Servicing Fees earned with respect to a Serviced Pari Passu Companion
Loan (or any successor REO Mortgage Loan with respect thereto) shall be payable out of the related Serviced Pari Passu Companion
Loan Custodial Account as provided in Section 3.05(f).

 

WFB, with respect to
each Mortgage Loan and any Serviced Pari Passu Companion Loan (and any successor REO Mortgage Loan with respect thereto) for which
it acts as Master Servicer hereunder, and NCB, with respect to each Mortgage Loan (and any successor REO Mortgage Loan with respect
thereto) for which it acts as Master Servicer hereunder, and any successor holder of the related Excess Servicing Fee Rights shall
be entitled, at any time, at its own expense, to transfer, sell, pledge or otherwise assign its 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 and foreign securities laws and is otherwise made in accordance with the Securities Act and such state and foreign securities
laws, (ii) the prospective transferor shall have delivered to the Depositor a certificate substantially in the form attached as
Exhibit F-3A hereto, and (iii) the prospective transferee shall have delivered to WFB or NCB, as the case may be, and the
Depositor a certificate substantially in the form attached as Exhibit F-3B hereto. None of the Depositor, the Trustee or
the Certificate Registrar is obligated to register or qualify an Excess

 

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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. WFB or NCB, as the case may be, 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
WFB and NCB, as the case may be, hereby agree, and each such holder of an Excess Servicing Fee Right by its acceptance of such
Excess Servicing Fee Right shall be deemed to have agreed, in connection with any transfer of such Excess Servicing Fee Right effected
by such Person, to indemnify the Certificateholders, the Trust, the Depositor, the Underwriters, the Certificate Administrator,
the Trustee, the Custodian, the applicable Master Servicer, the other Master Servicer, the Trust Advisor, the Certificate Registrar
and the applicable Special Servicer against any liability that may result if such transfer is not exempt from registration and/or
qualification under the Securities Act or other applicable federal, state and foreign securities laws or is not made in accordance
with such federal, state and foreign laws or in accordance with the foregoing provisions of this paragraph. By its acceptance of
an Excess Servicing Fee Right, the holder thereof shall be deemed to have agreed not to use or disclose such information in any
manner that could result in a violation of any provision of the Securities Act or other applicable securities laws or that would
require registration of such Excess Servicing Fee Right or any Certificate pursuant to the Securities Act. From time to time following
any transfer, sale, pledge or assignment of an Excess Servicing Fee Right or if at any time WFB or NCB shall no longer be a Master
Servicer but shall retain an Excess Servicing Fee Right, the Person then acting as the applicable Master Servicer shall pay, out
of each amount paid to such applicable Master Servicer as Master Servicing Fees with respect to each subject Mortgage Loan, Serviced
Pari Passu Companion 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 Business Day following the payment of such Master Servicing Fees to the applicable Master Servicer,
in each case in accordance with payment instructions provided by such holder in writing to the applicable 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 Depositor, the applicable Special Servicer,
the other Master Servicer, the Trustee, the Trust Advisor, the Custodian or the Tax Administrator shall have any obligation whatsoever
regarding payment of the Excess Servicing Fee or the assignment or transfer of the Excess Servicing Fee Right.

 

The applicable Master
Servicer’s right to receive the Master Servicing Fees to which it is entitled may not be transferred in whole or in part
except in connection with the transfer of all of the applicable Master Servicer’s responsibilities and obligations under
this Agreement and except as otherwise expressly provided herein, including as contemplated by the prior paragraph.

 

(b)           Each
Master Servicer shall be entitled to receive the following items as additional servicing compensation, in each case, related to
a Mortgage Loan or Serviced Pari Passu Companion Loan master serviced by such Master Servicer hereunder, or, in the case of clause (x),
related to an Investment Account maintained by such Master Servicer (the following items, collectively, “Additional Master
Servicing Compensation”):

 

(i)          100%
of any defeasance fees actually collected during the related Collection Period in connection with the defeasance of a Serviced
Mortgage Loan or

 

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Serviced Loan Combination, if applicable (provided, that for the avoidance of doubt, any such defeasance fee shall
not include any Modification Fees in connection with a defeasance that the applicable Special Servicer is entitled to under this
Agreement);

 

(ii)         (x)
50% of Modification Fees actually collected during the related Collection Period with respect to Performing Serviced Mortgage Loans
and Performing Serviced Pari Passu Companion Loans and paid in connection with a consent, approval or other action that the applicable
Master Servicer is not permitted to take in the absence of the consent or approval (or deemed consent or approval) of the applicable
Special Servicer under the other provisions of this Agreement (including, without limitation, a consent, approval or other action
processed by the applicable Special Servicer) and (y) 100% of Modification Fees actually collected during the related Collection
Period with respect to Performing Serviced Mortgage Loans and Performing Serviced Pari Passu Companion Loans and paid in connection
with a consent, approval or other action that the applicable Master Servicer is permitted to take in the absence of the processing,
consent or approval (or deemed consent or approval) of the applicable Special Servicer under the other provisions of this Agreement;

 

(iii)        (x)
100% of Assumption Fees collected during the related Collection Period with respect to Performing Serviced Mortgage Loans and Performing
Serviced Pari Passu Companion Loans in connection with a consent, approval or other action that the applicable Master Servicer
is permitted to take in the absence of the processing, consent or approval (or deemed consent or approval) of the applicable Special
Servicer under the other provisions of this Agreement, and (y) 50% of Assumption Fees collected during the related Collection Period
with respect to Performing Serviced Mortgage Loans and Performing Serviced Pari Passu Companion Loans in connection with a consent,
approval or other action that the applicable Master Servicer is not permitted to take in the absence of the consent or approval
(or deemed consent or approval) of the applicable Special Servicer under the other provisions of this Agreement (including, without
limitation, a consent, approval or other action processed by the applicable Special Servicer);

 

(iv)        100%
of Assumption Application Fees collected during the related Collection Period with respect to Performing Serviced Mortgage Loans
and Performing Serviced Pari Passu Companion Loans;

 

(v)          (x)
100% of consent fees on Performing Serviced Mortgage Loans and Performing Serviced Pari Passu Companion Loans in connection with
a consent that involves no modification, waiver or amendment of the terms of any Performing Serviced Mortgage Loan and Performing
Serviced Pari Passu Companion Loans and is paid in connection with a consent the applicable Master Servicer is permitted to grant
in the absence of the consent or approval (or deemed consent or approval) of the applicable Special Servicer under the other provisions
of this Agreement, and (y) 50% of consent fees on Performing Serviced Mortgage Loans and Performing Serviced Pari Passu Companion
Loans in connection with a consent that involves no modification, waiver or amendment of the terms of any Performing Serviced Mortgage
Loan and the Performing Serviced Pari Passu Companion Loans and is paid in connection with a consent that the

 

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applicable Master
Servicer is not permitted to take in the absence of the consent or approval (or deemed consent or approval) of the applicable Special
Servicer under the other provisions of this Agreement (including, without limitation, a consent processed by the applicable Special
Servicer);

 

(vi)        any
and all amounts collected for checks returned for insufficient funds on all Serviced Mortgage Loans and Serviced Pari Passu Companion
Loans;

 

(vii)       100%
of charges for beneficiary statements or demands actually paid by the Borrowers under the Performing Serviced Mortgage Loans and
the Performing Serviced Pari Passu Companion Loans;

 

(viii)      (a)
100% of other loan processing fees actually paid by the Borrowers under the Performing Serviced Mortgage Loans and Performing Serviced
Pari Passu Companion Loans to the extent that the consent or processing of the applicable Special Servicer is not required in connection
with the associated action and (b) 50% of other loan processing fees actually paid by the Borrowers under the Performing Serviced
Mortgage Loans and the Performing Serviced Pari Passu Companion Loan to the extent that the consent of the applicable Special Servicer
is required in connection with the associated action (including without limitation, an associated action processed by the applicable
Special Servicer);

 

(ix)        any
Prepayment Interest Excesses arising from any principal prepayments on the Mortgage Loans;

 

(x)          interest
or other income earned on deposits in the Investment Accounts maintained by the applicable Master Servicer, in accordance with
Section 3.06(b) (but only to the extent of the Net Investment Earnings, if any, with respect to any such Investment
Account for each Collection Period and, further, in the case of a Servicing Account or Reserve Account, only to the extent such
interest or other income is not required to be paid to any Borrower under applicable law or under the related Mortgage Loan); and

 

(xi)        a
portion of Net Default Charges as set forth in Section 3.25.

 

To the extent that
any of the amounts described in clauses (i) through (ix) in the preceding paragraph are collected by the applicable
Special Servicer, the applicable Special Servicer shall promptly pay such amounts to the applicable Master Servicer.

 

(c)           As
compensation for its activities hereunder, the applicable Special Servicer shall be entitled to receive monthly the Special Servicing
Fee with respect to each Specially Serviced Mortgage Loan (in the case of a Serviced Loan Combination, including both the interest
therein represented by the related Mortgage Loan and interest therein represented by the related Serviced Pari Passu Companion
Loan), and each successor REO Mortgage Loan (in the case of a Serviced Loan Combination, including both the interest therein represented
by the related Mortgage Loan and the interest therein represented by the related Serviced Pari Passu Companion Loan) thereto that
relates to an Administered REO Property. As to each such Specially Serviced Mortgage Loan and REO Mortgage Loan (in the case of
a Serviced Loan Combination, including both the 

 

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interest therein represented by the related Mortgage Loan and the interest therein
represented by the related Serviced Pari Passu Companion Loan), for any particular calendar month or applicable portion thereof,
the Special Servicing Fee shall accrue at the Special Servicing Fee Rate on the Stated Principal Balance of such Specially Serviced
Mortgage Loan or related REO Mortgage Loan, as the case may be, and shall be calculated on the same Interest Accrual Basis as is
applicable for such Specially Serviced Mortgage Loan or REO Mortgage Loan, as the case may be, and for the same number of days
respecting which any related interest payment due on such Specially Serviced Mortgage Loan or deemed to be due on such REO Mortgage
Loan is computed under the terms of the related Mortgage Note (as such terms may be changed or modified at any time following the
Closing Date) and applicable law. To the extent attributable to a Mortgage Loan, the Special Servicing Fee with respect to any
Specially Serviced Mortgage Loan or any successor REO Mortgage Loan thereto shall cease to accrue as of the date a Liquidation
Event occurs in respect of such Mortgage Loan or, in the case of such a Specially Serviced Mortgage Loan, as of the date that such
Mortgage Loan becomes a Corrected Mortgage Loan. To the extent attributable to a Serviced Pari Passu Companion Loan, the Special
Servicing Fee with respect to any Specially Serviced Mortgage Loan or any successor REO Mortgage Loan thereto shall cease to accrue
as of the date a Liquidation Event occurs in respect of the related Mortgage Loan or REO Property included in the same Serviced
Loan Combination or, in the case of such a Specially Serviced Mortgage Loan, as of the date the related Mortgage Loan becomes a
Corrected Mortgage Loan. Earned but unpaid Special Servicing Fees with respect to Mortgage Loans that are Specially Serviced Mortgage
Loans and REO Mortgage Loans shall be payable (pursuant to Section 3.05(a)) monthly first out of related Liquidation
Proceeds, Insurance Proceeds and/or Condemnation Proceeds, if any, and then out of general collections on the Mortgage Loans and
any REO Properties on deposit in the Collection Account and earned but unpaid Special Servicing Fees with respect to a Serviced
Loan Combination or any successor REO Mortgage Loan with respect thereto shall be payable in accordance with the related Intercreditor
Agreement and first, out of the proceeds of such Serviced Loan Combination on deposit in the Collection Account and/or the
related Serviced Pari Passu Companion Loan Custodial Account (as applicable) and then out of general collections in the
Collection Account (following which, the applicable Special Servicer shall use efforts in accordance with the Servicing Standard
to exercise promptly the rights of the Trust Fund under the related Intercreditor Agreement to obtain reimbursement from the related
Serviced Pari Passu Companion Loan Holder (or if any Serviced Pari Passu Companion Loan is held by an Other Securitization, from
such Other Securitization) of such Serviced Pari Passu Companion Loan’s allocable share of such Special Servicing Fees to
the extent so paid from general collections in the Collection Account).

 

As further compensation
for its activities hereunder, the applicable Special Servicer shall be entitled to receive the Workout Fee with respect to each
Serviced Mortgage Loan and any related Serviced Pari Passu Companion Loan that is a Corrected Mortgage Loan, unless the basis on
which the related Serviced Mortgage Loan became a Corrected Mortgage Loan was the remediation of a circumstance or condition relating
to the related Responsible Repurchase Party’s obligation to repurchase the related Mortgage Loan pursuant to the related
Mortgage Loan Purchase Agreement, as applicable, in which case, if such Mortgage Loan is repurchased within the Initial Resolution
Period (and, if applicable any Resolution Extension Period as is permitted under Section 2.03) no Workout Fee will
be payable from or based upon the receipt of, any Purchase Price paid by the related Responsible Repurchase Party in satisfaction
of such

 

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repurchase obligation. As to each such Corrected Mortgage Loan, the Workout Fee shall be payable out of, and shall be calculated
by application of the Workout Fee Rate to, each payment of interest (other than Default Interest and Post-ARD Additional Interest)
and principal received from the related Borrower on such Corrected Mortgage Loan for so long as it remains a Corrected Mortgage
Loan, except that any Workout Fees earned with respect to any Serviced Loan Combination or any successor REO Mortgage Loan with
respect thereto and attributable to the related Serviced Pari Passu Companion Loan shall be payable in accordance with the related
Intercreditor Agreement and solely out of the proceeds of such Serviced Pari Passu Companion Loan; provided that any Workout
Fees earned with respect to a Serviced Pari Passu Companion Loan or any successor REO Mortgage Loan with respect thereto will be
payable out of any proceeds on or with respect to such Serviced Pari Passu Companion Loan and/or the related Serviced Pari Passu
Companion Loan Holder’s share of proceeds on such related REO Property prior to any proceeds on or with respect to the Mortgage
Loan and/or the Trust Fund’s share of proceeds on such related REO Property as otherwise described above. In addition, the
determination and payment of the Workout Fee with respect to any Corrected Mortgage Loan (in the case of a Serviced Loan Combination,
including both the interest therein represented by the related Mortgage Loan and the interest therein represented by the related
Serviced Pari Passu Companion Loan) for which the amount of related Offsetting Modification Fees is greater than zero shall be
adjusted in the following manner: (i) the Workout Fee Rate shall be multiplied by the aggregate amount of all the scheduled
payments of principal and interest scheduled to become due under the terms of such Corrected Mortgage Loan during the period from
the date when such Mortgage Loan (or Serviced Loan Combination, as applicable) becomes a Corrected Mortgage Loan to and including
the Stated Maturity Date of such Corrected Mortgage Loan, without discounting for present value (the resulting product, the “Workout
Fee Projected Amount”); and (ii) either (a) if the amount of the Offsetting Modification Fees for such Corrected Mortgage
Loan is greater than or equal to the Workout Fee Projected Amount for such Corrected Mortgage Loan, the applicable Special Servicer
shall not be entitled to any payments in respect of the Workout Fee with respect to such Corrected Mortgage Loan, or (b) if the
amount of Offsetting Modification Fees for such Corrected Mortgage Loan is less than the Workout Fee Projected Amount, the applicable
Special Servicer shall be entitled to payments of the Workout Fee with respect to such Corrected Mortgage Loan, on the terms and
conditions otherwise set forth in this Agreement without regard to this sentence, until the cumulative amount of such payments
is equal to the excess of the Workout Fee Projected Amount over the Offsetting Modification Fees, after which date the applicable
Special Servicer shall not be entitled to any further payments in respect of the Workout Fee for such Corrected Mortgage Loan.
The Workout Fee with respect to any Corrected Mortgage Loan shall cease to be payable if such Corrected Mortgage Loan again becomes
a Specially Serviced Mortgage Loan or if the related Mortgaged Property becomes an REO Property; provided that a new Workout
Fee would become payable if and when such Serviced Mortgage Loan (or Serviced Loan Combination, as applicable) again became a Corrected
Mortgage Loan after having again become a Specially Serviced Mortgage Loan. If the applicable Special Servicer is terminated or
resigns, the applicable Special Servicer shall retain the right (and the applicable successor Special Servicer shall not have the
right) to receive any and all Workout Fees payable in respect of (i) any Serviced Mortgage Loans or Serviced Pari Passu Companion
Loan serviced by the applicable Special Servicer that became Corrected Mortgage Loans during the period that it acted as the applicable
Special Servicer and that were still Corrected Mortgage Loans at the time of such

 

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termination or resignation and (ii) unless the
applicable Special Servicer was terminated for cause (in which case only clause (i) above shall apply), any Serviced
Mortgage Loans or Serviced Pari Passu Companion Loan that constitute Specially Serviced Mortgage Loans for which the applicable
Special Servicer has resolved the circumstances and/or conditions causing any such Mortgage Loan or Serviced Pari Passu Companion
Loan to be a Specially Serviced Mortgage Loan such that the Mortgage Loan or Serviced Pari Passu Companion Loan would be deemed
a Corrected Mortgage Loan but for the Borrower having not yet made, as of the date of such termination or resignation, three timely
Monthly Payments required by the terms of the workout; provided that in either case no other event has occurred as of the
time of the applicable Special Servicer’s termination or resignation that would otherwise cause such Mortgage Loan (or Serviced
Loan Combination, as applicable) to again become a Specially Serviced Mortgage Loan. The Workout Fee with respect to any Corrected
Mortgage Loan shall be capped in accordance with the last paragraph of this Section 3.11(c).

 

As further compensation
for its activities hereunder, the applicable Special Servicer shall also be entitled to receive a Liquidation Fee with respect
to each Specially Serviced Mortgage Loan (in the case of a Serviced Loan Combination, including both the interest therein represented
by the related Mortgage Loan and the interest therein represented by the related Serviced Pari Passu Companion Loan) as to which
any full, partial or discounted payoff is received from the related Borrower and with respect to each Specially Serviced Mortgage
Loan or Administered REO Property (in the case of a Serviced Loan Combination, including in each case both the interest therein
represented by the related Mortgage Loan and the interest therein represented by the related Serviced Pari Passu Companion Loan)
as to which the applicable Special Servicer receives any Condemnation Proceeds, Insurance Proceeds or Liquidation Proceeds and
(without duplication) each Serviced Mortgage Loan (or Serviced Loan Combination, as applicable) as to which the applicable Special
Servicer otherwise receives any Condemnation Proceeds, Insurance Proceeds or Liquidation Proceeds; provided that, if a Liquidation
Fee otherwise becomes payable with respect to a Mortgage Loan or Serviced Loan Combination, then such Liquidation Fee payable to
the applicable Special Servicer with respect to such Mortgage Loan in the aggregate shall be reduced by the amount of any Offsetting
Modification Fees; provided, further, that if a Serviced Mortgage Loan or Serviced Loan Combination becomes a Specially
Serviced Mortgage Loan only because of an event described in clause (a) of the definition of “Specially Serviced
Mortgage Loan” and the related proceeds are received within 90 days following the related Stated Maturity Date in connection
with the full and final payoff or refinancing of the related Serviced Mortgage Loan or Serviced Loan Combination, in each case
the related Special Servicer will not be entitled to collect a Liquidation Fee, but may collect and retain appropriate fees from
the related Borrower in connection with such liquidation; provided, further, that no Liquidation Fee shall be paid
with respect to: (A) the purchase or other acquisition of any Serviced Mortgage Loan or REO Mortgage Loan by any Subordinate Class
Certificateholder(s), the Sole Certificateholder(s), the applicable Master Servicer or the applicable Special Servicer pursuant
to Section 9.01, (B) (i) the repurchase or replacement of any Serviced Mortgage Loan by a Responsible Repurchase Party
pursuant to the related Mortgage Loan Purchase Agreement as a result of a Material Breach or Material Document Defect, if the repurchase
or replacement occurs prior to the end of the period, as the same may be extended, in which such Responsible Repurchase Party must
cure, repurchase or substitute for such Serviced Mortgage Loan or (ii) the repurchase or replacement of any Serviced Pari Passu
Companion Loan by a responsible repurchase party pursuant to the

 

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related mortgage loan purchase agreement as a result of a material
breach or material document defect thereunder, if the repurchase or replacement occurs prior to the end of the period, as the same
may be extended, in which such responsible repurchase party must cure, repurchase or substitute for such Serviced Pari Passu Companion
Loan, (C) in the case of a Mortgage Loan included in a Serviced Loan Combination or any related Administered REO Property, the
purchase or other acquisition of any such Specially Serviced Mortgage Loan or Administered REO Property by any related Serviced
Pari Passu Companion Loan Holder(s) pursuant to or as contemplated by Section 3.26 (provided that a Liquidation
Fee shall be payable in connection with such a purchase by a Serviced Pari Passu Companion Loan Holder relating to a Serviced Loan
Combination pursuant to the defaulted loan purchase option (if any) granted to it under the related Intercreditor Agreement if
the purchase occurs more than ninety (90) days after the later of (x) the date when the related Mortgage Loan becomes a Specially
Serviced Mortgage Loan and (y) the date when such Serviced Pari Passu Companion Loan Holder receives the initial written notice
from the applicable Special Servicer that such transfer to special servicing has occurred) or (D) the purchase of any such Specially
Serviced Mortgage Loan or Administered REO Property by any other creditor of the related Borrower or any of its Affiliates or other
equity holders pursuant to a right under the related Mortgage Loan Documents (including, without limitation, the purchase of any
such Specially Serviced Mortgage Loan or Administered REO Property by a mezzanine lender of the related Borrower or any of its
Affiliates pursuant to the related mezzanine intercreditor or other similar agreement) (provided that such right is exercised
within ninety (90) days after such creditor’s first purchase option becomes exercisable and in the manner required under
such Mortgage Loan Documents or, with respect to any purchase by a mezzanine lender pursuant to the related mezzanine intercreditor
agreement, if the purchase occurs within ninety (90) days after the later of (x) the date when the related Serviced Mortgage Loan
becomes a Specially Serviced Mortgage Loan and (y) the date when such mezzanine lender receives the initial written notice from
the applicable Special Servicer that such transfer to special servicing has occurred)). As to each such Specially Serviced Mortgage
Loan or Administered REO Property for which the applicable Special Servicer is entitled to a Liquidation Fee as set forth above,
such Liquidation Fee shall be payable out of, and shall be calculated by application of the Liquidation Fee Rate to, any such full,
partial or discounted payoff, Condemnation Proceeds, Insurance Proceeds and/or Liquidation Proceeds received or collected in respect
thereof (other than any portion of such payment or proceeds that represents Default Charges or Post-ARD Additional Interest) provided
that any Liquidation Fees earned with respect to a Serviced Pari Passu Companion Loan in a Serviced Loan Combination shall be payable
out of any collections on or with respect to such related Serviced Pari Passu Companion Loan and/or the related Serviced Pari Passu
Companion Loan Holder’s share of collections on any related Administered REO Property prior to payment out of any collections
otherwise described above). The Liquidation Fee with respect to any such Specially Serviced Mortgage Loan shall not be payable
if such Specially Serviced Mortgage Loan becomes a Corrected Mortgage Loan. The Liquidation Fee with respect to any Specially Serviced
Mortgage Loan shall be capped in accordance with the last paragraph of this Section 3.11(c).

 

The applicable Special
Servicer’s right to receive any Special Servicing Fee, Workout Fee and/or Liquidation Fee to which it is entitled may not
be transferred in whole or in part except in connection with the transfer of all of the applicable Special Servicer’s responsibilities
and obligations under this Agreement and except as otherwise expressly provided herein, including as provided in the next sentence.
Notwithstanding anything herein to the contrary, the

 

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applicable Special Servicer may enter into one or more arrangements with the
Majority Subordinate Certificateholder and/or the Subordinate Class Representative, or any other Person(s) that may be entitled
to remove or replace the applicable Special Servicer, to provide for the payment by the applicable Special Servicer to such party
or parties of certain of the applicable Special Servicer’s compensation hereunder, whether in consideration of the applicable
Special Servicer’s appointment or continuation of appointment as applicable Special Servicer in connection with this Agreement
or the related Intercreditor Agreement, limitations on such parties’ right to terminate or replace the applicable Special
Servicer in connection with this Agreement or the related Intercreditor Agreement or otherwise. If the applicable Special Servicer
exercises the authority set forth in the preceding sentence, any and all obligations pursuant to any such agreement shall constitute
obligations solely of the applicable Special Servicer and not of any other party hereto. If the applicable Special Servicer enters
into such an agreement and one or more other Person(s) thereafter becomes the applicable Majority Subordinate Certificateholders,
the Subordinate Class Representative, or becomes entitled to remove or replace the applicable Special Servicer, as applicable,
such agreement shall not be binding on such other Person(s), nor may it limit the rights that otherwise inure to the benefit of
such other Person(s) as the Majority Subordinate Certificateholder and/or the Subordinate Class Representative, as applicable,
or as a party otherwise entitled to remove or replace the applicable Special Servicer, in the absence of such other Persons(s)’
express written consent, which may be granted or withheld in their sole discretion.

 

The total amount of
Workout Fees, Liquidation Fees and Modification Fees received by a Special Servicer with respect to the workout, liquidation (including
partial liquidation), modification, extension, waiver or amendment of a Specially Serviced Mortgage Loan (or Serviced Loan Combination
that is in special servicing) or REO Mortgage Loan shall be subject to an aggregate cap equal to the greater of (i) $1,000,000
and (ii) 1.00% of the Stated Principal Balance of the subject Specially Serviced Mortgage Loan (or Serviced Loan Combination that
is in special servicing) or REO Mortgage Loan.

 

(d)          The
applicable Special Servicer shall be entitled to receive the following items as additional special servicing compensation (the
following items, collectively, the “Additional Special Servicing Compensation”):

 

(i)          100%
of Modification Fees actually collected during the related Collection Period with respect to any Specially Serviced Mortgage Loans
(and any related Serviced Pari Passu Companion Loan) or REO Mortgage Loans, subject to the cap set forth in Section 3.11(c)
above;

 

(ii)        50%
of Modification Fees collected during the related Collection Period with respect to Performing Serviced Mortgage Loans and Performing
Serviced Pari Passu Companion Loans in connection with a consent, approval or other action that the applicable Master Servicer
is not permitted to take in the absence of the consent or approval (or deemed consent or approval) of the applicable Special Servicer
under the other provisions of this Agreement (including, without limitation, a consent, approval or other action processed by the
applicable Special Servicer), subject to the cap set forth in Section 3.11(c) above;

 

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(iii)       100%
of Assumption Fees collected during the related Collection Period with respect to Specially Serviced Mortgage Loans, and 50% of
Assumption Fees collected during the related Collection Period with respect to Performing Serviced Mortgage Loans and Performing
Serviced Pari Passu Companion Loans in connection with a consent, approval or other action that the applicable Master Servicer
is not permitted to take in the absence of the consent or approval (or deemed consent or approval) of the applicable Special Servicer
under the other provisions of this Agreement (including, without limitation, a consent, approval or other action processed by the
applicable Special Servicer);

 

(iv)        100%
of Assumption Application Fees collected during the related Collection Period with respect to Specially Serviced Mortgage Loans;

 

(v)         100%
of consent fees on Specially Serviced Mortgage Loans in connection with a consent that involves no modification, waiver or amendment
of the terms of any Mortgage Loan or Serviced Pari Passu Companion Loan, and 50% of consent fees on Performing Serviced Mortgage
Loans and Performing Serviced Pari Passu Companion Loans in connection with a consent that involves no modification, waiver or
amendment of the terms of any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan and is paid in connection with a consent
that the applicable Master Servicer is not permitted to take in the absence of the consent or approval (or deemed consent or approval)
of the applicable Special Servicer under the other provisions of this Agreement (including, without limitation, a consent processed
by the applicable Special Servicer);

 

(vi)        100%
of charges for beneficiary statements or demands actually paid by the Borrowers under the Mortgage Loans that are Specially Serviced
Mortgage Loans;

 

(vii)       (a)
50% of other loan processing fees actually paid by the Borrowers under any Serviced Mortgage Loans and any Serviced Pari Passu
Companion Loans that are not Specially Serviced Mortgage Loans to the extent that the consent of the applicable Special Servicer
is required in connection with the associated action (including, without limitation, an associated action processed by the applicable
Special Servicer), and (b) 100% of other loan processing fees actually paid by the Borrowers under Specially Serviced Mortgage
Loans;

 

(viii)      interest
or other income earned on deposits in any REO Account and the Loss of Value Reserve Fund maintained by the applicable Special Servicer,
in accordance with Section 3.06(b) (but only to the extent of the Net Investment Earnings, if any, with respect to
such REO Account for each Collection Period); and

 

(ix)        a
portion of Net Default Charges as set forth in Section 3.25.

 

To the extent that
any of the amounts described in clauses (i) through (vii) of the preceding paragraph are collected by the applicable
Master Servicer, the applicable Master Servicer shall promptly pay such amounts to the applicable Special Servicer and shall not
be

 

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required to deposit such amounts in the Collection Account or the Serviced Pari Passu Companion Loan Custodial Account pursuant
to Section 3.04.

 

(e)           The
applicable Master Servicer and the applicable Special Servicer shall each be required (subject to Section 3.11(h) below)
to pay out of its own funds all expenses incurred by it in connection with its servicing activities hereunder (including payment
of any amounts due and owing to any of Sub-Servicers retained by it (including any termination fees) and the premiums for any blanket
policy or the standby fee or similar premium, if any, for any master force-placed policy obtained by it insuring against hazard
losses pursuant to Section 3.07(c)), if and to the extent such expenses are not payable directly out of the applicable
Collection Account, the Serviced Pari Passu Companion Loan Custodial Account, any Servicing Account, Reserve Account or REO Account,
and neither the applicable Master Servicer nor the applicable Special Servicer shall be entitled to reimbursement for any such
expense incurred by it except as expressly provided in this Agreement. If the applicable Master Servicer is required to make any
Servicing Advance hereunder at the discretion of the applicable Special Servicer in accordance with Section 3.19 or
otherwise, the applicable Special Servicer shall promptly provide the applicable Master Servicer with such documentation regarding
the subject Servicing Advance as the applicable Master Servicer may reasonably request.

 

(f)            If
the applicable Master Servicer is required under this Agreement to make a Servicing Advance, but fails to do so within ten (10)
days after such Advance is required to be made, the Trustee shall, if it has actual knowledge of such failure on the part of the
applicable Master Servicer, give written notice of such failure to the defaulting party. If such Advance is not made by the applicable
Master Servicer within one Business Day after receipt of such written notice, then (subject to Section 3.11(h) below)
the Trustee shall make such Advance.

 

(g)           The
applicable Master Servicer, the applicable Special Servicer and the Trustee shall each be entitled to receive interest at the Reimbursement
Rate in effect from time to time, accrued on the amount of each Servicing Advance made thereby (with its own funds), for so long
as such Servicing Advance is outstanding (it being acknowledged that Advance Interest shall not accrue on Unliquidated Advances
related to prior Servicing Advances). Such interest with respect to any Servicing Advances shall be payable: (i) first,
in accordance with Sections 3.05 and 3.25, out of any Default Charges subsequently collected on or in respect
of the particular Serviced Mortgage Loan, Serviced Loan Combination or Administered REO Property as to which such Servicing Advance
relates; and (ii) then, after such Servicing Advance is reimbursed, but only if and to the extent that such Default Charges
are insufficient to cover such Advance Interest, out of general collections on the Mortgage Loans and REO Properties on deposit
in the Collection Account. The applicable Master Servicer shall (subject to the operation of Section 3.05(a)(II)) reimburse
itself, the applicable Special Servicer or the Trustee, as appropriate, for any Servicing Advance made by any such Person with
respect to any Serviced Mortgage Loan or Administered REO Property as soon as practicable after funds available for such purpose
are deposited in the Collection Account or the Serviced Pari Passu Companion Loan Custodial Account, as applicable.

 

(h)           Notwithstanding
anything to the contrary set forth herein, none of the Master Servicers, the Special Servicers or the Trustee shall be required
to make any Servicing Advance that would, if made, constitute a Nonrecoverable Servicing Advance. The determination by any

 

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Person
obligated or permitted hereunder to make Servicing Advances that it has made a Nonrecoverable Servicing Advance or that any proposed
Servicing Advance, if made, would constitute a Nonrecoverable Servicing Advance, shall be made by such Person subject to the Servicing
Standard, or, in the case of the Trustee, in its reasonable, good faith judgment. In making such recoverability determination,
such Person will be entitled to consider (among other things) the obligations of the Borrower under the terms of the related Serviced
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. In addition, any
such Person may update or change its recoverability determinations at any time and may obtain any analysis, Appraisals or market
value estimates or other information in the possession of the applicable Special Servicer for such purposes. Any determination
by any Person obligated or permitted hereunder to make Servicing Advances that it has made a Nonrecoverable Servicing Advance or
that any proposed Servicing Advance, if made, would constitute a Nonrecoverable Servicing Advance, shall be evidenced by an Officer’s
Certificate delivered promptly to the Depositor, the Certificate Administrator, the Trustee (unless it is the Person making such
determination), the applicable Special Servicer, the Majority Subordinate Certificateholder (other than with respect to any Excluded
Loan) and the Subordinate Class Representative (other than with respect to any Excluded Loan) and, if any Serviced Loan Combination
is involved, any Serviced Pari Passu Companion Loan Holder(s) (or Other Master Servicer), setting forth the basis for such determination,
accompanied by a copy of any Appraisal of the related Mortgaged Property or REO Property performed within the 12 months preceding
such determination by a Qualified Appraiser, and, if such reports were used by the applicable Master Servicer or the Trustee to
determine that any Servicing Advance is or would be nonrecoverable, further accompanied by any other information, including engineers’
reports, environmental surveys or similar reports, that the Person making such determination may have obtained. Notwithstanding
the foregoing, absent bad faith, any such determination as to the recoverability of any Servicing Advance shall be conclusive and
binding on the Certificateholders and, in all cases, the Trustee shall be entitled to conclusively rely on any determination of
nonrecoverability that may have been made by the applicable Master Servicer or the applicable Special Servicer or, if appropriate,
any party under the related Non-Trust Pooling and Servicing Agreement (in the case of a Non-Trust-Serviced Pooled Mortgage Loan),
and the applicable Master Servicer and the applicable Special Servicer shall each be entitled to conclusively rely on any determination
of nonrecoverability that may have been made by the other such party or, if appropriate, any party under the related Non-Trust
Pooling and Servicing Agreement (in the case of a Non-Trust-Serviced Pooled Mortgage Loan) with respect to a particular Servicing
Advance for any Serviced Mortgage Loan, Serviced Loan Combination or Administered REO Property. The applicable Special Servicer
shall promptly furnish any party required to make Servicing Advances hereunder with any information in its possession regarding
the Specially Serviced Mortgage Loans and Administered REO Properties as such party required to make Servicing Advances may reasonably
request. A copy of any such Officer’s Certificate (and accompanying information) of the applicable Master Servicer shall
also be delivered promptly to the applicable Special Servicer, a copy of any such Officer’s Certificate (and accompanying
information) of the applicable Special Servicer shall also be promptly delivered to

 

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the applicable Master Servicer for the subject
Serviced Mortgage Loan, Serviced Loan Combination or Administered REO Property, and a copy of any such Officer’s Certificates
(and accompanying information) of the Trustee shall also be promptly delivered to the Certificate Administrator, the Subordinate
Class Representative (other than information related to any Excluded Loan), the Majority Subordinate Certificateholder (other than
information related to any Excluded Loan), the applicable Special Servicer, the applicable Master Servicer and, if any Serviced
Loan Combination is involved, the related Serviced Pari Passu Companion Loan Holder(s). The applicable Master Servicer and the
applicable Special Servicer shall consider Unliquidated Advances in respect of prior Servicing Advances as outstanding Advances
for purposes of recoverability determinations as if such Unliquidated Advance were a Servicing Advance.

 

The applicable Special
Servicer shall also be entitled to make (but shall not be obligated to make or not make), in its sole discretion, a determination
(subject to the same standards and procedures that apply in connection with a determination by the applicable Master Servicer)
to the effect that a prior Servicing Advance (or Unliquidated Advance in respect thereof) previously made hereunder by the applicable
Master Servicer or the applicable Special Servicer (or, if applicable, the Trustee) constitutes a Nonrecoverable Servicing Advance
or that any proposed Servicing Advance by the applicable Master Servicer or the applicable Special Servicer (or, if applicable,
the Trustee), if made, would constitute a Nonrecoverable Servicing Advance, in which case such determination shall be conclusive
and binding on the applicable Master Servicer and the Trustee and such Servicing Advance shall constitute a Nonrecoverable Servicing
Advance for all purposes of this Agreement (but this statement shall not be construed to entitle such Special Servicer to reverse
any other authorized Person’s determination, or to prohibit any such other authorized Person from making a determination,
that a Servicing Advance constitutes or would constitute a Nonrecoverable Servicing Advance). The preceding statement shall not
be construed to limit the provision set forth in Section 3.19(b) to the effect that any request by the applicable Special
Servicer that the applicable Master Servicer make a Servicing Advance shall be deemed to be a determination by the applicable Special
Servicer that such Servicing Advance is not a Nonrecoverable Advance.

 

(i)            Notwithstanding
anything to the contrary set forth herein, the applicable Master Servicer may (and, at the direction of the applicable Special
Servicer if a Serviced Mortgage Loan or Serviced Loan Combination that is a Specially Serviced Mortgage Loan or an Administered
REO Property is involved, shall) pay directly out of the Collection Account any servicing expense that, if paid by the applicable
Master Servicer or the applicable Special Servicer, would constitute a Nonrecoverable Servicing Advance for the subject Serviced
Mortgage Loan, Serviced Loan Combination or REO Property; provided that (A) it shall be a condition to such payment that
the applicable Master Servicer (or the applicable Special Servicer, if a Specially Serviced Mortgage Loan or an Administered REO
Property is involved) has determined in accordance with the Servicing Standard that making such payment is in the best interests
of the Certificateholders and, if applicable, any Serviced Pari Passu Companion Loan Holders (as a collective whole), as evidenced
by an Officer’s Certificate delivered promptly to the Depositor, the Certificate Administrator, the Trustee, the Majority
Subordinate Certificateholder (other than with respect to any Excluded Loan) and the Subordinate Class Representative (other than
with respect to any Excluded Loan) and, if any Serviced Loan Combination is involved, any Serviced Pari Passu Companion Loan Holder(s),
setting forth the

 

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basis for such determination and accompanied by any information that such Person may have obtained that supports
such determination; (B) if such servicing expense relates to any Serviced Loan Combination, the payment of such expense shall be
subject to the proviso at the end of the first paragraph of Section 3.05(a)(I); and (C) such servicing expense shall
be deemed to constitute a Nonrecoverable Advance for purposes of Section 3.05(a)(II)(iv) and the definition of “Principal
Distribution Amount” and the terms and conditions set forth in such subsection that are applicable to Nonrecoverable Advances
shall apply to such servicing expense. A copy of any such Officer’s Certificate (and accompanying information) of the applicable
Master Servicer shall also be delivered promptly to (other than with respect to any Excluded Loan) the Subordinate Class Representative
(and, if any Serviced Loan Combination is involved, the related Serviced Pari Passu Companion Loan Holder(s)) and the applicable
Special Servicer, and a copy of any such Officer’s Certificate (and accompanying information) of the applicable Special Servicer
shall also be promptly delivered to the applicable Master Servicer and (other than with respect to any Excluded Loan) the Subordinate
Class Representative (and, if any Serviced Loan Combination is involved, the related Serviced Pari Passu Companion Loan Holder(s)).

 

(j)            With
respect to each Collection Period during which any Disclosable Special Servicer Fees were received by a Special Servicer, such
Special Servicer shall deliver or cause to be delivered to the applicable Master Servicer within two (2) Business Days following
the related Determination Date, and, if so delivered, the applicable Master Servicer shall deliver or cause to be delivered to
the Certificate Administrator, within three (3) Business Days following the related Determination Date, in each case without charge,
a report in EDGAR-Compatible Format (or such other format as mutually agreeable between the Certificate Administrator and such
Special Servicer) that discloses and contains an itemized listing of any Disclosable Special Servicer Fees received by such Special
Servicer or any of its Affiliates, if any, during the related Collection Period. For the avoidance of doubt, no report shall be
due by a Special Servicer with respect to any Collection Period where no Disclosable Special Servicer Fees were received by such
Special Servicer during such Collection Period.

 

(k)           The
applicable Special Servicer and its Affiliates shall be prohibited from receiving or retaining any compensation or any other remuneration
(including, without limitation, in the form of commissions, brokerage fees, rebates, or as a result of any other fee-sharing arrangement)
from any Person (including, without limitation, the Trust, any Borrower, any property manager, any guarantor or indemnitor in respect
of a Mortgage Loan or Serviced Loan Combination and any purchaser of any Mortgage Loan, Serviced Pari Passu Companion Loan or REO
Property) in connection with the disposition, workout or foreclosure of any Serviced Mortgage Loan or Serviced Loan Combination,
the management or disposition of any REO Property or Serviced Pari Passu Companion Loan, or the performance of any other special
servicing duties under this Agreement, other than as expressly provided in this Section 3.11; provided that
such prohibition shall not apply to Permitted Special Servicer/Affiliate Fees.

 

Section
3.12     Property Inspections; Collection of Financial Statements. (a)
The applicable Special Servicer shall perform or cause to be performed a physical inspection of a Mortgaged Property securing a
Specially Serviced Mortgage Loan as soon as practicable (but in any event not later than sixty (60) days) after the subject Serviced
Mortgage Loan becomes a Specially Serviced Mortgage Loan (and the applicable Special Servicer shall continue to perform

 

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or cause
to be performed a physical inspection of the subject Mortgaged Property at least once per calendar year thereafter for so long
as the subject Serviced Mortgage Loan remains a Specially Serviced Mortgage Loan or if such Mortgaged Property becomes an REO Property);
provided that the applicable Special Servicer shall be entitled to reimbursement of the reasonable and direct out-of-pocket
expenses incurred by it in connection with each such inspection as Servicing Advances or otherwise as contemplated by Section 3.05(a).
Each Master Servicer shall, at its own expense, inspect or cause to be inspected each Mortgaged Property for which it is acting
as Master Servicer (other than a Mortgaged Property securing a Non-Trust-Serviced Pooled Mortgage Loan) every calendar year beginning
in 2016, or every second calendar year beginning in 2017 if the unpaid principal balance of the related Mortgage Loan (or the portion
thereof allocated to such Mortgaged Property) is less than $2,000,000; provided that with respect to any Serviced Mortgage
Loan (other than a Specially Serviced Mortgage Loan) that has an aggregate unpaid principal balance of less than $2,000,000 and
has been placed on the CREFC® Servicer Watch List, the applicable Master Servicer shall, at the request and expense
of the Subordinate Class Representative, inspect or cause to be inspected the related Mortgaged Property every calendar year not
earlier than 2016 so long as such Mortgage Loan continues to be on the CREFC® Servicer Watch List; and provided,
further, that the applicable Master Servicer will not be obligated to inspect any particular Mortgaged Property during any
one-year or two-year, as applicable, period contemplated above in this sentence, if the applicable Special Servicer has already
done so during that period pursuant to the preceding sentence or on any date when the related Mortgage Loan is a Specially Serviced
Mortgage Loan. Each of the applicable Master Servicer and the applicable Special Servicer shall prepare a written report of each
such inspection performed by it or on its behalf that sets forth in detail the condition of the subject Mortgaged Property and
that specifies the occurrence or existence of: (i) any vacancy in the Mortgaged Property that is, in the reasonable judgment of
the applicable Master Servicer or the applicable Special Servicer (or its respective designee), as the case may be, material and
is evident from such inspection, (ii) any abandonment of the Mortgaged Property of which it is aware, (iii) any change in the condition
or value of the Mortgaged Property that is, in the reasonable judgment of the applicable Master Servicer or the applicable Special
Servicer (or its respective designee), as the case may be, material and is evident from such inspection, (iv) any material waste
on or deferred maintenance in respect of the Mortgaged Property that is evident from such inspection or (v) any material capital
improvements made that are evident from such inspection. Such report may be in the form of the standard property inspection report
(or such other form for the presentation of such information) as may from time to time be recommended by the CREFC®
for commercial mortgage-backed securities transactions generally. Each of the applicable Master Servicer and the applicable Special
Servicer shall deliver or make available a copy (or image in suitable electronic media) of each such written report prepared by
it (x) promptly following preparation, to the Certificate Administrator and the Trustee (and to the applicable Master Servicer,
if done by the applicable Special Servicer, and to the applicable Special Servicer, if done by the applicable Master Servicer),
(y) if there has been a material adverse change in the condition of the subject Mortgaged Property or REO Property, as applicable,
promptly following preparation, to the Majority Subordinate Certificateholder (other than with respect to any Mortgaged Property
securing an Excluded Loan that is a Specially Serviced Mortgage Loan), the Subordinate Class Representative (other than with respect
to any Mortgaged Property securing an Excluded Loan that is a Specially Serviced Mortgage Loan) (and, if a Mortgaged Property or
REO Property relates to any Serviced Loan Combination, the

 

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related Serviced Pari Passu Companion Loan Holder(s) if and to the extent
required under the applicable Intercreditor Agreement), and the Rating Agencies (subject to Section 3.27), and (z)
if there has been no material adverse change in the condition of the subject Mortgaged Property or REO Property, as applicable,
upon request, to, or at the direction of the Subordinate Class Representative (during any Subordinate Control Period and any Collective
Consultation Period, and other than with respect to any Mortgaged Property securing an Excluded Loan that is a Specially Serviced
Mortgage Loan), the Majority Subordinate Certificateholder (during any Subordinate Control Period and any Collective Consultation
Period, and other than with respect to any Mortgaged Property securing an Excluded Loan that is a Specially Serviced Mortgage Loan),
the Trust Advisor (during any Collective Consultation Period and any Senior Consultation Period) and, if applicable, any related
Serviced Pari Passu Companion Loan Holder, in each case within thirty (30) days following receipt of such request.

 

(b)          Commencing
with respect to the calendar year ending December 31, 2015 (as to annual information) and the calendar quarter ending on March
31, 2016 (as to quarterly information), the applicable Special Servicer, in the case of any Specially Serviced Mortgage Loan, and
the applicable Master Servicer, in the case of each Performing Serviced Mortgage Loan, shall make reasonable efforts to collect
promptly from each related Borrower quarterly (for each Serviced Mortgage Loan other than any Co-op Mortgage Loan) and annual operating
statements, budgets and rent rolls (if applicable) and, with respect to any Co-op Mortgage Loan, maintenance schedules, of the
related Mortgaged Property, and quarterly (for each Serviced Mortgage Loan other than any Co-op Mortgage Loan) and annual financial
statements of such Borrower, whether or not delivery of such items is required pursuant to the terms of the related Mortgage Loan
Documents. The applicable Master Servicer shall deliver or make available images in suitable electronic media of all of the foregoing
items so collected or obtained by it to the Persons and in the time and manner set forth in Section 4.02(d). In addition,
the applicable Special Servicer shall cause quarterly and annual operating statements, budgets and rent rolls to be regularly prepared
in respect of each Administered REO Property and shall collect all such items promptly following their preparation. The applicable
Special Servicer shall deliver images in suitable electronic media of all of the foregoing items so collected or obtained by it
to the applicable Master Servicer, the Majority Subordinate Certificateholder (during any Subordinate Control Period and any Collective
Consultation Period), the Subordinate Class Representative (during any Subordinate Control Period and any Collective Consultation
Period), the Trust Advisor (during any Collective Consultation Period and any Senior Consultation Period) and, if any Serviced
Loan Combination is involved, the related Serviced Pari Passu Companion Loan Holder(s) if and to the extent required under the
applicable Intercreditor Agreement, within thirty (30) days of its receipt thereof.

 

Section
3.13     [Reserved]

 

Section
3.14     [Reserved]

 

Section
3.15     Access to Information. (a) Each of the applicable Master
Servicer and the applicable Special Servicer shall afford to the OTS, the FDIC, any other banking or insurance regulatory authority
that may exercise authority over any Certificateholder or Certificate Owner, the Certificate Administrator, the Trustee, the Trust
Advisor (except that the Trust Advisor shall be entitled to such access only from the applicable Special Servicer during any Collective

 

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Consultation Period or Senior Consultation Period and only with respect to Mortgage Loan information that the Trust Advisor determined
is reasonably necessary in order for it to perform any consultation right or duty it may then currently have with respect to such
Mortgage Loan under the other provisions of this Agreement), the Depositor, each Underwriter, the Subordinate Class Representative
(other than any Excluded Information with respect to an Excluded Loan) and any Serviced Pari Passu Companion Loan Holder, access
to any records regarding the Mortgage Loans serviced by it hereunder (or, in the case of a Serviced Pari Passu Companion Loan
Holder, only the related Serviced Pari Passu Companion Loan) and the servicing thereof within its control, except to the extent
it is prohibited from doing so by applicable law, the terms of the related Mortgage Loan Documents or contract entered into prior
to the Closing Date or to the extent such information is subject to a privilege under applicable law to be asserted on behalf
of the Certificateholders. At the election of the applicable Master Servicer and/or the applicable Special Servicer, such access
may be so afforded to the Certificate Administrator, the Trustee, the Depositor, the Trust Advisor, the Subordinate Class Representative,
the Majority Subordinate Certificateholder and any related Serviced Pari Passu Companion Loan Holder, by the delivery of copies
of information as requested by such Person and the applicable Master Servicer and/or the applicable Special Servicer, as applicable,
shall be permitted to require payment of a sum sufficient to cover the reasonable out-of-pocket costs incurred by it in making
such copies. Such access shall otherwise be afforded without charge but only upon reasonable prior written request and during
normal business hours at the offices of the particular applicable Master Servicer or applicable Special Servicer, as the case
may be, designated by it.

 

(b)          In
connection with providing access to information pursuant to Section 3.15(a) above, Section 4.02(a), Section 8.12(d)
or, only with respect to clause (i) below, Section 8.12(g), each of the applicable Master Servicer and
the applicable 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 Serviced Mortgage Loan if the disclosure
of such items is prohibited by applicable law or the provisions of any related Mortgage Loan Documents or would constitute a waiver
of the attorney-client privilege. In connection with providing access to information pursuant to this Section 3.15,
the applicable Master Servicer shall require the execution (which may be in electronic form) of a confidentiality agreement substantially
in the form of Exhibit K-5 hereto.

 

(c)          Upon
the request of the Subordinate Class Representative made not more frequently than once a month during the normal business hours
of the applicable Master Servicer and the applicable Special Servicer, each of the applicable Master Servicer and the applicable
Special Servicer shall, without charge, make a knowledgeable Servicing Officer available either by telephone (with Servicing Officers
of each of the applicable Master Servicer and the applicable Special Servicer participating simultaneously if the Subordinate Class
Representative so requests) or, at the option of the Subordinate Class Representative if it provides reasonable advance notice,
at the office of such Servicing Officer, to verbally answer questions from the Subordinate Class Representative regarding the performance
and servicing of the Serviced Mortgage Loans (other than with respect to any Excluded Loan) and/or Administered REO

 

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Properties
for which the applicable Master Servicer or the applicable Special Servicer, as the case may be, is responsible.

 

(d)          Notwithstanding
any provision of this Agreement to the contrary, the failure of the applicable Master Servicer or the applicable Special Servicer
to disclose any information otherwise required to be disclosed by it pursuant to this Agreement shall not constitute a breach of
this Agreement to the extent that the applicable Master Servicer or the applicable Special Servicer, as the case may be, determines,
in its reasonable and good faith judgment consistent with the Servicing Standard, that such disclosure would violate applicable
law or any provision of a Mortgage Loan Document prohibiting disclosure of information with respect to the Mortgage Loans or the
Mortgaged Properties, constitute a waiver of the attorney-client privilege on behalf of the Trust or the Trust Fund or otherwise
materially harm the Trust or the Trust Fund.

 

(e)          If
any of the parties to this Agreement receives a Form ABS Due Diligence-15E from any party in connection with any third-party due
diligence services such party may have provided with respect to the Mortgage Loans (any such party a “Due Diligence Service
Provider”), such receiving party shall promptly forward such Form ABS Due Diligence-15E to the Rule 17g-5 Information
Provider for posting on the Rule 17g-5 Information Provider’s Website. The Rule 17g-5 Information Provider shall post on
the Rule 17g-5 Information Provider’s Website any Form ABS Due Diligence-15E it receives directly from a Due Diligence Service
Provider or from another party to this Agreement, promptly upon receipt thereof. No Master Servicer or Special Servicer shall be
required to make any determination as to whether any service provided by a third party requires obtaining a Form ABS Due Diligence-15E.

 

(f)          Neither
the applicable Master Servicer nor the applicable Special Servicer shall be liable for providing, disseminating or withholding
information in accordance with the terms of this Agreement. In addition to their other rights hereunder, each of the applicable
Master Servicer and the applicable Special Servicer (and their respective employees, attorneys, officers, directors and agents)
shall, in each case, be indemnified by the Trust Fund for any claims, losses or expenses arising from any such provision, dissemination
or withholding.

 

(g)          In
connection with its rights or obligations under this Agreement, any Subordinate Class Certificateholder (i) shall not directly
or indirectly provide any Excluded Information related to any Excluded Controlling Class Loan to the related Mortgagor, or to any
employee involved in the management or oversight of the related direct or indirect equity investment that gives rise to the related
Mortgage Loan’s status as an Excluded Controlling Class Loan, and (ii) shall maintain sufficient internal controls and appropriate
policies and procedures in place in order to comply with the obligations described in clause (i) above.

 

Section
3.16     Title to Administered REO Property; REO Account. (a) If title
to any Administered REO Property is acquired, the deed or certificate of sale shall be issued to the Trustee or its nominee, on
behalf of the Certificateholders (and, in the case of a Serviced Loan Combination, also the related Serviced Pari Passu Companion
Loan Holder(s)), or, subject to Section 3.09(b), to a single-member limited liability company of which the Trust is
the sole member, which limited liability company is formed or caused to be formed by the applicable Special Servicer at the expense
of the Trust (or, in the case of an Administered REO Property

 

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related to a Mortgage Loan that is part of a Serviced Loan Combination,
the Trust and the related Serviced Pari Passu Companion Loan Holder(s) for the purpose of taking title to one or more Administered
REO Properties pursuant to this Agreement. Any such limited liability company formed by the applicable Special Servicer shall be
a manager-managed limited liability company, with the applicable Special Servicer to serve as the initial manager to manage the
property of the limited liability company, including any applicable Administered REO Property, in accordance with the terms of
this Agreement as if such property was held directly in the name of the Trust or Trustee under this Agreement. The applicable Special
Servicer shall sell any Administered REO Property in accordance with Section 3.18 by the end of the third calendar
year following the year in which the Trust acquires ownership of such Administered REO Property for purposes of Section 860G(a)(8)
of the Code, unless the applicable Special Servicer either (i) applies, more than sixty (60) days prior to the expiration of such
liquidation period, and is granted (or, pursuant to IRS regulations, deemed to have been granted) an extension of time or the IRS
does not deny an application for an extension of time (an “REO Extension”) by the IRS to sell such Administered
REO Property or (ii) obtains for the Trustee an Opinion of Counsel, addressed to the Trustee, to the effect that the holding by
the Trust of such Administered REO Property subsequent to the end of the third calendar year following the year in which such acquisition
occurred will not result in an Adverse REMIC Event with respect to any REMIC Pool or an Adverse Grantor Trust Event with respect
to the Grantor Trust Pool. Regardless of whether the applicable Special Servicer applies for or is granted the REO Extension contemplated
by clause (i) of the immediately preceding sentence or obtains the Opinion of Counsel referred to in clause (ii)
of such sentence, the applicable Special Servicer shall act in accordance with the Servicing Standard to liquidate the subject
Administered REO Property on a timely basis. If the applicable Special Servicer is granted such REO Extension or obtains such Opinion
of Counsel with respect to any Administered REO Property, the applicable Special Servicer shall (i) promptly forward a copy of
such REO Extension or Opinion of Counsel to the Trustee, and (ii) sell the subject Administered REO Property within such extended
period as is permitted by such REO Extension or contemplated by such Opinion of Counsel, as the case may be. Any expense incurred
by the applicable Special Servicer in connection with its applying for and being granted the REO Extension contemplated by clause (i)
of the third preceding sentence or its obtaining the Opinion of Counsel contemplated by clause (ii) of the third preceding
sentence, and for the creation of and the operating of a limited liability company, shall be covered by, and be reimbursable as,
a Servicing Advance.

 

(b)          The
applicable Special Servicer shall segregate and hold all funds collected and received by it in connection with any Administered
REO Property separate and apart from its own funds and general assets. If any REO Acquisition occurs in respect of any Mortgaged
Property securing a Serviced Mortgage Loan or Serviced Loan Combination, then the applicable Special Servicer shall establish
and maintain one or more accounts (collectively, an “REO Account”), to be held on behalf of the Trustee for
the benefit of the Certificateholders (or, in the case of any Administered REO Property related to a Serviced Loan Combination,
on behalf of both the Certificateholders and the related Serviced Pari Passu Companion Loan Holder(s)), as a collective whole,
for the retention of revenues and other proceeds derived from such Administered REO Property.  Each account that constitutes an
REO Account shall be an Eligible Account.  The applicable Special Servicer shall deposit, or cause to be deposited, in its REO
Account, within one Business Day following receipt, all REO Revenues, Insurance Proceeds, Condemnation Proceeds and Liquidation
Proceeds received in respect of an Administered REO

 

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Property; provided,
that to the extent any of the foregoing amounts are received after 2:00 p.m. (Eastern time) on any given Business Day, the applicable
Special Servicer shall use commercially reasonable efforts to deposit (or cause to be deposited) such amounts within one Business
Day of receipt of such amounts but, in any event, the Special Servicer shall deposit (or cause to be deposited) such amounts within
two Business Days of receipt of such amounts. Funds in an REO Account may be invested in Permitted Investments in accordance with
Section 3.06. The applicable Special Servicer is authorized to pay out of related Liquidation Proceeds, Insurance Proceeds
and/or Condemnation Proceeds, if any, any Liquidation Expenses incurred in respect of an Administered REO Property and outstanding
at the time such proceeds are received, as well as any other items that otherwise may be paid by the applicable Master Servicer
out of such Liquidation Proceeds as contemplated by Section 3.05(a). The applicable Special Servicer shall be entitled
to make withdrawals from its REO Account to pay itself, as Additional Special Servicing Compensation, interest and investment income
earned in respect of amounts held in such REO Account as provided in Section 3.06(b) (but only to the extent of the
Net Investment Earnings, if any, with respect to such REO Account for any Collection Period). The applicable Special Servicer shall
give notice to the other parties hereto of the location of its REO Account when first established and of the new location of such
REO Account prior to any change thereof.

 

(c)     The
applicable Special Servicer shall withdraw from its REO Account funds necessary for the proper operation, management, leasing,
maintenance and disposition of any Administered REO Property, but only to the extent of amounts on deposit in such REO Account
relating to such Administered REO Property. Monthly within one Business Day following the end of each Collection Period, the applicable
Special Servicer shall withdraw from its REO Account and deposit into the Collection Account, or deliver to the applicable Master
Servicer for deposit into the Collection Account, the aggregate of all amounts received in respect of each Administered REO Property
during such Collection Period that are then on deposit in such REO Account, net of any withdrawals made out of such amounts pursuant
to the preceding sentence; provided that (A) in the case of each Administered REO Property, the applicable Special Servicer
may retain in its REO Account such portion of such proceeds and collections as may be necessary to maintain a reserve of sufficient
funds for the proper operation, management, leasing, maintenance and disposition of such Administered REO Property (including the
creation of a reasonable reserve for repairs, replacements, necessary capital improvements and other related expenses) and (B)
if such Administered REO Property relates to a Serviced Loan Combination, the applicable Master Servicer shall make, from such
amounts so deposited or remitted as described above, any deposits into any related Serviced Pari Passu Companion Loan Custodial
Account contemplated by Section 3.04(h) or Section 3.04(i), as applicable. For the avoidance of doubt,
such amounts withdrawn from an REO Account and deposited into the Collection Account following the end of each Collection Period
pursuant to the preceding sentence shall, upon such deposit, be construed to have been received by the applicable Master Servicer
during such Collection Period.

 

(d)     The
applicable Special Servicer shall keep and maintain separate records, on a loan-by-loan basis and if appropriate on a property-by-property
basis, for the purpose of accounting for all deposits to, and withdrawals from, its REO Account pursuant to Section 3.16(b)
or 3.16(c).

 

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(e)     Notwithstanding
anything to the contrary, this Section 3.16 shall not apply to any REO Property related to a Non-Trust-Serviced Pooled
Mortgage Loan.

 

Section
3.17     Management of Administered REO Property. (a) Prior to
the acquisition of title to any Mortgaged Property securing a defaulted Serviced Mortgage Loan, the applicable Special Servicer
shall review the operation of such Mortgaged Property and determine the nature of the income that would be derived from such property
if it were acquired by the Trust. If the applicable Special Servicer determines from such review that:

 

(i)       None
of the income from Directly Operating such Mortgaged Property would be subject to tax as “net income from foreclosure property”
within the meaning of the REMIC Provisions (such tax referred to herein as an “REO Tax”), then such Mortgaged
Property may be Directly Operated by the applicable Special Servicer as Administered REO Property, other than holding such Administered
REO Property for sale or lease or performing construction work thereon;

 

(ii)      Directly
Operating such Mortgaged Property as an Administered REO Property could result in income from such property that would be subject
to an REO Tax, but that a lease of such property to another party to operate such property, or the performance of some services
by an Independent Contractor with respect to such property, or another method of operating such property would not result in income
subject to an REO Tax, then the applicable Special Servicer may (provided that in the judgment of the applicable Special
Servicer, exercised in accordance with the Servicing Standard, it is commercially reasonable) so lease or otherwise operate such
Administered REO Property; or

 

(iii)     It
is reasonable to believe that Directly Operating such property as Administered REO Property could result in income subject to an
REO Tax and either (i) that the income or earnings with respect to such REO Property will offset any REO Tax relating to such income
or earnings and will maximize the net recovery from the applicable Administered REO Property to the Certificateholders (taking
into account that any related Serviced Pari Passu Companion Loan Holder(s) do not have any obligation under the related Intercreditor
Agreement to bear the effect of any such REO Tax) or (ii) that no commercially reasonable means exists to operate such property
as Administered REO Property without the Trust incurring or possibly incurring an REO Tax on income from such property, then the
applicable Special Servicer shall deliver to the Tax Administrator and the Subordinate Class Representative, in writing, a proposed
plan (the “Proposed Plan”) to manage such property as Administered REO Property. Such plan shall include potential
sources of income and good faith estimates of the amount of income from each such source. Within a reasonable period of time after
receipt of such plan, the Tax Administrator shall consult with the applicable Special Servicer and shall advise the applicable
Special Servicer of the Trust’s federal income tax reporting position with respect to the various sources of income that
the Trust would derive under the Proposed Plan. In addition, the Tax Administrator shall (to the maximum extent reasonably possible
and at a reasonable fee, which fee shall be an expense of the Trust) advise the applicable Special Servicer of the estimated amount
of taxes that the Trust would be required to pay with respect to each such source of income. After receiving the

 

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information described
in the two preceding sentences from the Tax Administrator, the applicable Special Servicer shall either (A) implement the Proposed
Plan (after acquiring the respective Mortgaged Property as Administered REO Property) or (B) manage and operate such property in
a manner that would not result in the imposition of an REO Tax on the income derived from such property.

 

Subject to Section 3.17(b),
the applicable Special Servicer’s decision as to how each Administered REO Property shall be managed and operated shall be
in accordance with the Servicing Standard. Neither the applicable Special Servicer nor the Tax Administrator shall be liable to
the Certificateholders, the Trustee, the Trust, the other parties hereto, any beneficiaries hereof or each other for errors in
judgment made in good faith in the exercise of their discretion while performing their respective responsibilities under this Section 3.17(a)
with respect to any Administered REO Property. Nothing in this Section 3.17(a) is intended to prevent the sale of any
Administered REO Property pursuant to the terms and subject to the conditions of Section 3.18.

 

(b)     If
title to any Administered REO Property is acquired, the applicable Special Servicer shall manage, conserve, protect and operate
such Administered REO Property for the benefit of the Certificateholders (or, in the case of any Administered REO Property related
to a Serviced Loan Combination, on behalf of both the Certificateholders and the related Serviced Pari Passu Companion Loan Holder(s)),
as a collective whole, solely for the purpose of its prompt disposition and sale in accordance with Section 3.18 below,
in a manner that does not cause such Administered REO Property to fail to qualify as “foreclosure property” within
the meaning of Section 860G(a)(8) of the Code or, except as contemplated by Section 3.17(a) above, result in the receipt
by any REMIC Pool of any “income from non-permitted assets” within the meaning of Section 860F(a)(2)(B) of the Code,
in an Adverse REMIC Event with respect to any REMIC Pool or an Adverse Grantor Trust Event with respect to the Grantor Trust Pool.
Except as contemplated by Section 3.17(a) above, the applicable Special Servicer shall not enter into any lease, contract
or other agreement with respect to any Administered REO Property that causes the Trust to receive, and (unless required to do so
under any lease, contract or agreement to which the applicable Special Servicer or the Trust may become a party or successor to
a party due to a foreclosure, deed in lieu of foreclosure or other similar exercise of a creditor’s rights or remedies with
respect to the related Serviced Mortgage Loan) shall not, with respect to any Administered REO Property, cause or allow the Trust
to receive, any “net income from foreclosure property” that is subject to taxation under the REMIC Provisions. Subject
to the foregoing, however, the applicable Special Servicer shall have full power and authority to do any and all things in connection
with the administration of any Administered REO Property, as are consistent with the Servicing Standard and, consistent therewith,
shall withdraw from its REO Account, to the extent of amounts on deposit therein with respect to such Administered REO Property,
funds necessary for the proper operation, management, maintenance and disposition of such Administered REO Property, including:

 

(i)       all
insurance premiums due and payable in respect of such Administered REO Property;

 

(ii)      all
real estate taxes and assessments in respect of such Administered REO Property that may result in the imposition of a lien thereon;

 

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(iii)     any
ground rents in respect of such Administered REO Property; and

 

(iv)     all
other costs and expenses necessary to maintain, lease, sell, protect, manage, operate and restore such Administered REO Property.

 

To the extent that
amounts on deposit in the applicable Special Servicer’s REO Account with respect to any Administered REO Property are insufficient
for the purposes contemplated by the preceding sentence with respect to such REO Property, the applicable Master Servicer shall,
at the direction of the applicable Special Servicer, but subject to Section 3.11(h), make a Servicing Advance of such
amounts as are necessary for such purposes unless the applicable Master Servicer or the applicable Special Servicer determines,
in its reasonable judgment, that such advances would, if made, be Nonrecoverable Servicing Advances; provided that the applicable
Master Servicer may in its sole discretion make any such Servicing Advance without regard to recoverability if it is a necessary
fee or expense incurred in connection with the defense or prosecution of legal proceedings.

 

(c)     The
applicable Special Servicer may, and, if required for the Administered REO Property to continue to qualify as “foreclosure
property” within the meaning of Section 860G(a)(8) of the Code, shall, contract with any Independent Contractor for the operation
and management of any Administered REO Property, provided that:

 

(i)        the
terms and conditions of any such contract may not be inconsistent herewith and shall reflect an agreement reached at arm’s
length;

 

(ii)       the
fees of such Independent Contractor (which shall be expenses of the Trust) shall be reasonable and customary in consideration of
the nature and locality of such Administered REO Property;

 

(iii)     any
such contract shall be consistent with Treasury Regulations Section 1.856-6(e)(6) and shall require, or shall be administered to
require, that the Independent Contractor, in a timely manner, (A) pay all costs and expenses incurred in connection with the operation
and management of such Administered REO Property, including those listed in Section 3.17(b) above, and (B) remit all
related revenues collected (net of its fees and such costs and expenses) to the applicable Special Servicer upon receipt;

 

(iv)     none
of the provisions of this Section 3.17(c) relating to any such contract or to actions taken through any such Independent
Contractor shall be deemed to relieve the applicable Special Servicer of any of its duties and obligations hereunder with respect
to the operation and management of any such Administered REO Property; and

 

(v)      the
applicable 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 Administered REO Property, and the applicable Special Servicer
shall comply with the Servicing Standard in maintaining such Independent Contractor.

 

The applicable 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

 

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for indemnification of the applicable Special Servicer by such Independent Contractor, and nothing
in this Agreement shall be deemed to limit or modify such indemnification. To the extent the costs of any contract with any Independent
Contractor for the operation and management of any Administered REO Property are greater than the revenues available from such
property, such excess costs shall be covered by, and be reimbursable as, a Servicing Advance.

 

(d)     Without
limiting the generality of the foregoing, the applicable Special Servicer shall not:

 

(i)       permit
the Trust Fund to enter into, renew or extend any New Lease with respect to any Administered REO Property, if the New Lease by
its terms will give rise to any income that does not constitute Rents from Real Property;

 

(ii)      permit
any amount to be received or accrued under any New Lease other than amounts that will constitute Rents from Real Property;

 

(iii)     authorize
or permit any construction on any Administered 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 10% of the construction of such building or other improvement
was completed before default on the related Mortgage Loan become imminent, all within the meaning of Section 856(e)(4)(B) of the
Code; or

 

(iv)     except
as otherwise provided for in Sections 3.17(a)(i), 3.17(a)(ii) and 3.17(a)(iii) above, Directly Operate,
or allow any other Person, other than an Independent Contractor, to Directly Operate, any Administered REO Property on any date
more than ninety (90) days after its date of acquisition by or on behalf of the Trust Fund;

 

unless, in any such case, the applicable
Special Servicer has obtained an Opinion of Counsel (the cost of which shall be paid by the applicable Master Servicer as a Servicing
Advance) to the effect that such action will not cause such Administered REO Property to fail to qualify as “foreclosure
property” within the meaning of Section 860G(a)(8) of the Code at any time that it is held for the benefit of the Trust Fund,
in which case the applicable Special Servicer may take such actions as are specified in such Opinion of Counsel.

 

(e)     Notwithstanding
anything to the contrary, this Section 3.17 shall not apply to any REO Property related to a Non-Trust-Serviced Pooled
Mortgage Loan.

 

Section
3.18     Sale of Defaulted Mortgage Loans and Administered REO Properties; Sale of the Non-Trust-Serviced Pooled Mortgage
Loans.   (a)   The applicable Master Servicer, the applicable Special Servicer
or the Trustee may sell or purchase, or permit the sale or purchase of, a Mortgage Loan or Administered REO Property only (i) on
the terms and subject to the conditions set forth in this Section 3.18, (ii) as otherwise expressly provided in or
contemplated by Sections 2.03 and 9.01 of this Agreement, (iii) in the case of a Mortgage Loan (or Administered
REO Property related thereto) with a related mezzanine loan, in connection with a Mortgage Loan default if and as set forth in
the related intercreditor agreement or (iv) in the case of a Mortgage Loan related to a Serviced Loan Combination (or REO Mortgage
Loan related

 

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thereto), in connection with a Mortgage Loan default if and as set forth in the related Intercreditor Agreement.

 

(b)     Promptly
upon a Serviced Mortgage Loan becoming a Defaulted Mortgage Loan and if the applicable Special Servicer determines in accordance
with the Servicing Standard that it would be in the best interests of the Certificateholders, as a collective whole (or if such
Defaulted Mortgage Loan is part of a Serviced Loan Combination, in the best interest of the Certificateholders and the related
Serviced Pari Passu Companion Loan Holder(s) as a collective whole), to attempt to sell such Defaulted Mortgage Loan (and if such
Defaulted Mortgage Loan is part of a Serviced Loan Combination, to sell the entire Serviced Loan Combination), the applicable Special
Servicer shall use reasonable efforts to solicit offers for such Defaulted Mortgage Loan or Serviced Loan Combination on behalf
of the Certificateholders (or if such Defaulted Mortgage Loan is part of a Serviced Loan Combination, on behalf of the Certificateholders
and the related Serviced Pari Passu Companion Loan Holder(s)) in such manner as will be reasonably likely to realize a fair price;
provided that, in the case of a Defaulted Mortgage Loan that is part of a Serviced Loan Combination, if the applicable Special
Servicer determines to attempt to sell such Mortgage Loan it shall sell such Defaulted Mortgage Loan together with the related
Serviced Pari Passu Companion Loan as a whole loan pursuant to Section 3.18(e) and pursuant to the terms of the related
Intercreditor Agreement. The applicable 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 Mortgage Loan, subject
to any applicable provisions in the related Intercreditor Agreement. During any Subordinate Control Period or Collective Consultation
Period, the applicable Special Servicer shall notify the Subordinate Class Representative (other than with respect to any Excluded
Loan) of any inquiries or offers received regarding the sale of any Defaulted Mortgage Loan. During any Collective Consultation
Period or Senior Consultation Period, the applicable Special Servicer shall notify the Trust Advisor of any inquiries or offers
received regarding the sale of any Defaulted Mortgage Loan.

 

(c)     The
applicable Special Servicer shall give the Trustee, the Certificate Administrator, the applicable Master Servicer, the Trust Advisor
(at any time other than a Subordinate Control Period), the Subordinate Class Representative (at any time other than during a Senior
Consultation Period and other than with respect to any Excluded Loan) and the Majority Subordinate Certificateholder (at any time
other than during a Senior Consultation Period and other than with respect to any Excluded Loan) not less than three (3) Business
Days’ prior written notice of its intention to sell any Defaulted Mortgage Loan. No Interested Person shall be obligated
to submit an offer to purchase any Defaulted Mortgage Loan. In no event shall the Trustee, in its individual capacity, offer for
or purchase any Defaulted Mortgage Loan.

 

(d)     Whether
any cash offer constitutes a fair price for any Defaulted Mortgage Loan (other than a Defaulted Mortgage Loan that is part of a
Serviced Loan Combination) for purposes of Section 3.18(b) of this Agreement shall be determined by the applicable
Special Servicer, if the highest offeror is a Person other than an Interested Person, and by the Trustee, if the highest offeror
is an Interested Person; provided that no offer from an Interested Person shall constitute a fair price unless (i) it is
the highest offer received and (ii) at least two other offers are received from independent third parties. In determining whether
any offer received from an Interested Person represents a fair price for any such Defaulted Mortgage Loan, (other than a

 

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Defaulted
Mortgage Loan that is part of a Serviced Loan Combination), 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 nine (9) month period or, in the
absence of any such Appraisal, on a new Appraisal. The appraiser conducting any such new Appraisal shall be a Qualified Appraiser
selected by (i) the applicable Special Servicer, if no Interested Person is so making an offer, or (ii) the Trustee, if an Interested
Person is so making an offer. The cost of any such Appraisal shall be covered by, and shall be reimbursable as, a Servicing Advance.
Notwithstanding the foregoing, but subject to the proviso in the first sentence of this paragraph, in the event that an offer from
an Interested Person is equal to or in excess of the Purchase Price for such Mortgage Loan, then such offer shall be deemed to
be a fair price and the Trustee shall not make such determination (provided that such offer is also the highest cash offer received
and at least two independent offers have been received); provided that receipt by the Trustee of such offer pursuant to
the applicable notice provisions set forth in Section 12.05 of this Agreement shall be deemed receipt by a Responsible
Officer of the Trustee for the purpose of this sentence. Where any Interested Person is among those submitting offers with respect
to a Defaulted Mortgage Loan, the applicable Special Servicer shall require that all offers be submitted to the Trustee in writing.
In determining whether any such offer from a Person other than an Interested Person constitutes a fair price for any such Defaulted
Mortgage Loan (other than a Defaulted Mortgage Loan that is part of a Serviced Loan Combination), the applicable Special Servicer
shall take into account (in addition to the results of any Appraisal or updated Appraisal that it may have obtained pursuant to
this Agreement within the prior nine (9) months), and in determining whether any offer from an Interested Person constitutes a
fair price for any such Defaulted Mortgage Loan (other than a Defaulted Mortgage Loan that is part of a Serviced Loan Combination),
the Trustee or any Independent expert designated by the Trustee as described in the immediately following paragraph of this Section 3.18(d)
shall be instructed to take into account, as applicable, among other factors, the period and amount of any delinquency on the affected
Mortgage Loan, the occupancy level and physical condition of the related Mortgaged Property and the state of the local economy.
The Purchase Price for any Defaulted Mortgage Loan shall in all cases be deemed a fair price (but subject to the proviso in the
first sentence of this paragraph with respect to an offer from an Interested Person).

 

Notwithstanding anything
contained in the preceding paragraph to the contrary, if the Trustee is required to determine whether a cash offer by an Interested
Person constitutes a fair price, the Trustee may (at its option and at the expense of the Trust Fund) designate an Independent
third party expert in real estate or commercial mortgage loan matters with at least 5 years’ experience in valuing loans
similar to the subject Mortgage Loan, that has been selected with reasonable care by the Trustee to determine if such cash offer
constitutes a fair price for such Mortgage Loan. If the Trustee designates such a third party to make such determination, the Trustee
shall be entitled to rely conclusively upon such third party’s determination. The reasonable costs of all appraisals, inspection
reports and broker opinions of value incurred by any such third party pursuant to this paragraph shall be covered by, and shall
be reimbursable from, the offering Interested Person, and to the extent not collected from such Interested Person within 30 days
of request therefor, from the Collection Account; provided that, the Trustee shall not engage a third party expert whose
fees exceed a commercially reasonable amount as determined by the Trustee.

 

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(e)     In
the case of a Defaulted Mortgage Loan that is part of a Serviced Loan Combination, the applicable Special Servicer shall solicit
offers for such Defaulted Mortgage Loan together with the related Serviced Pari Passu Companion Loan as a whole loan and shall
require that all offers be submitted to the Trustee in writing and otherwise meet the requirements of the related Intercreditor
Agreement.

 

Whether any cash offer
constitutes a fair price for any such Serviced Loan Combination for purposes of Section 3.18(b) of this Agreement shall
be determined by the applicable Special Servicer, if the highest offeror is a Person other than an Interested SLC Person, and by
the Trustee, if the highest offeror is an Interested SLC Person; provided that no offer from an Interested SLC Person for
a Serviced Loan Combination shall constitute a fair price unless (i) it is the highest offer received and (ii) at least two other
bona fide offers are received from independent third parties. In determining whether any offer received from an Interested
SLC Person represents a fair price for any such Serviced Loan Combination, 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 nine (9) month
period or, in the absence of any such Appraisal, on a new Appraisal. The appraiser conducting any such new Appraisal shall be a
Qualified Appraiser selected by (i) the applicable Special Servicer, if no Interested SLC Person is so making an offer, or (ii)
the Trustee, if an Interested SLC Person is so making an offer. The cost of any such Appraisal shall be covered by, and shall be
reimbursable as, a Servicing Advance. In determining whether any such offer from a Person other than an Interested SLC Person constitutes
a fair price for any such Serviced Loan Combination, the applicable Special Servicer shall take into account (in addition to the
results of any Appraisal or updated Appraisal that it may have obtained pursuant to this Agreement within the prior nine (9) months),
and in determining whether any offer from an Interested SLC Person constitutes a fair price for any such Serviced Loan Combination,
the Trustee or any Independent expert designated by the Trustee as described in the immediately following paragraph of this Section 3.18(e)
shall be instructed to take into account, as applicable, among other factors, the period and amount of any delinquency on the affected
Mortgage Loan, the occupancy level and physical condition of the related Mortgaged Property and the state of the local economy.
The Trustee shall act in a commercially reasonable manner in making such determination. Notwithstanding the foregoing, in the event
that an offer from an Interested SLC Person is equal to or in excess of the Purchase Price for such Serviced Loan Combination,
then the Trustee will not be required to make any such determination of fair price and such offer will be deemed to be a fair price
(provided such offer is also the highest cash offer received and at least two independent offers have been received). Further notwithstanding
the foregoing, the applicable Special Servicer shall not be permitted to sell the related Serviced Pari Passu Companion Loan without
the written consent of the related Serviced Pari Passu Companion Loan Holder unless the applicable Special Servicer has delivered
to any Serviced Pari Passu Companion Loan Holder: (a) at least fifteen (15) Business Days prior written notice of any decision
to attempt to sell any related Serviced Loan Combination; (b) at least ten (10) days prior to the proposed sale, a copy of each
bid package (together with any amendments to such bid packages) received by the applicable Special Servicer in connection with
any such proposed sale, (c) at least ten (10) days prior to the proposed sale, a copy of the most recent Appraisal for any such
Serviced Loan Combination, and any documents in the Servicing File requested by any 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
and the Subordinate Class Representative) prior to the proposed

 

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sale date, all information and other documents being provided to
other offerors and all leases or other documents that are approved by the applicable Special Servicer in connection with the proposed
sale; provided that the related Serviced Pari Passu Companion Loan Holder may waive any of the delivery or timing requirements
set forth in this sentence. Subject to the foregoing, each of the Majority Subordinate Certificateholder (other than with respect
to any Excluded Loan), the Subordinate Class Representative (during any Subordinate Control Period and other than with respect
to any Excluded Loan), any related Serviced Pari Passu Companion Loan Holder or a representative thereof shall be permitted to
bid at any sale of the Mortgage Loan.

 

Notwithstanding anything
contained in the preceding paragraph to the contrary, if the Trustee is required to determine whether a cash offer by an Interested
SLC Person constitutes a fair price, the Trustee may (at its option and at the expense of the Trust Fund) designate an Independent
third party expert in real estate or commercial mortgage loan matters with at least 5 years’ experience in valuing loans
similar to the subject Serviced Loan Combination, that has been selected with reasonable care by the Trustee to determine if such
cash offer constitutes a fair price for such Serviced Loan Combination. If the Trustee designates such a third party to make such
determination, the Trustee shall be entitled to rely conclusively upon such third party’s determination. The reasonable costs
of all appraisals, inspection reports and broker opinions of value incurred by any such third party pursuant to this paragraph
shall be covered by, and shall be reimbursable from, the offering Interested SLC Person, and to the extent not collected from such
Interested SLC Person within 30 days of request therefor, from the applicable Collection Account; provided that, the Trustee
shall not engage a third party expert whose fees exceed a commercially reasonable amount as determined by the Trustee.

 

(f)      The
applicable Special Servicer shall use its reasonable efforts, consistent with the Servicing Standard, to solicit cash offers for
each Administered REO Property in such manner as will be reasonably likely to realize a fair price (determined pursuant to Section 3.18(g)
below) for any Administered REO Property within a customary and normal time frame for the sale of comparable properties (and, in
any event, within the time period provided for by Section 3.16(a)). The applicable Special Servicer shall accept the
first (and, if multiple cash offers are received by a specified offer date, the highest) cash offer received from any Person that
constitutes a fair price (determined pursuant to Section 3.18(g) below) for such Administered REO Property. If the
applicable Special Servicer reasonably believes that it will be unable to realize a fair price (determined pursuant to Section 3.18(g)
below) with respect to any Administered REO Property within the time constraints imposed by Section 3.16(a), then the
applicable Special Servicer shall, consistent with the Servicing Standard, dispose of such Administered REO Property upon such
terms and conditions as it shall deem necessary and desirable to maximize the recovery thereon under the circumstances.

 

The applicable Special
Servicer shall give the Certificate Administrator, the Trustee, the applicable Master Servicer, the Subordinate Class Representative,
the Majority Subordinate Certificateholder not less than five (5) Business Days’ prior written notice (subject to any applicable
provisions in the related Intercreditor Agreement) of its intention to sell any Administered REO Property pursuant to this Section 3.18(f).

 

No Mortgage Loan Seller,
Certificateholder or any Affiliate of any such Person shall be obligated to submit an offer to purchase any Administered REO Property,
and notwithstanding

 

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anything to the contrary herein, the Trustee, in its individual capacity, may not offer for or purchase any
Administered REO Property pursuant hereto.

 

(g)     Whether
any cash offer constitutes a fair price for any Administered REO Property for purposes of Section 3.18(f) above, shall
be determined by the applicable Special Servicer or, if such cash offer is from the applicable Special Servicer or any Affiliate
of the applicable Special Servicer, by the Trustee. In determining whether any offer received from the applicable Special Servicer
or an Affiliate of the applicable Special Servicer represents a fair price for any Administered REO Property, the Trustee shall
be supplied with and shall be entitled to rely on the most recent Appraisal in the related Servicing File conducted in accordance
with this Agreement within the preceding nine-month period (or, in the absence of any such Appraisal or if there has been a material
change at the subject property since any such Appraisal, on a new Appraisal to be obtained by the applicable Special Servicer,
the cost of which shall be covered by, and be reimbursable as, a Servicing Advance). The appraiser conducting any such new Appraisal
shall be a Qualified Appraiser that is (i) selected by the applicable Special Servicer if neither the applicable Special Servicer
nor any Affiliate thereof is submitting an offer with respect to the subject Administered REO Property and (ii) selected by the
Trustee if either the applicable Special Servicer or any Affiliate thereof is so submitting an offer. Notwithstanding the foregoing,
and subject to the last sentence of this paragraph, in the event that an offer from the applicable Special Servicer or an Affiliate
thereof is equal to or in excess of the Purchase Price for such REO Property, then the Trustee shall not make any determination
of fair price and such offer shall be deemed to be a fair price (provided such offer is also the highest cash offer received
and at least two independent offers have been received); provided that receipt by the Trustee of such offer pursuant to
the applicable notice provisions set forth in Section 12.05 of this Agreement shall be deemed receipt by a Responsible
Officer of the Trustee for the purpose of this sentence. Where any Mortgage Loan Seller, any Certificateholder or any Affiliate
of any such Person is among those submitting offers with respect to any Administered REO Property, the applicable Special Servicer
shall require that all offers be submitted to it (or, if the applicable Special Servicer or an Affiliate thereof is submitting
an offer, be submitted to the Trustee) in writing and, if applicable, otherwise meet the requirements of the related Intercreditor
Agreement. In determining whether any offer from a Person other than any Mortgage Loan Seller, any Certificateholder or any Affiliate
of any such Person constitutes a fair price for any Administered REO Property, the applicable Special Servicer (or the Trustee,
if applicable) shall take into account the results of any Appraisal or updated Appraisal that it or the applicable Master Servicer
may have obtained in accordance with this Agreement within the prior nine (9) months, as well as, among other factors, the occupancy
level and physical condition of such Administered REO Property, the state of the then-current local economy and commercial real
estate market where such Administered REO Property is located and the obligation to dispose of such Administered REO Property within
a customary and normal time frame for the sale of comparable properties (and, in any event, within the time period specified in
Section 3.16(a)). The Trustee may conclusively rely on the opinion of an Independent appraiser or other Independent
expert in real estate matters retained by the Trustee at the expense of the Trust Fund in connection with making any such determination.
The Purchase Price for any Administered REO Property (which, in connection with an Administered REO Property related to a Serviced
Loan Combination, shall be construed and calculated with respect to the entire Serviced Loan Combination) shall in all cases be
deemed a fair price. Notwithstanding the other provisions of this Section 3.18, no cash offer from the applicable Special
Servicer or any Affiliate thereof shall

 

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constitute a fair price for any Administered REO Property unless such offer is the highest
cash offer received and at least two Independent offers (not including the offer of the applicable Special Servicer or any Affiliate)
have been received. In the event the offer of the applicable Special Servicer or any Affiliate thereof is the only offer received
or is the higher of only two offers received, then additional offers shall be solicited. If an additional offer or offers, as the
case may be, are received for any Administered REO Property and the original offer of the applicable Special Servicer or any Affiliate
thereof is the highest of all offers received, then the offer of the applicable Special Servicer or such Affiliate shall be accepted,
provided that the Trustee has otherwise determined, as provided above in Section 3.18(f), that such offer constitutes
a fair price for the subject Administered REO Property. Any offer by the applicable Special Servicer for any Administered REO Property
shall be unconditional; and, if accepted, the subject Administered REO Property shall be transferred to the applicable Special
Servicer without recourse, representation or warranty other than customary representations as to title given in connection with
the sale of a real property.

 

Notwithstanding anything
contained in the preceding paragraph to the contrary, and, if applicable, to the extent consistent with any related Intercreditor
Agreement, if the Trustee is required to determine whether a cash offer by an Interested Person constitutes a fair price, the Trustee
may (at its option and at the expense of the Trust Fund) designate an independent third party expert in real estate or commercial
mortgage loan matters with at least 5 years’ experience in valuing loans similar to the subject mortgage loan, that has been
selected with reasonable care by the Trustee to determine if such cash offer constitutes a fair price for such mortgage loan. If
the Trustee designates such a third party to make such determination, the Trustee shall be entitled to rely conclusively upon such
third party’s determination. The reasonable costs of all appraisals, inspection reports and broker opinions of value incurred
by any such third party pursuant to this paragraph shall be covered by, and shall be reimbursable from, the offering Interested
Person, and to the extent not collected from such Interested Person within 30 days of request therefor, from the applicable Collection
Account; provided that, the Trustee shall not engage a third party expert whose fees exceed a commercially reasonable amount
as determined by the Trustee.

 

(h)     Subject
to Sections 3.18(a) through 3.18(g) above, the applicable Special Servicer shall act on behalf of the Trust
in negotiating with Independent third parties in connection with the sale of any Defaulted Mortgage Loan or Administered REO Property
and taking any other action necessary or appropriate in connection with the sale of any Defaulted Mortgage Loan or Administered
REO Property, and the collection of all amounts payable in connection therewith. In connection with the sale of any Defaulted Mortgage
Loan or Administered REO Property, the applicable Special Servicer may charge prospective offerors, and may retain, fees that approximate
the applicable Special Servicer’s actual costs in the preparation and delivery of information pertaining to such sales or
evaluating offers without obligation to deposit such amounts into the Collection Account; provided that if the applicable
Special Servicer was previously reimbursed for such costs from the Collection Account, then the applicable Special Servicer must
deposit such amounts into the Collection Account. Any sale of a Defaulted Mortgage Loan or any Administered REO Property shall
be final and without recourse to the Trustee or the Trust, and if such sale is consummated in accordance with the terms of this
Agreement, neither the applicable Special Servicer nor the Trustee shall have any liability to any

 

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Certificateholder with respect
to the purchase price therefor accepted by the applicable Special Servicer or the Trustee.

 

(i)      Any
sale of any Defaulted Mortgage Loan or Administered REO Property shall be for cash only. The applicable Special Servicer in its
capacity as applicable Special Servicer shall have no authority to provide financing to the purchaser.

 

(j)      With
respect to any Non-Trust-Serviced Pooled Mortgage Loan that becomes a “Defaulted Mortgage Loan” (as such term or other
similar term is defined pursuant to the terms of the related Non-Trust Pooling and Servicing Agreement and construed as if such
Non-Trust-Serviced Pooled Mortgage Loan were a “Mortgage Loan” under such Non-Trust Pooling and Servicing Agreement),
the liquidation of such Non-Trust-Serviced Pooled Mortgage Loan shall be administered by the related Non-Trust Special Servicer
in accordance with the related Non-Trust Pooling and Servicing Agreement and the related Intercreditor Agreement. Any such sale
of a Non-Trust-Serviced Pooled Mortgage Loan pursuant to the related Non-Trust Pooling and Servicing Agreement and/or the related
Intercreditor Agreement shall be final and without recourse to the Trustee or the Trust, and none of the applicable Master Servicer,
the applicable Special Servicer or the Trustee shall have any liability to any Certificateholder with respect to the purchase price
for such Non-Trust-Serviced Pooled Mortgage Loan accepted on behalf of the Trust.

 

(k)     If
any Defaulted Mortgage Loan or REO Property is sold under this Section 3.18, or a Non-Trust-Serviced Pooled Mortgage
Loan is sold in accordance with the related Intercreditor Agreement and the related Non-Trust Pooling and Servicing Agreement,
then the purchase price shall be deposited into the Collection Account or, if applicable, the Serviced Pari Passu Companion Loan
Custodial Account, and the Trustee, upon receipt of written notice from the applicable Master Servicer to the effect that such
deposit has been made (based upon, in the case of a Defaulted Mortgage Loan or REO Property, notification by the applicable Special
Servicer to the applicable Master Servicer of the amount of the purchase price), shall execute and deliver such instruments of
transfer or assignment, in each case without recourse, as shall be provided to it and are reasonably necessary to vest ownership
of such Mortgage Loan or Administered REO Property in the Person who purchased such Mortgage Loan or Administered REO Property.

 

(l)      Any
purchaser of a Defaulted Mortgage Loan that has a related Serviced Pari Passu Companion Loan, whether pursuant to this Section 3.18
or pursuant to Section 2.03 or Section 9.01, will be subject to the related Intercreditor Agreement, including
any requirements thereof governing who may be a holder of such Mortgage Loan. The applicable Special Servicer will require, in
connection with such a sale of such a Defaulted Mortgage Loan, that the purchaser assume in writing all of the rights and obligations
of the holder of such Mortgage Loan under the related Intercreditor Agreement.

 

(m)    In
connection with the sale of any Defaulted Mortgage Loan (other than a Non-Trust-Serviced Pooled Mortgage Loan) under the provisions
described in this Section 3.18 for an amount less than the Purchase Price, the applicable Special Servicer shall obtain
the approval of the Subordinate Class Representative (during any Subordinate Control Period and other than with respect to any
Excluded Loan) or consult with the Subordinate Class Representative (during 

 

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any Collective Consultation Period
and other than with respect to any Excluded Loan) and the applicable Special Servicer shall consult with the Trust Advisor
(during any Collective Consultation Period or Senior Consultation Period), subject to the applicable Special Servicer’s
prevailing duty to comply with the Servicing Standard. In addition, in considering such a sale, the applicable Special
Servicer shall consider the interests only of the Certificateholders and, in the case of a Defaulted Mortgage Loan that is
part of a Serviced Loan Combination, the related Serviced Pari Passu Companion Loan Holder (as a collective whole, as if they
together 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). In connection with
any consultation with the Trust Advisor contemplated above in this Section 3.18(m), the applicable Special
Servicer shall provide the Trust Advisor with any relevant information reasonably requested by the Trust Advisor in order to
enable it to consult with the applicable Special Servicer.

 

(n)     Notwithstanding
any of the foregoing paragraphs of this Section 3.18, the applicable Special Servicer shall not be obligated to accept
the highest cash offer if such Special Servicer determines (in accordance with the Servicing Standard and, to the extent a Subordinate
Control Period is then in effect, with the consent or deemed consent of the Subordinate Class Representative (other than with respect
to any Excluded Loan), and, to the extent a Collective Consultation Period is then in effect, in consultation with the Subordinate
Class Representative (other than with respect to any Excluded Loan) and the Trust Advisor, and, to the extent a Senior Consultation
Period is then in effect, in consultation with the Trust Advisor), that rejection of such offer would be in the best interests
of the Certificateholders and, in the case of a Defaulted Mortgage Loan that is part of a Serviced Loan Combination, the related
Serviced Pari Passu Companion Loan Holder (as a collective whole as if they together constituted a single lender), and such Special
Servicer may accept a lower cash offer (from any Person other than itself or an Affiliate) if it determines, in accordance with
the Servicing Standard, that acceptance of such offer would be in the best interests of the Certificateholders and, in the case
of a Defaulted Mortgage Loan that is part of a Serviced Loan Combination, the related Serviced Pari Passu Companion Loan Holder(s)
(as a collective whole as if they together constituted a single lender). In connection with any consultation with the Trust Advisor
contemplated above in this Section 3.18(n), the applicable Special Servicer shall provide the Trust Advisor with any
relevant information reasonably requested by the Trust Advisor in order to enable it to consult with the applicable Special Servicer.

 

Section
3.19     Additional Obligations of Master Servicers and Special Servicers.

 

(a)     Within
sixty (60) days (or within such longer period as the applicable Special Servicer is (as certified thereby to the Trustee in writing)
diligently using reasonable efforts to obtain the Appraisal referred to below) after the earliest of the date on which any Serviced
Mortgage Loan (i) becomes a Modified Mortgage Loan following the occurrence of a Servicing Transfer Event, (ii) becomes an REO
Mortgage Loan, (iii) with respect to which a receiver or similar official is appointed and continues for sixty (60) days in such
capacity in respect of the related Mortgaged Property, (iv) the related Borrower becomes the subject of bankruptcy, insolvency
or similar proceedings or, if such proceedings are involuntary, such proceedings remain undismissed for sixty (60) days, (v) any
Monthly Payment (other than a Balloon Payment) becomes sixty (60) days or more delinquent, or (vi) the related Borrower fails to
make

 

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when due any Balloon Payment and the Borrower does not deliver to the applicable Master Servicer or the applicable Special
Servicer (and such Master Servicer or such Special Servicer, as applicable, shall promptly forward such commitment to the applicable
Special Servicer or the applicable Master Servicer, as applicable), on or before the Due Date of the Balloon Payment, a written
and fully executed (subject only to customary final closing conditions) refinancing commitment from an acceptable lender and reasonably
satisfactory in form and substance to the applicable Special Servicer which provides that such refinancing will occur within 90
days after the date on which the Balloon Payment will become due (provided that if either such refinancing does not occur
during that time or the applicable Master Servicer is required during that time to make any P&I Advance in respect of the Mortgage
Loan, an Appraisal Trigger Event will occur immediately) (each such event, an “Appraisal Trigger Event” and
each such Serviced Mortgage Loan and any related REO Mortgage Loan that is the subject of an Appraisal Trigger Event, until it
ceases to be such in accordance with the following paragraph, a “Required Appraisal Loan”), the applicable Special
Servicer shall obtain an Appraisal of the related Mortgaged Property, unless an Appraisal thereof had previously been received
(or, if applicable, conducted) within the prior nine (9) months and the applicable Special Servicer has no knowledge of changed
circumstances that in the applicable Special Servicer’s reasonable judgment would materially affect the value of the Mortgaged
Property. If such Appraisal is obtained from a Qualified Appraiser, the cost thereof shall be covered by, and be reimbursable as,
a Servicing Advance, such Advance to be made at the direction of the applicable Special Servicer when the Appraisal is received
by the applicable Special Servicer. Promptly following the receipt of, and based upon, such Appraisal and receipt of information
requested by the applicable Special Servicer from the applicable Master Servicer pursuant to the last paragraph of this Section 3.19(a),
the applicable Special Servicer, in consultation with (i) the Subordinate Class Representative (during any Subordinate Control
Period and other than with respect to any Excluded Loan) or (ii) one or more of the Subordinate Class Representative (other than
with respect to any Excluded Loan) and the Trust Advisor, under the procedures set forth in Sections 3.28(d) and 3.28(e)
(during any Collective Consultation Period or Senior Consultation Period), shall determine and report to the Certificate Administrator,
the Trustee and the applicable Master Servicer the then-applicable Appraisal Reduction Amount, if any, with respect to the subject
Required Appraisal Loan. For purposes of this Section 3.19(a), an Appraisal may, in the case of any Serviced Mortgage
Loan with an aggregate outstanding principal balance of less than $2,000,000 only, consist solely of an internal valuation performed
by the applicable Special Servicer. In connection with a Mortgaged Property related to any Serviced Loan Combination, the applicable
Special Servicer shall also determine and report to the Trustee, the applicable Master Servicer, the Subordinate Class Representative
(other than with respect to any Serviced Loan Combination that is an Excluded Loan), any related Serviced Pari Passu Companion
Loan Holder and the related Other Master Servicer the Appraisal Reduction Amount, if any, with respect to the entire such Serviced
Loan Combination (calculated, for purposes of this sentence, as if it were a single Mortgage Loan).

 

A Serviced Mortgage
Loan shall cease to be a Required Appraisal Loan if and when, following the occurrence of the most recent Appraisal Trigger Event,
any and all Servicing Transfer Events with respect to such Mortgage Loan have ceased to exist and no other Appraisal Trigger Event
has occurred with respect thereto during the preceding ninety (90) days.

 

For so long as any
Serviced Mortgage Loan or related REO Mortgage Loan remains a Required Appraisal Loan, the applicable Special Servicer shall, every
nine (9) months after such

 

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Mortgage Loan becomes a Required Appraisal Loan, obtain (or, if such Required Appraisal Loan has a Stated
Principal Balance of less than $2,000,000, at the applicable Special Servicer’s option, conduct) an update of the prior Appraisal.
If such update is obtained from a Qualified Appraiser, the cost thereof shall be covered by, and be reimbursable as, a Servicing
Advance, such Advance to be made at the direction of the applicable Special Servicer when the Appraisal is received by the applicable
Special Servicer. Promptly following the receipt of, and based upon, such update, the applicable Special Servicer shall redetermine,
in consultation with (i) the Subordinate Class Representative (during any Subordinate Control Period and other than with respect
to any Excluded Loan) or (ii) one or more of the Subordinate Class Representative (other than with respect to any Excluded Loan)
and the Trust Advisor, under the procedures set forth in Sections 3.28(d) and 3.28(e) (during any Collective
Consultation Period or Senior Consultation Period), and report to the Certificate Administrator, the Trustee and the applicable
Master Servicer, the then-applicable Appraisal Reduction Amount, if any, with respect to the subject Required Appraisal Loan. In
connection with a Mortgaged Property related to any Serviced Loan Combination, promptly following the receipt of, and based upon,
such update, the applicable Special Servicer shall also redetermine, and report to the Trustee, the applicable Master Servicer,
the Subordinate Class Representative (other than with respect to an Excluded Loan) and related Serviced Pari Passu Companion Loan
Holder(s) the Appraisal Reduction Amount, if any, with respect to the entire such Serviced Loan Combination (calculated, for purposes
of this sentence, as if it were a single Mortgage Loan).

 

Notwithstanding the
foregoing, but subject to the final paragraph of this Section 3.19(a), solely for purposes of determining whether a
Subordinate Control Period is in effect (and the identity of the Subordinate Class), whenever the applicable Special Servicer is
required to obtain an Appraisal or updated Appraisal under this Agreement, the Subordinate Class Representative shall have the
right, exercisable within ten (10) Business Days after the applicable Special Servicer’s report of the resulting Appraisal
Reduction Amount, to direct the applicable Special Servicer to hire a Qualified Appraiser reasonably satisfactory to the Subordinate
Class Representative to prepare a second Appraisal of the Mortgaged Property at the expense of the Subordinate Class Representative.
The applicable Special Servicer must use reasonable efforts to cause the delivery of such second Appraisal (in the case of any
such second Appraisal in respect of an Excluded Loan, to only the applicable Special Servicer) within thirty (30) days following
the direction of the Subordinate Class Representative. Within ten (10) Business Days following its receipt of such second Appraisal,
the applicable Special Servicer shall determine, in accordance with the Servicing Standard, whether, based on its assessment of
such second Appraisal and receipt of information requested from the applicable Master Servicer reasonably required to perform such
recalculation of the Appraisal Reduction Amount, any recalculation of the Appraisal Reduction Amount is warranted and, if so, the
applicable Special Servicer shall recalculate the applicable Appraisal Reduction Amount on the basis of such second Appraisal and
receipt of information requested by the applicable Special Servicer from the applicable Master Servicer pursuant to the last paragraph
of this Section 3.19(a). Solely for purposes of determining whether a Subordinate Control Period is in effect and the
identity of the Subordinate Class:

 

(i)        the
first Appraisal shall be disregarded and have no force or effect, and, if an Appraisal Reduction Amount is already then in effect,
the Appraisal Reduction Amount for the related Mortgage Loan shall be calculated on the basis of the most recent

 

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prior Appraisal
or updated Appraisal obtained under this Agreement (or, if no such Appraisal exists, there shall be no Appraisal Reduction Amount
for purposes of determining whether a Subordinate Control Period is in effect and the identity of the Subordinate Class) unless
and until (a) the Subordinate Class Representative fails to exercise its right to direct the applicable Special Servicer to obtain
a second Appraisal within the exercise period described above or (b) if the Subordinate Class Representative exercises its right
to direct the applicable Special Servicer to obtain a second Appraisal, and such second Appraisal is not received by the applicable
Special Servicer (using efforts consistent with the Servicing Standard to obtain such Appraisal), within ninety (90) days following
such direction, whichever occurs earlier (and, in such event, an Appraisal Reduction Amount calculated on the basis of such first
Appraisal, if any, shall be effective); and

 

(ii)       if
the Subordinate Class Representative exercises its right to direct the applicable Special Servicer to obtain a second Appraisal
and such second Appraisal is received by the applicable Special Servicer within ninety (90) days following such direction, the
Appraisal Reduction Amount (if any), calculated by the applicable Special Servicer on the basis of the second Appraisal (if the
applicable Special Servicer determines that a recalculation was warranted as described above) or (otherwise) on the basis of the
first Appraisal shall be effective.

 

In addition, if there
is a material change with respect to any of the Mortgaged Properties related to a Serviced Mortgage Loan with respect to which
an Appraisal Reduction Amount has been calculated, then (i) during any Subordinate Control Period, the Holder (or group of Holders)
of Certificates representing a majority of the aggregate Voting Rights of the Classes of Principal Balance Certificates reduced
by Appraisal Reduction Amounts allocated thereto to less than 25% of the initial Class Principal Balance of each such Class and
(ii) during any Collective Consultation Period, the Majority Subordinate Certificateholder, shall have the right, at its sole cost
and expense, to present to the applicable Special Servicer an additional Appraisal prepared by a Qualified Appraiser on an “as-is”
basis and acceptable to the applicable Special Servicer in accordance with the Servicing Standard. Subject to the applicable Special
Servicer’s confirmation, determined in accordance with the Servicing Standard, that there has been a change with respect
to the related Mortgaged Property and such change was material, the applicable Special Servicer shall recalculate such Appraisal
Reduction Amount based upon such additional Appraisal and updated information. If required by any such recalculation, any applicable
Class of Principal Balance Certificates notionally reduced by any Appraisal Reduction Amounts allocated to such Class shall have
its related Certificate Principal Balance notionally restored to the extent required by such recalculation, and there shall be
a redetermination of whether a Subordinate Control Period or a Collective Consultation Period is then in effect. With respect to
each Class of Control-Eligible Certificates, the right to present the applicable Special Servicer with any such additional Appraisals
as provided above is limited to no more frequently than once in any 12-month period for each Serviced Mortgage Loan with respect
to which an Appraisal Reduction Amount has been calculated.

 

With respect to any
Appraisal Reduction Amount calculated for the purposes of determining the Majority Subordinate Certificateholder, the existence
of a Subordinate Control Period, Collective Consultation Period or Senior Consultation Period and, if applicable, the

 

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allocation
of Voting Rights among the respective Classes of Principal Balance Certificates, (i) the Appraised Value of the related Mortgaged
Property used to calculate the Appraisal Reduction Amount shall be determined on an “as-is” basis and (ii) the Appraisal
Reduction Amount so calculated shall be notionally allocable between the respective Classes of Principal Balance Certificates in
reverse order of their alphanumeric designations (in each case until the Certificate Principal Balance thereof is notionally reduced
to zero) and the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-SB Certificates shall be treated as a single Class in such
notional allocation; provided, however, that for the purposes of such allocation, Appraisal Reduction Amounts shall be allocated
to the respective Class PEX Components rather than to the Class PEX Certificates, and for the purposes of such allocation (A) the
Class A-S Certificates and the Class A-S-PEX Component shall be considered as if they together constitute a single “Class”
with an alphanumeric designation of “A-S”, (B) the Class B Certificates and the Class B-PEX Component shall be considered
as if they together constitute a single “Class” with an alphanumeric designation of “B”, and (C) the Class
C Certificates and the Class C-PEX Component shall be considered as if they together constitute as single “Class” with
an alphanumeric designation of “C”.

 

The applicable Master
Servicer shall deliver by electronic mail to the applicable Special Servicer any information in the applicable Master Servicer’s
possession that is reasonably required to determine, calculate, redetermine or recalculate any Appraisal Reduction Amount or updated
Appraisal Reduction Amount pursuant to the definition thereof, using reasonable best efforts to deliver such information, within
four (4) Business Days following the applicable Special Servicer’s request therefor (which request shall be made promptly,
but in no event later than ten (10) Business Days, after the applicable Special Servicer’s receipt of the applicable Appraisal
or preparation of the applicable internal valuation); provided, the applicable Special Servicer’s failure to timely make
such request shall not relieve the applicable Master Servicer of its obligation to provide such information to the applicable Special
Servicer in the manner and timing set forth in this sentence.

 

(b)     Notwithstanding
anything to the contrary contained in any other Section of this Agreement, the applicable Special Servicer shall notify the applicable
Master Servicer whenever a Servicing Advance is required to be made with respect to any Specially Serviced Mortgage Loan or Administered
REO Property, and, the applicable Master Servicer shall (subject to Section 3.11(h)) make such Servicing Advance; provided
that the applicable Special Servicer shall notify the applicable Master Servicer no later than one (1) Business Day after the applicable
Special Servicer acquires actual knowledge of the need for such Emergency Advance on a Specially Serviced Mortgage Loan or Administered
REO Property and request the applicable Master Servicer to make such Emergency Advance. Alternatively, the applicable Special Servicer,
at its option (but without any obligation to do so), may elect to make any necessary Emergency Advance on any Specially Serviced
Mortgage Loan or REO Property. Each such notice and request described in the proviso to the second preceding sentence shall be
made, in writing, not less than five (5) Business Days or, in the case of an Emergency Advance, not later than two (2) Business
Days (provided the request sets forth the nature of the emergency), in advance of the date on which the subject Servicing Advance
is to be made and shall be accompanied by such information and documentation regarding the subject Servicing Advance as the applicable
Master Servicer may reasonably request; provided that the applicable Special Servicer shall not be entitled to make such
a request more frequently than once per calendar

 

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month with respect to Servicing Advances other than Emergency Advances (although
such request may relate to more than one Servicing Advance). The applicable Master Servicer shall have the obligation to make any
such Servicing Advance (other than a Nonrecoverable Servicing Advance) that it is so requested by the applicable Special Servicer
to make (as described above) not later than the date on which the subject Servicing Advance is to be made, but in no event shall
it be required to make any Servicing Advance on a date that is earlier than five (5) Business Days or, in the case of an Emergency
Advance, on a date that is earlier than two (2) Business Days, following the applicable Master Servicer’s receipt of such
request. The applicable Master Servicer shall be entitled to reimbursement for any Servicing Advance made by it at the direction
of the applicable Special Servicer, together with Advance Interest in accordance with Sections 3.05(a) and 3.11(g),
at the same time, in the same manner and to the same extent as the applicable Master Servicer is entitled with respect to any other
Servicing Advances made thereby. Any request by the applicable Special Servicer that the applicable Master Servicer make a Servicing
Advance shall be deemed to be a determination by the applicable Special Servicer that such Servicing Advance is not a Nonrecoverable
Advance, on which deemed determination the applicable Master Servicer is entitled to rely. The preceding statement shall not be
construed to limit the right of the applicable Special Servicer under Section 3.11(i) with respect to the payment of
any servicing expense that, if advanced, would constitute a Nonrecoverable Servicing Advance. If the applicable Special Servicer
makes an Emergency Advance, the applicable Master Servicer shall reimburse the applicable Special Servicer for such Emergency Advance
(with Advance Interest thereon at the Reimbursement Rate) within five (5) Business Days following the applicable Special Servicer’s
request for reimbursement (which request shall be accompanied by such information and documentation regarding the subject Emergency
Advance as the applicable Master Servicer may reasonably request), upon which reimbursement the applicable Master Servicer will
be deemed to have made such Emergency Advance when the applicable Special Servicer made such Emergency Advance.

 

Notwithstanding the
foregoing provisions of this Section 3.19(b), the applicable Master Servicer shall not be required to reimburse the
applicable Special Servicer for, or to make at the direction of the applicable Special Servicer, any Servicing Advance if the applicable
Master Servicer determines in its reasonable judgment that such Servicing Advance, although not characterized by the applicable
Special Servicer as a Nonrecoverable Servicing Advance, is in fact a Nonrecoverable Servicing Advance. The applicable Master Servicer
shall notify the applicable Special Servicer in writing of such determination and, if applicable, such Nonrecoverable Servicing
Advance shall be reimbursed to the applicable Special Servicer pursuant to Section 3.05(a).

 

(c)     Each
Master Servicer shall deliver to the Certificate Administrator for deposit in the Distribution Account by 1:00 p.m. (New York City
time) on the Master Servicer Remittance Date, without any right of reimbursement therefor, a cash payment (a “Compensating
Interest Payment”) in an amount equal to the lesser of (i) the aggregate amount of Prepayment Interest Shortfalls incurred
in connection with voluntary Principal Prepayments received in respect of the Serviced Mortgage Loans for which it is acting as
Master Servicer (other than Specially Serviced Mortgage Loans and Serviced Mortgage Loans on which the applicable Special Servicer
allowed or consented to the applicable Master Servicer allowing a Principal Prepayment on such Serviced Mortgage Loan on a date
other than the applicable Due Date) during the related Collection Period, and (ii) the aggregate of (A) that portion of its Master
Servicing Fees earned by such

 

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Master Servicer for the related Distribution Date that is, in the case of each and every Serviced
Mortgage Loan and REO Mortgage Loan for which such Master Servicing Fees are being paid in the related Collection Period, calculated
for this purpose at 0.25 basis points (0.0025%) per annum, and (B) all Prepayment Interest Excesses received by the applicable
Master Servicer during the related Collection Period; provided that the applicable Master Servicer shall pay (without regard
to clause (ii) above) the amount of any Prepayment Interest Shortfall otherwise described in clause (i)
above incurred in connection with any Principal Prepayment received in respect of a Serviced Mortgage Loan during the related Collection
Period to the extent such Prepayment Interest Shortfall occurs as a result of the applicable Master Servicer allowing the related
Borrower to deviate from the terms of the related Mortgage Loan Documents regarding Principal Prepayments (other than (w) subsequent
to a default under the related Mortgage Loan Documents, (x) pursuant to applicable law or a court order (including in connection
with amounts collected as Insurance Proceeds or Condemnation Proceeds to the extent that such applicable law or court order limits
the ability of the applicable Master Servicer to apply the proceeds in accordance with the related Mortgage Loan Documents), (y)
at the request or with the consent of the applicable Special Servicer, or (z) during any Subordinate Control Period or Collective
Consultation Period (other than with respect to any Excluded Loan), at the request or with the consent of the Subordinate Class
Representative). No Master Servicer shall be obligated to make any Compensating Interest Payments as a result of any prepayments
on Mortgage Loans for which it does not act as Master Servicer.

 

The rights of the Certificateholders
to offsets of any Prepayment Interest Shortfalls shall not be cumulative from Collection Period to Collection Period.

 

(d)     Subject
to the consent rights and process set forth in Section 3.24(c) with respect to Material Actions and (other than in the case
of the One Court Square Loan Combination) except as provided in Section 3.21(f), the Master Servicer shall process all defeasances
of Mortgage Loans (other than any Non-Serviced Mortgage Loan) and Serviced Pari Passu Companion Loans in accordance with the related
Mortgage Loan Documents and as further set forth in this Section 3.19(d). Subject to Section 3.21(f), with respect
to each Serviced Mortgage Loan that is to be defeased in accordance with its terms, the applicable Master Servicer shall execute
and deliver to each Rating Agency (subject to Section 3.27) a certification substantially in the form attached hereto
as Exhibit N and, further, shall, to the extent permitted by the terms of such Mortgage Loan, require the related Borrower
(i) to provide replacement collateral consisting of U.S. government securities within the meaning of Section 2(a)(16) of the Investment
Company Act in an amount sufficient to make all scheduled payments under the subject Serviced Mortgage Loan (or defeased portion
thereof) when due (and assuming, in the case of an ARD Mortgage Loan, to the extent consistent with the related Mortgage Loan Documents,
that the subject ARD Mortgage Loan matures on its Anticipated Repayment Date), (ii) to deliver a certificate from an independent
certified public accounting firm certifying that the replacement collateral is sufficient to make such payments, (iii) at the option
of the applicable Master Servicer, to designate a single purpose entity (which may be (but is not required to be) a subsidiary
of the applicable Master Servicer established for the purpose of assuming all defeased Serviced Mortgage Loans) to assume the subject
Serviced Mortgage Loan (or defeased portion thereof) and own the defeasance collateral, (iv) to implement such defeasance only
after the second anniversary of the Closing Date, (v) to provide an Opinion of Counsel that the Trustee has a perfected, first
priority security interest in the new collateral, and

 

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(vi) in the case of a partial defeasance of the subject Serviced Mortgage
Loan, to defease a principal amount equal to at least 125% of the allocated loan amount for the Mortgaged Property or Properties
to be released; provided that, if (A) the subject Serviced Mortgage Loan has a Cut-off Date Principal Balance greater than
or equal to $35,000,000 or an outstanding principal balance greater than or equal to 2% of the aggregate Stated Principal Balance
of the Mortgage Pool or is one of the ten largest Mortgage Loans then in the Trust Fund, (B) the terms of the subject Serviced
Mortgage Loan do not permit the applicable Master Servicer to impose the foregoing requirements and the applicable Master Servicer
does not satisfy such requirements on its own or (C) the applicable Master Servicer is unable to execute and deliver the certification
attached hereto as Exhibit N in connection with the subject defeasance, then the applicable Master Servicer shall so notify
the Rating Agencies (subject to Section 3.27), the Subordinate Class Representative and the Majority Subordinate Certificateholder
and, if any Mortgage Loan in a Serviced Loan Combination is involved, the related Serviced Pari Passu Companion Loan Holder(s)
and, so long as such a requirement would not violate applicable law or the Servicing Standard, obtain a Rating Agency Confirmation
(subject to Section 3.27) with respect to such defeasance. Subject to the related Mortgage Loan Documents and applicable
law, the applicable Master Servicer shall not permit a defeasance unless (i) the subject Serviced Mortgage Loan requires the Borrower
to pay (or the Borrower in fact pays) all Rating Agency fees associated with defeasance (if a Rating Agency Confirmation is a specific
condition precedent thereto) and all expenses associated with defeasance or other arrangements for payment of such costs are made
at no expense to the Trust Fund or the applicable Master Servicer (provided that in no event shall such proposed other arrangements
result in any liability to the Trust Fund including any indemnification of the applicable Master Servicer or the applicable Special
Servicer which may result in legal expenses to the Trust Fund), and (ii) the Borrower is required to provide all Opinions of Counsel,
including Opinions of Counsel that the defeasance will not cause an Adverse REMIC Event or an Adverse Grantor Trust Event and that
the related Mortgage Loan Documents are fully enforceable in accordance with their terms (subject to bankruptcy, insolvency and
similar standard exceptions), and any applicable Rating Agency Confirmations.

 

(e)     In
connection with the Serviced Mortgage Loans or any Serviced Pari Passu Companion Loan for which the related Borrower was required
to escrow funds or post a Letter of Credit related to obtaining performance objectives, such as targeted debt service coverage
levels or leasing criteria with respect to the Mortgaged Property as a whole or particular portions thereof, if the mortgagee has
the discretion to retain the cash or Letter of Credit (or the proceeds of such Letters of Credit) as additional collateral if the
relevant conditions to release are not satisfied, then the applicable Master Servicer shall hold such escrows or Letters of Credit
(or the proceeds of such Letters of Credit) as additional collateral and not use such funds to reduce the principal balance of
the related Mortgage Loan or Serviced Pari Passu Companion Loan (to the extent the related Mortgage Loan Documents allow such action),
unless holding such funds would otherwise be inconsistent with the Servicing Standard.

 

Section
3.20     Modifications, Waivers, Amendments and Consents.   (a)  The
applicable Special Servicer (in the case of a Specially Serviced Mortgage Loan and in the case of any such matter on a Performing
Serviced Mortgage Loan to be processed by the applicable Special Servicer pursuant to Section 3.21(f)) or the applicable
Master Servicer (in the case of a Performing Serviced Mortgage Loan or Performing Serviced Pari Passu Companion Loan, other than
with respect to any such matter to be processed by the applicable Special Servicer pursuant

 

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to Section 3.21(f) and subject
to the other provisions of Section 3.21(f)) may (consistent with the Servicing Standard) agree to any modification, waiver
or amendment of any term of, extend the maturity of, defer or forgive interest (including Default Interest) on and principal of,
defer or forgive late payment charges, Prepayment Premiums and Yield Maintenance Charges on, permit the release, addition or substitution
of collateral securing, and/or permit the release, addition or substitution of the Borrower on or any guarantor of, any Serviced
Mortgage Loan for which it is responsible, and respond to or approve Borrower requests for consent on the part of the mortgagee
(including the lease reviews and lease consents related thereto), subject, however, to Sections 3.08, 3.21(f),
3.24, 3.26, and/or 3.28, as applicable, and, in the case of each Mortgage Loan in a Serviced Loan Combination,
to the rights of third parties set forth in the related Intercreditor Agreement, and, further to each of the following limitations,
conditions and restrictions (all of which shall be subject to Section 3.21(f)):

 

(i)       other
than as expressly set forth in Section 3.02 (with respect to Default Charges and Post-ARD Additional Interest), Section 3.07
(insurance), Section 3.08 (with respect to due-on-sale and due-on-encumbrance clauses and transfers of interests in
Borrowers), Section 3.19(d) (with respect to defeasances), and Section 3.20(f) (with respect to various
routine matters), the applicable Master Servicer shall not agree to or consent to a request for any modification, waiver or amendment
of any term of, or take any of the other acts referenced in this Section 3.20(a) with respect to, any Serviced Mortgage
Loan or Serviced Pari Passu Companion Loan, that would (x) affect the amount or timing of any related payment of principal,
interest or other amount payable under such Mortgage Loan, (y) materially and adversely affect the security for such Serviced
Mortgage Loan or Serviced Pari Passu Companion Loan or (z) constitute a Material Action or a Special Servicer Decision, unless
(solely in the case of a Performing Serviced Mortgage Loan or Performing Serviced Pari Passu Companion Loan, but other than any
such matter to be processed by the applicable Special Servicer pursuant to Section 3.21(f) and subject to the other provisions
of Section 3.21(f)) the applicable Master Servicer has obtained the consent of the applicable Special Servicer (it being
understood and agreed that (A) the applicable Master Servicer shall promptly provide the applicable Special Servicer with
(x) written notice of any Borrower request for such modification, waiver or amendment, (y) the applicable Master Servicer’s
written recommendations and analysis, and (z) all information reasonably available to the applicable Master Servicer that
the applicable Special Servicer may reasonably request in order to withhold or grant any such consent, (B) the applicable
Special Servicer shall decide whether to withhold or grant such consent in accordance with the Servicing Standard (and subject
to Sections 3.24 and/or 3.26, as applicable), and (C) any such consent shall be deemed to have been granted
if such consent has not been expressly denied within (x), for consents other than on a Serviced Loan Combination, fifteen (15)
Business Days (or in connection with an Acceptable Insurance Default, ninety (90) days) or (y), for consents on a Serviced Loan
Combination, ten (10) Business Days (or, in connection with an Acceptable Insurance Default with respect to a Serviced Loan Combination,
thirty (30) days) after the time period provided in the related Intercreditor Agreement (provided that such time period under sub-clause
(x) or sub-clause (y) shall be deemed to have commenced upon the applicable Special Servicer’s receipt from the applicable
Master Servicer of the applicable Master Servicer’s written recommendations and analysis and all information reasonably requested
thereby and reasonably available to

 

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the applicable Master Servicer in order to make an informed decision). In the case of the One
Court Square Loan Combination or a WFB Mortgage Loan, if consent to a matter processed by the applicable Master Servicer and for
which such Master Servicer is required to obtain the consent of the applicable Special Servicer pursuant to this clause (i)
is granted or deemed to have been granted by such Special Servicer, then such Master Servicer will be responsible for entering
into the relevant documentation;

 

(ii)      other
than as provided in Sections 3.02, 3.08, and 3.20(e), the applicable Special Servicer shall not agree
to (or, in the case of a Performing Serviced Mortgage Loan or Performing Serviced Pari Passu Companion Loan, consent to the applicable
Master Servicer’s agreeing to) any modification, waiver or amendment of any term of, or take (or, in the case of a Performing
Serviced Mortgage Loan or Performing Serviced Pari Passu Companion Loan, consent to the applicable Master Servicer’s taking)
any of the other acts referenced in this Section 3.20(a) with respect to, any Serviced Mortgage Loan or Serviced Pari
Passu Companion Loan that would affect the amount or timing of any related payment of principal, interest or other amount payable
thereunder or, in the reasonable judgment of the applicable Special Servicer, would materially impair the security for such Mortgage
Loan or Serviced Pari Passu Companion Loan, unless a material default on such Mortgage Loan or Serviced Pari Passu Companion Loan
has occurred or, in the reasonable judgment of the applicable Special Servicer, a default with respect to payment on such Mortgage
Loan or Serviced Pari Passu Companion Loan at maturity or on an earlier date is reasonably foreseeable, or the applicable Special
Servicer reasonably believes that there is a significant risk of such a default, and, in either case, such modification, waiver,
amendment or other action is reasonably likely to produce an equal or a greater recovery to Certificateholders (and, in the case
of a Serviced Loan Combination, the related Serviced Pari Passu Companion Loan Holder(s)), as a collective whole, on a present
value basis (the relevant discounting of anticipated collections that will be distributable to Certificateholders (and, in the
case of a Serviced Loan Combination, the related Serviced Pari Passu Companion Loan Holder(s)) to be done at a rate determined
by the applicable Special Servicer but in no event less than the related Net Mortgage Rate (or, in the case of an ARD Mortgage
Loan after its Anticipated Repayment Date, at the related Net Mortgage Rate immediately prior to the Anticipated Repayment Date),
than would liquidation; provided that (A) any modification, extension, waiver or amendment of the payment terms of
any related Serviced Loan Combination shall be structured in a manner so as to be consistent with the allocation and payment priorities
set forth in the related Mortgage Loan Documents, including the related Intercreditor Agreement, it being the intention that neither
the Trust as holder of the related Mortgage Loan nor any Serviced Pari Passu Companion Loan Holder shall gain a priority over any
other with respect to any payment, which priority is not, as of the date of the related Intercreditor Agreement, reflected in the
related Mortgage Loan Documents, including the related Intercreditor Agreement; and (B) to the extent consistent with the
Servicing Standard, no waiver, reduction or deferral of any particular amounts due on the related Mortgage Loan shall be effected
prior to the waiver, reduction or deferral of the entire corresponding item in respect of the related Serviced Pari Passu Companion
Loan;

 

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(iii)     neither
the applicable Master Servicer nor the applicable Special Servicer shall extend the date on which any Balloon Payment is scheduled
to be due on any Mortgage Loan to a date beyond the earlier of (A) five years prior to the Rated Final Distribution Date and
(B) if such Mortgage Loan is secured by a Mortgage solely or primarily on the related Borrower’s leasehold interest
in the related Mortgaged Property, 20 years (or, to the extent consistent with the Servicing Standard, giving due consideration
to the remaining term of the related Ground Lease or Space Lease, ten years) prior to the end of the then-current term of the related
Ground Lease or Space Lease (plus any unilateral options to extend);

 

(iv)     neither
the applicable Master Servicer nor the applicable Special Servicer shall make or permit any modification, waiver or amendment of
any term of, or take any of the other acts referenced in this Section 3.20(a) with respect to, any Mortgage Loan or
Serviced Loan Combination that would result in an Adverse REMIC Event with respect to any REMIC Pool or an Adverse Grantor Trust
Event with respect with to the Grantor Trust Pool (the applicable Master Servicer and the applicable Special Servicer shall not
be liable for decisions made under this subsection which were made in good faith and each of them may rely on Opinions of Counsel
in making such decisions);

 

(v)      (A) in
the event of a taking of any portion of any real property collateral securing an outstanding Serviced Mortgage Loan by a state,
political subdivision or authority thereof, whether by condemnation, similar legal proceeding or by agreement in anticipation of
such condemnation or other similar legal proceeding, the applicable Master Servicer or the applicable Special Servicer, as the
case may be, shall apply the Condemnation Proceeds (or other similar award) and the net proceeds from the receipt of any insurance
or tort settlement with respect to such real property to pay down the principal balance of the Serviced Mortgage Loan, unless immediately
after the release of such portion of the real property collateral, the applicable Master Servicer or the applicable Special Servicer,
as the case may be, reasonably believes that the Serviced Mortgage Loan would remain “principally secured by an interest
in real property” within the meaning of Section 1.860G-2(b)(7)(ii) or (iii) of the Treasury Regulations (taking into account
the value of the real property continuing to secure such Serviced Mortgage Loan after any restoration of such real property), or
as may be permitted by IRS Revenue Procedure 2010-30, 2010-36 I.R.B. 316 (the applicable Master Servicer and the applicable Special
Servicer may each rely on Opinions of Counsel in making such decisions, the costs of which shall be covered by, and reimbursable
as, Servicing Advances) and (B) in connection with (i) the release of any portion of a Mortgaged Property from the lien
of the related Mortgage (other than in connection with a defeasance) or (ii) the taking of any portion of a Mortgaged Property
by exercise of the power of eminent domain or condemnation, if the Mortgage Loan Documents require the related Master Servicer
or Special Servicer, as applicable, to calculate (or approve the calculation by the related Borrower of) the loan-to-value ratio
of the remaining Mortgaged Property or Mortgaged Properties or the fair market value of the real property constituting the remaining
Mortgaged Property or Mortgaged Properties, for purposes of REMIC qualification of the related Mortgage Loan, then such calculation
of the value of collateral will be solely based on the real property included therein and exclude personal

 

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property and going concern
value, if any, unless otherwise permitted under the applicable REMIC rules as evidenced by an Opinion of Counsel provided to the
Trustee;

 

(vi)     subject
to applicable law, the related Mortgage Loan Documents and the Servicing Standard, neither the applicable Master Servicer nor the
applicable Special Servicer shall permit any modification, waiver or amendment of any term of any Performing Serviced Mortgage
Loan unless all related fees and expenses are paid by the Borrower;

 

(vii)    the
applicable Special Servicer shall not permit (or, in the case of a Performing Serviced Mortgage Loan, consent to the applicable
Master Servicer’s permitting) any Borrower to add or substitute any real estate collateral for its Serviced Mortgage Loan
(or Serviced Loan Combination, as applicable) unless the applicable Special Servicer shall have first (A) determined in its
reasonable judgment, based upon a Phase I Environmental Assessment (and any additional environmental testing that the applicable
Special Servicer deems necessary and prudent) conducted by an Independent Person who regularly conducts Phase I Environmental Assessments,
at the expense of the related Borrower, that such additional or substitute collateral is in compliance with applicable environmental
laws and regulations and that there are no circumstances or conditions present with respect to such new collateral relating to
the use, management or disposal of any Hazardous Materials for which investigation, testing, monitoring, containment, clean-up
or remediation would be required under any then-applicable environmental laws or regulations and (B) received, at the expense
of the related Borrower to the extent permitted to be charged by the holder of the Serviced Mortgage Loan under the related Mortgage
Loan Documents, a Rating Agency Confirmation with respect to the addition or substitution of real estate collateral (and, in the
case of any Serviced Loan Combination an analogous rating agency confirmation from each Pari Passu Companion Loan Rating Agency,
if applicable pursuant to Section 3.27(k)); and

 

(viii)   the
applicable Special Servicer shall not release (or, in the case of a Performing Serviced Mortgage Loan, consent to the applicable
Master Servicer’s releasing), including, without limitation, in connection with a substitution contemplated by clause (vii)
above, any real property collateral securing an outstanding Serviced Mortgage Loan or Serviced Loan Combination, except as provided
in Section 3.09(d), except as specifically required under the related Mortgage Loan Documents, except where a Mortgage
Loan or Serviced Pari Passu Companion Loan (or, in the case of a Cross-Collateralized Group, where such entire Cross-Collateralized
Group) is satisfied, or except in the case of a release where (A) the Rating Agencies (and, in the case of a Serviced Loan
Combination, the Pari Passu Companion Loan Rating Agencies, if applicable) (subject to Section 3.27) have been notified
in writing, and (B) if the collateral to be released has an appraised value in excess of $3,000,000, such release is the subject
of a Rating Agency Confirmation (and, in the case of any Serviced Loan Combination, an analogous rating agency confirmation from
each Pari Passu Companion Loan Rating Agency, if applicable pursuant to Section 3.27(k));

 

provided that the limitations, conditions
and restrictions set forth in clauses (i) through (viii) above shall not apply to any act or event (including, without
limitation, a release, substitution or

 

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addition of collateral) in respect of any Serviced Mortgage Loan or Serviced Pari Passu
Companion Loan that either occurs automatically, or results from the exercise of a unilateral option within the meaning of Treasury
Regulations Section 1.1001-3(c)(3) by the related Borrower, in any event under the terms of such Mortgage Loan in effect on the
Closing Date (or, in the case of a Replacement Mortgage Loan, on the related date of substitution) (provided that in the
case of any and all transactions involving a release of a lien on real property that secures a Serviced Mortgage Loan or Serviced
Loan Combination, such a lien release shall be permitted only if the related Serviced Mortgage Loan or Serviced Loan Combination
will continue to be “principally secured by real property” after the lien is released, or if it would not be, the release
is permitted under IRS Revenue Procedure 2010-30, 2010-36 I.R.B. 316); and provided, further, that, notwithstanding
clauses (i) through (vii) above, neither the applicable Master Servicer nor the applicable Special Servicer
shall be required to oppose the confirmation of a plan in any bankruptcy or similar proceeding involving a Borrower under a Serviced
Mortgage Loan or Serviced Loan Combination if, in its reasonable judgment, such opposition would not ultimately prevent the confirmation
of such plan or one substantially similar.

 

(b)     If
any payment of interest on a Serviced Mortgage Loan is deferred pursuant to Section 3.20(a), then such payment of interest
shall not, for purposes of calculating monthly distributions and reporting information to Certificateholders, be added to the unpaid
principal balance or Stated Principal Balance of the related Mortgage Loan, notwithstanding that the terms of such Mortgage Loan
so permit or that such interest may actually be capitalized; provided that this sentence shall not limit the rights of the
applicable Master Servicer or the applicable Special Servicer on behalf of the Trust to enforce any obligations of the related
Borrower under such Mortgage Loan.

 

(c)     Each
of the applicable Master Servicer and the applicable Special Servicer may, as a condition to its granting any request by a Borrower
under a Serviced Mortgage Loan or Serviced Pari Passu Companion Loan for consent, modification, waiver or indulgence or any other
matter or thing, the granting of which is within the applicable Master Servicer’s or the applicable Special Servicer’s,
as the case may be, discretion pursuant to the terms of the related Mortgage Loan Documents and is permitted by the terms of this
Agreement, require that such Borrower pay to it a reasonable or customary fee for the additional services performed in connection
with such request, together with any related costs and expenses incurred by it; provided that (A) the charging of such fees
would not otherwise constitute a “significant modification” of the subject Mortgage Loan or Serviced Pari Passu Companion
Loan pursuant to Treasury Regulations Section 1.860G-2(b); and (B) the right of the applicable Special Servicer shall be limited
as set forth in the definition of “Modification Fees”.

 

(d)     All
modifications, amendments, material waivers and other Material Actions entered into or taken in respect of the Serviced Mortgage
Loans or Serviced Pari Passu Companion Loan pursuant to this Section 3.20 (other than waivers of Default Charges),
and all material consents, shall be in writing. Each of the applicable Special Servicer and the applicable Master Servicer shall
notify the other such party, each Rating Agency (subject to Section 3.27), the Certificate Administrator, the Trustee,
the Subordinate Class Representative (during any Subordinate Control Period and any Collective Consultation Period and other than
with respect to any Excluded Loan), the Majority Subordinate Certificateholder (during any Subordinate Control Period and any Collective
Consultation Period and other than with respect to any

 

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Excluded Loan) and, if the Mortgage Loan is included in any Serviced Loan
Combination, the related Serviced Pari Passu Companion Loan Holder(s), in writing, of any material modification, waiver, amendment
or other action entered into or taken thereby in respect of any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan pursuant
to this Section 3.20 (other than waivers of Default Charges for which the consent of the applicable Special Servicer
is required under Section 3.02) and the date thereof, and shall deliver to the Custodian for deposit in the related
Mortgage File (with a copy to the other such party and, if the Mortgage Loan is included in a Serviced Loan Combination, the related
Serviced Pari Passu Companion Loan Holder), an original counterpart of the agreement relating to such modification, waiver, amendment
or other action agreed to or taken by it, promptly (and in any event within ten (10) Business Days) following the execution thereof.
In addition, following the execution of any modification, waiver or amendment agreed to by the applicable Special Servicer or the
applicable Master Servicer, as appropriate, pursuant to Section 3.20(a) above, the applicable Special Servicer or the
applicable Master Servicer, as applicable, shall deliver to the other such party, the Certificate Administrator, the Trustee and
the Rating Agencies (subject to Section 3.27) and, if affected, any related Serviced Pari Passu Companion Loan Holder,
an Officer’s Certificate certifying that all of the requirements of Section 3.20(a) have been met and, in the
case of the applicable Special Servicer, setting forth in reasonable detail the basis of the determination made by it pursuant
to Section 3.20(a)(ii); provided that, if such modification, waiver or amendment involves an extension of the
maturity of any Serviced Mortgage Loan, such Officer’s Certificate shall be so delivered before the modification, waiver
or amendment is agreed to. Copies of any such notice and documents prepared or received by the applicable Special Servicer with
respect to any Serviced Mortgage Loan shall be furnished to the Trust Advisor (during any Collective Consultation Period and any
Senior Consultation Period) in connection with any consultation with respect to such Mortgage Loan that the Trust Advisor is then
entitled to engage in under any other provision of this Agreement.

 

(e)     With
respect to any Performing Mortgage Loan that is an ARD Mortgage Loan after its Anticipated Repayment Date, the applicable Master
Servicer shall be permitted to waive (such waiver to be in writing addressed to the related Borrower, with a copy to the Trustee
and the Certificate Administrator) all or any portion of the accrued Post-ARD Additional Interest in respect of such ARD Mortgage
Loan if (i) the related Borrower has requested the right to prepay such ARD Mortgage Loan in full together with all payments required
by the related Mortgage Loan Documents in connection with such prepayment except for such accrued Post-ARD Additional Interest,
and (ii) the applicable Master Servicer has determined, in its reasonable judgment, that waiving such Post-ARD Additional Interest
is in accordance with the Servicing Standard. The applicable Master Servicer shall prepare all documents necessary and appropriate
to effect any such waiver and shall coordinate with the related Borrower for the execution and delivery of such documents. The
applicable Master Servicer shall not be required to seek the consent of, or provide prior notice to, the applicable Special Servicer,
any Certificateholder or obtain any Rating Agency Confirmation in connection with such a waiver.

 

(f)      Notwithstanding
anything in this Section 3.20 or in Section 3.08, Section 3.21(f), Section 3.24 and/or
Section 3.26 to the contrary, NCB (or any Affiliate or successor to NCB who shall serve in such capacity), as NCB Master
Servicer, shall not be required to seek the consent of, or provide prior notice to, the applicable Special Servicer or any Certificateholder
or Serviced Pari Passu Companion Loan Holder or obtain any Rating Agency Confirmation (unless required

 

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by the Mortgage Loan Documents)
in order to approve the following modifications, waivers or amendments of the Performing Serviced Mortgage Loans that are NCB Mortgage
Loans:

 

(i)       waivers
of minor covenant defaults (other than financial covenants), including late financial statements;

 

(ii)      grants
of easements or rights of way that do not materially affect the use or value of a Mortgaged Property or the Borrower’s ability
to make any payments with respect to the related Serviced Mortgage Loan or Serviced Pari Passu Companion Loan;

 

(iii)     granting
other routine approvals, including the granting of subordination and nondisturbance and attornment agreements and consents involving
routine leasing activities that (A) do not involve a ground lease or lease of an outparcel and (B) affect less than the lesser
of (a) 30% of the net rentable area of the improvements at the Mortgaged Property and (b) 30,000 square feet of the improvements
at the Mortgaged Property (but any other leasing matters shall be subject to the operation of Section 3.20(a) and Section 3.24(c)
so long as such matters are reviewable by the lender under the related Mortgage Loan Documents);

 

(iv)     approvals
of annual budgets to operate the related Mortgaged Property;

 

(v)      approving
a change of the property manager with respect to the related Mortgaged Property;

 

(vi)     any
releases or reductions of or withdrawals from (as applicable) any Letters of Credit, Reserve Funds or other Additional Collateral
with respect to such Mortgage Loan; or

 

(vii)    with
respect to NCB Co-op Mortgage Loans, the related Borrower incurring subordinate debt secured by the related Mortgaged Property,
subject to the satisfaction of the NCB Subordinate Debt Conditions with respect to such subordinate debt;

 

provided that such modification,
waiver, consent or amendment (A) would not constitute a “significant modification” of the subject Serviced Mortgage
Loan or Serviced Loan Combination pursuant to Treasury Regulations Section 1.860G-2(b), would not cause any Serviced Mortgage Loan
or a Serviced Pari Passu Companion Loan to cease to be treated as “principally secured by real property” and would
not otherwise constitute an Adverse REMIC Event with respect to REMIC I, REMIC II or REMIC III or constitute an Adverse Grantor
Trust Event with respect to the Grantor Trust Pool, and (B) would be consistent with the Servicing Standard.

 

(g)     If
and to the extent that the Trust, as holder of a Non-Trust-Serviced Pooled Mortgage Loan, is entitled to consent to or approve
any modification, waiver or amendment of such Non-Trust-Serviced Pooled Mortgage Loan, the applicable Master Servicer, if it shall
receive any such request, shall, in accordance with the immediately following sentence, either (i) forward such request to the
applicable Special Servicer for a response or (ii) respond to any request for such consent or approval. The applicable Master Servicer
or the applicable Special Servicer, as the case may be, shall respond to any such request in accordance with the Servicing

 

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Standard,
and subject to Section 3.01(g), subject to the same conditions and/or restrictions, as if such Non-Trust-Serviced Pooled
Mortgage Loan was a Performing Serviced Mortgage Loan. Insofar as any other Person would have consent rights hereunder with respect
to a similar modification, waiver or amendment of a Mortgage Loan that is a Performing Serviced Mortgage Loan, such Person shall
likewise have the same consent rights, subject to the same conditions and/or restrictions, with respect to such modification, waiver
or amendment of such Non-Trust-Serviced Pooled Mortgage Loan.

 

(h)     The
applicable Master Servicer shall, as to each Serviced Mortgage Loan or Serviced Loan Combination that is secured by an interest
listed on the Mortgage Loan Schedule as a leasehold interest, in accordance with the related Mortgage Loan Documents, promptly
(and, in any event, within forty-five (45) days) after the Closing Date (or, if later, ten (10) Business Days after its receipt
of a copy of the related Ground Lease or Space Lease) notify the related lessor of the transfer of such Mortgage Loan or Serviced
Loan Combination to the Trust pursuant to this Agreement and inform such ground lessor that any notices of default under the related
Ground Lease or Space Lease should thereafter be forwarded to the applicable Master Servicer. Promptly upon receipt, the applicable
Master Servicer shall forward any notice of a default referenced in this Section 3.20(h) to the applicable Special Servicer.

 

(i)     In
connection with (i) the release of any portion of a Mortgaged Property from the lien of the related Serviced Mortgage Loan or (ii)
the taking of any portion of a Mortgaged Property securing a Serviced Mortgage Loan by exercise of the power of eminent domain
or condemnation, if the Mortgage Loan Documents require the applicable Master Servicer or the applicable Special Servicer, as applicable,
to calculate (or to approve the calculation of the related Borrower of) the loan-to-value ratio of the remaining Mortgaged Property
or the fair market value of the real property constituting the remaining Mortgaged Property, for purposes of REMIC qualification
of the related Serviced Mortgage Loan, then such calculation shall include only the value of the real property constituting the
remaining Mortgaged Property.

 

Section
3.21     Transfer of Servicing Between Master Servicers and Special Servicers; Record Keeping; Material Actions and Special
Servicer Decisions.   (a)   Upon determining that a Servicing Transfer Event
has occurred with respect to any Serviced Mortgage Loan or Serviced Loan Combination, the applicable Master Servicer shall promptly
give notice thereof to the Subordinate Class Representative (other than with respect to any Excluded Loan) and the Majority Subordinate
Certificateholder (other than with respect to any Excluded Loan) (and to the related Serviced Pari Passu Companion Loan Holder(s)),
and if the applicable Master Servicer is not also the applicable Special Servicer, the applicable Master Servicer shall promptly
give notice thereof to the applicable Special Servicer, the Trust Advisor and the Trustee, and shall deliver the related Servicing
File to the applicable Special Servicer and shall use its best reasonable efforts to provide the applicable Special Servicer with
all information, documents (or copies thereof) and records (including records stored electronically on computer tapes, magnetic
discs and the like) relating to such Serviced Mortgage Loan or Serviced Loan Combination and reasonably requested by the applicable
Special Servicer to enable the applicable Special Servicer to assume its functions hereunder with respect thereto without acting
through a Sub-Servicer. The information, documents and records to be delivered by the applicable Master Servicer to the applicable
Special Servicer pursuant to the prior sentence shall include, but not be limited to, financial statements, appraisals, environmental/engineering
reports, leases, rent rolls (or, with

 

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respect to Co-op Mortgage Loans, maintenance schedules), Insurance Policies, UCC Financing
Statements and tenant estoppels, to the extent they are in the possession of the applicable Master Servicer (or any Sub-Servicer
thereof). The applicable Master Servicer shall use its best reasonable efforts to comply with the preceding two sentences within
five (5) Business Days of the occurrence of each related Servicing Transfer Event.

 

Upon determining that
a Specially Serviced Mortgage Loan has become a Corrected Mortgage Loan and if the applicable Master Servicer is not also the applicable
Special Servicer, the applicable Special Servicer shall immediately give notice thereof to the applicable Master Servicer, the
Trust Advisor, the Trustee, the Subordinate Class Representative (other than with respect to any Excluded Loan) and the Majority
Subordinate Certificateholder (other than with respect to any Excluded Loan) (and to the related Serviced Pari Passu Companion
Loan Holder(s)) and shall return the related Servicing File within five (5) Business Days to the applicable Master Servicer. Upon
giving such notice and returning such Servicing File to the applicable Master Servicer, the applicable Special Servicer’s
obligation to service such Serviced Mortgage Loan or Serviced Loan Combination and the applicable Special Servicer’s right
to receive the Special Servicing Fee with respect to such Serviced Mortgage Loan or Serviced Loan Combination, shall terminate,
and the obligations of the applicable Master Servicer to service and administer such Serviced Mortgage Loan or Serviced Loan Combination
shall resume.

 

Notwithstanding anything
herein to the contrary, in connection with the transfer to the applicable Special Servicer of the servicing of a Cross-Collateralized
Mortgage Loan as a result of a Servicing Transfer Event or the re-assumption of servicing responsibilities by the applicable Master
Servicer with respect to any such Cross-Collateralized Mortgage Loan upon its becoming a Corrected Mortgage Loan, the applicable
Master Servicer and the applicable Special Servicer shall each transfer to the other, as and when applicable, the servicing of
all other Cross-Collateralized Mortgage Loans constituting part of the same Cross-Collateralized Group; provided that no
Cross-Collateralized Mortgage Loan may become a Corrected Mortgage Loan at any time that a continuing Servicing Transfer Event
exists with respect to another Cross-Collateralized Mortgage Loan in the same Cross-Collateralized Group.

 

(b)     In
servicing any Specially Serviced Mortgage Loan, the applicable Special Servicer shall provide to the Custodian originals of documents
contemplated by the definition of “Mortgage File” and generated while the subject Serviced Mortgage Loan is a Specially
Serviced Mortgage Loan, for inclusion in the related Mortgage File (with a copy of each such original to the applicable Master
Servicer), and copies of any additional related Mortgage Loan information, including correspondence with the related Borrower generated
while the subject Serviced Mortgage Loan is a Specially Serviced Mortgage Loan.

 

(c)     The
applicable Master Servicer and the applicable Special Servicer shall each furnish to the other, upon reasonable request, such reports,
documents, certifications and information in its possession, and access to such books and records maintained thereby, as may relate
to any Serviced Mortgage Loan (or Serviced Loan Combination, as applicable) or Administered REO Property and as shall be reasonably
required by the requesting party in order to perform its duties hereunder.

 

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(d)     In
connection with the performance of its obligations hereunder with respect to any Serviced Mortgage Loan, Serviced Loan Combination
or Administered REO Property, each of the applicable Master Servicer and the applicable Special Servicer shall be entitled to rely
upon written information provided to it by the other.

 

(e)     Subject
to the provisions of the following sentence, until such time as a Serviced Mortgage Loan becomes a Specially Serviced Mortgage
Loan or except in connection with a Material Action or Special Servicer Decision that is being processed or consented to by the
General Special Servicer, neither the General Special Servicer nor the One Court Square Special Servicer, as the case may be, nor
any of their respective Affiliates, shall contact the related Borrower or any key principal of such Borrower about such Serviced
Mortgage Loan without the prior consent of the applicable Master Servicer unless the related Borrower has initiated such contact;
provided that the General Special Servicer, the One Court Square Special Servicer and their respective Affiliates may conduct
promotions which are directed generally to commercial mortgage loan borrowers, originators and mortgage brokers, including, without
limitation, mass mailings based upon commercially acquired mailing lists or information generally available in the public domain,
newspaper, radio, television or print advertisements, or take actions in connection with servicing the refinancing needs of a Borrower
who, without such direct or indirect solicitation by the General Special Servicer or the One Court Square Special Servicer, as
the case may be, contacts the General Special Servicer or the One Court Square Special Servicer, as the case may be, with the purpose
of refinancing such Serviced Mortgage Loan. The General Special Servicer and the One Court Square Special Servicer and their respective
Affiliates shall not use any information obtained in the capacity as General Special Servicer or One Court Square Special Servicer
or, if applicable, as a Certificateholder, to solicit any Borrower or a key principal of such Borrower or any mortgage broker to
permit the General Special Servicer or the One Court Square Special Servicer, as the case may be, or any of its Affiliates to refinance
a Serviced Mortgage Loan transferred to the Trust by a Mortgage Loan Seller that is not affiliated with the General Special Servicer
or the One Court Square Special Servicer, as the case may be, or such Certificateholder, including, without limitation, (i) the
name, address, phone number or other information regarding such Borrower or a key principal of such Borrower, or (ii) information
related to the related Serviced Mortgage Loan (or Serviced Loan Combination, as applicable) or Mortgaged Property including, without
limitation, the maturity date, the interest rate, the prepayment provisions, or any operating or other financial information; provided
that such limitation on the solicitation of refinancing shall not prevent the General Special Servicer or the One Court Square
Special Servicer, as the case may be, from pursuing such refinancing for (y) any Serviced Mortgage Loan that is a Specially Serviced
Mortgage Loan, or (z) any Serviced Mortgage Loan (or Serviced Loan Combination, as applicable) that is within 180 days of its Stated
Maturity Date (or if such Mortgage Loan is an ARD Mortgage Loan, its Anticipated Repayment Date) if, after written inquiry by the
General Special Servicer or the One Court Square Special Servicer, as the case may be, to the General Master Servicer, the General
Master Servicer indicates that the Borrower has not obtained a written commitment for refinancing.

 

(f)     Upon
receiving a request for any matter that constitutes a Material Action including (to the extent such matters constitute Material
Actions) matters described in Section 3.08 (but subject to Section 3.08(c)), Section 3.20, Section 3.24
or Section 3.26) with respect to a Mortgage Loan or Serviced Loan Combination (other than a Non-Trust-Serviced Pooled Mortgage
Loan, the One Court Square Loan Combination or a WFB Mortgage Loan) that is not

 

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a Specially Serviced Mortgage Loan, the applicable
Master Servicer shall forward such request to the applicable Special Servicer and, unless the applicable Master Servicer and the
applicable Special Servicer mutually agree that the applicable Master Servicer will process such request, the applicable Special
Servicer shall process such request and the applicable Master Servicer will have no further obligation with respect to such request
or Material Action. However, regardless of whether the applicable Master Servicer or the applicable Special Servicer is required
to process such request, any Material Action will require the consent or approval (or deemed consent or approval) of the applicable
Special Servicer.

 

Upon receiving a request
for any matter that constitutes a Special Servicer Decision with respect to a Mortgage Loan or Serviced Loan Combination (other
than a Non-Trust-Serviced Pooled Mortgage Loan, the One Court Square Loan Combination or a WFB Mortgage Loan) that is not a Specially
Serviced Mortgage Loan, the applicable Master Servicer shall forward such request to the applicable Special Servicer and, unless
the applicable Master Servicer and the applicable Special Servicer mutually agree that the applicable Master Servicer will process
such request, the applicable Special Servicer shall process such request and the applicable Master Servicer will have no further
obligation with respect to such request or such Special Servicer Decision. However, regardless of whether the applicable Master
Servicer or the applicable Special Servicer is required to process such request, any Special Servicer Decision shall require the
consent or approval (or deemed consent or approval) of the applicable Special Servicer.

 

Section
3.22     Sub-Servicing Agreements.   (a)   Each of the applicable
Master Servicer and the applicable Special Servicer may enter into Sub-Servicing Agreements to provide for the performance by third
parties of any or all of its respective obligations hereunder, provided that (A) in each case, the Sub-Servicing Agreement
(as it may be amended or modified from time to time): (i) insofar as it affects the Trust, is consistent with this Agreement in
all material respects; (ii) expressly or effectively provides that if the applicable Master Servicer or the applicable Special
Servicer, as the case may be, shall for any reason no longer act in such capacity hereunder (including, without limitation, by
reason of a Servicer Termination Event), any successor to the applicable Master Servicer or the applicable Special Servicer, as
the case may be, hereunder (including the Trustee if the Trustee has become such successor pursuant to Section 7.02)
may thereupon either assume all of the rights and, except to the extent they arose prior to the date of assumption, obligations
of the applicable Master Servicer or the applicable Special Servicer, as the case may be, under such agreement or, other than in
the case of any Designated Sub-Servicing Agreement, terminate such rights and obligations without payment of any fee; (iii) prohibits
the Sub-Servicer (other than a Designated Sub-Servicer) from modifying any Mortgage Loan or commencing any foreclosure or similar
proceedings with respect to any Mortgaged Property without the consent of the applicable Master Servicer and, further, prohibits
the Sub-Servicer from taking any action that the applicable Master Servicer would be prohibited from taking hereunder; (iv) if
it is entered into by the applicable Master Servicer, does not purport to delegate or effectively delegate to the related Sub-Servicer
any of the rights or obligations of the applicable Special Servicer with respect to any Specially Serviced Mortgage Loan or otherwise;
(v) provides that the Trustee, for the benefit of the Certificateholders (and, in the case of a Sub-Servicing Agreement related
to a Serviced Loan Combination, also for the benefit of the related Serviced Pari Passu Companion Loan Holder(s)), shall be a third
party beneficiary under such agreement, but that (except to the extent the Trustee or its designee assumes the obligations of the
applicable Master Servicer or the applicable Special Servicer, as

 

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the case may be, thereunder as contemplated by clause (A)(ii)
above) none of the Trustee, any successor to the applicable Master Servicer or the applicable Special Servicer, as the case may
be, or any Certificateholder (or, in the case of a Sub-Servicing Agreement related to a Serviced Loan Combination, the related
Serviced Pari Passu Companion Loan Holder(s)) shall have any duties under such agreement or any liabilities arising therefrom except
as explicitly permitted by Section 3.22(k) below or otherwise herein; (vi) permits any purchaser of a Mortgage Loan
pursuant to this Agreement to terminate such agreement with respect to such purchased Mortgage Loan without cause and without payment
of any termination fee; (vii) does not permit the subject Sub-Servicer any rights of indemnification out of the Trust Fund except
through the applicable Master Servicer or the applicable Special Servicer, as the case may be, pursuant to Section 6.03;
(viii) does not impose any liability or indemnification obligation whatsoever on the Trustee or the Certificateholders with respect
to anything contained therein; (ix) provides that, following receipt of the applicable Mortgage Loan Purchase Agreement, the applicable
Master Servicer or the applicable Special Servicer, as applicable, shall provide a copy of the applicable Mortgage Loan Purchase
Agreement to the related Sub-Servicer, and that such Sub-Servicer shall notify the applicable Master Servicer or the applicable
Special Servicer, as applicable, in writing within five (5) Business Days after such Sub-Servicer discovers (without implying that
the Sub-Servicer has a duty to make or attempt to make such discovery) a Document Defect or discovers (without implying that the
Sub-Servicer has a duty to make or attempt to make such discovery) or receives notice of a Breach or receives a Repurchase Communication
of a Repurchase Request, Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection, in each case with respect to
a Mortgage Loan being sub-serviced by such Sub-Servicer; and (x) if the subject Sub-Servicer is a Servicing Function Participant
or an Additional Servicer, provides that (y) the failure of such Sub-Servicer to comply with any of the requirements under Article
XI of this Agreement applicable to such Sub-Servicer, including the failure to deliver any reports, certificates or disclosure
information under the Exchange Act or under the rules and regulations promulgated under the Exchange Act, at the time such report,
certification or information is required under Article XI and (z) the failure of such Sub-Servicer to comply with any requirements
to deliver any items required by Items 1122 and 1123 of Regulation AB under any other pooling and servicing agreement relating
to any other series of certificates for which the Depositor or an Affiliate is the depositor shall constitute an event of default
or servicer termination event on the part of such Sub-Servicer upon the occurrence of which the applicable Master Servicer or the
applicable Special Servicer, as the case may be, and the Depositor shall be entitled to immediately terminate the related Sub-Servicer,
which termination shall be deemed for cause; and (B) at the time the Sub-Servicing Agreement is entered into, the subject Sub-Servicer
(other than a Designated Sub-Servicer in connection with a Sub-Servicing Agreement executed as of the Closing Date) is not a Prohibited
Party unless (in the case of this clause (B)) the appointment of such Person as a Sub-Servicer has been expressly approved
by the Depositor acting in its reasonable discretion.

 

(b)     References
in this Agreement to actions taken or to be taken by the applicable Master Servicer or the applicable Special Servicer include
actions taken or to be taken by a Sub-Servicer on behalf of such applicable Master Servicer or such applicable Special Servicer.
For purposes of this Agreement, the applicable Master Servicer and the applicable Special Servicer shall each be deemed to have
received any payment when a Sub-Servicer retained by it receives such payment.

 

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(c)     The
applicable Master Servicer and the applicable Special Servicer shall each deliver to the Custodian copies of all Sub-Servicing
Agreements, and any amendments thereto and modifications thereof, entered into by it promptly upon its execution and delivery of
such documents.

 

(d)     Each
Sub-Servicer actually performing servicing functions shall be authorized to transact business in the state or states in which the
Mortgaged Properties for the Mortgage Loans it is to service are situated, if and to the extent required by applicable law, except
where the failure to so comply would not adversely affect the Sub-Servicer’s ability to perform its obligations in accordance
with the terms of the related Sub-Servicing Agreement.

 

(e)     Each
of the applicable Master Servicer and the applicable Special Servicer, for the benefit of the Trustee and the Certificateholders
(and, in the case of a Sub-Servicing Agreement related to a Serviced Loan Combination, for the benefit of the related Serviced
Pari Passu Companion Loan Holder(s)), shall (at no expense to any other party hereto or to the Certificateholders or the Trust)
monitor the performance and enforce the obligations of their respective Sub-Servicers under the related Sub-Servicing Agreements.
Such enforcement, including the legal prosecution of claims, termination of Sub-Servicing Agreements in accordance with their respective
terms and the pursuit of other appropriate remedies, shall be in such form and carried out to such an extent and at such time as
the applicable Master Servicer or the applicable Special Servicer, as applicable, in its reasonable judgment, would require were
it the owner of the subject Mortgage Loans. Subject to the terms of the related Sub-Servicing Agreement, including any provisions
thereof limiting the ability of the applicable Master Servicer or the applicable Special Servicer, as applicable, to terminate
a Sub-Servicer, each of the applicable Master Servicer and the applicable Special Servicer shall have the right to remove a Sub-Servicer
retained by it at any time it considers such removal to be in the best interests of Certificateholders (and/or, in the case of
a Sub-Servicer for a Serviced Loan Combination, the related Serviced Pari Passu Companion Loan Holder(s)), as applicable.

 

(f)      If
the Trustee or its designee assumes the rights and obligations of the applicable Master Servicer or the applicable Special Servicer
under any Sub-Servicing Agreement, the applicable Master Servicer or the applicable Special Servicer, as the case may be, at its
expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to such Sub-Servicing
Agreement, and the Mortgage Loans then being serviced thereunder and an accounting of amounts collected and held on behalf of it
thereunder, and otherwise use efforts consistent with the Servicing Standard to effect the orderly and efficient transfer of the
Sub-Servicing Agreement to the assuming party.

 

(g)     Notwithstanding
any Sub-Servicing Agreement entered into by the applicable Master Servicer or the applicable Special Servicer, as the case may
be, the applicable Master Servicer and the applicable Special Servicer shall each remain obligated and liable to the Trustee and
the Certificateholders (and, in the case of a Serviced Loan Combination, the related Serviced Pari Passu Companion Loan Holder(s))
for the performance of their respective obligations and duties under this Agreement in accordance with the provisions hereof to
the same extent and under the same terms and conditions as if it alone were servicing and administering the Mortgage Loans and/or
REO Properties for which it is responsible. The applicable Master Servicer and the applicable Special Servicer shall each pay the
fees of any Sub-Servicer retained by it in

 

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accordance with the respective Sub-Servicing Agreement and, in any event, from its own
funds (or from funds otherwise then payable to it hereunder).

 

(h)     Notwithstanding
anything to the contrary set forth herein, any account established and maintained by a Sub-Servicer pursuant to a Sub-Servicing
Agreement with the applicable Master Servicer shall for all purposes under this Agreement be deemed to be an account established
and maintained by the applicable Master Servicer.

 

(i)      Notwithstanding
any contrary provisions of the foregoing subsections of this Section 3.22, the appointment by the applicable Master
Servicer or the applicable Special Servicer of one or more third party contractors for the purpose of performing discrete, ministerial
functions shall not constitute the appointment of Sub-Servicers and shall not be subject to the provisions of this Section 3.22;
provided that (a) the applicable Master Servicer or the applicable Special Servicer, as the case may be, shall remain responsible
for the actions of such third party contractors as if it were alone performing such functions and shall pay all fees and expenses
of such third party contractors; (b) such appointment imposes no additional duty on any other party to this Agreement, any successor
hereunder to the applicable Master Servicer or the applicable Special Servicer, as the case may be, or on the Trust; and (c) the
subject contractor (if it would be a Servicing Function Participant) is not a Prohibited Party at the time of such appointment
unless (in the case of this clause (c)) the appointment of such contractor has been expressly approved by the Depositor
acting in its reasonable discretion. The proviso to the preceding sentence shall not be construed to limit the right of the applicable
Master Servicer or the applicable Special Servicer to be reimbursed for any cost or expense for which it is otherwise entitled
to reimbursement under this Agreement.

 

(j)      The
applicable Special Servicer shall not enter into any Sub-Servicing Agreement unless (other than with respect to any Excluded Loan)
the Subordinate Class Representative has consented thereto (during any Subordinate Control Period) or such Sub-Servicing Agreement
is required to be entered into in connection with a Serviced Loan Combination pursuant to the exercise by a related Serviced Pari
Passu Companion Loan Holder of its rights under Section 7.01(b) of this Agreement, and the execution and delivery of
such Sub-Servicing Agreement is the subject of a Rating Agency Confirmation.

 

(k)     Notwithstanding
any other provision set forth in this Agreement to the contrary, immediately upon the effectiveness of any resignation or termination
of the applicable Master Servicer under this Agreement or any other transaction in which a Person becomes the applicable Master
Servicer hereunder, the successor Master Servicer (including, without limitation, the Trustee if it assumes the servicing obligations
of the applicable Master Servicer) shall be deemed to automatically have assumed and agreed to the terms and provisions of each
Designated Sub-Servicing Agreement without any further action. No Designated Sub-Servicing Agreement shall be deemed to be inconsistent
with the terms of this Agreement solely as a result of its recognition of the provisions, or its inclusion of provisions to the
effect, set forth in the preceding sentence. If a task, right or obligation of the applicable Master Servicer is delegated to a
Designated Sub-Servicer under a Designated Sub-Servicing Agreement, and such task, right or obligation involves or requires the
consent of the applicable Special Servicer, then the applicable Special Servicer shall accept the performance of such task, right
or obligation by the Designated Sub-Servicer only in accordance with the terms of this Agreement (including without limitation
any

 

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time periods for consent or deemed consent to be observed by the applicable Special Servicer) as if the applicable Master Servicer
were performing it. Notwithstanding any provision of this Agreement, each of the parties hereto acknowledges and agrees that the
applicable Special Servicer is neither a party to any Designated Sub-Servicing Agreement, nor is it bound by any provision of any
Designated Sub-Servicing Agreement. The applicable Special Servicer hereby acknowledges the delegation of rights and duties hereunder
by the applicable Master Servicer pursuant to the provisions of each Designated Sub-Servicing Agreement. Nothing in this Section 3.22(k)
shall affect the applicable Master Servicer’s obligations under this Section 3.22 to monitor the performance
and enforce the obligations of a Designated Sub-Servicer under the related Designated Sub-Servicing Agreement, imposes any additional
liability on the applicable Special Servicer for the actions or inactions of a Designated Sub-Servicer or imposes on the applicable
Special Servicer any obligation to monitor the performance and enforce the obligations of the Designated Sub-Servicer under the
related Designated Sub-Servicing Agreement. Each Designated Sub-Servicer shall be a third party beneficiary of this subsection
(k). In no event shall this subsection (k) be construed to impose liability on the Trust Fund or the applicable Special
Servicer for the failure of the applicable Master Servicer, or any successor Master Servicer, to perform its duties under any Designated
Sub-Servicing Agreement.

 

Section
3.23     Subordinate Class Representative.   (a)   The Majority Subordinate
Certificateholder shall have a continuing right, subject to and in accordance with this Section 3.23, to appoint a
representative (the “Subordinate Class Representative”) having the rights and powers specified in this Agreement
(including those specified in Section 3.24) ̧ and/or remove or replace any existing Subordinate Class Representative,
by delivering notice to the Certificate Administrator, the Trustee, the Special Servicers, the Master Servicers and, in the case
of a removal or replacement of a Subordinate Class Representative, the then-existing Subordinate Class Representative; provided
that LNR Securities Holdings, LLC shall be the Initial Subordinate Class Representative. Such continuing right of the Majority
Subordinate Certificateholder shall be exercisable in its sole discretion and at any time and from time to time, subject to subsection
(b) below. If at any time the Majority Subordinate Certificateholder has not appointed a Subordinate Class Representative pursuant
to this Section 3.23 or a Subordinate Class Representative has resigned or has been removed without the Majority Subordinate
Certificateholder having appointed a successor Subordinate Class Representative, then the Majority Subordinate Certificateholder
shall be deemed to be the Subordinate Class Representative.

 

(b)     No
appointment of any Person as a Subordinate Class Representative other than the Initial Subordinate Class Representative shall be
effective until such Person provides the Certificate Administrator with (i) written confirmation of its acceptance of such appointment,
(ii) written confirmation of its agreement to keep confidential information confidential in accordance with the provisions set
forth in Exhibit K-5, (iii) an address and facsimile number for the delivery of notices and other correspondence and (iv)
a list of officers or employees of such Person with whom the parties to this Agreement may deal (including their names, titles,
work addresses and facsimile numbers).

 

(c)     Within
five (5) Business Days of the Certificate Administrator’s receipt of notice of any appointment or replacement of a Subordinate
Class Representative (other than the initial Subordinate Class Representative), the Certificate Administrator shall deliver to
each of the

 

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Trustee, the Master Servicers, the Special Servicers and the Trust Advisor notice of the identity of such Subordinate
Class Representative, including the name and address furnished to the Certificate Administrator under subsection (a) above.
The Certificate Administrator shall also deliver such information to each Master Servicer or each Special Servicer promptly upon
request therefor by such Master Servicer or such Special Servicer, as the case may be. With respect to such information, the Certificate
Administrator shall be entitled to conclusively rely on information provided to it under subsection (a) above, and the Master
Servicers and the Special Servicers shall all be entitled to rely on such information provided by the Certificate Administrator
with respect to any obligation or right hereunder that the Master Servicers or the Special Servicers, as the case may be, may have
to deliver information or otherwise communicate with the Subordinate Class Representative. In addition to the foregoing, within
five (5) Business Days of its receipt of notice of the resignation or removal of a Subordinate Class Representative, the Certificate
Administrator shall notify the other parties to this Agreement of such event.

 

(d)     A
Subordinate Class Representative may at any time resign as such by giving written notice to the Majority Subordinate Certificateholder,
which shall thereupon give written notice to the Certificate Administrator, the Trustee, the Special Servicers and the Master Servicers.
The effectiveness of such resignation shall not be conditioned upon or subject to the prior appointment or approval of a successor
to the resigning Subordinate Class Representative. In no event shall the failure of the Subordinate Class Representative or the
Majority Subordinate Certificateholder to provide such notice prejudice or call into question the effectiveness of such resignation.
The preceding statement shall not be construed to limit the effect of subsection (e) below.

 

(e)     Once
a Subordinate Class Representative has been selected pursuant to this Section 3.23, each of the parties to this Agreement
shall be entitled to rely on such selection unless the Majority Subordinate Certificateholder or such Subordinate Class Representative,
as applicable, shall have notified the Certificate Administrator and each other party to this Agreement, in writing, of the resignation
or removal of such Subordinate Class Representative.

 

(f)      Any
and all expenses of the Subordinate Class Representative shall be borne by the Holders (or, if applicable, the Certificate Owners)
of Certificates of the Subordinate Class, pro rata according to their respective Percentage Interests in such Class, and
not by the Trust. Notwithstanding the foregoing, if a claim is made against the Subordinate Class Representative by a Borrower
with respect to this Agreement or any particular Mortgage Loan, the Subordinate Class Representative shall immediately notify the
Certificate Administrator, the Trustee, the Master Servicers and the Special Servicers, whereupon (if a Special Servicer, a Master
Servicer, the Certificate Administrator, the Trustee or the Trust are also named parties to the same action and, in the sole judgment
of the NCB Special Servicer, if such claim arises out of or relates solely to an NCB Mortgage Loan, the One Court Square Special
Servicer, if such claim arises out of or relates to the One Court Square Loan Combination, or the General Special Servicer, in
the case of all other claims, (i) the Subordinate Class Representative had acted in good faith, without negligence or willful misfeasance,
with regard to the particular matter at issue, and (ii) there is no potential for either Special Servicer, either Master Servicer,
the Certificate Administrator, the Trustee or the Trust to be an adverse party in such action as regards the Subordinate Class
Representative) the NCB Special Servicer, if such claim arises out of or

 

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relates solely to an NCB Mortgage Loan, the One Court
Square Special Servicer, if such claim arises out of or relates to the One Court Square Loan Combination, or the General Special
Servicer, in the case of all other claims, on behalf of the Trust shall, subject to Section 6.03 and the consent of the
Subordinate Class Representative, assume, at the expense of the Trust Fund, the defense of any such claim against the Subordinate
Class Representative; provided that no judgment against the Subordinate Class Representative shall be payable out of the
Trust Fund. This provision shall survive the termination of this Agreement and the termination or resignation of any Subordinate
Class Representative.

 

(g)     The
Subordinate Class Representative may receive amounts payable to the applicable Special Servicer as special servicing compensation
(other than with respect to any Excluded Loan) as described in and to the extent as such Special Servicer and the Subordinate Class Representative
may agree; provided, however, that such Special Servicer shall have no liability for sharing any special servicing compensation
relating to an Excluded Loan if such Special Servicer has not received written notice as provided in the definition of “Excluded
Loan” and in Section 8.12(f).

 

(h)     In
addition, upon request of a Master Servicer, a Special Servicer or Trust Advisor, as applicable, the Certificate Administrator
shall reasonably promptly provide the name of the then-current Majority Subordinate Certificateholder and, if requested, a list
of the Certificateholders (or a securities position listing from the Depository) of the Majority Subordinate Certificateholder
to such requesting party (at the expense of the Trust Fund).

 

(i)      [Reserved.]

 

(j)      In
connection with its duties or exercise of its rights under this Agreement, if the Subordinate Class Representative is an Excluded
Holder, the Subordinate Class Representative (i) shall not directly or indirectly provide any information related to the related
Excluded Loan(s) to the related Borrower(s) or (A) any of the Subordinate Class Representative’s employees or personnel or
any Affiliate involved in the management of any investment in the related Borrower or the related Mortgaged Property or (B) to
its actual knowledge, any non-Affiliate that holds a direct or indirect ownership interest in the related Borrower, and (ii) shall
maintain sufficient internal controls and appropriate policies and procedures in place in order to comply with the obligations
described in clause (i) above. None of the Master Servicers, the Special Servicers, the Certificate Administrator, the Trust Advisor
or the Trustee shall be liable for its dissemination of information in accordance with this Agreement or for the dissemination
of information by others in violation of the terms of this Agreement. The Master Servicers, Special Servicers, Certificate Administrator,
Trust Advisor and Trustee may rely on an investor certification in the form of Exhibit K-1B hereto from the Subordinate
Class Representative or a Subordinate Class Certificateholder to the effect that such Person is not an Excluded Controlling Class
Holder or in the form of Exhibit K-2B or Exhibit K-3A hereto from the Subordinate Class Representative or a Subordinate
Class Certificateholder to the effect that such Person is an Excluded Controlling Class Holder with respect to one or more Excluded
Controlling Class Loans.

 

(k)     Notwithstanding
anything herein to the contrary, each Master Servicer, each Special Servicer, the Certificate Administrator, the Trustee and the
Trust Advisor shall be entitled to conclusively assume that the Subordinate Class Representative and all Subordinate

 

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Class Certificateholders
are not Excluded Controlling Class Holders except to the extent that such Master Servicer, Special Servicer, Certificate Administrator,
Trustee or Trust Advisor, as applicable, has received notice from the Subordinate Class Representative or a Subordinate Class Certificateholder
that it has become an Excluded Controlling Class Holder. None of the Master Servicers, the Special Servicers, the Certificate Administrator,
the Trustee or the Trust Advisor shall be liable for any communication to the Subordinate Class Representative or a Subordinate
Class Certificateholder or disclosure of information relating to an Excluded Controlling Class Loan if such Master Servicer, Special
Servicer, Certificate Administrator, Trustee or Trust Advisor, as applicable, has not received prior written notice that the related
Mortgage Loan is an Excluded Controlling Class Loan (including, in the case of any Excluded Information delivered to the Certificate
Administrator for posting to the Certificate Administrator’s Website and/or any failure to label any such information provided
to the Certificate Administrator). Each Master Servicer, each Special Servicer, the Certificate Administrator, the Trustee and
the Trust Advisor shall be entitled to conclusively rely on any written notice from the Subordinate Class Representative or a Subordinate
Class Certificateholder that it is no longer an Excluded Controlling Class Holder.

 

(l)      If
the Majority Subordinate Certificateholder or Subordinate Class Representative is an Excluded Holder, then the applicable Special
Servicer shall have no obligation to obtain the consent of, or consult with, such Majority Subordinate Certificateholder or such
Subordinate Class Representative with respect to the related Excluded Loan during the time that such Person is an Excluded Holder
with respect thereto.

 

Section
3.24     Asset Status Reports and Certain Rights and Powers of the Subordinate Class Representative.  (a)  
No later than forty-five (45) days after a Servicing Transfer Event for a Specially Serviced Mortgage Loan, the applicable Special
Servicer shall deliver in electronic format a report (the “Asset Status Report”) with respect to such Specially
Serviced Mortgage Loan and the related Mortgaged Property to the applicable Master Servicer, the Trustee, the Certificate Administrator,
the related Serviced Pari Passu Companion Loan Holder(s) (if any) (only to the extent such Serviced Pari Passu Companion Loan Holder
is expressly entitled to receive such Asset Status Report under the related Intercreditor Agreement and the subject of the Asset
Status Report does not involve a sale or proposed sale of the Mortgage Loan, and provided that if such Serviced Pari Passu Companion
Loan is included in an Other Securitization, such Asset Status Report shall be delivered to the related Other Master Servicer),
the Subordinate Class Representative (during any Subordinate Control Period or Collective Consultation Period and other than with
respect to any Excluded Loan, as to which such Asset Status Report is Excluded Information), the Majority Subordinate Certificateholder
(during any Subordinate Control Period or Collective Consultation Period and other than with respect to any Excluded Loan, as to
which such Asset Status Report is Excluded Information), the Trust Advisor (during any Collective Consultation Period or Senior
Consultation Period) and the Rule 17g-5 Information Provider (who shall promptly post such report on the Rule 17g-5 Information
Provider’s Website in accordance with Section 8.12(c)). Such Asset Status Report shall set forth the following
information to the extent reasonably determinable:

 

(i)       a
summary of the status of such Specially Serviced Mortgage Loan and any negotiations with the related Borrower;

 

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(ii)        
 a discussion of the general legal and environmental considerations reasonably known to the applicable Special Servicer
(including without limitation by reason of any Phase I Environmental Assessment and any additional environmental testing contemplated
by Section 3.09(c)), consistent with the Servicing Standard, that are applicable to the exercise of remedies set forth
herein and to the enforcement of any related guaranties or other collateral for the related Specially Serviced Mortgage Loan and
whether outside legal counsel has been retained;

 

(iii)         the
most current rent roll (or, with respect to Co-op Mortgage Loans, maintenance schedule) and income or operating statement available
for the related Mortgaged Property or Mortgaged Properties;

 

(iv)        
a summary of the applicable Special Servicer’s recommended action with respect to such Specially Serviced Mortgage
Loan;

 

(v)        
the Appraised Value of the related Mortgaged Property or Mortgaged Properties, together with the assumptions used
in the calculation thereof (which the applicable Special Servicer may satisfy by providing a copy of the most recently obtained
Appraisal); and

 

(vi)        
such other information as the applicable Special Servicer deems relevant in light of the Servicing Standard.

 

During a Subordinate
Control Period (other than with respect to any Excluded Loan, as to which such Asset Status Report is Excluded Information), if
the Subordinate Class Representative does not disapprove an Asset Status Report within ten (10) Business Days (or, with respect
to a Serviced Loan Combination, such longer period of time as may be set forth in the related Intercreditor Agreement) of receipt,
the applicable Special Servicer shall implement the recommended action as outlined in the Asset Status Report. In addition, during
a Subordinate Control Period (other than with respect to any Excluded Loan, as to which such Asset Status Report is Excluded Information),
the Subordinate Class Representative may object to any Asset Status Report within ten (10) Business Days of receipt (or, with respect
to a Serviced Loan Combination, such longer period of time as may be set forth in the related Intercreditor Agreement); provided
that the applicable Special Servicer shall implement the recommended action as outlined in the Asset Status Report if it makes
a determination in accordance with the Servicing Standard that the objection is not in the best interest of all the Certificateholders
and, in the case of a Serviced Loan Combination, the related Serviced Pari Passu Companion Loan Holder(s) (as a collective whole,
as if they together constituted a single lender). If, during a Subordinate Control Period, the Subordinate Class Representative
disapproves the Asset Status Report (other than with respect to any Excluded Loan) and the applicable Special Servicer has not
made the affirmative determination described above, the applicable Special Servicer shall revise the Asset Status Report and deliver
a new Asset Status Report as soon as practicable, but in no event later than thirty (30) days after the disapproval, to the applicable
Master Servicer, the Trustee, the Certificate Administrator, the Majority Subordinate Certificateholder (other than with respect
to any Excluded Loan, as to which such Asset Status Report is Excluded Information), the related Serviced Pari Passu Companion
Loan Holder (if any) (only to the extent such Serviced Pari Passu Companion Loan Holder is expressly

 

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entitled to receive such Asset
Status Report under the related Intercreditor Agreement and the subject of the Asset Status Report does not involve a sale or proposed
sale of the Mortgage Loan, and provided that if such Serviced Pari Passu Companion Loan is included in an Other Securitization,
such Asset Status Report shall be delivered to the related Other Master Servicer) and the Rule 17g-5 Information Provider (who
shall promptly post such revised Asset Status Report on the Rule 17g-5 Information Provider’s Website in accordance with
Section 8.12(c)). During a Subordinate Control Period, the applicable Special Servicer shall revise the Asset Status
Report (other than with respect to any Excluded Loan, as to which such Asset Status Report is Excluded Information) until the Subordinate
Class Representative fails to disapprove the revised Asset Status Report as described above, until the Subordinate Class Representative’s
approval is no longer required or until the applicable Special Servicer makes a determination that the objection is not in the
best interests of all the Certificateholders and, in the case of a Serviced Loan Combination, the related Serviced Pari Passu Companion
Loan Holder(s) (as a collective whole, as if they together constituted a single lender). If, during a Subordinate Control Period,
the Subordinate Class Representative and the applicable Special Servicer have not agreed upon an Asset Status Report (other than
with respect to any Excluded Loan, as to which such Asset Status Report is Excluded Information) within ninety (90) days following
the Subordinate Class Representative’s receipt of the initial Asset Status Report, the applicable Special Servicer shall
implement the actions described in the most recent Asset Status Report submitted by the applicable Special Servicer to the Subordinate
Class Representative. Notwithstanding the foregoing, if the applicable Special Servicer determines that emergency action is necessary
to protect the related Mortgaged Property or the interests of the Certificateholders, or if a failure to take any such action at
such time would be inconsistent with the Servicing Standard, the applicable Special Servicer may take actions with respect to the
related Mortgaged Property before the expiration of the ten (10) Business Day period (or, with respect to a Serviced Loan Combination,
such longer period of time as may be set forth in the related Intercreditor Agreement) referenced above and if the applicable Special
Servicer reasonably determines in accordance with the Servicing Standard that failure to take such actions before the expiration
of such period would materially and adversely affect the interest of the Certificateholders and, except in the case of any Excluded
Loan, the applicable Special Servicer has made commercially reasonable efforts, during a Subordinate Control Period, to contact
the Subordinate Class Representative. The foregoing shall not relieve the applicable Special Servicer of its duties to comply with
the Servicing Standard. Any Asset Status Report delivered with respect to an Excluded Controlling Class Loan shall be sent via
email to cmbsexcludedinformation@wellsfargo.com (or via such other electronic means as are mutually acceptable to the parties)
in one or more separate files labeled by the applicable Special Servicer “Excluded Controlling Class Loan” followed
by the applicable loan number and loan name.

 

The applicable Special
Servicer may, from time to time, modify any Asset Status Report it has previously delivered and implement such report, provided
such report shall have been prepared, reviewed and not rejected pursuant to the terms of this Section 3.24(a).

 

In addition, the applicable
Special Servicer shall deliver a summary (as approved by the Subordinate Class Representative if a Subordinate Control Period is
in effect, and other than with respect to any Excluded Loan) of each Final Asset Status Report to the Certificate Administrator,
the Majority Subordinate Certificateholder and the Trust Advisor (and, with respect to the Trust Advisor, shall also deliver each
Final Asset Status Report). Upon receipt of such summary, the

 

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Certificate Administrator shall post such summary on its website
in accordance with Section 8.12(b). The applicable Special Servicer shall deliver any summary of a Final Asset Status
Report with respect to an Excluded Controlling Class Loan via email to cmbsexcludedinformation@wellsfargo.com (or via such other
electronic means as are mutually acceptable to the parties) in one or more separate files labeled by the Special Servicer “Excluded
Controlling Class Loan” followed by the applicable loan number and loan name.

 

A “Final Asset
Status Report”, with respect to any Specially Serviced Mortgage Loan, means each related Asset Status Report, together
with such other data or supporting information provided by the applicable Special Servicer to the Subordinate Class Representative
(other than with respect to any Excluded Loan), in each case prepared in connection with the workout or liquidation of such Specially
Serviced Mortgage Loan and which, in any event, will not include any Privileged Information; provided that no Asset Status
Report shall be considered to be a Final Asset Status Report unless, during a Subordinate Control Period, the Subordinate Class
Representative (other than with respect to any Excluded Loan) 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 or consent, or has been deemed to approve or
consent to such action.

 

Each of the Subordinate
Class Representative (during any Collective Consultation Period and other than with respect to any Excluded Loan) and the Trust
Advisor (during any Collective Consultation Period and any Senior Consultation Period) will be entitled to consult on a non-binding
basis with the applicable Special Servicer and propose possible alternative courses of action and provide other feedback in respect
of any Asset Status Report, and the applicable Special Servicer shall consider such alternative courses of action and any other
feedback provided by the Subordinate Class Representative (other than with respect to any Excluded Loan) and/or the Trust Advisor,
as applicable. The applicable Special Servicer may revise any Asset Status Report as it deems reasonably necessary in accordance
with the Servicing Standard to take into account any input and/or recommendations of the Subordinate Class Representative and/or
the Trust Advisor. Consultation with the Trust Advisor shall occur in the manner provided in Sections 3.28(f) and 3.28(h).

 

(b)          
Upon receiving notice of the occurrence of the events described in clause (c) of the definition of Specially
Serviced Mortgage Loan (without regard to the sixty (60) day or ninety (90) day period, respectively, set forth therein), the applicable
Master Servicer shall with reasonable promptness give notice thereof, and shall use its reasonable efforts to provide the applicable
Special Servicer with all information relating to the Serviced Mortgage Loan and reasonably requested by the applicable Special
Servicer. The applicable Master Servicer shall use its reasonable efforts to comply with the preceding sentence within five (5)
Business Days of the occurrence of each such event.

 

(c)          
During any Subordinate Control Period, (i) the Subordinate Class Representative will be entitled to approve or disapprove
Asset Status Reports (other than any Asset Status Report related to any Excluded Loan) and (ii) other than with respect to any
Excluded Loan, the applicable Special Servicer generally will not be permitted to take or consent to the applicable Master Servicer’s
taking any Material Action not otherwise covered by an approved Asset Status Report, unless and until the applicable Special Servicer
has notified the Subordinate Class Representative and the Subordinate Class Representative has consented (or failed to object)

 

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thereto in writing within ten (10) Business Days (or, in connection with a leasing matter, five (5) Business Days, or in connection
with an Acceptable Insurance Default, thirty (30) days) of having been notified thereof in writing and provided with all reasonably
requested information by it. However, the applicable Special Servicer may take any Material Action (or consent to the applicable
Master Servicer’s taking a Material Action) without waiting for the response of the Subordinate Class Representative if the
applicable Special Servicer determines that immediate action is necessary to protect the interests of the Certificateholders and,
if affected thereby, the related Serviced Pari Passu Companion Loan Holder(s), as a collective whole. Furthermore, during a Subordinate
Control Period, the Subordinate Class Representative may, in general, direct the applicable Special Servicer (other than with respect
to any Excluded Loan) to take, or to refrain from taking, any actions as that representative may deem advisable with respect to
the servicing and administration of Specially Serviced Mortgage Loans and REO Properties or as to which provision is otherwise
made in this Agreement. During a Subordinate Control Period, the Majority Subordinate Certificateholder, or the Subordinate Class
Representative on its behalf shall have the right to remove the existing applicable Special Servicer, with or without cause, and
appoint a successor to the applicable Special Servicer, all as provided in Section 6.05(a) (in each case, other than
with respect to any Excluded Loan).

 

During any Collective
Consultation Period, the Subordinate Class Representative shall have consultation rights (in addition to those of the Trust Advisor)
with respect to Material Actions not otherwise covered by an Asset Status Report (other than with respect to any Excluded Loan)
as to which the Subordinate Class Representative has been consulted. During any Collective Consultation Period or Senior Consultation
Period, the Majority Subordinate Certificateholder and the Subordinate Class Representative shall have no right to remove the existing
applicable Special Servicer.

 

During any Collective
Consultation Period or Senior Consultation Period, the applicable Special Servicer shall consult on a non-binding basis with the
Trust Advisor with respect to Material Actions (regardless of whether such Material Action is covered by an Asset Status Report);
provided that the applicable Special Servicer shall not consult with the Trust Advisor with respect to Material Actions
related to collateral substitutions, assignments, insurance policies, Borrower substitutions, lease modifications and amendments
and other similar actions that the applicable Special Servicer may perform under this Agreement, to the extent such actions do
not relate to the restructuring, resolution, sale or liquidation of a Specially Serviced Mortgage Loan or REO Property.

 

For the purposes of
this Agreement, “Material Action” means, for any Serviced Mortgage Loan and any related Serviced Pari Passu
Companion Loan, any of the following actions:

 

(i)        
any proposed or actual foreclosure upon or comparable conversion (which shall include acquisitions of any REO Property)
of the ownership of the property or properties securing any Specially Serviced Mortgage Loan that comes into and continues in default;

 

(ii)       
any modification, consent to a modification or waiver of any monetary term (other than late fees and Default Interest)
or material non-monetary term (including, without limitation, the timing of payments and acceptance of discounted payoffs) of a

 

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Serviced Mortgage Loan or Serviced Loan Combination or any extension of the maturity date of a Serviced Mortgage Loan or Serviced
Loan Combination;

 

(iii)        following a default or an event of default with respect to a Serviced Mortgage Loan or Serviced Loan Combination,
any exercise of remedies, including the acceleration of the Serviced Mortgage Loan or Serviced Loan Combination or initiation of
any proceedings, judicial or otherwise, under the related Mortgage Loan Documents;

 

(iv)        any
sale of a Defaulted Mortgage Loan or REO Property for less than the applicable Purchase Price;

 

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

 

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

 

(vii)       any waiver of a “due-on-sale” or “due-on-encumbrance” clause with respect to a Serviced Mortgage
Loan or Serviced Loan Combination or any consent to such a waiver or consent to a transfer of a Mortgaged Property or interests
in the Borrower (other than any waiver of a “due-on-encumbrance” clause pertaining to an NCB Co-op Mortgage Loan with
respect to subordinate financing as to which the NCB Subordinate Debt Conditions have been satisfied);

 

(viii)     
any incurrence of additional debt by a Borrower or any mezzanine financing by any beneficial owner of a Borrower
(to the extent that the lender has consent rights pursuant to the related Mortgage Loan Documents (for purposes of the determination
whether a lender has such consent rights pursuant to the related Mortgage Loan Documents, any Mortgage Loan Document provision
that requires that an intercreditor agreement be reasonably or otherwise acceptable to the lender shall constitute such consent
rights)), other than, with respect to an NCB Co-op Mortgage Loan, subordinate debt as to which the NCB Subordinate Debt Conditions
have been satisfied;

 

(ix)        any material 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 Mortgage Loan or Serviced Loan Combination, or any action
to enforce rights (or decision not to enforce rights) with respect thereto, or any material modification, waiver or amendment thereof;

 

(x)        
any property management company changes (with respect to a Serviced Mortgage Loan with a principal balance greater
than $2,500,000 and other than with respect to a Co-op Mortgage Loan), including, without limitation, approval of the termination
of a manager and appointment of a new property manager, or franchise changes (with respect to a Serviced Mortgage Loan or Serviced
Loan Combination for

 

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which the lender is required to consent or approve such changes under the Mortgage Loan Documents);

 

(xi)        
other than with respect to any Co-op Mortgage Loan, releases of any material amounts from any escrow accounts, Reserve
Funds or Letters of Credit, in each case, held as performance escrows or reserves, other than those required pursuant to the specific
terms of the related Mortgage Loan Documents and for which there is no lender discretion and other than those that are Special
Servicer Decisions;

 

(xii)        any acceptance of an assumption agreement or any other agreement permitting a transfer of interests in a Borrower,
guarantor or other obligor releasing a Borrower, guarantor or other obligor from liability under a Serviced Mortgage Loan or Serviced
Loan Combination other than pursuant to the specific terms of such Serviced Mortgage Loan or Serviced Loan Combination and for
which there is no lender discretion;

 

(xiii)      
any determination of an Acceptable Insurance Default;

 

(xiv)      
any determination by the applicable Master Servicer to transfer a Serviced Mortgage Loan or Serviced Loan Combination
to the applicable Special Servicer under the circumstances described in paragraph (c) of the definition of “Specially Serviced
Mortgage Loan”;

 

(xv)        any modification, waiver or amendment of any lease, the execution of any new lease or the granting of a subordination
and nondisturbance or attornment agreement in connection with any lease, at a Mortgaged Property if (a) the lease involves a ground
lease or lease of an outparcel or affects an area greater than or equal to the lesser of (1) 30% of the net rentable area of the
improvements at the Mortgaged Property and (2) 30,000 square feet of the improvements at the Mortgaged Property and (b) such transaction
either is not a routine leasing matter or such transaction relates to a Specially Serviced Mortgage Loan; or

 

(xvi)      
solely in the case of the One Court Square Loan Combination, any determination to be made in connection with the
related Borrower’s exercise of its rights under the related loan agreement to convert the related Mortgaged Property to condominium
form of ownership.

 

(d)       
  [Reserved.]

 

(e)          Notwithstanding anything herein to the contrary: (i) subject to Section 3.23(a), the applicable Special Servicer
shall have no right or obligation to consult with or to seek and/or obtain consent or approval from any Subordinate Class Representative
prior to acting (and provisions of this Agreement requiring such consultation, consent or approval shall be of no effect) during
the period following any resignation or removal of a Subordinate Class Representative and before a replacement is selected; and
(ii) no advice, direction or objection from or by the Subordinate Class Representative, as contemplated by Section 3.24(a)
or Section 3.24(c) or any other provision of this Agreement, may (and the applicable Special Servicer shall ignore
and act without regard to any such advice, direction or objection that the

 

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applicable Special Servicer has determined, in its reasonable,
good faith judgment, would): (A) require or cause the applicable Special Servicer to violate applicable law, the terms of any Mortgage
Loan or any other Section of this Agreement (or, with respect to any Serviced Loan Combination, the related Intercreditor Agreement),
including the applicable Special Servicer’s obligation to act in accordance with the Servicing Standard and the REMIC Provisions,
(B) result in an Adverse REMIC Event with respect to any REMIC Pool or an Adverse Grantor Trust Event with respect to the Grantor
Trust Pool, (C) expose the Trust, the Depositor, either Master Servicer (or a Sub-Servicer acting on behalf of either Master Servicer),
the applicable Special Servicer, the Certificate Administrator, the Trustee, the Trust Advisor, the Custodian or any of their respective
Affiliates, members, managers, officers, directors, employees or agents, to any claim, suit or liability or (D) materially expand
the scope of the applicable Master Servicer’s or applicable Special Servicer’s responsibilities under this Agreement.

 

(f)        
Also notwithstanding anything to the contrary contained herein, (i) during a Collective Consultation Period, the
Subordinate Class Representative shall have no right to consent to any action taken or not taken by any party to this Agreement;
(ii) during a Collective Consultation Period (other than with respect to any Excluded Loan), the Subordinate Class Representative
and the Majority Subordinate Certificateholder shall remain entitled to receive any notices, reports or information to which it
is entitled pursuant to this Agreement, and the applicable Master Servicer, applicable Special Servicer and any other applicable
party shall consult with the Subordinate Class Representative in connection with any action to be taken or refrained from taking
to the extent set forth herein; and (iii) during a Senior Consultation Period, the Subordinate 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 Subordinate Class Representative.

 

(g)        
Each Certificateholder acknowledges and agrees, by its acceptance of its Certificates, that: (i) the Subordinate
Class Representative may have special relationships and interests that conflict with those of Holders and Certificate Owners of
one or more Classes of Certificates; (ii) the Subordinate Class Representative may act solely in the interests of the Holders of
the Class E, Class F, Class G and/or Class H Certificates; (iii) the Subordinate Class Representative does not have any duties
to the Trust Fund or to the Holders of any Class of Certificates; (iv) the Subordinate Class Representative may take actions that
favor interests of the Holders of the Class E, Class F, Class G and/or Class H Certificates over the interests of the Holders of
one or more other Classes of Certificates; (v) the Subordinate Class Representative shall have no liability whatsoever to the Trust
Fund, the Certificateholders or any Borrower for having acted as described in this Section 3.24(g), or in exercising
its rights, powers and privileges, in taking any action or refraining from taking any action, or in giving any consent or failing
to give any consent, in each case, pursuant to this Agreement; and (vi) no Certificateholder may take any action whatsoever against
the Subordinate Class Representative or any Affiliate, director, officer, shareholder, member, partner, agent or principal thereof
as a result of the Subordinate Class Representative having acted in the manner described in this Section 3.24(g), or
a result of the special relationships or interests described in this Section 3.24(g). In addition, each initial Certificateholder
further acknowledges and agrees, by its acceptance of its Certificates, that (i) such Certificateholder is not entitled to rely,
and has not relied, on any due diligence or other review of the Trust Fund or its assets by the Initial

 

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Subordinate Class Representative
or the Initial Majority Subordinate Certificateholder, or any Affiliate, director, officer, shareholder, member, partner, agent
or principal thereof, in connection with the initial issuance of the Certificates, and (ii) such Certificateholder waives any cause
of action that it may otherwise have against the Initial Subordinate Class Representative or the Initial Majority Subordinate Certificateholder,
or any Affiliate, director, officer, shareholder, member, partner, agent or principal thereof, based upon or arising from any due
diligence or other review of the Trust Fund or its assets by any such Person.

 

(h)          The Subordinate Class Representative shall not be entitled to receive any compensation from the Trust Fund.

 

Section 3.25     
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust
with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related
REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05)
and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject
to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with
respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period shall be applied
for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and
fees:

 

(i)         
 first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order,
any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such Mortgage Loan or REO
Mortgage Loan, as the case may be;

 

(ii)        
second, to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Master Servicer
or the applicable Special Servicer following the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case
may be, which interest was paid from a source other than Default Charges collected on such Mortgage Loan or REO Mortgage Loan,
as the case may be; and

 

(iii)        third, with respect to any remaining Default Charges (“Net Default Charges”), to the applicable
Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced
Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage
Loan was a Specially Serviced Mortgage Loan.

 

(b)          Default
Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a) are intended
to be available for distribution on the Certificates pursuant to Section 4.01(a), subject to application pursuant
to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage
Pool. Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a)
shall be deemed to offset payments of Advance Interest in the chronological order in which it accrued with respect to the subject
Mortgage Loan or REO Mortgage Loan (whereupon such Advance Interest shall thereafter be deemed to have been paid out of Default
Charges).

 

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(c)          Any
and all amounts otherwise distributable to the Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination
or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to
such Serviced Loan Combination shall be applied for the following purposes and in the following order, in each case to the extent
of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:

 

(i)          first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order,
that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to
such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal
balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan(s) in such Serviced Loan Combination;

 

(ii)         second,
either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master
Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect
to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to
one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and
owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;

 

(iii)       third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special
Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related
REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan
and the related Serviced Pari Passu Companion Loan(s); and

 

(iv)       fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a
pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related
Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default
Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu
Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master
Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially
Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related
Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while
the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loan.

 

Section
3.26      Certain
Matters Regarding the Serviced Loan Combinations. (a) With respect to any Serviced Loan Combination, except for those duties to
be performed by, and notices to be furnished by, the Certificate Administrator under this Agreement, the applicable Master Servicer
or the applicable Special Servicer, as applicable, shall perform such duties and

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furnish such notices, reports and information
on behalf of the Trust Fund as may be the obligation of the Trust under the related Intercreditor Agreement.

 

(b)          
The applicable Master Servicer shall maintain a register (the “Serviced Pari Passu Companion Loan Holder
Register”) on which the applicable Master Servicer shall record the names and addresses of any Serviced Pari Passu Companion
Loan Holders and wire transfer instructions for such Serviced Pari Passu Companion Loan Holders from time to time, to the extent
such information is provided in writing to the applicable Master Servicer by the related Serviced Pari Passu Companion Loan Holder.
Upon the transfer of any Serviced Pari Passu Companion Loan, each subsequent Serviced Pari Passu Companion Loan Holder, or a servicer
on its behalf, is required pursuant to the related Intercreditor Agreement to inform the applicable Master Servicer of its name
and address and of any transfer thereof by delivering a copy of an assignment and assumption agreement or other agreement effectuating
such transfer. Additionally, each Serviced Pari Passu Companion Loan Holder shall inform the applicable Master Servicer of its
taxpayer identification number and wiring instructions. The name, address, tax identification number, and wiring instructions of
each initial Serviced Pari Passu Companion Loan Holder as of the Closing Date is set forth on Schedule IX hereto. The applicable
Master Servicer shall be entitled to conclusively rely upon the information set forth on Schedule IX hereto or delivered
by any Serviced Pari Passu Companion Loan Holder until it receives written notice of transfer or of any change in information.
Upon receipt of a written request from any party hereto, the applicable Master Servicer shall provide a current list of Serviced
Pari Passu Companion Loan Holders, together with contact information for any Serviced Pari Passu Companion Loan Holders.

 

In no event shall the
applicable Master Servicer be obligated to pay any party the amounts payable to a Serviced Pari Passu Companion Loan Holder hereunder
other than the Person listed as such Serviced Pari Passu Companion Loan Holder on the Serviced Pari Passu Companion Loan Holder
Register. If a Serviced Pari Passu Companion Loan Holder transfers the related Serviced Pari Passu Companion Loan without notice
to the applicable Master Servicer, the applicable Master Servicer shall have no liability whatsoever for any misdirected payment
on such Serviced Pari Passu Companion Loan and shall have no obligation to recover and redirect such payment.

 

The applicable Master
Servicer shall promptly provide the names and addresses of any Serviced Pari Passu Companion Loan Holders to any party hereto,
and any such party or successor may, without further investigation, conclusively rely upon such information. The applicable Master
Servicer shall have no liability to any Person for the provision of any such names and addresses.

 

(c)          
With respect to any Serviced Loan Combination during any Subordinate Control Period (unless such Serviced Loan Combination
is an Excluded Loan), the Subordinate Class Representative shall be entitled to exercise the consent rights of such Serviced Loan
Combination to the extent set forth in the applicable Intercreditor Agreement, in accordance with the terms of the related Intercreditor
Agreement and this Agreement.

 

(d)          
The applicable Special Servicer (if any Serviced Pari Passu Companion Loan is a Specially Serviced Mortgage Loan
or has become an REO Mortgage Loan) or the applicable

 

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Master Servicer (with respect to any Serviced Pari Passu Companion Loan that
is not a Specially Serviced Mortgage Loan), as applicable, shall take all actions relating to the servicing and/or administration
of, and the preparation and delivery of reports and other information with respect to, any Serviced Loan Combination related to
any Serviced Pari Passu Companion Loan or any related REO Property required to be performed by the holder of the related Mortgage
Loan or contemplated to be performed by a servicer, in any case pursuant to and as required by the related Intercreditor Agreement.
In addition notwithstanding anything herein to the contrary, the following considerations shall apply with respect to the servicing
of a Serviced Pari Passu Companion Loan:

 

(i)          
none of the applicable Master Servicer, the applicable Special Servicer or the Trustee shall make any P&I Advance
with respect to any Serviced Pari Passu Companion Loan; and

 

(ii)          the applicable Master Servicer and the applicable Special Servicer shall each consult with and obtain the consent
of the related Serviced Pari Passu Companion Loan Holder(s) to the extent required by the related Intercreditor Agreement.

 

If any Serviced Pari
Passu Companion Loan or any portion thereof or any particular payments thereon are included in a REMIC or a “grantor trust”
(within the meaning of the Grantor Trust Provisions), then neither the applicable Master Servicer nor the applicable Special Servicer
shall knowingly take any action that would result in the equivalent of an Adverse REMIC Event with respect to such REMIC or adversely
affect the tax status of such grantor trust as a grantor trust.

 

The parties hereto
acknowledge that no Serviced Pari Passu Companion Loan Holder shall (1) owe any fiduciary duty to the Trustee, the Certificate
Administrator, the applicable Master Servicer, the applicable Special Servicer or any Certificateholder or (2) have any liability
to the Trustee or the Certificateholders for taking any action, or for refraining from the taking of any action, pursuant to the
related Intercreditor Agreement, or for the giving of any consent or for errors in judgment. Each Certificateholder, by its acceptance
of a Certificate, shall be deemed to have confirmed its understanding that a Serviced Pari Passu Companion Loan Holder (i) may
take or refrain from taking actions that favor its interests or the interests of its affiliates over the Certificateholders, (ii)
may have special relationships and interests that conflict with the interests of the Certificateholders and shall be deemed to
have agreed to take no action against a Serviced Pari Passu Companion Loan Holder or any of its officers, directors, employees,
principals or agents as a result of such special relationships or conflicts, and (iii) shall not be liable by reason of its having
acted or refrained from acting solely in its interest or in the interest of its affiliates.

 

The parties hereto
recognize and acknowledge the rights of each Serviced Pari Passu Companion Loan Holder under the related Intercreditor Agreement.
Furthermore, to the extent not otherwise expressly included herein, any provisions required to be included herein pursuant to any
Intercreditor Agreement for a Serviced Loan Combination or a Non-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 conflict between
the terms and provisions of this Agreement and the terms and provisions of the Intercreditor Agreement for

 

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any Serviced Loan Combination,
the terms and provisions of the Intercreditor Agreement for such Serviced Loan Combination shall control.

 

Each of the rights
of any Serviced Pari Passu Companion Loan Holder under or contemplated by this Section 3.26(d) may be exercisable by
a designee thereof on its behalf; provided that the applicable Master Servicer, the applicable Special Servicer, the Certificate
Administrator and the Trustee are provided with written notice by the related Serviced Pari Passu Companion Loan Holder of such
designation (upon which such party may conclusively rely) and the contact details of the designee.

 

If any Person purchases
the related Mortgage Loan as a Defaulted Mortgage Loan pursuant to Section 3.18, then (subject to the related Intercreditor
Agreement) the Person effecting the purchase must also pay and/or reimburse to the parties hereto the respective amounts then currently
due and owing to them hereunder with respect to the related Serviced Pari Passu Companion Loan(s) that, pursuant to this Agreement,
would not otherwise have been payable out of the applicable purchase price and/or any other amounts payable in connection with
such purchase (or if payable out of such purchase price and/or other amounts, remain unpaid after such application) and that, pursuant
to the related Intercreditor Agreement, would otherwise have been payable out of future collections on such Serviced Pari Passu
Companion Loan. Notwithstanding anything herein to the contrary, any such purchase shall be subject to such reimbursements.

 

Any reference to servicing
any of the Mortgage Loans in accordance with any of the related Mortgage Loan Documents (including the related Mortgage Note and
Mortgage) shall also mean, in the case of a Serviced Loan Combination, in accordance with the related Intercreditor Agreement.

 

For purposes of exercising
any rights that the holder of the Mortgage Note for any Mortgage Loan in a Serviced Loan Combination may have under the related
Intercreditor Agreement, the Subordinate Class Representative shall be the designee of the Trust, as such noteholder, and the Trustee
shall take such actions as may be necessary under the related Intercreditor Agreement to effect such designation.

 

(e)        
With respect to each Serviced Loan Combination (to the extent the applicable Master Servicer or the applicable Special
Servicer, as applicable, has not received written notice stating that the related Serviced Pari Passu Companion Loan Holder is
an Excluded Holder or the equivalent under the related Other Pooling and Servicing Agreement), the applicable Master Servicer or
the applicable Special Servicer, as applicable, shall provide any Serviced Pari Passu Companion Loan Holder and, if applicable,
any related “Non-Controlling Note Holder” under the related Intercreditor Agreement (or its designee or representative)
to the extent required hereunder to be provided to Certificateholders or to the Subordinate Class Representative (determined without
regard to whether or not such Loan Combination is an Excluded Loan), within the same time frame it is required to provide such
information and materials to the Certificateholders or the Subordinate Class Representative, as applicable, hereunder (1) with
copies of each financial statement received by the applicable Master Servicer pursuant to the terms of the related Mortgage Loan
Documents, (2) with copies of any notice of default sent to the Borrower and (3) subject to the terms of the related Mortgage Loan
Documents, copies of

 

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any other documents relating to such Serviced Loan Combination, including, without limitation, property inspection
reports, loan servicing statements, Borrower requests, Asset Status Reports, any other information delivered by the applicable
Master Servicer to the Subordinate Class Representative (other than with respect to any Loan Combination that is an Excluded Loan)
and copies of any other notice, information or report that it is required to provide to the Subordinate Class Representative pursuant
to this Agreement with respect to any “major decisions” or the implementation of any recommended actions outlined in
an Asset Status Report relating to such Serviced Loan Combination. Any copies to be furnished by the applicable Master Servicer
or the applicable Special Servicer may be furnished by hard copy or electronic means.

 

Notwithstanding anything
herein to the contrary, each of the Master Servicers and the Special Servicers shall be entitled to conclusively assume that any
Serviced Pari Passu Companion Loan Holder is not an Excluded Holder or the equivalent under the related Other Pooling and Servicing
Agreement, except to the extent that such Master Servicer or such Special Servicer, as applicable, has received notice from such
Serviced Pari Passu Companion Loan Holder that it has become an Excluded Holder or the equivalent under the related Other Pooling
and Servicing Agreement. Neither the Master Servicers nor the Special Servicers shall be liable for any communication of the information
listed in the preceding paragraph to a Serviced Pari Passu Companion Loan Holder that is an Excluded Holder or the equivalent under
the related Other Pooling and Servicing Agreement if such Master Servicer or such Special Servicer, as applicable, did not receive
prior written notice that the related Serviced Pari Passu Companion Loan is an Excluded Loan or the equivalent under the related
Other Pooling and Servicing Agreement. Each of the Master Servicers and the Special Servicers shall be entitled to conclusively
rely on delivery from a Serviced Pari Passu Companion Loan Holder of notice that it is no longer an Excluded Holder or the equivalent
under the related Other Pooling and Servicing Agreement.

 

(f)          
With respect to each Serviced Loan Combination, the applicable Master Servicer or the applicable Special Servicer,
as applicable, shall:

 

(i)          
consult with the related Serviced Pari Passu Companion Loan Holder (or its designee or representative) on a strictly
non-binding basis, to the extent that such Serviced Pari Passu Companion Loan Holder (or its designee or representative) requests
consultation with respect to any “major decision” set forth in the related Intercreditor Agreement or the implementation
of any recommended actions outlined in an Asset Status Report relating to any Serviced Loan Combination, and to consider alternative
actions recommended by such Serviced Pari Passu Companion Loan Holder (or its designee or representative); provided that
after the expiration of a period of ten (10) Business Days from the delivery to the related Serviced Pari Passu Companion Loan
Holder (or its designee or representative) of written notice of a proposed action, together with copies of the related notice,
information or report, the applicable Master Servicer or the applicable Special Servicer, as applicable, shall no longer be obligated
to consult with the related Serviced Pari Passu Companion Loan Holder (or its designee or representative) (unless the applicable
Master Servicer or the applicable Special Servicer, as applicable, proposes a new course of action that is materially different
from the action previously proposed, in which case such ten (10) Business Day period shall begin anew from the date of such proposal
and delivery of all information relating thereto).

 

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Notwithstanding the foregoing non-binding consultation rights of the related
Serviced Pari Passu Companion Loan Holder, the applicable Master Servicer or the applicable Special Servicer, as applicable, may
take any “major decision” set forth in the related Intercreditor Agreement or any action set forth in the Asset Status
Report before the expiration of the aforementioned or extended ten (10) Business Day period if the applicable Master Servicer or
the applicable Special Servicer, as applicable, determines that immediate action with respect thereto is necessary to protect the
interests of the Certificateholders and the related Serviced Pari Passu Companion Loan Holder. In no event shall the applicable
Master Servicer or the applicable Special Servicer be obligated at any time to follow or take any alternative actions recommended
by any Serviced Pari Passu Companion Loan Holder; and

 

(ii)          
in addition to the foregoing non-binding consultation rights, each Serviced Pari Passu Companion Loan Holder shall
have the right to annual meetings with the applicable Master Servicer or the applicable Special Servicer at the offices of the
applicable Master Servicer or the applicable Special Servicer, as applicable, upon reasonable notice and at times reasonably acceptable
to the applicable Master Servicer or the applicable Special Servicer, as applicable, in which servicing issues related to any related
Serviced Loan Combination are discussed.

 

(g)          In
connection with the securitization of any Serviced Pari Passu Companion Loan, while such Pari Passu Companion Loan is a Serviced
Pari Passu Companion Loan, upon the request of (and at the expense of) the holder of such Serviced Pari Passu Companion Loan,
each of the applicable Master Servicer, the applicable Special Servicer and the Trustee, as applicable, shall use reasonable efforts
to cooperate with such holder of such Serviced Pari Passu Companion Loan in attempting to cause the related Borrower to provide
information relating to the related Loan Combination and the related notes, and that such holder reasonably determines to be necessary
or appropriate, for inclusion in any disclosure document(s) relating to such securitization.

 

(h)          [Reserved.]

 

(i)          
For the avoidance of doubt, with respect to the One Court Square Loan Combination, the “Directing Holder”
under the related Intercreditor Agreement shall be entitled to exercise the rights and powers granted to the Majority Subordinate
Certificateholder and the Subordinate Class Representative hereunder to the extent provided in the related Intercreditor Agreement.

 

Section 3.27      Rating
Agency Confirmations; Communications with Rating Agencies. (a) Notwithstanding the terms of any related
Mortgage Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this
Agreement requires Rating Agency Confirmation as a condition precedent to such action, if the party (the “Requesting
Party”) obtaining such Rating Agency Confirmation from each Rating Agency has made a request to any Rating Agency
for such Rating Agency Confirmation and, within ten (10) Business Days of the Rating Agency Confirmation request being posted
to the Rule 17g-5 Information Provider’s Website, such Rating Agency (I) has not replied to such request or (II) has
responded in a manner that indicates that such Rating Agency is neither reviewing such

 

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request nor
waiving the requirement for Rating Agency Confirmation, then (i) in the case of clause (I) above, such Requesting
Party shall be required to confirm (by direct communication, without the requirement to post such communication to the Rule
17g-5 Information Provider’s Website to the extent such communication relates solely to such confirmation) that
the applicable Rating Agency has received the Rating Agency Confirmation request, and, if it has, promptly request the
related Rating Agency Confirmation again and (ii) if there is no response to either such Rating Agency Confirmation request
within five (5) Business Days of such second request as contemplated by clause (I) above (after seeking to
confirm (by direct communication, without the requirement to post such communication to the Rule 17g-5
Information Provider’s Website to the extent such communication relates solely to such confirmation) that the
applicable Rating Agency received such second Rating Agency Confirmation request) or if the Requesting Party received the
response to the initial request described in clause (II) above, then (x) with respect to any condition in any
Mortgage Loan Document requiring such 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 clause (z) below), the
Requesting Party (or, if the Requesting Party is the related Borrower, then the applicable Master Servicer (with respect to
matters it is processing) or the applicable Special Servicer (with respect to matters it is processing) shall determine (with
the consent of the Subordinate Class Representative, during any Subordinate Control Period (other than with respect to any
Excluded Loan), which consent shall be deemed given if the Subordinate Class Representative does not respond within five (5)
Business Days of receipt of a request 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 3.27(b)
below, whether or not to waive such condition for such particular action at such time, (y) with respect to a replacement
or succession of the applicable Master Servicer or the applicable Special Servicer, such condition shall be deemed to
be satisfied if (1) DBRS has not cited servicing concerns with respect to the applicable replacement as the sole or
material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status”
in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed
securitization transaction serviced by the applicable servicer prior to the time of determination, if DBRS is the
non-responding Rating Agency; (2) KBRA has not cited servicing concerns with respect to the applicable replacement as the
sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch
status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed
securitization transaction serviced by the applicable servicer prior to the time of determination, if KBRA is the
non-responding Rating Agency; or (3) the applicable replacement is currently acting as master servicer or special servicer,
as applicable, on a “deal-level” or “transaction-level” basis for all or a significant portion of the
mortgage loans in other commercial mortgage-backed securities transactions and Moody’s has not cited servicing concerns
with respect to the applicable replacement as the sole or material factor in any qualification, downgrade or withdrawal of
the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities
in any other commercial mortgage-backed securitization transaction serviced by the applicable servicer prior to the time of
determination, if Moody’s is the non-responding Rating Agency, and (z) with respect to a replacement or successor to
the Trust Advisor, such condition shall be deemed to be waived with respect to any non-responding Rating Agency so long as
such Rating Agency shall not have cited concerns regarding the replacement trust advisor as the sole or material factor in
any

 

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qualification, downgrade or withdrawal of the ratings (or placement on
“watch status” in contemplation of a ratings downgrade or withdrawal) of securities in a commercial
mortgage-backed securitization transaction with respect to which the replacement trust advisor acts as trust advisor or
operating advisor prior to the time of determination. The applicable Requesting Party’s communications to confirm a
Rating Agency’s receipt of information, and such Requesting Party’s additional request for the related Rating
Agency Confirmation under clause (i) of the preceding sentence shall not itself be subject to the advance
posting and delayed delivery requirements of Section 3.27(g) below, but this statement shall not be construed to
relieve the applicable Requesting Party of compliance with Section 3.27(g) below to the extent that such
communications or such additional request to a Rating Agency include or are accompanied by any information regarding the
underlying request for the related Rating Agency Confirmation that was not delivered in the original request for such Rating
Agency Confirmation.

 

(b)          
Notwithstanding anything to the contrary in this Section 3.27, for purposes of the provisions of any
Mortgage Loan Document or this Agreement relating to defeasance (including without limitation the type of collateral acceptable
for use as defeasance collateral) or release or substitution of any collateral, any Rating Agency Confirmation requirement in the
Mortgage Loan Documents for which the applicable Master Servicer or the applicable Special Servicer would have been permitted to
waive obtaining such Rating Agency Confirmation pursuant to Section 3.27(a)(ii)(x) shall be deemed to have been satisfied.

 

(c)          
For all other matters or actions requiring, as a condition precedent to such matter or action, a Rating Agency Confirmation
under any Mortgage Loan Documents or this Agreement and not specifically discussed in Section 3.27(a) above, the applicable
Requesting Party shall deliver Rating Agency Confirmation from each Rating Agency.

 

(d)        
  In connection with any determination made by the Requesting Party pursuant to Section 3.27(a) above,
the applicable Special Servicer or the applicable Master Servicer, as applicable, shall obtain the consent of the Subordinate Class
Representative (during any Subordinate Control Period (other than with respect to any Excluded Loan)) or consult with the Subordinate
Class Representative (during any Collective Consultation Period (other than with respect to any Excluded Loan)) and the Trust Advisor
(during any Collective Consultation Period or Senior Consultation Period), with consent or approval deemed to be granted by the
Subordinate Class Representative (during any Subordinate Control Period (other than with respect to any Excluded Loan)), if it
does not respond within five (5) Business Days of its receipt of a request for consideration from the applicable Special Servicer
or the applicable Master Servicer, as applicable.

 

(e)        
  Promptly following the Requesting Party’s determination to take any action discussed above without receiving
affirmative Rating Agency Confirmation from a Rating Agency, the Requesting Party (to the extent that the applicable information
has been provided to the Requesting Party) shall provide notice of such determination, which may be transmitted by electronic mail
in accordance with Section 12.06, 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 8.12(c)).

 

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(f)        
  Any Rating Agency Confirmation requests made by the applicable Master Servicer, applicable Special Servicer, Certificate
Administrator, Trustee or Trust Advisor, as applicable, pursuant to this Agreement, shall be made in writing, which writing must
contain a cover page indicating the nature of the Rating Agency Confirmation request, and must contain all back-up material necessary
for the Rating Agency to process such request. Such written Rating Agency Confirmation requests must be provided in electronic
format to the Rule 17g-5 Information Provider (who shall post such request on the Rule 17g-5 Information Provider’s Website
in accordance with Section 8.12(c)).

 

(g)        
 If the applicable Master Servicer, the applicable Special Servicer, the Certificate Administrator, the Trustee or
the Trust Advisor orally communicates with any Rating Agency regarding any of the Mortgage Loan Documents or any matter related
to the Mortgage Loans, any Serviced Pari Passu Companion Loan, the related Mortgaged Properties, the related Borrowers or any other
matters in connection with the Certificates or pursuant to this Agreement, that party shall summarize in writing the information
provided to the Rating Agencies in such oral communication and provide the Rule 17g-5 Information Provider with such written summary
on the same day such communication takes place or such later date to which the Depositor may consent in its sole discretion. The
Rule 17g-5 Information Provider shall post such written summary on the Rule 17g-5 Information Provider’s Website in accordance
with the provisions of Section 8.12(c). All other information required to be delivered to the Rating Agencies pursuant
to this Agreement or requested by the Rating Agencies in connection with the Certificates or the Mortgage Loans, shall first be
provided in electronic format to the Rule 17g-5 Information Provider (who shall post such information to the Rule 17g-5 Information
Provider’s Website in accordance with Section 8.12(c)). Notwithstanding the foregoing, other than in connection
with its resignation pursuant to Section 3.28(q), the Trust Advisor shall have no authority to communicate directly
with the Rating Agencies.

 

(h)         
Subject to Section 12.01(c) and Section 12.01(g), the Depositor, the Rule 17g-5 Information
Provider, the Trustee, the Certificate Administrator, the Trust Advisor, the applicable Master Servicer and the applicable Special
Servicer may amend this Agreement to change the procedures regarding compliance with Rule 17g-5, without any Certificateholder
consent; provided that such amendment does not materially increase the responsibilities of the Rule 17g-5 Information Provider;
and provided, further, that notice of any such amendment must be provided to the Rule 17g-5 Information Provider,
who shall post such notice to the Rule 17g-5 Information Provider’s Website in accordance with Section 8.12(c),
and within two (2) Business Days following delivery to the Rule 17g-5 Information Provider, delivered to the Rating Agencies.

 

(i)        
  Each of the applicable Master Servicer, the applicable Special Servicer, the Rule 17g-5 Information Provider and,
insofar as it may communicate with any Rating Agency pursuant to any provision of this Agreement, each other party to this Agreement,
agrees to comply (and to cause each and every Sub-Servicer, subcontractor, vendor or agent for such Person and each of its officers,
directors and employees to comply) with the provisions relating to communications with the Rating Agencies set forth in this Section 3.27
and shall not deliver to any Rating Agency any report, statement, request for Rating Agency Confirmation or other information relating
to the Certificates or the Mortgage Loans other than in compliance with such provisions.

 

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(j)        
  None of the foregoing restrictions in this Section 3.27 prohibit or restrict oral or written communications,
or providing information, between the applicable Master Servicer, the applicable Special Servicer or the Trust Advisor, on the
one hand, and a Rating Agency, on the other hand, with regard to (i) such Rating Agency’s review of the ratings it assigns
to the applicable Master Servicer, the applicable Special Servicer or the Trust Advisor, as applicable, (ii) such Rating Agency’s
approval of the applicable Master Servicer, the applicable Special Servicer or the Trust Advisor, as applicable, as a commercial
mortgage master, special or primary servicer or such Rating Agency’s approval of the Trust Advisor as an operating or trust
advisor or (iii) such Rating Agency’s evaluation of the applicable Master Servicer’s or the applicable Special Servicer’s,
as applicable, servicing operations in general or such Rating Agency’s evaluation of the Trust Advisor’s performance
as operating or trust advisor or its surveillance operations in general; provided that the applicable Master Servicer, the
applicable Special Servicer or the Trust Advisor, as applicable, shall not provide any information relating to the Certificates
or the Mortgage Loans to a Rating Agency in connection with any such review and evaluation by such Rating Agency unless (x) borrower-,
property- or deal-specific identifiers are redacted; or (y) such information has already been provided to the Depositor and has
been uploaded on to the Rule 17g-5 Information Provider’s Website.

 

(k)         
Insofar as any matter involving or relating to a Serviced Loan Combination requires a Rating Agency Confirmation,
the Person required to seek such Rating Agency Confirmation shall determine if an analogous rating agency confirmation either (i)
is expressly required to be obtained with respect to such matter under the related Intercreditor Agreement or (ii) is expressly
required (or, if the subject Serviced Loan Combination were being serviced under such Other Pooling and Servicing Agreement, would
have been required) to be obtained with respect to such matter under the related Other Pooling and Servicing Agreement, and, if
so required, the Person(s) seeking such Rating Agency Confirmation shall also obtain such analogous rating agency confirmation
with respect to such matter from each Pari Passu Companion Loan Rating Agency, so long as the holder(s) of such Pari Passu Companion
Loan(s) have notified the parties to this Agreement of such requirement (which may be satisfied by delivery thereto of the applicable
Other Pooling and Servicing Agreement and cooperation from the Other Master Servicer as to the assessment of such requirement),
the identity of the applicable NRSROs, the identity of the applicable rule 17g-5 information provider and the location of the applicable
rule 17g-5 information provider’s website. To the extent any provision of this Agreement requires a Requesting Party to obtain
such an analogous rating agency confirmation from a Pari Passu Companion Loan Rating Agency, the provisions of this Section 3.27
for satisfying such rating agency confirmation condition shall be applicable.

 

(l)          
In connection with the delivery by the applicable Master Servicer or the applicable Special Servicer 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 applicable Master Servicer or the applicable Special Servicer, as applicable, may (but is not obligated to) send such
information, report, notice or other document to the applicable Rating Agency, but any such delivery may not occur until the earlier
of (i) after receipt of confirmation from the Rule 17g-5 Information Provider that such information, report, notice or document
has been posted to the Rule 17g-5 Information Provider’s Website and (ii) 12:00 p.m. (Eastern time) on the first Business
Day after it has provided such information, report, notice or other document to the Rule 17g-5 Information Provider.

 

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Section
3.28      The
Trust Advisor. (a) (i) Within sixty (60) days after the end of each calendar year during any Senior Consultation Period, the Trust
Advisor shall meet with representatives of each Special Servicer that prepared (and delivered to the Trust Advisor) an Asset Status
Report with respect to a Specially Serviced Mortgage Loan or REO Property during such calendar year to perform such review of each
such Special Servicer’s operational practices on a platform-level basis in light of the Servicing Standard and the requirements
of this Agreement and shall discuss such Special Servicer’s stated policies and procedures, operational controls and protocols,
risk management systems, technological infrastructure (systems), intellectual resources, such Special Servicer’s reasoning
for believing it is in compliance with this Agreement and other pertinent information the Trust Advisor may consider relevant,
in each case, insofar as such information relates to the workout, restructuring, resolution, sale or liquidation of Specially Serviced
Mortgage Loans by such Special Servicer during such calendar year.

 

(ii)          
Based on (a) the Trust Advisor’s review of (1) during any Subordinate Control Period, any previously identified
Final Asset Status Reports delivered to the Trust Advisor by the applicable Special Servicer, (2) during any Collective Consultation
Period or Senior Consultation Period, any Asset Status Reports and other information delivered to the Trust Advisor by the applicable
Special Servicer (other than any communications between the Subordinate Class Representative and that Special Servicer that would
be Privileged Information), and (3) during any control or consultation period (as set forth in clauses (1) and (2)
above), such other additional limited non-privileged information and documentation provided by the applicable Special Servicer
to the Trust Advisor that is required or permitted to be delivered to the Trust Advisor under this Agreement (including, without
limitation, the annual compliance statements delivered by such Special Servicer pursuant to Section 11.12 and the annual
independent public accountants’ servicing reports furnished with respect to such Special Servicer pursuant to Section
11.14) and (b) during a Senior Consultation Period, the Trust Advisor’s meeting with the applicable Special Servicer,
the Trust Advisor shall prepare and deliver to the Trustee and to the Certificate Administrator (who shall promptly post such Trust
Advisor Annual Report on the Certificate Administrator’s Website in accordance with Section 8.12(b)) and the Rule
17g-5 Information Provider (who shall promptly post such Trust Advisor Annual Report on the Rule 17g-5 Information Provider’s
Website in accordance with Section 8.12(c)) within 120 days of the end of the prior calendar year an annual report (the
“Trust Advisor Annual Report”), substantially in the form of Exhibit O-1 or Exhibit O-2, as applicable
(which form may be modified or altered as to either its organization or content by the Trust Advisor, subject to compliance of
such form with the terms and provisions of this Agreement including, without limitation, provisions herein relating to Privileged
Information; provided that in no event shall the information or any other content included in the Trust Advisor Annual Report
contravene any provision of this Agreement) setting forth the Trust Advisor’s assessment of the applicable Special Servicer’s
performance of its duties under this Agreement during the prior calendar year on a platform-level basis with respect to the workout,
restructuring, resolution, sale and liquidation of Specially Serviced Mortgage Loans during the prior calendar year; provided
that during any Subordinate Control Period, such assessment shall relate solely to Specially Serviced Mortgage Loans with respect
to which a Final Asset Status Report has been issued. Solely as used in connection with the Trust Advisor Annual Report, the

 

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term
“platform-level basis” refers to a Special Servicer’s performance of its duties as they relate to the workout,
restructuring, resolution, sale and liquidation of Specially Serviced Mortgage Loans, taking into account such 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 Trust Advisor of the items required to be reviewed by it pursuant to this Agreement.
If the Trust Advisor has provided for review to the applicable Special Servicer a Trust Advisor Annual Report containing an assessment
of the performance of such Special Servicer pursuant to Section 3.28(a)(iv) that in the reasonable view of such Special
Servicer presents a negative assessment of that Special Servicer’s performance, that Special Servicer shall be permitted
to provide to the Trust Advisor non-privileged information and documentation, in each case that is reasonably relevant to the facts
upon which the Trust Advisor has based such assessment, and the Trust Advisor shall undertake a reasonable review of such additional
limited non-privileged information and documentation prior to finalizing its annual assessment. Notwithstanding the foregoing,
the content of the Trust Advisor Annual Report shall be determined solely by the Trust Advisor. Subject to the restrictions and
limitations in this Agreement, including, without limitation, Section 3.28(b), (c), (d) and (g) hereof,
each Trust Advisor Annual Report shall (A) identify any material deviations of which it has actual knowledge (i) from that Special
Servicer’s obligations to comply with the Servicing Standard and (ii) from that Special Servicer’s obligations under
this Agreement with respect to the workout, restructuring, resolution, sale or liquidation of Specially Serviced Mortgage Loans
and (B) comply with all of the confidentiality requirements described in this Agreement regarding Privileged Information (subject
to any permitted exceptions). No Trust Advisor Annual Report shall be required from the Trust Advisor with respect to a Special
Servicer if during the prior calendar year no Asset Status Report was prepared (or, during a Subordinate Control Period, finalized)
by such Special Servicer in connection with a Specially Serviced Mortgage Loan or REO Property that the Special Servicer was obligated
to service. In addition, in the event a Special Servicer is replaced during the prior calendar year, the Trust Advisor will only
be required to prepare a Trust Advisor Annual Report relating to each entity that was acting as Special Servicer as of December
31 in the prior calendar year and is continuing in such capacity through the date of such Trust Advisor Annual Report. Each Trust
Advisor Annual Report shall be delivered to the Certificate Administrator, and the Certificate Administrator shall promptly upon
receipt post such Trust Advisor Annual Report on the Certificate Administrator’s Website in accordance with Section 8.12(b).
The Trust Advisor shall also deliver a copy of each Trust Advisor Annual Report to the applicable Special Servicer and, during
any Subordinate Control Period or Collective Consultation Period, the Subordinate Class Representative (other than with respect
to any Excluded Loan) and any Serviced Pari Passu Companion Loan Holder. The applicable Special Servicer and, during any Subordinate
Control Period or Collective Consultation Period, the Subordinate Class Representative (other than with respect to any Excluded
Loan), shall be given an opportunity to review any annual report described in this Section 3.28(a)(ii) and produced
by the Trust Advisor at least ten (10) days prior to its delivery to the Certificate Administrator.

 

Notwithstanding
anything in this Agreement to the contrary (i) the Trust Advisor’s assessment of the General Special Servicer’s or
the One Court Square Special

 

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Servicer’s performance shall be based on the provisions of this Agreement and (ii) so long as
LNR Partners, LLC is acting as General Special Servicer or Midland Loan Services, a Division of PNC Bank, National Association
is acting as One Court Square Special Servicer, as applicable, then such Special Servicer shall provide the Trust Advisor reasonable
access, at such Special Servicer’s offices during normal business hours, to such Special Servicer’s policies and procedures.
The Trust Advisor will be permitted to review such policies and procedures but will not be permitted to retain hard copies and
will not be provided with any electronic copies or soft copies. The Trust Advisor shall keep all information contained in the policies
and procedures strictly confidential, except (A) the Trust Advisor may disclose such information if (i) such information becomes
generally available and known to the public other than as a result of a disclosure directly or indirectly by the Trust Advisor,
or (ii) such disclosure is required by applicable law, as evidenced by an opinion of counsel (which shall be a Trust Advisor Expense)
delivered to the Trust Advisor and the General Special Servicer or the One Court Square Special Servicer, as the case may be, and
(B) the Trust Advisor may disclose a particular portion of the policies and procedures solely when necessary to support specific
conclusions concerning allegations of material deviations from the Servicing Standard (i) in the Trust Advisor Annual Report, or
(ii) in connection with a recommendation by the Trust Advisor to replace LNR Partners, LLC as the General Special Servicer pursuant
to the provisions of this Agreement. Notwithstanding the foregoing, the Trust Advisor will be permitted to share such information
with its Affiliates and any subcontractors of the Trust Advisor to the extent reasonably necessary to perform the Trust Advisor’s
obligations under this Agreement and provided such Trust Advisor Affiliates and subcontractors agree in writing prior to their
receipt of such information to be bound by the same confidentiality provisions applicable to the Trust Advisor. The Trust Advisor’s
assessment may not take into account the fact that LNR Partners, LLC or Midland Loan Services, a Division of PNC Bank, National
Association, as the case may be, limited the Trust Advisor’s access to such Special Servicer’s written policies and
procedures pursuant to the provisions of this Agreement. Nothing set forth herein shall limit or affect the scope of the Trust
Advisor’s platform level review in connection with its preparation of the Trust Advisor Annual Report, provided that the
Trust Advisor’s access to or reliance upon such Special Servicer’s written policies and procedures shall be subject
to the terms of this paragraph. During any period when the General Special Servicer is not LNR Partners, LLC, or an Affiliate of
LNR Partners, LLC, or when the One Court Square Special Servicer is not Midland Loan Services, a Division of PNC Bank, National
Association, or an Affiliate of Midland Loan Services, a Division of PNC Bank, National Association, as the case may be, the requirements
and limitations contained in this paragraph with respect to such Special Servicer shall be null and void, and the Trust Advisor
shall have adequate and timely access to the policies and procedures of any successor general special servicer as the Trust Advisor
determines necessary to fulfill its duties under this Agreement.

 

(iii)        
The Trust Advisor, the Trust Advisor’s subcontractors and the Trust Advisor’s Affiliates shall keep,
and the Trust Advisor shall cause the Trust Advisor’s subcontractors and the Trust Advisor’s Affiliates to keep, confidential
any Privileged Information received from the applicable Special Servicer or Subordinate Class Representative in connection with
the Subordinate Class Representative’s exercise of any

 

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rights under this Agreement (including, without limitation, in connection
with any Asset Status Report) or otherwise in connection with the Certificates. Subject to the permitted exceptions in the following
sentence, the Trust Advisor shall not disclose such Privileged Information so received from the applicable Special Servicer or
Subordinate Class Representative to any other Person (including any Certificateholders which are not then Holders of the Control-Eligible
Certificates), other than to the other parties to this Agreement, to any trustee or certificate administrator appointed for the
benefit of any Serviced Pari Passu Companion Loan and to the extent expressly required by the other provisions of this Agreement
and other than under the circumstances described in the following sentence. If the Trust Advisor, the Trust Advisor’s subcontractors
or the Trust Advisor’s Affiliates, or any other party to this Agreement (other than the applicable Special Servicer), receives
any Privileged Information and has been advised that such information is Privileged Information, then such Person shall be prohibited
from disclosing such information so received by it to any other Person, including in connection with preparing any responses to
any investor-submitted inquiries posted on the Investor Q&A Forum, except to the extent that (a) the applicable Special Servicer
and (unless such Privileged Information relates to an Excluded Loan) the Subordinate Class Representative have consented in writing
to its disclosure, (b) such Privileged Information becomes generally available and known to the public other than as a result of
a disclosure directly or indirectly by such Person, (c) it is reasonable and necessary for such Person to do so in working with
legal counsel, auditors, taxing authorities or other governmental agencies, (d) such Privileged Information was already known to
such Person and not otherwise subject to a confidentiality obligation, (e) such disclosure is expressly authorized or required
under another provision of this Agreement and/or (f) such disclosure is required by applicable law, rule, regulation, order, judgment
or decree. Notwithstanding the foregoing, the Trust Advisor shall be permitted to share Privileged Information with its Affiliates
and any subcontractors of the Trust Advisor to the extent necessary and for the sole purpose of permitting the Trust Advisor to
perform its duties under this Agreement and so long as such Affiliates and any such subcontractors agree in writing to be bound
by the same confidentiality provisions applicable to the Trust Advisor.

 

(iv)          
During any Senior Consultation Period, the Trust Advisor shall provide the applicable Special Servicer with at least
thirty (30) days’ prior written notice of the date proposed for the annual meeting described in this Section 3.28(a).
The Trust Advisor and the applicable Special Servicer shall determine a mutually acceptable date for the annual meeting and the
Trust Advisor shall deliver, at least fourteen (14) days prior to such annual meeting, a proposed written agenda to the applicable
Special Servicer, including the identity of the Final Asset Status Report(s), if any, that shall be discussed during the annual
meeting. In connection with the annual meeting, the Trust Advisor and the applicable Special Servicer may discuss any of the Asset
Status Reports produced with respect to any Specially Serviced Mortgage Loan as part of the Trust Advisor’s annual assessment
of the applicable Special Servicer. The applicable Special Servicer shall make available Servicing Officers with relevant knowledge
regarding the applicable Specially Serviced Mortgage Loans and the related platform-level information for each annual meeting described
in this Section 3.28.

 

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 (v)          
If the Trust Advisor’s ability to perform its obligations in respect of the Trust Advisor Annual Report is
limited or prohibited due to the failure of a party hereto to timely deliver information required to be delivered to the Trust
Advisor or such information is inaccurate or incomplete, the Trust Advisor shall set forth such limitations or prohibitions in
the related Trust Advisor Annual Report.

 

(b)          
During a Subordinate Control Period, the Trust Advisor’s obligations shall be limited to the general reviews
as set forth in this Agreement and generally will not involve an assessment of specific actions of any Special Servicer and, in
any event, shall be subject to limitations described in this Agreement.

 

(c)          
The Trust Advisor shall not be required, in connection with its preparation of any Trust Advisor Annual Report during
a Subordinate Control Period, to consider any Specially Serviced Mortgage Loan or REO Property with respect to which a Final Asset
Status Report was not issued during the most recently ended calendar year.

 

(d)        
  During any Subordinate Control Period, the applicable Special Servicer shall forward any Appraisal Reduction Amount
calculations and net present value calculations used in the applicable Special Servicer’s determination of what course of
action to take in connection with the resolution or liquidation of a Specially Serviced Mortgage Loan to the Trust Advisor (and,
during any Collective Consultation Period (other than with respect to any Excluded Loan), the Subordinate Class Representative)
after they have been finalized, and the Trust Advisor may review such calculations in support of its Trust Advisor Annual Report
but shall not opine on, or otherwise call into question (whether in the annual report or otherwise) such Appraisal Reduction Amount
calculations and/or net present value calculations.

 

(e)          
During any Collective Consultation Period or Senior Consultation Period, the applicable Special Servicer shall forward
any calculations of Appraisal Reduction Amount or net present value to the Trust Advisor and, during any Collective Consultation
Period (other than with respect to any Excluded Loan), the Subordinate Class Representative, and (a) the Trust Advisor shall (upon
receipt of all information and supporting materials reasonably required to be provided to the Trust Advisor as described in the
following sentence) promptly recalculate and verify the accuracy of the mathematical calculations and the corresponding application
of the applicable formulas required to be utilized in connection with any Appraisal Reduction Amount or net present value calculations
used in the applicable Special Servicer’s determination of what course of action to take in connection with the resolution
or liquidation of a Specially Serviced Mortgage Loan prior to the utilization by the applicable Special Servicer, and (b) insofar
as the calculation and/or application by the applicable Special Servicer under review as contemplated by clause (a)
requires or depends upon the exercise of discretion by the applicable Special Servicer, the Trust Advisor shall assess the reasonableness
of the determination made by the applicable Special Servicer in the exercise of such discretion. The applicable Special Servicer
shall deliver the foregoing calculations, together with information and supporting materials (with respect to any Appraisal Reduction
Amount calculations, once such information is received from the applicable Master Servicer) (including such additional information
reasonably requested by the Trust Advisor to confirm the mathematical accuracy of such calculations, but not including any Privileged
Information) to the Trust Advisor and (during any Collective Consultation Period and other than with respect to any Excluded Loan)
the Subordinate Class Representative. In the

 

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event the Trust Advisor does not agree with (i) the mathematical calculations, (ii)
the application of the applicable non-discretionary portions of the formula required to be utilized for such calculation or (iii)
the reasonableness of any such determination made by the applicable Special Servicer in the exercise of such discretion, the Trust
Advisor and the applicable Special Servicer shall consult in good faith with each other in order to resolve (x) any inaccuracy
in the mathematical calculations or the application of the non-discretionary portions of the related formula in arriving at those
mathematical calculations or (y) any disagreement over the reasonableness of a determination made by the applicable Special Servicer
in the exercise of its discretion. During any Collective Consultation Period (other than with respect to any Excluded Loan), the
applicable Special Servicer shall also send to the Subordinate Class Representative copies of the applicable Special Servicer’s
calculations and the related information and supporting materials, as provided above to the Trust Advisor under this subsection,
and engage in consultation with the Subordinate Class Representative in connection with its calculations and determinations. During
any Collective Consultation Period (other than with respect to any Excluded Loan), if the Trust Advisor and the Subordinate Class
Representative agree on such matters and provide written notice of such agreement to the applicable Special Servicer, the applicable
Special Servicer shall perform its calculations in accordance with such agreement. Otherwise, if the Trust Advisor and the Subordinate
Class Representative do not reach agreement on such matters following the Trust Advisor’s calculation and verification procedures,
the applicable Special Servicer shall proceed according to its determination, and the Trust Advisor shall promptly prepare a report
on the matter, which report shall set forth its and the applicable Special Servicer’s calculations (including any material
differences in assumptions used therein), and deliver such report to the Certificate Administrator, which shall post the report
to the Certificate Administrator’s Website in accordance with Section 8.12(b) and, if applicable, to any related
Serviced Pari Passu Companion Loan Holder. The applicable Special Servicer shall have the opportunity to respond and deliver its
own report to the Certificate Administrator, which shall post the report to the Certificate Administrator’s Website in accordance
with Section 8.12(b) and, if applicable, to any related Serviced Pari Passu Companion Loan Holder. No other action shall
be required in connection with such circumstances.

 

(f)        
  During any Collective Consultation Period or Senior Consultation Period, the applicable Special Servicer shall promptly
deliver each Asset Status Report prepared in connection with the workout, restructuring, resolution, sale or liquidation of a Specially
Serviced Mortgage Loan to the Trust Advisor and, during a Collective Consultation Period (other than with respect to any Excluded
Loan), the Subordinate Class Representative. The Trust Advisor shall provide any comments it may have to the applicable Special
Servicer in respect of the Asset Status Reports, if any, within ten (10) Business Days of receipt of both such Asset Status Report
and any additional information reasonably requested by the Trust Advisor, and propose possible alternative courses of action to
the extent it determines such alternatives may be in the best interest of the Certificateholders (including any Certificateholders
of the Control-Eligible Classes) and any related Serviced Pari Passu Companion Loan Holder (if applicable), as a collective whole.
Regardless of whether the applicable Special Servicer receives comments from the Trust Advisor by the end of such ten (10) Business
Day period, such Special Servicer may (after the expiration of such period) proceed to perform such actions as are in accordance
with such Asset Status Report.

 

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(g)          
During any Collective Consultation Period (in addition to the Subordinate Class Representative (other than with respect
to any Excluded Loan)) or Senior Consultation Period, the applicable Special Servicer shall consult on a non-binding basis with
the Trust Advisor with respect to, and prior to, Material Actions with respect to Serviced Mortgage Loans or Serviced Pari Passu
Companion Loans for which it is the applicable Special Servicer (regardless of whether such Material Actions are covered by an
Asset Status Report) and the Trust Advisor shall provide any comments it may have to the applicable Special Servicer in respect
of each such Material Action within ten (10) Business Days of receipt of both a written request for consultation with respect to
such Material Action and any additional information reasonably requested by the Trust Advisor; provided that the Trust Advisor
shall have no such duty with respect to collateral substitutions, assignments, insurance policies, Borrower substitutions, lease
modifications and amendments and other similar actions that the applicable Special Servicer may perform under this Agreement to
the extent such actions do not relate to the workout, restructuring, resolution, sale or liquidation of a Specially Serviced Mortgage
Loan or REO Property. Regardless of whether the applicable Special Servicer receives comments from the Trust Advisor by the end
of such ten (10) Business Day period, such Special Servicer may (after the expiration of such period) proceed to perform such Material
Actions as are in accordance with such request for consultation.

 

(h)          
The applicable Special Servicer shall consider any written alternative courses of action and any other feedback suggested
or provided by the Trust Advisor and, during any Collective Consultation Period (other than with respect to any Excluded Loan),
the Subordinate Class Representative. The applicable Special Servicer shall revise the Asset Status Reports as it deems necessary
to take into account such input and/or comments, to the extent the applicable Special Servicer determines that the Trust Advisor’s
and/or (other than with respect to any Excluded Loan) Subordinate Class Representative’s input and/or recommendations are
consistent with the Servicing Standard and in the best interest of the Certificateholders, taking into account the interests of
all of the Certificateholders (including any Certificateholders of the Control-Eligible Classes) (and any related Serviced Pari
Passu Companion Loan Holder, as applicable), as a collective whole.

 

(i)           
The applicable Special Servicer shall not be required to take or to refrain from taking any action because of an
objection or comment by the Trust Advisor or a recommendation of the Trust Advisor that would require or cause the applicable Special
Servicer to violate applicable law, the terms of any Mortgage Loan, any Serviced Loan Combination or any other provision of this
Agreement, including the applicable Special Servicer’s obligation to act in accordance with the Servicing Standard and the
REMIC Provisions or result in an Adverse REMIC Event for any REMIC Pool or an Adverse Grantor Trust Event for the Grantor Trust
Pool. For the avoidance of doubt, the applicable Special Servicer shall not be required to take or refrain from taking any action
because of an objection or comment by the Trust Advisor or a recommendation of the Trust Advisor in any event. Furthermore, notwithstanding
Section 3.28(f) and 3.28(g), if the applicable Special Servicer determines that emergency action is necessary
to protect the related Mortgaged Property or the interests of the Certificateholders, or if a failure to take any such action at
such time would be inconsistent with the Servicing Standard, the applicable Special Servicer may take actions with respect to the
related Mortgaged Property before the expiration of the ten (10) Business Day period (or, with respect to a Serviced Loan Combination,
such longer period of time as may be set forth in the related Intercreditor

 

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Agreement) referenced above if the applicable Special
Servicer reasonably determines in accordance with the Servicing Standard that failure to take such actions before the expiration
of such period would materially and adversely affect the interest of the Certificateholders and the applicable Special Servicer
has made commercially reasonable efforts to promptly inform the Trust Advisor of its decision to take emergency action. The foregoing
shall not relieve the applicable Special Servicer of its duties to comply with the Servicing Standard.

 

(j)          
The Trust Advisor, the Trust Advisor’s subcontractors and the Trust Advisor’s Affiliates shall keep,
and the Trust Advisor shall cause the Trust Advisor’s subcontractors and the Trust Advisor’s Affiliates to keep, all
Privileged Information confidential and shall not disclose such information to any other Person (including any Certificateholders
which are not then included in the Control-Eligible Certificates), other than to the extent expressly set forth herein.

 

(k)          
As compensation for its activities hereunder, the Trust Advisor shall be entitled to receive monthly the Trust Advisor
Ongoing Fee on each Distribution Date with respect to each Serviced Mortgage Loan and any related successor REO Mortgage Loan accrued
prior to the Trust Advisor’s termination in accordance with Section 3.28(p). As to each such Serviced Mortgage
Loan and related successor REO Mortgage Loan, the Trust Advisor Ongoing Fee shall accrue from time to time at the Trust Advisor
Ongoing Fee Rate and shall be computed on the basis of the Stated Principal Balance of such Serviced Mortgage Loan or successor
REO Mortgage Loan and in the same manner as interest is calculated thereon and for the same period respecting which any related
interest payment due or deemed thereon is computed. The Trust Advisor shall be entitled to reimbursement of any Trust Advisor Expenses
provided for pursuant to Sections 6.03(a), 6.03(b) and/or 6.05 hereof, such amounts to be reimbursed
from amounts on deposit in the Collection Account as provided by Section 3.05(a)(I)(xiv), but in the case of any Trust
Advisor Expenses other than Designated Trust Advisor Expenses, reimbursements during any Collection Period shall not exceed the
limit set forth for the related Distribution Date in Section 4.05(b) hereof. The Trust Advisor hereby acknowledges
and agrees that in no event will any Trust Advisor Expenses be payable from, and the Trust Advisor hereby waives any and all claims
to, amounts distributable in respect of, the Control-Eligible Certificates; provided that Designated Trust Advisor Expenses
shall be reimbursable without limitation from the Collection Account as described in Section 3.05(a)(I)(xiv). Each
successor Trust Advisor shall be required to acknowledge and agree to the terms of the preceding sentence.

 

(l)          
As additional compensation for its activities hereunder, the Trust Advisor shall be entitled to receive the Trust
Advisor Consulting Fee. The Trust Advisor Consulting Fee shall be payable, subject to the limitations set forth below, in an amount
equal to ten thousand dollars ($10,000) in connection with each Material Action for which the Trust Advisor engages in consultation
under Section 3.24 and this Section 3.28; provided that (i) no such fee shall be paid except to
the extent such fee is actually paid by the applicable Borrower (and in no event shall such fee be paid from the Trust Fund); (ii)
the Trust Advisor shall be entitled to waive all or any portion of such fee in its sole discretion; and (iii) the applicable Master
Servicer or the applicable Special Servicer, as applicable, shall be authorized to waive the related Borrower’s payment of
such fee in whole or in part if the applicable Master Servicer or the applicable Special Servicer, as applicable, (A) determines
that such waiver accords with the Servicing Standard and (B) consults with the Trust Advisor prior to effecting such waiver. In
connection with each Material

 

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Action for which the Trust Advisor has consultation rights under Section 3.24 or this
Section 3.28, the applicable Master Servicer or the applicable Special Servicer, as applicable, shall use commercially
reasonable efforts consistent with the Servicing Standard to collect the applicable Trust Advisor Consulting Fee from the related
Borrower, in each case, only to the extent that such collection is not prohibited by the related Mortgage Loan Documents. In no
event shall the applicable Master Servicer or the applicable Special Servicer, as applicable, take any enforcement action in connection
with the collection of such Trust Advisor Consulting Fee, except that this statement shall not be construed to prohibit requests
for payment of such Trust Advisor Consulting Fee. No Trust Advisor Consulting Fee shall be payable with respect to the One Court
Square Loan Combination, the Hilton Nashville Loan Combination, the 11 Madison Avenue Loan Combination or the Cooper’s Crossing
Loan Combination.

 

(m)          
The Trust Advisor may be removed upon (i) the written direction of holders of Certificates entitled to not less than
25% of the aggregate Voting Rights (taking into account the allocation of any Appraisal Reduction Amounts in respect of the Mortgage
Loans to notionally reduce the Class Principal Balances of the Principal Balance Certificates to which such Appraisal Reduction
Amounts are allocable) of all Certificates on an aggregate basis requesting a vote to replace the Trust Advisor with a replacement
Trust Advisor selected by such Certificateholders (provided that the proposed replacement Trust Advisor meets the criteria
set forth in Section 3.28(o)), (ii) such requesting Holders making payment to the Certificate Administrator of all
reasonable fees and expenses to be incurred by the Certificate Administrator in connection with administering such vote, (iii)
such requesting Holders delivering to the Certificate Administrator and the Trustee a Rating Agency Confirmation from each Rating
Agency regarding the appointment of the replacement Trust Advisor (which confirmations will be obtained at the expense of such
requesting Holders and will not constitute an Additional Trust Fund Expense) and (iv) such requesting Holders delivering to the
Certificate Administrator an analogous “rating agency confirmation” from each Pari Passu Companion Loan Rating Agency
regarding the appointment of the replacement Trust Advisor (which confirmations will be obtained at the expense of such requesting
Holders and will not constitute an Additional Trust Fund Expense). The Certificate Administrator shall promptly provide written
notice to all Certificateholders of such request by posting such notice on the Certificate Administrator’s Website in accordance
with Section 8.12(b), and by mail, and conduct the solicitation of votes of all Certificates in such regard. Upon the
vote or written direction of Certificateholders entitled to at least 75% of the aggregate Voting Rights (taking into account the
allocation of any Appraisal Reduction Amounts in respect of the Mortgage Loans to notionally reduce the Class Principal Balances
of the Principal Balance Certificates to which such Appraisal Reduction Amounts are allocable) of all Certificates on an aggregate
basis, the Certificate Administrator shall notify the Trustee, and the Trustee shall immediately replace the Trust Advisor with
the replacement Trust Advisor. If a proposed termination and replacement of the Trust Advisor as described above is not consummated
within 180 days following the initial request of the Certificateholders who requested a vote, then the proposed termination and
replacement shall have no further force or effect. In addition, during any Subordinate Control Period, the identity of any replacement
Trust Advisor proposed pursuant to this Section 3.28(m) shall be subject to the consent of the Subordinate Class Representative
(such consent not to be unreasonably withheld), provided that such consent will be deemed to have been granted if no objection
is made within ten (10) Business Days following the Subordinate Class Representative’s receipt of the request for consent,
and, if granted, such consent may not thereafter be revoked or withdrawn.

 

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(n)          
If (i) the Trust Advisor fails to duly observe or perform in any material respect any of its duties, covenants or
obligations under this Agreement, which failure continues unremedied for a period of thirty (30) days after written notice has
been given to the Trust Advisor, (ii) an Insolvency Event occurs with respect to the Trust Advisor, or (iii) the Trust Advisor
acknowledges in writing its inability to perform its duties hereunder, then either the Depositor or the Trustee may, and upon the
written direction of Certificateholders representing at least 51% of the Voting Rights (taking into account the application of
any Appraisal Reduction Amounts to notionally reduce the Certificate Principal Balance of the Classes of Certificates), the Trustee
shall, terminate the Trust Advisor for cause. Upon the termination of the Trust Advisor, a replacement Trust Advisor satisfying
the conditions for such replacement in Section 3.28(o) below shall be selected by the Trustee. In addition, during
any Subordinate Control Period, the identity of the proposed replacement Trust Advisor shall be subject to the consent of the Subordinate
Class Representative (such consent not to be unreasonably withheld); provided that such consent will be deemed to have been
granted if no objection is made within ten (10) Business Days following the Subordinate Class Representative’s receipt of
the request for consent, and, if granted, such consent may not thereafter be revoked or withdrawn. The Trustee may rely on a certification
by the replacement Trust Advisor that it meets such criteria. If the Trustee is unable to find a replacement Trust Advisor within
thirty (30) days of the termination of the Trust Advisor, the Depositor shall be permitted to find a replacement. Unless and until
a replacement Trust Advisor is appointed, no party shall act as the Trust Advisor and the provisions relating to consultation and
consent with respect to the Trust Advisor shall not be applicable until a replacement Trust Advisor is appointed hereunder.

 

(o)          
Any replacement Trust Advisor shall (or all of the personnel responsible for supervising the obligations of the Trust
Advisor shall) meet the following criteria: (i) be regularly engaged in the business of analyzing and advising clients in commercial
mortgage-backed securities matters and have at least five (5) years of experience in collateral analysis and loss projections,
and (ii) have at least five (5) years of experience in commercial real estate asset management and experience in the workout and
management of distressed commercial real estate assets.

 

(p)          
The Trust Advisor shall be discharged from its duties hereunder when the Class Principal Balances of the Class A-1,
Class A-2, Class A-3, Class A-4, Class A-SB and Class D Certificates and the Class A-S Regular Interest, Class B Regular Interest
and Class C Regular Interest have been reduced to zero.

 

(q)          
The Trust Advisor may resign from its obligations and duties hereby imposed on it (a) upon thirty (30) days’
prior written notice to the Depositor, the Master Servicers, the Special Servicers, the Certificate Administrator, the Trustee
and the Subordinate Class Representative and the Majority Subordinate Certificateholder, (the latter two only if applicable), and
(b) upon the appointment of, and the acceptance of such appointment by, a successor Trust Advisor meeting the eligibility requirements
set forth in Section 3.28(o) above and receipt by the Trustee and the Certificate Administrator of Rating Agency Confirmation
from each Rating Agency. During a Subordinate Control Period, the identity of the replacement Trust Advisor will be subject to
the reasonable approval of the Subordinate Class Representative only if the replacement Trust Advisor is a special servicer that
(i) is rated or approved by an NRSRO and (ii) has not acted as a trust advisor or operating advisor in connection with a rated
commercial

 

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mortgage securitization as of the Closing Date; provided that such approval will be deemed to have been granted
if no objection is made within ten (10) Business Days following the Subordinate Class Representative’s receipt of the request
for such approval, and, if granted, such approval may not thereafter be revoked or withdrawn. No such resignation by the Trust
Advisor shall become effective until the replacement Trust Advisor shall have assumed the Trust Advisor’s responsibilities
and obligations. The resigning Trust Advisor shall pay all reasonable out-of-pocket costs and expenses of each party to this Agreement,
the Trust and each Rating Agency and Pari Passu Companion Loan Rating Agency in connection with the resignation of the Trust Advisor
and the transfer of its duties (including, but not limited to, reasonable out-of-pocket costs and expenses associated with higher
market fees of a successor, transferring related information, records and reports to the successor).

 

(r)           
If the Trust Advisor resigns, is discharged or is otherwise terminated for any reason it shall remain entitled to
any accrued and unpaid fees, Trust Advisor Expenses, indemnification amounts, and rights to indemnification which shall be payable
in accordance with the priorities and subject to the limitations set forth herein including, without limitation, Section 4.05
hereof.

 

(s)          
Notwithstanding any other provisions of this Agreement to the contrary, the parties hereto agree, and the Certificateholders
by their acceptance of their Certificates shall be deemed to have agreed, that (i) there could be multiple strategies to resolve
any Specially Serviced Mortgage Loan and that the goal of the Trust Advisor’s participation is to provide monitoring (subject
to, and in accordance with, the provisions of this Agreement) relating to the applicable Special Servicer’s compliance with
the Servicing Standard in making its determinations as to which strategy to execute, (ii) the Trust Advisor shall have no liability
to any Certificateholder or any Serviced Pari Passu Companion Loan Holders for any actions taken or for refraining from taking
any actions under this Agreement, (iii) the agreements of the Trust Advisor set forth in the other provisions of this Agreement
shall be construed solely as agreements to perform analytical and reporting services, (iv) the Trust Advisor shall have no authority
or duty to make a determination on behalf of the Trust Fund, nor have any responsibility for decisions made by or on behalf of
the Trust Fund, (v) insofar as the words “consult”, “recommend” or words of similar import are used in
this Agreement in respect of the Trust Advisor and any servicing action or inaction, such words shall be construed to mean the
performance of analysis and reporting services, which the applicable Special Servicer may determine not to accept, (vi) the absence
of a response by the Trust Advisor to an Asset Status Report or other matter in which this Agreement contemplates consultation
with the Trust Advisor shall not be construed as an approval, endorsement, acquiescence or recommendation for or against any proposed
action (but, in the event of such absence of a response, the applicable Special Servicer (x) shall be deemed to have complied with
the relevant provision that otherwise required consultation with the Trust Advisor and (y) shall be entitled to proceed as if consultation
with the Trust Advisor had not initially been required in connection with such Asset Status Report or other matter), (vii) any
provision hereof that otherwise purports, or that may be construed, to impose on the Trust Advisor a duty to consider the Servicing
Standard or the interests of the Certificateholders shall be construed as a requirement to use the Servicing Standard or such interests
as the basis of measurement in its analysis and reporting and the basis of measurement in its evaluation of the performance of
the applicable Special Servicer and its determination of whether an action, recommendation or report by the applicable Special
Servicer

 

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is in compliance with this Agreement, and not to impose on the Trust Advisor a duty to itself comply with the Servicing
Standard or itself act in the interests of the Certificateholders, and, if applicable, the Serviced Pari Passu Companion Loan Holder,
and such basis of measurement shall be construed to refer to no particular class of Certificates or particular Certificateholders,
(viii) no other party to this Agreement, and no Subordinate Class Representative, shall have any duty to monitor or supervise the
performance by the Trust Advisor of its services under this Agreement, (ix) in no event shall the Trust Advisor be liable for any
failure or delay in the performance of its obligations hereunder due to force majeure or acts of God; provided that
such failure or delay is not also a result of its own negligence, bad faith or willful misconduct; and (x) the Trust Advisor is
not an “investment adviser” within the meaning of the Investment Advisers Act of 1940, as amended. For the avoidance
of doubt, the Trust Advisor shall not owe any fiduciary duty to any Person in connection with this Agreement.

 

(t)           
The Trust Advisor shall not make any principal investment in any Certificate or interest therein; provided
that such prohibition shall not be construed to have been violated (i) in connection with riskless principal transactions effected
by a broker-dealer Affiliate of the Trust Advisor or (ii) pursuant to investments by an Affiliate of the Trust Advisor if the Trust
Advisor and such Affiliate maintain policies and procedures designed to segregate personnel involved in the activities of the Trust
Advisor under this Agreement from personnel involved in such Affiliate’s investment activities and to prevent such Affiliate
and its personnel from gaining access to information regarding the Trust Fund and the Trust Advisor and its personnel from gaining
access to such Affiliate’s information regarding its investment activities.

 

(u)          
The Trust Advisor shall not, and shall cause its Affiliates not, to enter into any transaction as a result of which
(i) the applicable Special Servicer or any Affiliate thereof would be obligated, whether by agreement or otherwise, and whether
or not subject to any condition or contingency, to pay any fee to, or otherwise compensate or grant monetary or other consideration
to, the Trust Advisor or any Affiliate thereof (other than compensation to which the Trust Advisor is entitled hereunder) (x) in
connection with the Trust Advisor’s obligations under this Agreement or (y) in consideration of the appointment or continuation
of such Person as a Special Servicer, (ii) the applicable Special Servicer would be entitled to receive any compensation from the
Trust Advisor in connection with its activities under this Agreement or (iii) the applicable Special Servicer would be entitled
to receive from the Trust Advisor or any Affiliate thereof any fee in connection with the appointment or continuation of such Person
as a Special Servicer unless, in the case of each of the foregoing clauses (i) through (iii), such transaction
has been expressly approved by the Holders of Certificates representing 100% of the Voting Rights.

 

(v)          
Notwithstanding anything herein to the contrary, the Trust Advisor shall have no duty with respect to any Non-Trust-Serviced
Pooled Mortgage Loan or the assessment of the actions of any Special Servicer under this Agreement or any applicable Other Pooling
and Servicing Agreement or Non-Trust Pooling and Servicing Agreement taken with respect to any such mortgage loan.

 

Section
3.29      Delivery
of Excluded Information to the Certificate Administrator. Any Excluded Information that the applicable Master Servicer, the applicable Special Servicer or the Trust
Advisor identifies and delivers to the Certificate Administrator shall be delivered to the Certificate Administrator via e-mail
to cmbsexcludedinformation@wellsfargo.com (or via such

 

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other electronic means as are mutually acceptable to the parties) in one
or more separate files labeled “Excluded Controlling Class Loan” followed by the applicable loan name and loan file.
For the avoidance of doubt, any information that is not appropriately labeled and delivered in accordance with this Section
3.29 shall not be separately posted as Excluded Information on the Certificate Administrator’s Website, and any information
appropriately labeled and delivered to the Certificate Administrator pursuant to this Section shall be posted on the Certificate
Administrator’s Website under the “Excluded Information” section, as provided under Section 8.12(b). When
so posted, Excluded Controlling Class Holders shall not be entitled to receive access to such information. However, a Subordinate
Class Certificateholder shall be entitled to receive, request and review any Excluded Information relating to any Excluded Controlling
Class Loan with respect to which such Subordinate Class Certificateholder is not a Borrower Party and, if such Excluded Information
is not available on the Certificate Administrator’s Website, such Subordinate Class Certificateholder that is not a Borrower
Party with respect to the related Excluded Controlling Class Loan shall be permitted to obtain such information in accordance with
Section 4.02(a)(iv) of this Agreement.

 

Section
3.30      General Acknowledgement Regarding Non-Serviced Companion Loan Holders. Each
Certificateholder acknowledges and agrees, by its acceptance of its Certificates, that: (i) each Non-Serviced Companion Loan Holder
may have special relationships and interests that conflict with those of Holders of one or more Classes of Certificates; (ii)
each Non-Serviced Companion Loan Holder may act solely in its own interests; (iii) each Non-Serviced Companion Loan Holder shall
not have any duties to the Holders of any Class of Certificates; and (iv) each Non-Serviced Companion Loan Holder shall not have
any liability whatsoever for having so acted in its own interests, and no Certificateholder may take any action whatsoever against
any Non-Serviced Companion Loan Holder or any director, officer, employee, agent or principal thereof for such Non-Serviced Companion
Loan Holder’s having so acted in its own interests.

 

Section
3.31      Matters
Regarding the Non-Trust-Serviced Pooled Mortgage Loans. (a) In the event that any Non-Trust Trustee, Non-Trust Master Servicer
or Non-Trust Special Servicer shall be replaced in accordance with the terms of the related Non-Trust Pooling and Servicing Agreement,
the applicable Master Servicer and the applicable Special Servicer shall acknowledge any such successor as the successor to such
Non-Trust Trustee, Non-Trust Master Servicer or the Non-Trust Special Servicer, as the case may be, and shall, upon receiving notice
of the same, notify the Trustee regarding such replacement.

 

(b)          
If any of the Trustee, the Certificate Administrator or the applicable Master Servicer receive notice from a Rating
Agency that the applicable Master Servicer is no longer an “approved” master servicer by any of the Rating Agencies
rating the Certificates, then the Trustee, the Certificate Administrator or the applicable Master Servicer, as applicable, shall
promptly notify the related Non-Trust Master Servicer of the same.

 

Section
3.32      Litigation
Control for Mortgage Loans and Serviced Loan Combinations as to which LNR Partners, LLC is the Applicable Special Servicer. The
following terms and provisions of this Section 3.32 shall apply only to those Mortgage Loans and Serviced Loan Combinations for
which LNR Partners, LLC is the applicable Special Servicer.

  

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(a)          
The applicable Special Servicer shall in accordance with the Servicing Standard, direct, manage, prosecute and/or
defend any action brought by a Mortgagor, guarantor, other obligor under the related Mortgage Loan Documents or any Affiliate(s)
thereof (each, a “Borrower-Related Party”) against the Trust (including, without limitation, any action in which
both the Trust and the applicable Master Servicer are named) and/or such Special Servicer and represent the interests of the Trust
in any litigation relating to the rights and obligations (or the enforcement of the obligations) of a Borrower-Related Party under
the related Mortgage Loan Documents, or with respect to the related Mortgaged Property or other collateral securing a Mortgage
Loan or Serviced Loan Combination, or the Trust (“Trust-Related Litigation”). In the event that the applicable
Master Servicer is named in any Trust-Related Litigation but the applicable Special Servicer is not named in such Trust-Related
Litigation (regardless of whether the Trust is named in such Trust-Related Litigation), such Master Servicer shall notify such
Special Servicer of such litigation as soon as practicable but in any event no later than within ten (10) Business Days of such
Master Servicer receiving service of such Trust-Related Litigation.

 

(b)          
To the extent the applicable Master Servicer is named in Trust-Related Litigation, and neither the Trust nor the
applicable Special Servicer is named, in order to effectuate the role of the applicable Special Servicer as contemplated by the
immediately preceding subsection, such Master Servicer shall (i) provide monthly status reports to the applicable Special Servicer,
regarding such Trust-Related Litigation; (ii) seek to have the Trust replace such Master Servicer as the appropriate party to
the lawsuit; and (iii) so long as such Master Servicer remains a party to the lawsuit, consult with and act at the direction of
the applicable Special Servicer with respect to decisions and resolutions related to the interests of the Trust in such Trust-Related
Litigation, including but not limited to the selection of counsel; provided that the applicable Master Servicer shall have the
right to engage separate counsel relating to claims against such Master Servicer to the extent set forth in Section 3.32(e);
and provided, however, if there are claims against such Master Servicer and such Master Servicer has not determined
that separate counsel is required for such claims, such counsel shall be reasonably acceptable to such Master Servicer.

 

(c)          
The applicable Special Servicer shall not (i) undertake any material settlement of any Trust-Related Litigation or
(ii) initiate any material Trust-Related Litigation unless and until it has notified in writing the Subordinate Class Representative
(during any Subordinate Control Period or Collective Consultation Period and other than with respect to any Excluded Loan) (to
the extent the identity of the Subordinate Class Representative is actually known to such Special Servicer; provided that
the applicable Special Servicer shall make due inquiry of the Certificate Administrator as to the identity of the Subordinate Class
Representative) and the holder of any related Serviced Companion Loan (if such matter affects such Serviced Companion Loan) (to
the extent the identity of the holder of such Serviced Companion Loan is actually known to such Special Servicer) and the Subordinate
Class Representative (during any Subordinate Control Period and other than with respect to any Excluded Loan) has not objected
in writing within five (5) Business Days of having been notified thereof and having been provided with all information that the
Subordinate Class Representative has reasonably requested with respect thereto promptly following its receipt of the subject notice
(it being understood and agreed that if such written objection has not been received by such Special Servicer within such 5 Business
Day period, then the Subordinate Class Representative shall be deemed to have approved the taking of such action); provided
that, if the applicable Special Servicer determines (consistent with the

 

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Servicing Standard) that immediate action is necessary
to protect the interests of the Certificateholders and, with respect to a Serviced Loan Combination, the related Companion Loan
Holders, such Special Servicer may take such action without waiting for the Subordinate Class Representative’s response.

 

(d)         
Notwithstanding the foregoing, neither the Special Servicers nor the Master Servicers shall follow any advice, direction
or consultation provided by the Subordinate Class Representative that would require or cause the applicable Special Servicer or
the applicable Master Servicer, as applicable, to violate any applicable law, be inconsistent with the Servicing Standard, require
or cause the applicable Special Servicer or the applicable Master Servicer, as applicable, to violate provisions of this Agreement,
require or cause the applicable Special Servicer or the applicable Master Servicer, as applicable, 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 any REMIC created hereunder to fail to qualify as a REMIC, result in
the imposition of a “prohibited transaction” or “prohibited contribution” tax under the REMIC Provisions
or materially expand the scope of the applicable Special Servicer’s or the applicable Master Servicer’s, as applicable,
responsibilities under this Agreement.

 

(e)          
Notwithstanding the right of the applicable Special Servicer to represent the interests of the Trust in Trust-Related
Litigation, and subject to the rights of such Special Servicer to direct the applicable Master Servicer’s actions in this
Section 3.32 below, the applicable Master Servicer shall retain the right to make determinations relating to claims against
such Master Servicer, including but not limited to the right to engage separate counsel and to appear in any proceeding on its
own behalf in such Master Servicer’s reasonable discretion, the cost of which shall be subject to indemnification as and
to the extent provided in this Agreement.

 

(f)          
Further, nothing in this section shall require the applicable Master Servicer to take or fail to take any action
which, in such Master Servicer’s good faith and reasonable judgment, may (i) result in a violation of the REMIC Provisions
or (ii) subject such Master Servicer to liability or materially expand the scope of such Master Servicer’s obligations under
this Agreement.

 

(g)         
Notwithstanding the applicable Master Servicer’s right to make determinations relating to claims against such
Master Servicer, the applicable Special Servicer shall have the right at any time in accordance with the Servicing Standard to
(i) direct the applicable Master Servicer to settle any claims asserted against such Master Servicer (whether or not the Trust
or the applicable Special Servicer is named in any such claims or Trust-Related Litigation) (and with respect to any material settlements,
with the consent or consultation of the Subordinate Class Representative during a Subordinate Control Period or Collective Consultation
Period and other than with respect to any Excluded Loan, respectively) and (ii) otherwise reasonably direct the actions of the
applicable Master Servicer relating to claims against such Master Servicer (whether or not the Trust or the applicable Special
Servicer is named in any such claims or Trust-Related Litigation), provided in either case that (A) such settlement or other direction
does not require any admission of liability or wrongdoing on the part of the applicable Master Servicer, (B) the cost of such settlement
or any resulting judgment is and shall be paid by the Trust and

 

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payment of such cost or judgment is provided for in this Agreement,
(C) the applicable Master Servicer is and shall be indemnified as and to the extent provided in this Agreement for all costs and
expenses of such Master Servicer incurred in defending and settling the Trust-Related Litigation and for any judgment, (D) any
such action taken by the applicable Master Servicer at the direction of the applicable Special Servicer shall be deemed (as to
such Master Servicer) to be in compliance with the Servicing Standard and (E) the applicable Special Servicer provides the applicable
Master Servicer with assurance reasonably satisfactory to such Master Servicer as to the items in clauses (A), (B)
and (C).

 

(h)          
In the event both the applicable Master Servicer and the applicable Special Servicer or Trust are named in Trust-Related
Litigation, such Master Servicer and such Special Servicer shall cooperate with each other to afford such Master Servicer and
such Special Servicer the rights afforded to such party in this Section 3.32.

 

(i)           
This Section 3.32 shall not apply in the event the applicable Special Servicer authorizes the applicable
Master Servicer, and such Master Servicer agrees (both authority and agreement to be in writing), to make certain decisions or
control certain Trust-Related Litigation on behalf of the Trust in accordance with the Servicing Standard.

 

(j)           
Notwithstanding the foregoing, (A) in the event that any action, suit, litigation or proceeding names the Trustee
in its individual capacity, or in the event that any judgment is rendered against the Trustee in its individual capacity, the Trustee,
upon prior written notice to the applicable Master Servicer or the applicable Special Servicer, as applicable, may retain counsel
and appear in any such proceeding on its own behalf in order to protect and represent its interests (but not to otherwise direct,
manage or prosecute such litigation or claim); (B) in the event of any action, suit, litigation or proceeding, other than an action,
suit, litigation or proceeding relating to the enforcement of the obligations of a Mortgagor, guarantor or other obligor under
the related Mortgage Loan Documents, or otherwise relating to one or more Mortgage Loans or Mortgaged Properties, neither the applicable
Master Servicer nor the applicable Special Servicer shall, without the prior written consent of the Trustee, (i) initiate an action,
suit, litigation or proceeding in the name of the Trustee, whether in such capacity or individually, (ii) engage counsel to represent
the Trustee, or (iii) prepare, execute or deliver any government filings, forms, permits, registrations or other documents or take
any other similar actions with the intent to cause, and that actually causes, the Trustee to be registered to do business in any
state (provided that neither the applicable Master Servicer nor the applicable Special Servicer shall be responsible for any delay
due to the unwillingness of the Trustee to grant such consent); and (C) in the event that any court finds that the Trustee is a
necessary party in respect of any action, suit, litigation or proceeding relating to or arising from this Agreement or any Mortgage
Loan, the Trustee shall have the right to retain counsel and appear in any such proceeding on its own behalf in order to protect
and represent its interests, whether as Trustee or individually (but not to otherwise direct, manage or prosecute such litigation
or claim); provided, however, nothing in this subsection shall be interpreted to preclude the applicable Special
Servicer (with respect to any material Trust-Related Litigation, with the consent or consultation of the Subordinate Class Representative
during a Subordinate Control Period or Collective Consultation Period and other than with respect to any Excluded Loan, respectively,
to the extent required in Error! Reference source not found., respectively) from initiating any action, suit, litigation
or proceeding in its name as representative of the Trustee of the Trust.

 

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Section
3.33        Litigation
Control for Mortgage Loans and Serviced Loan Combinations as to which LNR Partners, LLC is not the Applicable Special Servicer.
The following terms and provisions of this Section 3.33 shall apply only to those Mortgage Loans and Serviced Loan Combinations
for which LNR Partners, LLC is not the applicable Special Servicer.

 

(a)          
The applicable Special Servicer shall, with respect to litigation involving Specially Serviced Mortgage Loans, and
the applicable Master Servicer shall, with respect to litigation involving non-Specially Serviced Mortgage Loans, and, in either
case, if the applicable Special Servicer or the applicable Master Servicer, as applicable, contemplates availing itself of indemnification
as provided for under Section 6.03 of this Agreement, such servicer shall, for the benefit of the Certificateholders, direct,
manage, prosecute, defend and/or settle any and all claims and litigation relating to (i) the enforcement of the obligations of
a Borrower under the related Mortgage Loan Documents and (ii) any action brought against the Trust or any party to this Agreement
with respect to the servicing of any such Mortgage Loan (the foregoing rights and obligations, “Litigation Control”).
Such Litigation Control shall be carried out in accordance with the terms of this Agreement, including, without limitation, the
Servicing Standard. Upon becoming aware of or being named in any claim or litigation that falls within the scope of Litigation
Control and is of a material nature (a “Material Litigation Control Matter”), the applicable Special Servicer
or applicable Master Servicer shall promptly notify the Subordinate Class Representative (during a Subordinate Control Period or
Collective Consultation Period and other than with respect to any Excluded Loan) and the Trust Advisor (during any Collective Consultation
Period and any Senior Consultation Period) of such claim or litigation.

 

(b)          
In connection with any Material Litigation Control Matter, the applicable Special Servicer or the applicable Master
Servicer, as applicable, shall submit any decision to commence any proceeding or similar action in a Material Litigation Control
Matter or any decision to agree to or propose any terms of settlement in a Material Litigation Control Matter to the Subordinate
Class Representative (during a Subordinate Control Period and other than with respect to any Excluded Loan) for its approval or
consent (or its deemed approval or deemed consent as provided below) and provide notice of any such decision to the related Serviced
Companion Loan Holder if such matter affects the related Serviced Companion Loan. Subject to Section 3.33(e), if and as
applicable, the applicable Special Servicer or applicable Master Servicer, as applicable, shall not take any action implementing
any such decision described in the preceding sentence unless and until it has notified in writing (other than with respect to any
Excluded Loan) the Subordinate Class Representative (during a Subordinate Control Period or Collective Consultation Period) and
the Subordinate Class Representative (during a Subordinate Control Period) has not objected in writing within five (5) Business
Days of receipt of such notice and receipt of all information that the Subordinate Class Representative has reasonably requested
with respect thereto promptly following its receipt of such notice. If such written objection has not been received by the applicable
Special Servicer or applicable Master Servicer, as applicable, within such 5-Business Day period, then the Subordinate Class Representative
shall be deemed to have approved the taking of such action; provided that, if the applicable Special Servicer or applicable
Master Servicer, as applicable, determines (consistent with the Servicing Standard) that immediate action is necessary to protect
the interests of the Certificateholders and, with respect to a Serviced Loan Combination, the related Companion Loan Holders, the
applicable Special Servicer or applicable Master Servicer, as applicable, may take such action without

 

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waiting for the Subordinate
Class Representative’s response; provided that the applicable Special Servicer or applicable Master Servicer, as applicable,
has confirmation that the Subordinate Class Representative has received notice of such action in writing. Nothing in this Section
3.33 shall be construed to alter, modify, limit or expand the Trust Advisor’s duties, rights and obligations in this
Agreement, including, without limitation, in Sections 3.24, 3.28, 6.03 and 6.05, and the Trust Advisor
shall not be required to review the actions of the applicable Special Servicer with respect to the applicable Special Servicer’s
Litigation Control unless such review is otherwise related to the performance of the Trust Advisor’s duties, rights and obligations
in respect of a Final Asset Status Report and/or Asset Status Report.

 

(c)          
Notwithstanding anything contained herein to the contrary, with respect to any Material Litigation Control Matter
otherwise required to be exercised hereunder by the applicable Master Servicer relating to a Mortgage Loan or Loan Combination
(in each case, other than with respect to any Excluded Loan) that has either (i) been satisfied or paid in full, or (ii) as to
which a Final Recovery Determination has been made, but subject to Section 3.33(d), after receiving the required notice
from the applicable Master Servicer set forth above that the applicable Master Servicer became aware of or was named in any such
claims or litigation, the Subordinate Class Representative (during a Subordinate Control Period) may direct the applicable Master
Servicer and the applicable Special Servicer in writing that such Litigation Control nevertheless be exercised by the applicable
Special Servicer; provided, however, that the applicable Special Servicer (with the consent of the Subordinate Class
Representative (during a Subordinate Control Period)) has determined and advised the applicable Master Servicer (and the applicable
Master Servicer has reasonably concurred) that its actions with respect to such obligations are indemnifiable under Section
6.03 hereof, and accordingly, any loss, liability or expense (including legal fees and expenses incurred up until such date
of transfer of Litigation Control to the applicable Special Servicer) arising from the related legal action or claim underlying
such Litigation Control and not otherwise paid to the applicable Master Servicer pursuant to Section 6.03 of this Agreement
shall be payable by the Trust Fund; provided, further, so as long as the Trust Fund and any applicable Other Trustee
are fully indemnified and/or made whole with respect to the related legal action or claim underlying such Litigation Control from
recoveries with respect to such legal action or claim, the Majority Subordinate Certificateholder shall be reimbursed up to the
amount of compensation paid to the applicable Special Servicer for assuming and handling such Litigation Control but only to the
extent that such recoveries exceed the amount necessary to fully indemnify and make the Trust Fund whole.

 

(d)          
Notwithstanding the foregoing, (i) if any action, suit, litigation or proceeding names the Trustee, the Trust Advisor,
the Certificate Administrator, the applicable Master Servicer (if such party does not have Litigation Control) or the applicable
Special Servicer (if such party does not have Litigation Control) in their individual capacity, or if any judgment is rendered
against the Trustee, the Trust Advisor, the Certificate Administrator, the applicable Master Servicer (if such party does not have
Litigation Control) or the applicable Special Servicer (if such party does not have Litigation Control) in their individual capacity,
the Trustee, the Trust Advisor, the Certificate Administrator, the applicable Master Servicer (if such party does not have Litigation
Control) or the applicable Special Servicer (if such party does not have Litigation Control), as the case may be, upon prior written
notice to the applicable Master Servicer or the applicable Special Servicer, as applicable (i.e., whichever has Litigation Control),
may retain counsel and appear in any such proceeding on its own behalf in order to protect and

 

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represent its interests (but not
to direct, manage or prosecute such litigation or claim); (ii) in any action, suit, litigation or proceeding, other than an action,
suit, litigation or proceeding relating to the enforcement of the obligations of a Borrower under the related loan documents or
otherwise relating to the servicing of a Mortgage Loan, Loan Combination or Mortgaged Property, neither the applicable Master Servicer
nor the applicable Special Servicer, as applicable, shall, without the prior written consent of the Trustee or the Certificate
Administrator, as applicable, (A) initiate any action, suit, litigation or proceeding in the name of the Trustee or the Certificate
Administrator, whether in such capacity or individually, (B) engage counsel to represent the Trustee or the Certificate Administrator,
or (C) prepare, execute or deliver any government filings, forms, permits, registrations or other documents or take any other similar
action with the intent to cause, and that actually causes, the Trustee or the Certificate Administrator to be registered to do
business in any state (provided that neither the applicable Master Servicer nor the applicable Special Servicer shall be
responsible for any delay due to the unwillingness of the Certificate Administrator or the Trustee, as applicable, to grant such
consent); and (iii) if any court finds that the Trustee, the Trust Advisor, the Certificate Administrator, the applicable Master
Servicer (if such party does not have Litigation Control) or the applicable Special Servicer (if such party does not have Litigation
Control) is a necessary party in respect of any action, suit, litigation or proceeding relating to or arising from this Agreement
or any Mortgage Loan or Loan Combination, the Trustee, the Trust Advisor, the Certificate Administrator, the applicable Master
Servicer or the applicable Special Servicer shall each have the right to retain counsel and appear in any such proceeding on its
own behalf in order to protect and represent its interest (but not to otherwise direct, manage or prosecute such litigation or
claim). Subject to the rights of the Subordinate Class Representative under this Section 3.33, nothing in this paragraph
shall be interpreted to preclude either the applicable Master Servicer or the applicable Special Servicer, as applicable, from
initiating any Litigation Control-related action, suit, litigation or proceeding in its name as a representative of the Trust Fund.

 

(e)          
Notwithstanding anything herein to the contrary, no advice, direction, objection of, or consent given or withheld
by the Subordinate Class Representative shall (i) require or cause the applicable Special Servicer or the applicable Master Servicer
to violate any provision of any Mortgage Loan Documents, any related Intercreditor Agreement, any related intercreditor, co-lender
or similar agreement, applicable law, this Agreement or the REMIC Provisions, including without limitation, the applicable Master
Servicer’s or the applicable Special Servicer’s obligation to act in accordance with the Servicing Standard and the
related Mortgage Loan Documents, and to maintain the REMIC status of any Trust REMIC, (ii) result in the imposition of a tax on
any Trust REMIC under the REMIC Provisions or cause any REMIC Pool 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, (iii) expose
the applicable Master Servicer, the applicable Special Servicer, the Certificate Administrator, the Depositor, the Trust Advisor,
the Trust Fund or the Trustee or any of their respective Affiliates, officers, directors, shareholders, partners, members, managers,
employees or agents to any claim, suit, or liability for which this Agreement does not provide indemnification to such party or
expose any such party to prosecution for a criminal offense, or (iv) materially expand the scope of the applicable Special Servicer’s,
the applicable Master Servicer’s, the Certificate Administrator’s, the Trustee’s or the Trust Advisor’s
responsibilities under this Agreement; and neither the applicable Special Servicer nor the applicable Master Servicer shall follow
any such

 

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advice, direction or objection if given by the Subordinate Class Representative, or initiate any such actions, that would
have the effect described in clauses (i)-(iv) of this sentence.

 

Section
3.34        Matters
Regarding the One Court Square Loan Combination.

 

(a)         
Midland Loan Services, a Division of PNC Bank, National Association, shall act as One Court Square Special Servicer
with respect to the One Court Square Loan Combination subject to the terms and conditions specified herein. Pursuant to the related
Intercreditor Agreement, such Special Servicer may be replaced by the “Directing Holder” with a successor Special Servicer
that is not prohibited from acting as such pursuant to the terms of Section 9.4(c) of the related loan agreement.

 

(b)         
The fees that the Special Servicer may charge the related Borrower, excluding any such fees of the Special Servicer
that are incurred when an “event of default” has occurred and is continuing under the One Court Square Loan Combination,
shall not exceed $250,000 in the aggregate over the term of the One Court Square Loan Combination (as provided in Section 5.17(x)
of the related loan agreement).

 

(c)         
The Special Servicer may not transfer any of the Notes evidencing the One Court Square Mortgage Loan in violation
of the restrictions set forth in Section 9.5 of the related loan agreement.

 

(d)         
The role of “Administrative Agent,” as described in the related loan agreement, shall be performed by
the applicable Master Servicer and the One Court Square Special Servicer, as appropriate (except that any reference to the Administrative
Agent as the holder of Note A-1 (as provided in Section 9.4(c) of the related loan agreement) shall continue to refer to Natixis
in its individual capacity).

 

Article
IV

PAYMENTS TO CERTIFICATEHOLDERS

 

Section
4.01        Distributions.
 (a) On each Distribution Date, the Certificate Administrator shall apply amounts on deposit in the Distribution Account for the
following purposes and in the following order of priority, in each case to the extent of the remaining portion of the Available
Distribution Amount for such Distribution Date:

 

(1)         to make distributions of interest to the Holders of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB, Class
X-A, Class X-E, Class X-FG and Class X-H Certificates, up to an amount equal to, and pro rata as among such Holders of such
Classes in accordance with, the Interest Distribution Amounts in respect of each such Class for such Distribution Date;

 

(2)         to make distributions of principal to the Holders of the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-SB
Certificates, in the following amounts and order of priority (the aggregate amount of such distribution not to exceed the Principal
Distribution Amount for such Distribution Date):

 

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(A)             
first, to the Holders of the Class A-SB Certificates, an amount equal to the lesser of (1) the Principal Distribution
Amount for such Distribution Date, and (2) the excess of (a) the Class Principal Balance of the Class A-SB Certificates immediately
prior to such Distribution Date over (b) the Class A-SB Planned Principal Balance for such Distribution Date;

 

(B)             
second, to the Holders of the Class A-1 Certificates, an amount equal to the lesser of (1) the Principal Distribution
Amount for such Distribution Date, reduced by any portion of such amount that is allocable to the Class A-SB Certificates as described
in the immediately preceding clause (A) and (2) the Class Principal Balance of the Class A-1 Certificates immediately
prior to such Distribution Date;

 

(C)             
third, to the Holders of the Class A-2 Certificates, an amount equal to the lesser of (1) the Principal Distribution
Amount for such Distribution Date, reduced by any portion of such amount that is allocable to the Class A-SB and Class A-1 Certificates
as described in the immediately preceding clauses (A) and (B) and (2) the Class Principal Balance of the Class A-2
Certificates immediately prior to such Distribution Date;

 

(D)             
fourth, to the Holders of the Class A-3 Certificates, an amount equal to the lesser of (1) the Principal Distribution
Amount for such Distribution Date, reduced by any portion of such amount that is allocable to the Class A-SB, Class A-1 and Class
A-2 Certificates as described in the immediately preceding clauses (A), (B) and (C) and (2) the Class
Principal Balance of the Class A-3 Certificates immediately prior to such Distribution Date;

 

(E)              
fifth, to the Holders of the Class A-4 Certificates, an amount equal to the lesser of (1) the Principal Distribution
Amount for such Distribution Date, reduced by any portion of such amount that is allocable to the Class A-SB, Class A-1, Class
A-2 and Class A-3 Certificates as described in the immediately preceding clauses (A), (B), (C) and (D)
and (2) the Class Principal Balance of the Class A-4 Certificates immediately prior to such Distribution Date;

 

(F)             
sixth, to the Holders of the Class A-SB Certificates, an amount equal to the lesser of (1) the Principal Distribution
Amount for such Distribution Date, reduced by any portion of such amount that is allocable to the Class A-SB, Class A-1, Class
A-2, Class A-3 and Class A-4 Certificates as described in the immediately preceding clauses (A), (B), (C),
(D) and (E) and (2) the Class Principal Balance of the Class A-SB Certificates following the distributions to the
Class A-SB Certificates pursuant to clause (A) above;

 

(3)        
to make distributions to the Holders of the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-SB Certificates,
up to an amount equal to, pro rata as among such Holders of such Classes in accordance with, and in reimbursement of, all
Realized Losses and Additional Trust Fund Expenses, if any, previously allocated to each such Class pursuant to Section 4.04(a)
and not previously reimbursed;

 

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(4)         
to make distributions of interest to the Holders of the Class A-S Regular Interest, up to an amount equal to the
Interest Distribution Amount in respect of the Class A-S Regular Interest for such Distribution Date, such distributions to be
allocated between the Class A-S Certificates and Class A-S-PEX Component in accordance with the Class A-S Percentage Interest for
such Distribution Date and the Class A-S-PEX Percentage Interest for such Distribution Date, respectively;

 

(5)          
after the Class Principal Balances of the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-SB Certificates
have been reduced to zero, to make distributions of principal to the Holders of the Class A-S Regular Interest, up to an amount
(not to exceed the Class Principal Balance of the Class A-S Regular Interest outstanding immediately prior to such Distribution
Date) equal to the entire Principal Distribution Amount for such Distribution Date (net of any portion thereof distributed on such
Distribution Date to the Holders of any other Class of Principal Balance Certificates pursuant to any prior clause of this Section 4.01(a)),
such distributions to be allocated between the Class A-S Certificates and Class A-S-PEX Component in accordance with the Class
A-S Percentage Interest for such Distribution Date and the Class A-S-PEX Percentage Interest for such Distribution Date, respectively;

 

(6)          
to make distributions to the Holders of the Class A-S Regular Interest, up to an amount equal to, and in reimbursement
of, all Realized Losses and Additional Trust Fund Expenses, if any, previously allocated to the Class A-S Regular Interest pursuant
to Section 4.04(a) and not previously reimbursed, such distributions to be allocated between the Class A-S Certificates
and Class A-S-PEX Component in accordance with the Class A-S Percentage Interest for such Distribution Date and the Class A-S-PEX
Percentage Interest for such Distribution Date, respectively;

 

(7)          
to make distributions of interest to the Holders of the Class B Regular Interest, up to an amount equal to the Interest
Distribution Amount in respect of the Class B Regular Interest for such Distribution Date, such distributions to be allocated between
the Class B Certificates and Class B-PEX Component in accordance with the Class B Percentage Interest for such Distribution Date
and the Class B-PEX Percentage Interest for such Distribution Date, respectively;

 

(8)          
after the Class Principal Balances of the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-SB Certificates
and the Class A-S Regular Interest have been reduced to zero, to make distributions of principal to the Holders of the Class B
Regular Interest, up to an amount (not to exceed the Class Principal Balance of the Class B Regular Interest outstanding immediately
prior to such Distribution Date) equal to the entire Principal Distribution Amount for such Distribution Date (net of any portion
thereof distributed on such Distribution Date to the Holders of any other Class of Principal Balance Certificates or the Class
A-S Regular Interest pursuant to any prior clause of this Section 4.01(a)), such distributions to be allocated between
the Class B Certificates and Class B-PEX Component in accordance with the Class B Percentage Interest for such Distribution Date
and the Class B-PEX Percentage Interest for such Distribution Date, respectively;

 

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(9)          
to make distributions to the Holders of the Class B Regular Interest, up to an amount equal to, and in reimbursement
of, all Realized Losses and Additional Trust Fund Expenses, if any, previously allocated to the Class B Regular Interest pursuant
to Section 4.04(a) and not previously reimbursed, such distributions to be allocated between the Class B Certificates
and Class B-PEX Component in accordance with the Class B Percentage Interest for such Distribution Date and the Class B-PEX Percentage
Interest for such Distribution Date, respectively;

 

(10)         to make distributions of interest to the Holders of the Class C Regular Interest, up to an amount equal to the Interest
Distribution Amount in respect of the Class C Regular Interest for such Distribution Date, such distributions to be allocated between
the Class C Certificates and Class C-PEX Component in accordance with the Class C Percentage Interest for such Distribution Date
and the Class C-PEX Percentage Interest for such Distribution Date, respectively;

 

(11)         after
the Class Principal Balance of the Class B Regular Interest has been reduced to zero, to make distributions of principal to
the Holders of the Class C Regular Interest, up to an amount (not to exceed the Class Principal Balance of the Class C
Regular Interest outstanding immediately prior to such Distribution Date) equal to the entire Principal Distribution Amount
for such Distribution Date (net of any portion thereof distributed on such Distribution Date to the Holders of any other
Class of Principal Balance Certificates or the Class A-S Regular Interest or Class B Regular Interest pursuant to any prior
clause of this Section 4.01(a)), such distributions to be allocated between the Class C Certificates and Class
C-PEX Component in accordance with the Class C Percentage Interest for such Distribution Date and the Class C-PEX Percentage
Interest for such Distribution Date, respectively;

 

(12)          
to make distributions to the Holders of the Class C Regular Interest, up to an amount equal to, and in reimbursement
of, all Realized Losses and Additional Trust Fund Expenses, if any, previously allocated to the Class C Regular Interest pursuant
to Section 4.04(a) and not previously reimbursed, such distributions to be allocated between the Class C Certificates
and Class C-PEX Component in accordance with the Class C Percentage Interest for such Distribution Date and the Class C-PEX Percentage
Interest for such Distribution Date, respectively;

 

(13)          
to make distributions of interest to the Holders of the Class D and Class X-D Certificates, up to an amount equal
to, and pro rata as among such Holders of such Classes in accordance with, the Interest Distribution Amount in respect of
such Class of Certificates for such Distribution Date;

 

(14)          
after the Class Principal Balance of the Class C Regular Interest has been reduced to zero, to make distributions
of principal to the Holders of the Class D Certificates, up to an amount (not to exceed the Class Principal Balance of such Class
of Certificates outstanding immediately prior to such Distribution Date) equal to the entire Principal Distribution Amount for
such Distribution Date (net of any portion thereof distributed on such Distribution Date to the Holders of any other Class of
Principal

 

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Balance Certificates or the Class A-S Regular Interest, Class B Regular Interest or Class C Regular Interest pursuant to any prior
clause of this Section 4.01(a));

 

(15)          
to make distributions to the Holders of the Class D Certificates, up to an amount equal to, and in reimbursement
of, all Realized Losses and Additional Trust Fund Expenses, if any, previously allocated to such Class of Certificates pursuant
to Section 4.04(a) and not previously reimbursed;

 

(16)          
to make distributions of interest to the Holders of the Class E Certificates, up to an amount equal to the Interest
Distribution Amount in respect of such Class of Certificates for such Distribution Date;

 

(17)          
after the Class Principal Balance of the Class D Certificates has been reduced to zero, to make distributions of
principal to the Holders of the Class E Certificates, up to an amount (not to exceed the Class Principal Balance of such Class
of Certificates outstanding immediately prior to such Distribution Date) equal to the entire Principal Distribution Amount for
such Distribution Date (net of any portion thereof distributed on such Distribution Date to the Holders of any other Class of Principal
Balance Certificates or the Class A-S Regular Interest, Class B Regular Interest or Class C Regular Interest pursuant to any prior
clause of this Section 4.01(a));

 

(18)          
to make distributions to the Holders of the Class E Certificates, up to an amount equal to, and in reimbursement
of, all Realized Losses and Additional Trust Fund Expenses, if any, previously allocated to such Class of Certificates pursuant
to Section 4.04(a) and not previously reimbursed;

 

(19)          
to make distributions of interest to the Holders of the Class F Certificates, up to an amount equal to the Interest
Distribution Amount in respect of such Class of Certificates for such Distribution Date;

 

(20)          
after the Class Principal Balance of the Class E Certificates has been reduced to zero, to make distributions of
principal to the Holders of the Class F Certificates, up to an amount (not to exceed the Class Principal Balance of such Class
of Certificates outstanding immediately prior to such Distribution Date) equal to the entire Principal Distribution Amount for
such Distribution Date (net of any portion thereof distributed on such Distribution Date to the Holders of any other Class of Principal
Balance Certificates or the Class A-S Regular Interest, Class B Regular Interest or Class C Regular Interest pursuant to any prior
clause of this Section 4.01(a));

 

(21)          
to make distributions to the Holders of the Class F Certificates, up to an amount equal to, and in reimbursement
of, all Realized Losses and Additional Trust Fund Expenses, if any, previously allocated to such Class of Certificates pursuant
to Section 4.04(a) and not previously reimbursed;

 

(22)          
to make distributions of interest to the Holders of the Class G Certificates, up to an amount equal to the Interest
Distribution Amount in respect of such Class of Certificates for such Distribution Date;

 

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(23)          
after the Class Principal Balance of the Class F Certificates has been reduced to zero, to make distributions of
principal to the Holders of the Class G Certificates, up to an amount (not to exceed the Class Principal Balance of such Class
of Certificates outstanding immediately prior to such Distribution Date) equal to the entire Principal Distribution Amount for
such Distribution Date (net of any portion thereof distributed on such Distribution Date to the Holders of any other Class of Principal
Balance Certificates or the Class A-S Regular Interest, Class B Regular Interest or Class C Regular Interest pursuant to any prior
clause of this Section 4.01(a));

 

(24)          
to make distributions to the Holders of the Class G Certificates, up to an amount equal to, and in reimbursement
of, all Realized Losses and Additional Trust Fund Expenses, if any, previously allocated to such Class of Certificates pursuant
to Section 4.04(a) and not previously reimbursed;

 

(25)          
to make distributions of interest to the Holders of the Class H Certificates, up to an amount equal to the Interest
Distribution Amount in respect of such Class of Certificates for such Distribution Date;

 

(26)          
after the Class Principal Balance of the Class G Certificates has been reduced to zero, to make distributions of
principal to the Holders of the Class H Certificates, up to an amount (not to exceed the Class Principal Balance of such Class
of Certificates outstanding immediately prior to such Distribution Date) equal to the entire Principal Distribution Amount for
such Distribution Date (net of any portion thereof distributed on such Distribution Date to the Holders of any other Class of Principal
Balance Certificates or the Class A-S Regular Interest, Class B Regular Interest or Class C Regular Interest pursuant to any prior
clause of this Section 4.01(a));

 

(27)          
to make distributions to the Holders of the Class H Certificates, up to an amount equal to, and in reimbursement
of, all Realized Losses and Additional Trust Fund Expenses, if any, previously allocated to such Class of Certificates pursuant
to Section 4.04(a) and not previously reimbursed;

 

(28)          
to make distributions first, to the Holders of the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-SB
Certificates, pro rata as among such Holders of such Classes, and then to the Class A-S Regular Interest, Class B
Regular Interest and Class C Regular Interest, in that order, and then to the Holders of the Class D, Class E, Class F,
Class G and Class H Certificates, in that order, for any amounts that may previously have been allocated to those Classes in reduction
of their Certificate Principal Balances and for which reimbursement has not previously been made; and

 

(29)          
to make distributions to the Holders of the Class R Certificates, up to an amount equal to the excess, if any, of
(A) the Available Distribution Amount for such Distribution Date, over (B) the aggregate distributions made in respect of the Classes
of Regular Certificates and the Class A-S Regular Interest, Class B Regular Interest and Class C Regular Interest on such Distribution
Date pursuant to the prior clauses of this Section 4.01(a).

 

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Any distributions of
interest made with respect to the Interest Only Certificates on any Distribution Date pursuant to clause (1) above
shall be deemed to have been allocated among the respective REMIC III Components of each such Class of Certificates, and on a pro
rata basis in accordance with the respective amounts of Accrued Component Interest for such REMIC III Components for such Distribution
Date.

 

Notwithstanding any
contrary provision described above, if (I) as of the commencement of business on such Distribution Date, (i) any Class A-1, Class
A-2, Class A-3, Class A-4 or Class A-SB Certificate remains outstanding and (ii) the aggregate of the Class Principal Balances
of the Class A-S Regular Interest, Class B Regular Interest and Class C Regular Interest and the Class D, Class E, Class F, Class
G and Class H Certificates have previously been reduced to zero as a result of the allocation of Realized Losses and Additional
Trust Fund Expenses pursuant to Section 4.04(a), or (II) such Distribution Date is the Final Distribution Date, then,
in each case, the Certificate Administrator shall, in lieu of the distributions otherwise required under clause (2)
above, make distributions of principal to the Holders of the Classes of the Class A Certificates, up to an amount (not to exceed
the aggregate of the Class Principal Balances of such Classes of Certificates outstanding immediately prior to such Distribution
Date) equal to, and pro rata as among such Holders of such Classes in accordance with their Class Principal Balances outstanding
immediately prior to such Distribution Date, the entire Principal Distribution Amount for such Distribution Date.

 

Also notwithstanding
any contrary provision described above, if the Available Distribution Amount for any Distribution Date includes any recoveries
of Trust Advisor Expenses (other than Designated Trust Advisor Expenses) from a source other than the proceeds of the Mortgage
Loans, the Certificate Administrator shall, prior to the distributions described above, distribute such recoveries to the Holders
of any Principal Balance Certificates that experienced write-offs in connection with Trust Advisor Expenses under Section 4.05.
Such distributions shall be made to the Holders of the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-SB Certificates (on
a pro rata basis based on the write-offs previously experienced by such Classes in respect of Trust Advisor Expenses (other
than Designated Trust Advisor Expenses)), and then to the Holders of the Class A-S Regular Interest, Class B Regular Interest,
Class C Regular Interest and the Class D Certificates, in that order, in each case up to the amount of such write-offs previously
experienced by such Class in respect of Trust Advisor Expenses (other than Designated Trust Advisor Expenses) under such Section 4.05.
Any amounts in respect of recoveries of Trust Advisor Expenses distributed in respect of the Class A-S Regular Interest, Class
B Regular Interest or Class C Regular Interest for any Distribution Date shall be distributed (i) in the case of the Class A-S
Regular Interest, between the Class A-S Certificates and Class A-S-PEX Component in accordance with the Class A-S Percentage Interest
for such Distribution Date and the Class A-S-PEX Percentage Interest for such Distribution Date, respectively, (ii) in the case
of the Class B Regular Interest, between the Class B Certificates and Class B-PEX Component in accordance with the Class B Percentage
Interest for such Distribution Date and the Class B-PEX Percentage Interest for such Distribution Date, respectively, and (iii)
in the case of the Class C Regular Interest, between the Class C Certificates and Class C-PEX Component in accordance with the
Class C Percentage Interest for such Distribution Date and the Class C-PEX Percentage Interest for such Distribution Date, respectively.

 

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While the Class Principal
Balance of any Class of Certificates has been reduced to zero, such Class shall not be entitled to any further distributions in
respect of interest or principal other than reimbursement of Realized Losses, Additional Trust Fund Expenses and other amounts
provided for in this Section 4.01.

 

(b)          
[Reserved.]

 

(c)          
Funds on deposit in the Distribution Account on each Distribution Date that represent Prepayment Premiums or Yield
Maintenance Charges Received by the Trust with respect to any Mortgage Loan or REO Mortgage Loan during the related Collection
Period, in each case net of any Liquidation Fees payable therefrom, shall be distributable as follows: if any Yield Maintenance
Charge or Prepayment Premium is collected during any particular Collection Period with respect to any Mortgage Loan, then on the
Distribution Date corresponding to that Collection Period, the Certificate Administrator shall pay a portion of that Yield Maintenance
Charge or Prepayment Premium (net of Liquidation Fees payable therefrom) in the following manner: (1) to each of the Class A-1,
Class A-2, Class A-3, Class A-4, Class A-SB and Class D Certificates and Class A-S, Class B and Class C Regular Interests, the
product of (a) such Yield Maintenance Charge or Prepayment Premium, (b) the related Base Interest Fraction for such Class of Certificates
or REMIC III Regular Interest, as the case may be, and (c) a fraction, the numerator of which is equal to the amount of principal
distributed to such Class of Certificates or REMIC III Regular Interest for that Distribution Date, and the denominator of which
is the total amount of principal distributed to all Principal Balance Certificates (other than the Exchangeable Certificates) and
REMIC III Regular Interests for that Distribution Date, and (2) to the Class X-A Certificates, any remaining such Yield Maintenance
Charge or Prepayment Premium not distributed pursuant to clause (1) of this Section 4.01(c). No Prepayment Premiums
or Yield Maintenance Charges will be distributed to the Holders of the Class X-D, Class X-E, Class X-FG, Class X-H, Class E, Class
F, Class G, Class H or Class R Certificates. Any funds distributed on any such Class of Certificates or REMIC III Regular Interest
in respect of any Prepayment Premium or Yield Maintenance Charge pursuant to this Section 4.01(c) shall constitute
an “Additional Yield Amount” for such Class.

 

Any distributions of
Yield Maintenance Charges and Prepayment Premiums in respect of the Class A-S Regular Interest, Class B Regular Interest or Class
C Regular Interest on any Distribution Date shall be distributed (i) in the case of the Class A-S Regular Interest, between the
Class A-S Certificates and Class A-S-PEX Component in accordance with the Class A-S Percentage Interest for such Distribution Date
and the Class A-S-PEX Percentage Interest for such Distribution Date, respectively, (ii) in the case of the Class B Regular Interest,
between the Class B Certificates and Class B-PEX Component in accordance with the Class B Percentage Interest for such Distribution
Date and the Class B-PEX Percentage Interest for such Distribution Date, respectively, and (iii) in the case of the Class C Regular
Interest, between the Class C Certificates and Class C-PEX Component in accordance with the Class C Percentage Interest for such
Distribution Date and the Class C-PEX Percentage Interest for such Distribution Date, respectively.

 

For purposes of the
second preceding paragraph, the relevant “Base Interest Fraction” in connection with any Principal Prepayment
of any Mortgage Loan that provides for the payment of a Yield Maintenance Charge or Prepayment Premium, and with respect to any
Class of

 

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Principal Balance Certificates (other than the Exchangeable Certificates) and the Class A-S Regular Interest, Class B
Regular Interest and Class C Regular Interest, shall be a fraction (A) the numerator of which is the greater of (x) zero and (y)
the difference between (i) the Pass-Through Rate on such Class or the Class A-S Regular Interest, Class B Regular Interest or Class
C Regular Interest, as applicable, for the related Distribution Date, and (ii) the applicable Discount Rate and (B) the denominator
of which is the difference between (i) the Mortgage Rate on such Mortgage Loan and (ii) the applicable Discount Rate; provided
that: (a) under no circumstances will the Base Interest Fraction be greater than 1.0; (b) if the applicable Discount Rate is greater
than or equal to the Mortgage Rate on such Mortgage Loan and is greater than or equal to the Pass-Through Rate on such Class for
the related Distribution Date, then the Base Interest Fraction will equal zero; and (c) if the applicable Discount Rate is greater
than or equal to the Mortgage Rate on such Mortgage Loan and is less than the Pass-Through Rate on such Class for the related Distribution
Date, then the Base Interest Fraction shall be equal to 1.0. If a Mortgage Loan provides for a step-up in the Mortgage Rate, then
the Mortgage Rate used in the determination of the Base Interest Fraction will be the Mortgage Rate in effect at the time of the
prepayment.

 

For purposes of the
preceding paragraph, the relevant “Discount Rate” in connection with any Prepayment Premium or Yield Maintenance
Charge collected on any prepaid Mortgage Loan or REO Mortgage Loan and distributable on any Distribution Date shall be a rate per
annum equal to (i) if a discount rate was used in the calculation of the applicable Prepayment Premium or Yield Maintenance
Charge pursuant to the terms of the relevant Mortgage Loan or REO Mortgage Loan, as the case may be, such discount rate (as reported
by the applicable Master Servicer), converted (if necessary) to a monthly equivalent yield, or (ii) if a discount rate was not
used in the calculation of the applicable Prepayment Premium or Yield Maintenance Charge pursuant to the terms of the relevant
Mortgage Loan or REO Mortgage Loan, as the case may be, the yield calculated by the linear interpolation of the yields (as reported
under the heading “U.S. Government Securities/Treasury Constant Maturities” in Federal Reserve Statistical Release
H.15 (519) published by the Federal Reserve Board for the week most recently ended before the date of the relevant prepayment (or
deemed prepayment) of U.S. Treasury constant maturities with a maturity date, one longer and one shorter, most nearly approximating
the related Stated Maturity Date (in the case of a Mortgage Loan or REO Mortgage Loan that is not related to an ARD Mortgage Loan)
or the related Anticipated Repayment Date (in the case of a Mortgage Loan or REO Mortgage Loan that is related to an ARD Mortgage
Loan), such interpolated yield converted to a monthly equivalent yield. If Federal Reserve Statistical Release H.15 (519) is no
longer published, the Certificate Administrator shall select a comparable publication as the source of the applicable yields of
U.S. Treasury constant maturities.

 

(d)          
[Reserved.]

 

(e)          
All distributions made with respect to each Class of Certificates on each Distribution Date shall be allocated pro
rata among the outstanding Certificates in such Class based on their respective Percentage Interests. Except as otherwise provided
below, all such distributions with respect to each Class of Certificates on each Distribution Date shall be made to the Certificateholders
of the respective Class of record at the close of business on the related Record Date and shall be made by wire transfer of immediately
available funds to the account of any such Certificateholder at a bank or other entity having appropriate facilities therefor,
if such

 

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Certificateholder shall have provided the Certificate Administrator with wiring instructions no less than five (5) Business
Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent
Distribution Dates), or otherwise by check mailed to the address of such Certificateholder as it appears in the Certificate Register.
The final distribution on each Certificate (determined, in the case of a Principal Balance Certificate, without regard to any possible
future reimbursement of any Realized Loss or Additional Trust Fund Expense previously allocated to such Certificate pursuant to
Section 4.04(a)) will be made in a like manner, but only upon presentation and surrender of such Certificate at the
offices of the Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.
Prior to any termination of the Trust Fund pursuant to Section 9.01, any distribution that is to be made with respect
to a Certificate in reimbursement of a Realized Loss or Additional Trust Fund Expense previously allocated thereto, which reimbursement
is to occur after the date on which such Certificate is surrendered as contemplated by the preceding sentence, will be made by
check mailed to the address of the Certificateholder that surrendered such Certificate as such address last appeared in the Certificate
Register or to any other address of which the Certificate Administrator was subsequently notified in writing. If such check is
returned to the Certificate Administrator, then the Certificate Administrator, directly or through an agent, shall take such reasonable
steps to contact the related Holder and deliver such check as it shall deem appropriate. Any funds in respect of a check returned
to the Certificate Administrator shall be set aside by the Certificate Administrator and held uninvested in trust and credited
to the account of the appropriate Holder. The costs and expenses of locating the appropriate Holder and holding such funds shall
be paid out of such funds. No interest shall accrue or be payable to any former Holder on any amount held in trust hereunder. If
the Certificate Administrator has not, after having taken such reasonable steps, located the related Holder by the second anniversary
of the initial sending of a check, the Certificate Administrator shall, subject to applicable law, distribute the unclaimed funds
to the Class R Certificateholders.

 

(f)          
Each distribution with respect to a Book-Entry Certificate shall be paid to the Depository, as Holder thereof, and
the Depository shall be responsible for crediting the amount of such distribution to the accounts of its Depository Participants
in accordance with its normal procedures. Each Depository Participant shall be responsible for disbursing such distribution to
the related Certificate Owners that it represents and to each indirect participating brokerage firm for which it acts as agent.
Each indirect participating brokerage firm shall be responsible for disbursing funds to the related Certificate Owners that it
represents. None of the Trustee, the Certificate Administrator, the Certificate Registrar, the Trust Advisor, the Depositor, the
applicable Special Servicer or the applicable Master Servicer shall have any responsibility therefor except as otherwise provided
by this Agreement or applicable law. The Certificate Administrator and the Depositor shall perform their respective obligations
under the letters of representation between the Issuer and the initial Depository dated as of the Closing Date and pertaining to
the Book-Entry Certificates, a copy of which Letters of Representations are attached hereto as Exhibit B.

 

(g)          
The rights of the Certificateholders to receive distributions from the proceeds of the Trust Fund with respect to
the Certificates, and all rights and interests of the Certificateholders in and to such distributions, shall be as set forth in
this Agreement. Neither the Holders of any Class of Certificates nor any party hereto shall in any way be responsible or

 

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liable
to the Holders of any other Class of Certificates with respect to amounts properly previously distributed on the Certificates.

 

(h)         
Except as otherwise provided in Section 9.01, whenever the Certificate Administrator receives written
notification of or expects that the final distribution with respect to any Class of Certificates (determined, in the case of a
Class of Principal Balance Certificates or the Class A-S Regular Interest, Class B Regular Interest or Class C Regular Interest,
without regard to any possible future reimbursement of any Realized Loss or Additional Trust Fund Expense previously allocated
to such Class of Certificates pursuant to Section 4.04(a)) will be made on the next Distribution Date, the Certificate
Administrator shall, no later than the second Business Day prior to such Distribution Date, mail to each Holder of record of such
Class of Certificates on such date (with a copy to be posted to the Certificate Administrator’s Website in accordance with
Section 8.12(b)) a notice to the effect that:

 

(i)          
the Certificate Administrator expects 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
Registrar or at such other location therein specified, and

 

(ii)          
no interest shall accrue on such Certificates from and after the end of the Interest Accrual Period for such Distribution
Date.

 

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 uninvested in trust and credited to the account or accounts of the appropriate
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 in order to receive the final distribution with respect thereto. If within one year after the second notice all such
Certificates shall not have been surrendered for cancellation, then the Certificate Administrator, directly or through an agent,
shall take such steps to contact the remaining non-tendering Certificateholders concerning the surrender of their Certificates
as it shall deem appropriate. The costs and expenses of holding such funds in trust and of contacting such non-tendering Certificateholders
following the first anniversary of the delivery of such second notice thereto shall be paid out of such funds. No interest shall
accrue or be payable to any former Holder on any amount held in trust pursuant to this paragraph. If all of the Certificates as
to which notice has been given pursuant to this Section 4.01(h) shall not have been surrendered for cancellation by
the second anniversary of the delivery of the second notice, the Certificate Administrator shall, subject to applicable law, distribute
to the Class R Certificateholders all unclaimed funds and other assets which remain subject thereto.

 

(i)          
All distributions made in respect of each Class of Principal Balance Certificates (other than the Class A-S, Class
B, Class C and Class PEX Certificates) and the Class A-S Regular Interest, Class B Regular Interest and Class C Regular Interest
on each Distribution Date (including the Final Distribution Date) pursuant to Section 4.01(a) or Section 4.01(c)
above shall

 

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be deemed to have first been distributed from REMIC II to REMIC III with respect to the Corresponding REMIC II Regular
Interest(s) for such Class of Principal Balance Certificates or the Class A-S Regular Interest, Class B Regular Interest or Class
C Regular Interest; and all distributions made with respect to each Class of Interest Only Certificates on each Distribution Date
pursuant to Section 4.01(a) or Section 4.01(c) above, and allocable to any particular REMIC III Component
of such Class of Interest Only Certificates, shall be deemed to have first been distributed from REMIC II to REMIC III in respect
of the Corresponding REMIC II Regular Interest for such REMIC III Component. In each case, if such distribution on any such Class
of Certificates was a distribution of accrued interest, of principal, of additional interest (in the form of one or more Additional
Yield Amounts) or in reimbursement of any Realized Losses and Additional Trust Fund Expenses previously allocated to a Class of
Principal Balance Certificates or the Class A-S Regular Interest, Class B Regular Interest or Class C Regular Interest, then the
corresponding distribution deemed to be made on a REMIC II Regular Interest pursuant to the preceding sentence (and, if applicable
the next paragraph) shall be deemed to also be, respectively, a distribution of accrued interest, of principal, of additional interest
(in the form of one or more Additional Yield Amounts) or in reimbursement of any Realized Losses and Additional Trust Fund Expenses
previously allocated to REMIC III in respect of such REMIC II Regular Interest.

 

The actual distributions
made by the Certificate Administrator on each Distribution Date in respect of the Regular Certificates and the Class A-S Regular
Interest, Class B Regular Interest and Class C Regular Interest pursuant to Section 4.01(a) or Section 4.01(c)
above, as applicable, shall be deemed to have been so made from the amounts deemed distributed with respect to the REMIC II Regular
Interests on such Distribution Date pursuant to this Section 4.01(i). Notwithstanding the deemed distributions on the
REMIC II Regular Interests described in this Section 4.01(i), actual distributions of funds from the Distribution Account
shall be made only in accordance with Section 4.01(a) or Section 4.01(c) above, as applicable.

 

(j)          
On each Distribution Date, including the Final Distribution Date, the Available Distribution Amount for such date
shall be deemed to have first been distributed from REMIC I to REMIC II in respect of the REMIC I Regular Interests, in each case
to the extent of the remaining portions of such funds, for the following purposes and in the following order of priority:

 

(i)          
as deemed distributions of interest with respect to all the REMIC I Regular Interests, up to an amount equal to,
and pro rata in accordance with, all Uncertificated Distributable Interest with respect to each REMIC I Regular Interest
for such Distribution Date and, to the extent not previously deemed distributed, for all prior Distribution Dates;

 

(ii)         
as deemed distributions of principal with respect to all the REMIC I Regular Interests, up to an amount equal to,
and pro rata in accordance with, as to each such REMIC I Regular Interest, the portion of the Principal Distribution Amount
for such Distribution Date attributable to the related Mortgage Loan(s) or REO Mortgage Loan(s); and

 

(iii)        
as deemed distributions with respect to all the REMIC I Regular Interests, up to an amount equal to, pro rata
in accordance with, and in reimbursement of, any

 

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Realized Losses, Additional Trust Fund Expenses and Trust Advisor Expenses previously
allocated to each such REMIC I Regular Interest (with compounded interest).

 

The portion of each
Prepayment Premium and Yield Maintenance Charge that is distributed to any Class of Regular Certificates or the Class A-S Regular
Interest, Class B Regular Interest or Class C Regular Interest on any Distribution Date shall, in each case, be deemed to have
been distributed from REMIC I to REMIC II in respect of the REMIC I Regular Interest(s) corresponding to the prepaid Mortgage Loan
or REO Mortgage Loan, as the case may be, in respect of which such Prepayment Premium or Yield Maintenance Charge was received
or deemed received.

 

The actual distributions
made by the Certificate Administrator on each Distribution Date in respect of the Regular Certificates or the Class A-S Regular
Interest, Class B Regular Interest or Class C Regular Interest pursuant to Section 4.01(a) or Section 4.01(c)
above, as applicable, shall be deemed to have been so made from the amounts deemed distributed with respect to the REMIC I Regular
Interests on such Distribution Date pursuant to this Section 4.01(j). Notwithstanding the deemed distributions on the
REMIC I Regular Interests described in this Section 4.01(j), actual distributions of funds from the Distribution Account
shall be made only in accordance with Section 4.01(a) or Section 4.01(c) above, as applicable.

 

Section
4.02        Distribution
Date Statements; Servicer Reporting.

 

(a)          
Distribution Date Statements and Information. (i) Based on information provided to the Certificate Administrator
by the applicable Master Servicer pursuant to Sections 3.12, 4.02(c) and 4.02(f), the Certificate Administrator
shall prepare (or cause to be prepared) and, on each Distribution Date, provide or make available electronically (or, upon request
by a Privileged Person who is a Certificateholder or Certificate Owner or by any Privileged Person who cannot receive a copy electronically,
by first class mail) to each Privileged Person a statement substantially in the form of, and containing the information set forth
in, Exhibit G-1 hereto and in any event containing the information set forth on Exhibit G-2 (the “Distribution
Date Statement”), detailing the distributions on such Distribution Date and the performance, both in the aggregate and
individually to the extent available, of the Mortgage Loans and the Mortgaged Properties; provided that the Certificate
Administrator need not deliver to the Depositor, the applicable Master Servicer, the applicable Special Servicer, the Underwriters,
the Rating Agencies or the Subordinate Class Representative any Distribution Date Statement that has been made available to such
Person via the Certificate Administrator’s Website as provided below; and provided, further, that the Certificate
Administrator has no affirmative obligation to discover the identities of Certificate Owners and need only react to Persons claiming
to be Certificate Owners in accordance with Section 5.06; and provided, further, that during any period
that reports are required to be filed with the Commission with respect to the Trust pursuant to Section 15(d) of the Exchange Act,
each recipient of the Distribution Date Statement shall be deemed to have agreed to keep confidential the information therein until
such Distribution Date Statement is filed with the Commission. If and for so long as the Trust is subject to the reporting requirements
of the Exchange Act, no Distribution Date Statement that is part of any Exchange Act reports filed with the Commission shall include
references to the Rating Agencies or any ratings ascribed by any Rating Agency to any Class of Certificates.

 

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(ii)          
On each Distribution Date, the Certificate Administrator shall make available to the general public (including any
Privileged Persons) via the Certificate Administrator’s Website (x) the related Distribution Date Statement, (y) as a convenience
to the general public (and not in furtherance of the distribution thereof under the securities laws), the prospectus supplement,
the prospectus, and this Agreement, and (z) any Exchange Act reports filed with the Commission. In addition, if the Depositor so
directs the Certificate Administrator, and on terms acceptable to the Certificate Administrator, the Certificate Administrator
shall make certain other information and reports related to the Mortgage Loans available through the Certificate Administrator’s
Website.

 

(iii)         
The applicable Master Servicer shall provide or make available (in electronic media) to each Serviced Pari Passu
Companion Loan Holder and, upon reasonable request, to any Certificateholder identified to the applicable Master Servicer to the
applicable Master Servicer’s reasonable satisfaction (at the expense of such Certificateholder) copies of any appraisals,
operating statements, rent rolls (or, with respect to Co-op Mortgage Loans, maintenance schedules) and financial statements obtained
by the applicable Master Servicer or delivered by the applicable Special Servicer to the applicable Master Servicer and, with respect
to any Serviced Pari Passu Companion Loan Holder, any other information regarding the related Serviced Loan Combination provided
by such Master Servicer or such Special Servicer (if received by the applicable Master Servicer) to any other party hereunder,
at the same time such information is provided to any such party; provided that, in connection therewith, the applicable
Master Servicer may require a written confirmation executed by the requesting Person substantially in such form as may be reasonably
acceptable to the applicable Master Servicer, generally to the effect that such Person is a Holder of Certificates or a beneficial
holder of Book-Entry Certificates or a Serviced Pari Passu Companion Loan Holder or a regulator or a governmental body and will
keep such information confidential and is not a Borrower or an Affiliate of a Borrower with respect to the subject Mortgage Loan
or Serviced Loan Combination.

 

(iv)         
Upon the reasonable request of any Subordinate Class Certificateholder identified to the applicable Master Servicer
(in the case of a Performing Serviced Mortgage Loan) or the applicable Special Servicer (in the case of a Specially Serviced Mortgage
Loan) to the applicable Master Servicer’s or applicable Special Servicer’s reasonable satisfaction and such information
is in the applicable Master Servicer’s or applicable Special Servicer’s possession, the applicable Master Servicer
or applicable Special Servicer shall provide or make available (or forward electronically) to such Subordinate Class Certificateholder
(at the expense of such Subordinate Class Certificateholder) any Excluded Information (available to Privileged Persons through
the Certificate Administrator’s Website but not accessible to such Subordinate Class Certificateholder through the Certificate
Administrator’s Website) relating to any Excluded Controlling Class Loan with respect to which such Subordinate Class Certificateholder
is not an Excluded Controlling Class Holder; provided that, in connection therewith, the applicable Master Servicer or applicable
Special Servicer may require a written confirmation executed by the requesting Person substantially in such form as may be reasonably
acceptable to the applicable Master Servicer or applicable

 

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Special Servicer, generally to the effect that such Person is a Subordinate
Class Certificateholder, will keep such Excluded Information confidential and is not a Borrower Party, upon which the applicable
Master Servicer or applicable Special Servicer may conclusively rely. In addition, the applicable Master Servicer and the applicable
Special Servicer shall be entitled to conclusively rely on delivery from a Subordinate Class Certificateholder, as applicable,
of an investor certification substantially in the form of Exhibit K-2B that such Subordinate Class Certificateholder is
not an Excluded Controlling Class Holder with respect to a particular Mortgage Loan.

 

The Certificate Administrator
shall have no obligation to provide the information or reports described in this Section 4.02(a) until it has received
the requisite information or reports from the applicable Master Servicer provided for herein, and the Certificate Administrator
shall not be in default hereunder due to a delay in providing such information and reports caused by the failure of the applicable
Master Servicer or the applicable Special Servicer to timely deliver any information or reports hereunder. None of the applicable
Master Servicer, the applicable Special Servicer or the Certificate Administrator shall be responsible for the accuracy or completeness
of any information supplied to it by a Borrower, each other or a third party, and accepted by it in good faith, that is included
in any reports, statements, materials or information prepared or provided by the applicable Master Servicer, the applicable Special
Servicer or the Certificate Administrator, as applicable. None of the Certificate Administrator, the applicable Master Servicer
or the applicable Special Servicer shall have any obligation to verify the accuracy or completeness of any information provided
by a Borrower, a third party or each other.

 

During any period that
reports are required to be filed with the Commission with respect to the Trust pursuant to Section 15(d) of the Exchange Act, each
recipient of information regarding the Trust on the Certificate Administrator’s Website will be deemed to have agreed to
keep confidential such information until such reports are filed with the Commission, and to the extent such information is presented
on the Certificate Administrator’s Website, such website will bear a legend to the following effect: “No recipient
shall use or disclose the information contained in this statement/report/file in any manner which could result in a violation of
any provision of the Securities Act of 1933 or the Securities Exchange Act of 1934 or would require registration of any Non-Registered
Certificates pursuant to Section 5 of the Securities Act of 1933.”

 

The Certificate Administrator
makes no representations or warranties as to the accuracy or completeness of any report, document or other information made available
on the Certificate Administrator’s Website and assumes no responsibility therefor. In addition, the Certificate Administrator
may disclaim responsibility for any information distributed by the Certificate Administrator for which it is not the original source.

 

In connection with
providing access to the Certificate Administrator’s Website, the Certificate Administrator may require registration and the
acceptance of a disclaimer (provided that (i) such website provides thereon electronic means of fulfilling such registration
and acceptance for purposes of obtaining access to the Certificate Administrator’s Website and (ii) the access provided shall
not be inconsistent with the terms of this Agreement). The Certificate Administrator shall not be liable for the dissemination
of information in accordance herewith. Questions regarding the Certificate Administrator’s Website can be directed to the
Certificate

 

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Administrator’s CMBS customer service desk at (866) 846-4526 or such other number as the Certificate Administrator
may hereinafter specify.

 

The Certificate Administrator
shall be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties
for purposes of preparing the Distribution Date Statement and may affix thereto any disclaimer it deems appropriate in its reasonable
discretion (without suggesting liability on the part of any other party hereto).

 

Notwithstanding the
foregoing, unless specifically provided for herein, in no event shall any provision of this Agreement be construed to require the
applicable Master Servicer, the applicable Special Servicer or the Certificate Administrator to produce any ad hoc or non-standard
written reports (in addition to the CREFC® reports, inspection reports and other specific periodic reports otherwise
required). If the applicable Master Servicer, the applicable 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.

 

(b)          
Certain Tax-Related Reporting to Certificateholders by the Certificate Administrator. Within a reasonable
period of time after the end of each calendar year, the Certificate Administrator shall prepare, or cause to be prepared, and mail
to each Person who at any time during the calendar year was a Certificateholder (i) a statement containing the aggregate information
set forth in items 3, 4 and 14 of Exhibit G-2 hereto for such calendar year or applicable portion thereof during which such
person was a Certificateholder and (ii) such other customary information as the Certificate Administrator deems necessary or desirable
for Certificateholders to prepare their federal, state and local income tax returns, including the amount of original issue discount
accrued on the Certificates, if applicable. The obligations of the Certificate Administrator in the immediately preceding sentence
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 soon as practicable following the request of any Certificateholder in
writing, the Certificate Administrator shall furnish to such Certificateholder such information regarding the Mortgage Loans and
the Mortgaged Properties as such Certificateholder may reasonably request and, as has been furnished to, or may otherwise be in
the possession of, the Certificate Administrator. Each of the applicable Master Servicer and the applicable Special Servicer shall
promptly provide to the Depositor and the Certificate Administrator such information regarding, in the case of the applicable Master
Servicer, the Mortgage Loans and the Mortgaged Properties and, in the case of the applicable Special Servicer, the Specially Serviced
Mortgage Loans and the Administered REO Properties, as the case may be, in any event as such party may reasonably request and that
has been furnished to, or may otherwise be in the possession of, the applicable Master Servicer or the applicable Special Servicer,
as the case may be.

 

(c)          
CREFC® Loan Periodic Update Files. Not later than 2:00 p.m. (New York City time) on the second
Business Day following each Determination Date (which is also the second Business Day preceding the related Distribution Date),
each Master Servicer shall deliver to the Certificate Administrator the CREFC® Loan Periodic Update File, combining
information with respect to the Mortgage Loans for which it acts as Master Servicer, reflecting information as of the close of
business on such Determination Date. The CREFC® Loan Periodic Update File

 

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delivered by the Master Servicers as described
above shall be in an electronic format that is mutually acceptable to the applicable Master Servicer and the Certificate Administrator.

 

Notwithstanding the foregoing, the parties
agree that the CREFC® Loan Periodic Update File required to be delivered by each Master Servicer in November 2015
will be based solely upon information generated from actual collections received by such Master Servicer or that are remitted to
such Master Servicer from any Non-Trust Master Servicer and from information that the respective Mortgage Loan Sellers deliver
or cause to be delivered to such Master Servicer (including but not limited to information prepared by third-party servicers of
the subject Mortgage Loans with respect to the period prior to the Closing Date). The applicable Special Servicer shall from time
to time (and, in any event, upon request) provide the applicable Master Servicer with such information in its possession regarding
the Specially Serviced Mortgage Loans and Administered REO Properties as may be reasonably necessary for the applicable Master
Servicer to prepare each report and any supplemental information to be provided by the applicable Master Servicer to the Certificate
Administrator.

 

(d)          
CREFC® Operating Statement Analysis Report, CREFC® Financial Files, CREFC®
Comparative Financial Status Reports and CREFC® NOI Adjustment Worksheets. The applicable Master Servicer shall
prepare and maintain a CREFC® Operating Statement Analysis Report and a CREFC® NOI Adjustment Worksheet
with respect to each Mortgaged Property that secures a Serviced Mortgage Loan that is not a Specially Serviced Mortgage Loan and
the applicable Special Servicer shall prepare and maintain a CREFC® Operating Statement Analysis Report and a CREFC®
NOI Adjustment Worksheet with respect to each Specially Serviced Mortgage Loan and Administered REO Property, in each case in accordance
with the provisions described below. As to quarterly (that is, not annual) periods, within 105 calendar days after the end of each
of the first three calendar quarters (in each year) for the trailing or quarterly information received, commencing with respect
to the quarter ending on March 31, 2016, the applicable Master Servicer (in the case of Mortgaged Properties that secure Serviced
Mortgage Loans that are not Specially Serviced Mortgage Loans) or the applicable Special Servicer (in the case of Mortgaged Properties
securing Specially Serviced Mortgage Loans and Administered REO Properties) shall, based upon the operating statements or rent
rolls (or, with respect to Co-op Mortgage Loans, maintenance schedules) received (if and to the extent received) and covering such
calendar quarter, prepare (or, if previously prepared, update) the CREFC® Operating Statement Analysis Report and
the CREFC® Comparative Financial Status Report for each related Mortgaged Property and/or REO Property, using the
normalized quarterly and normalized year-end operating statements and rent rolls (or, with respect to Co-op Mortgage Loans, maintenance
schedules) received from the related Borrower; provided, however, that the analysis with respect to the first calendar
quarter of each year will not be required to the extent provided in the then-current applicable CREFC® guidelines
(it being understood that as of the date hereof, the applicable CREFC® guidelines provide that the analysis 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 Mortgage Loan is on the CREFC® Servicer Watch List). As
to annual (that is, not quarterly) periods, not later than the second Business Day following the Determination Date occurring in
June of each year (beginning in 2016 for year-end 2015), the applicable Master Servicer (in the case of Mortgaged Properties securing
Serviced Mortgage Loans that are not Specially Serviced Mortgage Loans) or the applicable Special Servicer (in the case of Mortgaged
Properties securing Specially Serviced 

 

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Mortgage Loans and Administered
REO Properties) shall, based upon the most recently available normalized year-end financial statements and most recently available
rent rolls (or, with respect to Co-op Mortgage Loans, maintenance schedules) received (if and to the extent (i) such information
has been received and (ii) any such information in the form of normalized year-end financial statements has been based on a minimum
number of months of operating results as recommended by CREFC® in the instructions to the CREFC®
Investor Reporting Package) not less than thirty (30) days prior to such second Business Day, prepare (or, if previously prepared,
update) the CREFC® Operating Statement Analysis Report, the CREFC® Comparative Financial Status
Report and a CREFC® NOI Adjustment Worksheet for each related Mortgaged Property and/or REO Property; provided
that any analysis or update shall be performed in accordance with the then-current applicable CREFC® guidelines.
With respect to Specially Serviced Mortgage Loans, such CREFC® Operating Statement Analysis Report will include
the following statement: “This Mortgage Loan was transferred to the Special Servicer on [DATE]. Any questions relating to
the operating results reported on this statement should be directed to the Special Servicer while the loan is a Specially Serviced
Mortgage Loan.”

 

The applicable Master
Servicer and the applicable Special Servicer shall each remit electronically an image of each CREFC® Operating Statement
Analysis Report and/or each CREFC® NOI Adjustment Worksheet prepared or updated by it (promptly following initial
preparation and each update thereof), together with the underlying operating statements and rent rolls (or, with respect to Co-op
Mortgage Loans, maintenance schedules) to the Subordinate Class Representative (other than with respect to any Excluded Loan),
the Certificate Administrator (upon request) and, in the case of such a report prepared or updated by the applicable Master Servicer,
the applicable Special Servicer. The Certificate Administrator shall, upon request from the applicable Master Servicer or the applicable
Special Servicer and, to the extent such items have been delivered to the Certificate Administrator by the applicable Master Servicer
or the applicable Special Servicer, make such report (and any underlying operating statements and rent rolls or, with respect to
Co-op Mortgage Loans, maintenance schedules) available to Certificateholders pursuant to Section 8.12(b).

 

With respect to a Non-Trust-Serviced
Pooled Mortgage Loan, the applicable Master Servicer shall deliver information comparable to the above-described information to
the same Persons as described above in this Section 4.02(d) and according to the same time frames as described above
in this Section 4.02(d), with reasonable promptness following such applicable Master Servicer’s receipt of such
information from the related Non-Trust Master Servicer under the applicable Non-Trust Pooling and Servicing Agreement.

 

If, with respect to
any Performing Serviced Mortgage Loan, the applicable Special Servicer has any questions for the related Borrower based upon the
information delivered to the applicable Special Servicer pursuant to Section 3.12(a) or this Section 4.02(d),
the applicable Master Servicer shall, in this regard and without otherwise changing or modifying its duties hereunder, reasonably
cooperate with the applicable Special Servicer in assisting the applicable Special Servicer in the applicable Special Servicer’s
efforts to contact and solicit information from such Borrower.

 

(e)          
Reporting by the Special Servicers. Not later than 1:00 p.m. (New York City time) on the first Business Day
following each Determination Date following the earliest date on

 

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which any Mortgage Loan has become a Specially Serviced Mortgage
Loan, the applicable Special Servicer shall prepare and deliver or cause to be delivered to the applicable Master Servicer the
CREFC® Special Servicer Loan File, providing the required information as of such Determination Date. In addition,
the applicable Special Servicer shall from time to time provide the applicable Master Servicer with such information in the applicable
Special Servicer’s possession regarding any Specially Serviced Mortgage Loan or Administered REO Property as may be requested
by the applicable Master Servicer and is reasonably necessary for the applicable Master Servicer to prepare each report and any
supplemental information required to be provided by the applicable Master Servicer to the Certificate Administrator. The applicable
Special Servicer, subject to the limitations on delivery of Privileged Communications, shall deliver to the Trust Advisor such
reports and other information produced or otherwise available to the Majority Subordinate Certificateholder, or Certificateholders
generally, requested by the Trust Advisor in support of its obligations under this Agreement. Notwithstanding the foregoing, the
applicable Special Servicer shall not be required to prepare and deliver any of such files or reports with respect to the initial
Determination Date following the Closing Date.

 

(f)          
Other Reporting by the Master Servicers. Not later than 2:00 p.m. (New York City time) on the Business Day
immediately preceding each Distribution Date, each Master Servicer shall prepare (if and to the extent necessary) and deliver or
cause to be delivered to the Certificate Administrator a CREFC® Financial File, a CREFC® Property
File and a CREFC® Comparative Financial Status Report, providing the most recent information with respect to the
subject Mortgage Loans and REO Properties serviced by such Master Servicer as of the related Determination Date and, in each case,
if applicable, identifying each subject Mortgage Loan by loan number and property name. Each CREFC® Financial File,
CREFC® Property File and CREFC® Comparative Financial Statement Report delivered by any Master Servicer
as described above shall be in electronic format.

 

Not later than 2:00
p.m. (New York City time) on the Business Day immediately preceding each Distribution Date, the applicable Master Servicer shall
deliver or cause to be delivered, and shall prepare (if any to the extent necessary) and deliver or cause to be delivered to the
Certificate Administrator, in electronic format, a CREFC® Delinquent Loan Status Report, a CREFC®
Historical Loan Modification and Corrected Mortgage Loan Report, a CREFC® Loan Level Reserve/LOC Report, a CREFC®
REO Status Report, a CREFC® Operating Statement Analysis Report, a CREFC® Comparative Financial Status
Report, a CREFC® Servicer Watch List, a CREFC® NOI Adjustment Worksheet, a CREFC®
Total Loan Report, a CREFC® Advance Recovery Report and a Realized Loss Template, in each case providing the most
recent information with respect to the Mortgage Loans and REO Properties as of the related Determination Date and, in each case,
if applicable, identifying each subject Mortgage Loan by loan number and property name. Notwithstanding the foregoing, the applicable
Master Servicer shall not be required to prepare and deliver any of such files or reports with respect to the initial Determination
Date following the Closing Date.

 

The applicable Master
Servicer may, but is not required to, make any of the reports or files comprising the CREFC® Investor Reporting
Package prepared by it available each month on the applicable Master Servicer’s internet website only with the use of a password,
in which case the applicable Master Servicer shall provide such password to (i) the other parties to this Agreement, who by their
acceptance of such password shall be deemed to have agreed not to

 

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disclose such password to any other Person, (ii) the Subordinate
Class Representative, and (iii) each Certificateholder and Certificate Owner who requests such password, provided that (A)
the applicable Master Servicer shall not have such authority to the extent such disclosure would violate another provision of this
Agreement (including without limitation, any prohibitions on dissemination of any confidential information, including, without
limitation, any Privileged Information), applicable law or the related Mortgage Loan Documents and (B) any such Certificateholder
or Certificate Owner, as the case may be, has delivered a certification substantially in the form of Exhibit K-1A or Exhibit
K-1B, as applicable, to the Certificate Administrator (with a copy to the applicable Master Servicer). In connection with providing
such access to its internet website, the applicable Master Servicer may require registration and the acceptance of a reasonable
disclaimer and otherwise (subject to the preceding sentence) adopt reasonable rules and procedures, which may include, to the extent
the applicable Master Servicer deems necessary or appropriate, conditioning access on execution of a reasonable agreement governing
the availability, use and disclosure of such information, and which may provide indemnification to the applicable Master Servicer
for any liability or damage that may arise therefrom. For the avoidance of doubt, the foregoing sentence shall not be construed
to limit any right to receive information already provided for in this Agreement.

 

(g)          
Certain General Provisions Regarding Reporting. The applicable Special Servicer shall deliver to the applicable
Master Servicer(s) the reports and files required to be delivered pursuant to Section 4.02(d) and Section 4.02(e)
and the applicable Master Servicer(s) shall deliver to the Certificate Administrator the reports set forth in Section 4.02(c)
and Section 4.02(f), in an electronic format reasonably acceptable to the applicable Special Servicer, the applicable Master
Servicer and the Certificate Administrator. The applicable Master Servicer may, absent manifest error, conclusively rely on the
file to be provided by the applicable Special Servicer pursuant to Section 4.02(e). The Certificate Administrator may, absent
manifest error, conclusively rely on the reports to be provided by the applicable Master Servicer pursuant to Section 4.02(c)
and Section 4.02(f). To the extent that any report to be prepared and provided to the Certificate Administrator and/or the
Subordinate Class Representative by the applicable Master Servicer pursuant to Section 4.02(c), Section 4.02(d) or
Section 4.02(f) is dependent on information from the applicable Special Servicer or a party under a Non-Trust Pooling and
Servicing Agreement and the applicable Special Servicer or such party under a Non-Trust Pooling and Servicing Agreement (as the
case may be) has not timely provided such information to the applicable Master Servicer, the applicable Master Servicer shall on
a timely basis provide to the Certificate Administrator, the Subordinate Class Representative as complete a report as the information
provided by the applicable Special Servicer or such party under a Non-Trust Pooling and Servicing Agreement (as the case may be)
permits and shall promptly update and provide to the Certificate Administrator and the Subordinate Class Representative a complete
report when the applicable Special Servicer or such party under a Non-Trust Pooling and Servicing Agreement (as the case may be)
provides the applicable Master Servicer with the requisite missing information; and the applicable Master Servicer shall not be
in breach hereunder for so providing an incomplete report under Section 4.02(c), Section 4.02(d) or Section 4.02(f)
under the foregoing circumstances. Furthermore, if any report to be provided to the Certificate Administrator and/or the Subordinate
Class Representative by the applicable Master Servicer pursuant to Section 4.02(c), Section 4.02(d) or Section
4.02(f) was to be prepared by the applicable Special Servicer and delivered to the applicable Master Servicer, the applicable
Master Servicer shall not be in breach by reason of any delay in its delivery of such report to the

 

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Certificate Administrator,
the Subordinate Class Representative and/or the Majority Subordinate Certificateholder by reason of a delay on the part of the
applicable Special Servicer; and the applicable Master Servicer shall deliver as promptly as reasonably practicable to the Certificate
Administrator, the Subordinate Class Representative and the Majority Subordinate Certificateholder any such report that it receives
from the applicable Special Servicer after the requisite delivery date.

 

(h)          
Certain Means of Delivery. Except to the extent a form of delivery is specified in this Agreement, if the
applicable Master Servicer or the applicable Special Servicer is required to deliver any statement, report or information under
any provision of this Agreement, the applicable Master Servicer or the applicable Special Servicer, as the case may be, may satisfy
such obligation by (x) physically delivering a paper copy of such statement, report or information, (y) delivering such statement,
report or information in a commonly used electronic format or (z) making such statement, report or information available on the
applicable Master Servicer’s internet website or the Certificate Administrator’s Website and notifying the Person(s)
entitled to such statement, report or information of such availability. Notwithstanding the foregoing, (A) the Certificate Administrator,
the Trustee, the applicable Master Servicer and the applicable Special Servicer may each request delivery in paper format of any
statement, report or information required to be delivered to the Certificate Administrator, the Trustee or the applicable Special
Servicer, as the case may be, (B) any statement, report or information under any provision of this Agreement to be posted to the
Certificate Administrator’s Website or the Rule 17g-5 Information Provider’s Website shall be delivered to the Certificate
Administrator or the Rule 17g-5 Information Provider, as the case may be, in electronic format pursuant to Section 8.12(b)
or Section 8.12(c), as applicable, and (C) clause (z) shall not apply to the delivery of any information required
to be delivered to the Certificate Administrator, the Trustee or the applicable Special Servicer, as the case may be, unless the
Certificate Administrator, the Trustee or the applicable Special Servicer, as the case may be, consents to such delivery.

 

(i)           
During any period that reports are required to be filed with the Commission with respect to the Trust pursuant to
Section 15(d) of the Exchange Act, access to information regarding the Trust on the applicable Master Servicer’s internet
website will be conditioned to the party attempting to gain such access electronically agreeing to keep confidential any such information
that has not been filed with the Commission.

 

(j)           
No provisions of this Agreement shall be deemed to require the applicable Master Servicer or the applicable Special
Servicer to confirm or make any representation regarding the accuracy of (or to be liable or responsible for) any other Person’s
information or report.

 

(k)          
The applicable Master Servicer shall produce the reports required of it under this Agreement but shall not be required
to (but may upon request) produce any ad hoc non-standard written reports. If the applicable Master Servicer elects to provide
any non-standard reports, it may require the Person requesting such report to pay a reasonable fee to cover the costs of the preparation
thereof.

 

(l)          
Notwithstanding anything in this Section 4.02 to the contrary, in preparing and disseminating any of
the statements, reports and other information required under this Section 4.02, insofar as such statements, reports
and other information relate to a Non-Trust-

 

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Serviced Pooled Mortgage Loan or any related REO Property, the applicable Master Servicer,
absent manifest error, shall be entitled to rely upon the information received by it under the related Intercreditor Agreement
and/or the related Non-Trust Pooling and Servicing Agreement.

 

(m)       
Each of the parties hereto shall cooperate with the other to make information available that may be necessary to
satisfy the requirements of subsection (d)(4)(i) of Rule 144A.

 

(n)        
With respect to any Serviced Loan Combination, the applicable Master Servicer shall deliver or cause to be delivered
to the related Serviced Pari Passu Companion Loan Holder (or its designee) or, after the securitization of any Serviced Pari Passu
Companion Loan, to the related Other Master Servicer, the Certificate Administrator (upon request), the applicable Special Servicer
and the Subordinate Class Representative the following materials, in writing or by electronic means reasonably acceptable to the
related Serviced Pari Passu Companion Loan Holder(s) (or its designee) (and such reports may include any reasonable disclaimers
with respect to information provided by third parties or with respect to assumptions required to be made in the preparation of
such reports as the applicable Master Servicer deems appropriate) not later than two (2) Business Days after the end of each Collection
Period (but, in the case of a Serviced Pari Passu Companion Loan that has been included in an Other Securitization, in any event
no later than any applicable Serviced Pari Passu Companion Loan Early Remittance Date);

 

(i)           
the amount of the distributions made on the respective interests in such Serviced Loan Combination for such period
allocable to interest (separately identifying Default Interest) and the amount thereof allocable to principal;

 

(ii)          
if the amount of the distributions to any related Serviced Pari Passu Companion Loan Holder(s) was less than the
full amount that would have been distributable to such Serviced Pari Passu Companion Loan Holder if there had been sufficient funds,
the amount of the shortfall, stating separately the amounts allocable to interest and principal;

 

(iii)         
the outstanding principal balance of such Serviced Loan Combination and the Serviced Pari Passu Companion Loan(s)
therein immediately following payment for such period;

 

(iv)         
the aggregate amount of unscheduled payments of principal received on such Serviced Loan Combination and the allocation
thereof to each interest in such Serviced Loan Combination (and the source thereof) made during the related period;

 

(v)          
the aggregate outstanding Servicing Advances with respect to such Serviced Loan Combination and interest thereon
as of the end of, and all interest paid on Servicing Advances with respect to such Serviced Loan Combination during, the prior
calendar month;

 

(vi)        
the amount of the servicing compensation paid to the applicable Master Servicer and the applicable Special Servicer
with respect to such Serviced Loan Combination, including the Master Servicing Fee, the Special Servicing Fee, any Workout Fee,
any Liquidation Fee (other than any Liquidation Fee due in respect of the Mortgage Loan) and any charges to the related Borrower
retained by the applicable

 

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Master Servicer or the applicable Special Servicer as allocated between the Mortgage Loan and any Serviced
Pari Passu Companion Loan(s) in such Serviced Loan Combination;

 

(vii)        
the amount of any shortfalls in distributions to the holders of the Mortgage Loan and any Serviced Pari Passu Companion
Loan(s) in the related Serviced Loan Combination for such period and the amount of any outstanding amounts due on such Mortgage
Loan and Serviced Pari Passu Companion Loan(s) for prior periods;

 

(viii)       
information contained in the CREFC® Investor Reporting Package relating solely to any related Serviced
Loan Combination; and

 

(ix)         
any and all other reports required to be delivered by the Master Servicer to the Trustee hereunder pursuant to the
terms hereof to the extent related to such Serviced Loan Combination.

 

(o)         
No provision of this Agreement shall be construed to prohibit or restrict the Depositor or its designee from delivering
or furnishing any reports, certificates or other information of any nature to the Rating Agency or any other credit rating agency.

 

Section
4.03          P&I
Advances. (a) On or before 1:00 p.m. (New York City time) on each P&I Advance Date, the applicable Master Servicer shall,
subject to Section 4.03(c), either (i) remit from its own funds to the Certificate Administrator for deposit into the Distribution
Account an amount equal to the aggregate amount of P&I Advances with respect to Mortgage Loans and successor REO Mortgage Loans
serviced by such Master Servicer, if any, to be made by the applicable Master Servicer in respect of the related Distribution Date,
(ii) apply amounts held in the Collection Account for future distribution to Certificateholders in subsequent months in discharge
of any such obligation to make such P&I Advances, or (iii) make such P&I Advances in the form of any combination of (i)
and (ii) aggregating the total amount of P&I Advances to be made by the applicable Master Servicer; provided, however,
that to the extent that amounts on deposit in the Collection Account were insufficient to pay the CREFC® License
Fee on the related Master Servicer Remittance Date, the related Master Servicer shall apply any P&I Advances required to be
made by it on such P&I Advance Date pursuant to this Section 4.03 to pay the balance of such CREFC® License
Fee. Any amounts held in the Collection Account for future distribution and so used to make P&I Advances shall be appropriately
reflected in the applicable Master Servicer’s records and replaced by the applicable Master Servicer by deposit in the Collection
Account prior to the next succeeding Master Servicer Remittance Date (to the extent not previously replaced through the deposit
of Late Collections of the delinquent principal and interest in respect of which such P&I Advances were made). If, as of 3:30
p.m. (New York City time) on any P&I Advance Date, the applicable Master Servicer shall not have made any P&I Advance required
to be made by it on such date pursuant to this Section 4.03(a) (and shall not have delivered to the Certificate Administrator
and the Trustee the Officer’s Certificate and other documentation related to a determination of nonrecoverability of a P&I
Advance pursuant to Section 4.03(c) below) or shall not have remitted any portion of the Master Servicer Remittance Amount
required to be remitted by such Master Servicer on such date, then the Certificate Administrator shall provide notice of such failure
to the applicable Master Servicer by facsimile transmission (with respect to the General Master Servicer, at facsimile number:
(704)

 

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715-0034, and with respect to the NCB Master Servicer, at (703) 647-3470) and by telephone (with respect to the General Master
Servicer, at (800) 326-1334, and with respect to the NCB Master Servicer, at (703) 302-8851) and, in the case of the NCB Master
Servicer, by email (at WFCM2015NXS3@ncb.com) as soon as possible, but in any event before 4:30 p.m. (New York City time) on such
P&I Advance Date. If after such notice the Certificate Administrator does not receive the full amount of such P&I Advances
by 9:00 a.m. (New York City time) on the related Distribution Date, then the Certificate Administrator shall promptly notify the
Trustee (but in any event before 10:00 a.m. (New York City time) and the Trustee shall (not later than 12:00 noon, New York City
time, on the related Distribution Date) make the portion of such P&I Advances that was required to be, but was not, made or
remitted, as the case may be, by the applicable Master Servicer with respect to the related Distribution Date.

 

With respect to any
Mortgage Loan that is part of a Serviced Loan Combination, the applicable Master Servicer or Trustee, as applicable, shall provide
the Other Master Servicer and the Other Trustee under the Other Securitization with written notice of any P&I Advance relating
to such Mortgage Loan within two (2) Business Days of making such P&I Advance.

 

(b)          
The aggregate amount of P&I Advances to be made by each Master Servicer (or by the Trustee, if the applicable
Master Servicer fails to do so) in respect of any Distribution Date, subject to Section 4.03(c) below, shall equal the aggregate
of all Monthly Payments (other than Balloon Payments) and any Assumed Monthly Payments, in each case net of any related Master
Servicing Fees (and, in the case of a Non-Trust-Serviced Pooled Mortgage Loan or REO Mortgage Loan that is a successor thereto,
the Non-Trust Primary Servicing Fee and Non-Trust Trust Advisor fee payable under the related Non-Trust Pooling and Servicing Agreement),
due or deemed due and net of any Post-ARD Additional Interest, as the case may be, in respect of the Mortgage Loans for which it
is acting as Master Servicer and any successor REO Mortgage Loans with respect thereto on their respective Due Dates occurring
in the month in which such Distribution Date occurs, in each case to the extent such amount was not Received by the Trust as of
the close of business on the related Determination Date; provided that, if an Appraisal Reduction Amount exists with respect
to any Required Appraisal Loan, then the interest portion of any P&I Advance required to be made in respect of such Required
Appraisal Loan for the related Distribution Date shall be reduced (it being herein acknowledged that there shall be no reduction
in the principal portion of such P&I Advance) to equal the product of (i) the amount of the interest portion of such P&I
Advance that would otherwise be required to be made in respect of such Required Appraisal Loan for such Distribution Date without
regard to this proviso, multiplied by (ii) a fraction, expressed as a percentage, the numerator of which shall equal the
Stated Principal Balance of such Required Appraisal Loan immediately prior to such Distribution Date, net of the related Appraisal
Reduction Amount, and the denominator of which shall equal the Stated Principal Balance of such Required Appraisal Loan immediately
prior to such Distribution Date.

 

(c)         
Notwithstanding anything herein to the contrary, no P&I Advance shall be required to be made hereunder if such
P&I Advance would, if made, constitute a Nonrecoverable P&I Advance. The determination by the applicable Master Servicer
(or, if applicable, the Trustee) that a prior P&I Advance (or Unliquidated Advance in respect thereof) that it has made constitutes
a Nonrecoverable P&I Advance or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance,
shall be made by such Person subject to the Servicing

 

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Standard or, in the case of the Trustee, in its reasonable, good faith judgment.
In making such recoverability determination, such Person will be entitled to consider (among other things) the obligations of the
Borrower under the terms of the related Mortgage Loan 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. In
addition, any such Person may update or change its recoverability determinations at any time and may obtain from the applicable
Special Servicer any analysis, Appraisals or market value estimates or other information in the possession of the applicable Special
Servicer for such purposes. Any determination by the applicable Master Servicer (or, if applicable, the Trustee) that it has made
a Nonrecoverable P&I Advance or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance,
shall be evidenced by an Officer’s Certificate delivered to the Depositor, the applicable Special Servicer, the Certificate
Administrator, the Subordinate Class Representative and, if made by the applicable Master Servicer, the Trustee (on or before the
related P&I Advance Date in the case of a proposed P&I Advance) and, if such Nonrecoverable P&I Advance is with respect
to a Mortgage Loan in any Serviced Loan Combination, the Serviced Pari Passu Companion Loan Holder(s) or, following the securitization
of a related Serviced Pari Passu Companion Loan, the Other Master Servicer (if applicable), setting forth the basis for such determination,
accompanied by a copy of an Appraisal of the related Mortgaged Property or REO Property performed within the nine (9) months preceding
such determination by a Qualified Appraiser, and further accompanied by any other information, including engineers’ reports,
environmental surveys or similar reports, that the Person making such determination may have obtained. A copy of any such Officer’s
Certificate (and accompanying information) of the Trustee shall also be promptly delivered to the Certificate Administrator, the
Subordinate Class Representative, the Majority Subordinate Certificateholder, the applicable Special Servicer and the applicable
Master Servicer for the subject Mortgage Loan and, with respect to any Serviced Loan Combination, the Serviced Pari Passu Companion
Loan Holder(s) and the Other Master Servicer (if applicable). Absent bad faith, the applicable Master Servicer’s determination
as to the recoverability of any P&I Advance shall be conclusive and binding on the Certificateholders and, in all cases, the
Trustee shall be entitled to conclusively rely on any nonrecoverability determination made by the applicable Master Servicer with
respect to a particular P&I Advance. The applicable Special Servicer shall promptly furnish any party required to make P&I
Advances hereunder or, in the case of a Serviced Pari Passu Companion Loan, comparable advances under the terms of the Other Pooling
and Servicing Agreement, with any information in its possession regarding the Specially Serviced Mortgage Loans and REO Properties
as such party required to make P&I Advances may reasonably request. The applicable Master Servicer shall consider Unliquidated
Advances in respect of prior P&I Advances as outstanding Advances for purposes of recoverability determinations as if such
Unliquidated Advance were a P&I Advance.

 

The applicable Special
Servicer for each Mortgage Loan shall also be entitled to make a determination (subject to the same standards and procedures that
apply in connection with a determination by the applicable Master Servicer) to the effect that a prior P&I Advance (or Unliquidated
Advance in respect thereof) previously made hereunder by the applicable Master Servicer (or, if applicable, the Trustee) constitutes
a Nonrecoverable P&I Advance or that any proposed P&I Advance by the applicable Master Servicer (or, if applicable, the
Trustee), if

 

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made, would constitute a Nonrecoverable P&I Advance, in which case, after written notice of such determination
by the applicable Special Servicer to the applicable Master Servicer and the Trustee, such P&I Advance shall constitute a Nonrecoverable
P&I Advance for all purposes of this Agreement and the applicable Master Servicer and the Trustee shall conclusively rely on
such determination by the applicable Special Servicer that a P&I Advance is a Nonrecoverable Advance; provided that
in no event shall a determination by a Special Servicer that a previously made or proposed P&I Advance would be recoverable
be binding on a Master Servicer or the Trustee. A copy of any Officer’s Certificate (and accompanying information) of the
applicable Special Servicer in support of its determination shall be promptly delivered to the applicable Master Servicer for the
subject Mortgage Loan. The applicable Special Servicer may update or change its recoverability determination at any time.

 

(d)          
In the case of each Mortgage Loan, the applicable Master Servicer and the Trustee shall each be entitled to receive
interest at the Reimbursement Rate in effect from time to time, accrued on the amount of each P&I Advance made thereby (with
its own funds), to the extent that such P&I Advance (i) relates to a Monthly Payment or Assumed Monthly Payment in respect
of a Mortgage Loan that is a Past Grace Period Loan or an REO Mortgage Loan when made, in which case such interest shall begin
to accrue from the related P&I Advance Date, or (ii) is made with respect to a Within Grace Period Loan and remains outstanding
when the subject Mortgage Loan becomes a Past Grace Period Loan in respect of the subject Monthly Payment or Assumed Monthly Payment,
in which case such interest shall begin to accrue when the subject Mortgage Loan becomes a Past Grace Period Loan in respect of
the subject Monthly Payment or Assumed Monthly Payment, in either case, for so long as such P&I Advance is outstanding (or,
in the case of Advance Interest payable to the applicable Master Servicer, if earlier, until the Late Collection of the delinquent
principal and/or interest in respect of which such P&I Advance was made has been Received by the Trust). Such interest with
respect to any P&I Advance shall be payable: (i) first, in accordance with Section 3.05 and 3.25, out
of any Default Charges subsequently collected on the particular Mortgage Loan or REO Mortgage Loan as to which such P&I Advance
relates; and (ii) then, after such P&I Advance is reimbursed, but only if and to the extent that such Default Charges
are insufficient to cover such Advance Interest, out of general collections on the Mortgage Loans and REO Properties on deposit
in the Collection Account. The applicable Master Servicer shall (subject to the operation of Section 3.05(a)(II)) reimburse
itself or the Trustee, as applicable, for any outstanding P&I Advance made thereby with respect to any Mortgage Loan or REO
Mortgage Loan as soon as practicable after funds available for such purpose are deposited in the Collection Account, and in no
event shall interest accrue in accordance with this Section 4.03(d) on any P&I Advance as to which the corresponding
Late Collection was received by or on behalf of the Trust as of the related P&I Advance Date.

 

(e)          
With respect to any Serviced Loan Combination, the applicable Master Servicer will be permitted to make its determination
that it has made a P&I Advance on the related Mortgage Loan that is a Nonrecoverable P&I Advance or that any proposed P&I
Advance, if made, would constitute a Nonrecoverable P&I Advance with respect to such Mortgage Loan in accordance with Section
4.03(a) independently of any determination made in respect of the related Serviced Pari Passu Companion Loan, by the related
Other Master Servicer. If the applicable Master Servicer determines that a proposed P&I Advance with respect to such Serviced
Loan Combination, if made, or any outstanding P&I Advance with respect to any such

 

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Mortgage Loan previously made, would be,
or is, as applicable, a Nonrecoverable Advance or if the applicable Master Servicer subsequently determines that a proposed Servicing
Advance would be a Nonrecoverable Advance or an outstanding Servicing Advance is or would be a Nonrecoverable Advance, or if the
applicable Master Servicer receives written notice from the applicable Special Servicer for such Serviced Loan Combination that
such Special Servicer has made such a determination, pursuant to this Section 4.03(e), the applicable Master Servicer shall
promptly provide the related Other Master Servicer written notice of such determination. If the applicable Master Servicer receives
written notice from any related Other Master Servicer that such Other Master Servicer has determined, with respect to the related
Serviced Pari Passu Companion Loan, that any proposed advance of principal and/or interest with respect to such Serviced Pari Passu
Companion Loan would be, or any outstanding advance of principal and interest is, a nonrecoverable advance of principal and/or
interest, such determination shall not be binding on the Certificateholders, the applicable Master Servicer or the Trustee but
each of the applicable Master Servicer and the Trustee shall be entitled to conclusively rely on any such nonrecoverability determination.

 

In connection with
any Non-Trust-Serviced Pooled Mortgage Loan, any determination by the applicable Master Servicer that any P&I Advance made
or to be made with respect to such Non-Trust-Serviced Pooled Mortgage 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 by the related Non-Trust Master Servicer regarding nonrecoverability of debt service advances on the related
Non-Serviced Companion Loan(s).

 

The applicable Special
Servicer for each Serviced Loan Combination or Non-Trust-Serviced Pooled Mortgage Loan shall also be entitled to make a determination
(subject to the same standards and procedures that apply in connection with a determination by the applicable Master Servicer)
to the effect that a prior P&I Advance (or Unliquidated Advance in respect thereof) previously made hereunder by the applicable
Master Servicer (or, if applicable, the Trustee) constitutes a Nonrecoverable P&I Advance or that any proposed P&I Advance
by the applicable Master Servicer (or, if applicable, the Trustee), if made, would constitute a Nonrecoverable P&I Advance,
in which case, after written notice of such determination by the applicable Special Servicer to the applicable Master Servicer
and the Trustee, such P&I Advance shall constitute a Nonrecoverable P&I Advance for all purposes of this Agreement and
the applicable Master Servicer and the Trustee shall conclusively rely on such determination by the applicable Special Servicer
that a P&I Advance is a Nonrecoverable Advance; provided that in no event shall a determination by a Special Servicer
that a previously made or proposed P&I Advance would be recoverable be binding on a Master Servicer or the Trustee. A copy
of any Officer’s Certificate (and accompanying information) of the applicable Special Servicer in support of its determination
shall be promptly delivered to the applicable Master Servicer for the subject Mortgage Loan. The applicable Special Servicer may
update or change its recoverability determination at any time.

 

(f)          
With regard to such P&I Advances, the applicable Master Servicer or the Trustee shall account for that part of
the P&I Advances which is attributable to Past Grace Period Loans, and that part of the P&I Advances which is attributable
to Within Grace Period Loans.

 

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(g)          
Notwithstanding anything to the contrary, no P&I Advances shall be made with respect to any Pari Passu Companion
Loan (whether or not it constitutes a Serviced Pari Passu Companion Loan or otherwise) or any successor REO Mortgage Loan related
thereto.

 

Section
4.04          Allocation
of Realized Losses and Additional Trust Fund Expenses. (a) On each Distribution Date, following the distributions to Certificateholders
to be made on such date pursuant to Section 4.01, the Certificate Administrator shall determine the amount, if any,
by which (i) the then-aggregate of the Class Principal Balances of all the Classes of Principal Balance Certificates (other than
the Class A-S, Class B, Class C and Class PEX Certificates) and the Class A-S Regular Interest, Class B Regular Interest and Class
C Regular Interest, exceeds (ii) the aggregate Stated Principal Balance of the Mortgage Pool that will be outstanding immediately
following such Distribution Date. If such excess does exist, then, except to the extent that such excess exists because of the
reimbursement of Workout-Delayed Reimbursement Amounts (from the principal portions of P&I Advances and/or payments or other
collections of principal on the Mortgage Pool pursuant to Section 3.05(a)(II)(iii)) during any prior Collection Period
(other than those that were determined to constitute Nonrecoverable Advances in the immediately preceding Collection Period), the
Class Principal Balances of the Class H, Class G, Class F, Class E and Class D Certificates and the Class C, Class B and Class
A-S Regular Interests shall be reduced sequentially, in that order, in each case, until such excess or the related Class Principal
Balance is reduced to zero (whichever occurs first). If, after the foregoing reductions, the amount described in clause (i)
of the second preceding sentence still exceeds the amount described in clause (ii) of such sentence, then, except to
the extent that such excess exists because of the reimbursement of Workout-Delayed Reimbursement Amounts (from the principal portion
of P&I Advances and/or payments or other collections of principal on the Mortgage Pool pursuant to Section 3.05(a)(II)(iii))
during any prior Collection Period (other than those that were determined to constitute Nonrecoverable Advances in the immediately
preceding Collection Period), the respective Class Principal Balances of all the outstanding Classes of the Class A Certificates
shall be reduced on a pro rata basis in accordance with the relative sizes of such Class Principal Balances, until any such
remaining excess is reduced to zero. All reductions in the Class Principal Balances of the respective Classes of the Principal
Balance Certificates and the Class A-S Regular Interest, Class B Regular Interest and Class C Regular Interest under this Section 4.04(a)
shall constitute allocations of Realized Losses and Additional Trust Fund Expenses. Any reduction in the Class Principal Balance
of the Class C Regular Interest, Class B Regular Interest or Class A-S Regular Interest for any Distribution Date pursuant to this
Section 4.04(a) shall be allocated (i) in the case of the Class C Regular Interest, between the Class C Certificates
and Class C-PEX Component in accordance with the Class C Percentage Interest for such Distribution Date and the Class C-PEX Percentage
Interest for such Distribution Date, respectively, (ii) in the case of the Class B Regular Interest, between the Class B Certificates
and Class B-PEX Component in accordance with the Class B Percentage Interest for such Distribution Date and the Class B-PEX Percentage
Interest for such Distribution Date, respectively and (iii) in the case of the Class A-S Regular Interest, between the Class A-S
Certificates and Class A-S-PEX Component in accordance with the Class A-S Percentage Interest for such Distribution Date and the
Class A-S-PEX Percentage Interest for such Distribution Date, respectively.

 

(b)          
On each Distribution Date, following the deemed distributions to be made in respect of the REMIC II Regular Interests
on such date pursuant to Section 4.01(g), the

 

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Certificate Administrator shall determine the amount, if any, by which
(i) the then-aggregate Uncertificated Principal Balance of the REMIC II Regular Interests, exceeds (ii) the aggregate Stated Principal
Balance of the Mortgage Pool that will be outstanding immediately following such Distribution Date. If such excess does exist,
then, except to the extent that such excess exists because of the reimbursement of Workout-Delayed Reimbursement Amounts (from
the principal portion of P&I Advances and/or payments or other collections of principal on the Mortgage Pool pursuant to Section 3.05(a)(II)(iii))
during the preceding Collection Period, the Uncertificated Principal Balances of REMIC II Regular Interest H, REMIC II Regular
Interest G, REMIC II Regular Interest F, REMIC II Regular Interest E, REMIC II Regular Interest D, REMIC II Regular Interest C,
REMIC II Regular Interest B and REMIC II Regular Interest A-S shall be reduced sequentially, in that order, in each case, until
such excess (other than any portion thereof that exists because of the reimbursement of Workout-Delayed Reimbursement Amounts (from
the principal portion of P&I Advances and/or payments or other collections of principal on the Mortgage Pool pursuant to Section 3.05(a)(II)(iii))
during the preceding Collection Period) or the related Uncertificated Principal Balance is reduced to zero (whichever occurs first).
If, after the foregoing reductions, the amount described in clause (i) of the second preceding sentence still exceeds
the amount described in clause (ii) of such sentence, then, except to the extent that such excess exists because of
the reimbursement of Workout-Delayed Reimbursement Amounts (from the principal portion of P&I Advances and/or payments or other
collections of principal on the Mortgage Pool pursuant to Section 3.05(a)(II)(iii)) during the preceding Collection
Period, the Uncertificated Principal Balances of the REMIC II Regular Interest that are the Corresponding REMIC II Regular Interest
with respect to the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-SB Certificates shall be reduced on a pro rata
basis, as among such individual Corresponding REMIC II Regular Interests, in accordance with their Uncertificated Principal Balances,
until any such remaining excess is reduced to zero. All reductions in the Uncertificated Principal Balances of the respective REMIC
II Regular Interests under this Section 4.04(b) shall be deemed to constitute allocations of Realized Losses and Additional
Trust Fund Expenses.

 

(c)          
On each Distribution Date, if, following the deemed distributions to be made in respect of the REMIC I Regular Interests
pursuant to Section 4.01(j), the Uncertificated Principal Balance of any REMIC I Regular Interest, in each case after
taking account of such deemed distributions, exceeds the Stated Principal Balance of the related Mortgage Loan or REO Mortgage
Loan (or, if such REMIC I Regular Interest relates to multiple Replacement Mortgage Loans, the aggregate Stated Principal Balance
of the related Mortgage Loans and/or REO Mortgage Loans), as the case may be, that will be outstanding immediately following such
Distribution Date, then, except to the extent that such excess exists (taking account of the provisions of the next succeeding
sentence) because of the reimbursement of Workout-Delayed Reimbursement Amounts (from the principal portion of P&I Advances
and/or payments or other collections of principal on the Mortgage Pool pursuant to Section 3.05(a)(II)(iii)) during
the preceding Collection Period, the Uncertificated Principal Balance of such REMIC I Regular Interest shall be reduced to equal
such Stated Principal Balance of such related Mortgage Loan or REO Mortgage Loan (or, if such REMIC I Regular Interest relates
to multiple Replacement Mortgage Loans, the aggregate Stated Principal Balance of the related Mortgage Loans and/or REO Mortgage
Loans), as the case may be, that will be outstanding immediately following such Distribution Date. For purposes of the immediately
preceding sentence, the aggregate amount excluded from the aggregate reductions of the Uncertificated Principal Balances of the
REMIC I

 

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Regular Interests collectively shall equal the amount excluded from the reductions of the Uncertificated Principal Balances
of the REMIC II Regular Interests pursuant to Section 4.04(b) above and such aggregate exclusion amount shall be deemed
to be allocated among the REMIC I Regular Interests pro rata according to their Stated Principal Balances that, in the absence
of such any and all such exclusions, would have been outstanding immediately after such Distribution Date by operation of the immediately
preceding sentence. Any reductions in the Uncertificated Principal Balances of the respective REMIC I Regular Interests under this
Section 4.04(c) shall be deemed to constitute allocations of Realized Losses and Additional Trust Fund Expenses.

 

Section
4.05          Allocation
of Certain Trust Advisor Expenses. (a) On each Distribution Date, immediately prior to the distributions to be made to the
Regular Certificates and the Class A-S Regular Interest, Class B Regular Interest and Class C Regular Interest for such Distribution
Date pursuant to Section 4.01(a), the Certificate Administrator shall allocate Trust Advisor Expenses (other than Designated
Trust Advisor Expenses) to reduce the Unadjusted Distributable Certificate Interest for such Distribution Date for the Class D
and Class X-D Certificates, pro rata, and then for the Class C Regular Interest and Class B Regular Interest Certificates,
in that order, in each case, until the Unadjusted Distributable Certificate Interest of the Class D and Class X-D Certificates,
the Class C Regular Interest or the Class B Regular Interest (as applicable) for such Distribution Date has been reduced to zero.
Trust Advisor Expenses (other than Designated Trust Advisor Expenses) shall not be allocated to reduce interest distributable on
the Class A Certificates, the Class A-S Regular Interest, the Interest Only Certificates (other than the Class X-D Certificates)
or the Control-Eligible Certificates or any Serviced Pari Passu Companion Loan.

 

To the extent that
the amount of Trust Advisor Expenses (other than Designated Trust Advisor Expenses) payable with respect to any Distribution Date
is greater than the aggregate amount of Unadjusted Distributable Certificate Interest otherwise distributable to the Class B Regular
Interest, Class C Regular Interest and Class D and Class X-D Certificates for such Distribution Date, the resulting Excess Trust
Advisor Expenses (other than Designated Trust Advisor Expenses) shall be allocated to reduce the Principal Distribution Amount
otherwise allocable to the Principal Balance Certificates that are not Control-Eligible Certificates for such Distribution Date.
Such Excess Trust Advisor Expenses (other than Designated Trust Advisor Expenses) shall reduce the Principal Distribution Amount
for the Principal Balance Certificates that are not Control-Eligible Certificates for such Distribution Date, and shall be allocated
to reduce the Certificate Principal Balances of such Certificates in the following order: to the Class D Certificates, and then
to the Class C, Class B and Class A-S Regular Interests, in each case, until the remaining Certificate Principal Balance of such
Class of Certificates or Class C, Class B or Class A-S Regular Interest has been reduced to zero. Following the reduction of the
Certificate Principal Balances of the foregoing Classes of Principal Balance Certificates and the Class C, Class B and Class A-S
Regular Interests to zero, the Certificate Administrator shall allocate any remaining Excess Trust Advisor Expenses (other than
Designated Trust Advisor Expenses) among the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-SB Certificates, pro rata
(based upon their respective Certificate Principal Balances), until the remaining Certificate Principal Balances of the Class A-1,
Class A-2, Class A-3, Class A-4 and Class A-SB Certificates, have been reduced to zero. Any Excess Trust Advisor Expenses allocated
to the Class C, Class B or Class A-S Regular Interest for any Distribution Date pursuant to this

 

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Section 4.05(a) shall
be allocated (i) in the case of the Class C Regular Interest, between the Class C Certificates and Class C-PEX Component in accordance
with the Class C Percentage Interest for such Distribution Date and the Class C-PEX Percentage Interest for such Distribution Date,
respectively, (ii) in the case of the Class B Regular Interest, between the Class B Certificates and Class B-PEX Component in accordance
with the Class B Percentage Interest for such Distribution Date and the Class B-PEX Percentage Interest for such Distribution Date,
respectively and (iii) in the case of the Class A-S Regular Interest, between the Class A-S Certificates and Class A-S-PEX Component
in accordance with the Class A-S Percentage Interest for such Distribution Date and the Class A-S-PEX Percentage Interest for such
Distribution Date, respectively.

 

Any Trust Advisor Expenses
(other than Designated Trust Advisor Expenses) or Excess Trust Advisor Expenses (other than Designated Trust Advisor Expenses)
allocated to a Class of Certificates that are not Control-Eligible Certificates shall be allocated among the respective Certificates
of such Class in proportion to the Percentage Interests evidenced by the respective Certificates. If amounts distributable in respect
of the Unadjusted Distributable Certificate Interest to the Class B and Class C Regular Interests and Class D and Class X-D Certificates
and otherwise available as the indicated portion of the Principal Distribution Amount are insufficient to reimburse any related
Trust Advisor Expenses (other than Designated Trust Advisor Expenses) on a Distribution Date, any unreimbursed Trust Advisor Expenses
(other than Designated Trust Advisor Expenses) shall remain unreimbursed until the next Distribution Date that such applicable
amounts are available. In no event shall any Trust Advisor Expenses other than Designated Trust Advisor Expenses reduce or delay
any principal or interest payable in respect of the Control-Eligible Certificates.

 

(b)          
On any Distribution Date, the amount reimbursable to the Trust Advisor in respect of Trust Advisor Expenses (other
than Designated Trust Advisor Expenses) for such Distribution Date shall not exceed the sum of (i) the portion of the Principal
Distribution Amount for such Distribution Date otherwise distributable to the Class A-1, Class A-2, Class A-3, Class A-4, Class
A-SB and Class D Certificates and the Class A-S, Class B and Class C Regular Interests and (ii) the aggregate amount of Unadjusted
Distributable Certificate Interest (for such purposes, calculated without regard to any reductions pursuant to clause (iv)
of the definition of Unadjusted Distributable Certificate Interest as a result of Trust Advisor Expenses (other than Designated
Trust Advisor Expenses) for such Distribution Date) that would otherwise be distributable to the Class B and Class C Regular Interests
and the Class D and Class X-D Certificates for such Distribution Date. Any amount of Trust Advisor Expenses (other than Designated
Trust Advisor Expenses) that are not reimbursed on a Distribution Date shall be payable on the next Distribution Date to the extent
funds are sufficient, in accordance with Section 4.05(a), to make such payments.

 

(c)          
To the extent that any actual recoveries of previously-incurred Trust Advisor Expenses (other than Designated Trust
Advisor Expenses) are received from a source other than the proceeds of the related Mortgage Loan during the Collection Period
related to any Distribution Date, such amounts shall be applied, first, as provided in Section 4.01(a) to reimburse
the Holders of any Regular Certificates and the Class A-S Regular Interest (and therefore the Class A-S Certificates and Class
A-S-PEX Component), the Class B Regular Interest (and therefore the Class B Certificates and Class B-PEX Component) and the Class
C

 

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Regular Interest (and therefore the Class C Certificates and Class C-PEX Component) that suffered write-offs in connection with
Trust Advisor Expenses, and any portion of such recovery remaining after such application shall be considered in the calculation
of the Interest Distribution Amounts of the Class B Regular Interest, Class C Regular Interest and the Class D and Class X-D Certificates,
as and to the extent set forth in the definition of Interest Distribution Amount, for such Distribution Date (with the actual payment
of such portion to be made to the Holders of the Class B Regular Interest, Class C Regular Interest and/or Class D and Class X-D
Certificates to the extent required under the combined operation of the definition of Interest Distribution Amount and the provisions
of Section 4.01(a) other than the final paragraph of Section 4.01(a)).

 

Section
4.06    Calculations.
Provided that the Certificate Administrator receives the necessary information from the applicable Master Servicer and/or the applicable
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 and Additional Trust Fund Expenses
to be made pursuant to Section 4.04 and the actual and deemed allocations of Trust Advisor Expenses to be made pursuant
to Section 4.05. The Certificate Administrator shall calculate the Available Distribution Amount for each Distribution
Date and shall allocate such amount among Certificateholders in accordance with this Agreement. Absent actual knowledge by a Responsible
Officer of an error therein, the Certificate Administrator shall have no obligation to recompute, recalculate or otherwise verify
any information provided to it by the applicable Master Servicer. The calculations by the Certificate Administrator contemplated
by this Section 4.06 shall, in the absence of manifest error, be presumptively deemed to be correct for all purposes
hereunder.

 

Article
V

THE CERTIFICATES

 

Section
5.01    The Certificates. (a) The Certificates will be substantially in the respective forms attached hereto as Exhibits
A-1 through A-3; provided that any of the Certificates may be issued with appropriate insertions, omissions,
substitutions and variations, and may have imprinted or otherwise reproduced thereon such legend or legends, not inconsistent
with the provisions of this Agreement, as may be required to comply with any law or with rules or regulations pursuant thereto,
or with the rules of any securities market in which the Certificates are admitted to trading, or to conform to general usage.
The Certificates will be issuable in registered form only; provided that in accordance with Section 5.03, beneficial
ownership interests in each Class of Interest Only Certificates and Principal Balance Certificates shall initially be held and
transferred through the book-entry facilities of the Depository. The Registered Certificates (other than the Class X-A Certificates)
will be issuable only in denominations corresponding to initial Certificate Principal Balances as of the Closing Date of $10,000
and in integral multiples of $1 in excess thereof. The Non-Registered Certificates (other than the Class X-D, Class X-E, Class
X-FG, Class X-H and Class R Certificates) will be issuable only in denominations corresponding to initial Certificate Principal
Balances as of the Closing Date of $100,000 and in integral multiples of $1 in excess thereof. The Interest Only Certificates
will be issuable only in denominations corresponding to initial Certificate Notional Amounts as

 

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of the Closing Date of $1,000,000 and in integral
multiples of $1 in excess thereof. The Class R Certificates will be issuable in denominations representing Percentage Interests
of not less than 10%.

 

(b)          
The Certificates shall be executed by manual or facsimile signature on behalf of the Trustee by the Certificate Registrar
hereunder by an authorized signatory. Certificates bearing the manual or facsimile signatures of individuals who were at any time
the authorized officers or signatories of the Certificate Registrar shall be entitled to all benefits under this Agreement, subject
to the following sentence, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication
and delivery of such Certificates or did not hold such offices at the date of such Certificates. No Certificate shall be entitled
to any benefit under this Agreement, or be valid for any purpose, however, unless there appears on such Certificate a certificate
of authentication substantially in the form provided for herein executed by the Authenticating Agent by manual signature, and such
certificate of authentication upon any Certificate shall be conclusive evidence, and the only evidence, that such Certificate has
been duly authenticated and delivered hereunder. All Certificates shall be dated the date of their authentication.

 

Section
5.02    Registration
of Transfer and Exchange of Certificates. (a) At all times during the term of this Agreement, there shall be maintained at
the office of the Certificate Registrar a Certificate Register in which, subject to such reasonable regulations as the Certificate
Registrar may prescribe, the Certificate Registrar shall provide for the registration of Certificates and of transfers and exchanges
of Certificates as herein provided. The Certificate Administrator is hereby initially appointed (and hereby agrees to act in accordance
with the terms hereof) as Certificate Registrar for the purpose of registering Certificates and transfers and exchanges of Certificates
as herein provided. The Certificate Registrar may appoint, by a written instrument delivered to the Trustee, the Depositor, the
Master Servicers, the Special Servicers and (if the Certificate Administrator is not the Certificate Registrar) the Certificate
Administrator, any other bank or trust company to act as Certificate Registrar under such conditions as the predecessor Certificate
Registrar may prescribe, provided that the predecessor Certificate Registrar shall not be relieved of any of its duties
or responsibilities hereunder by reason of such appointment. If the Certificate Administrator resigns or is removed in accordance
with the terms hereof, the successor certificate administrator shall immediately succeed to its duties as Certificate Registrar.
The Depositor, the Trustee, the Certificate Administrator (if it is not the Certificate Registrar), the Master Servicers and the
Special Servicers shall each have the right to inspect the Certificate Register or to obtain a copy thereof at all reasonable times,
and to rely conclusively upon a certificate of the Certificate Registrar as to the information set forth in the Certificate Register.

 

If three or more Holders
make written request to the Certificate Registrar, and such request states that such Holders desire to communicate with other Holders
with respect to their rights under this Agreement or under the Certificates and is accompanied by a copy of the communication which
such Holders propose to transmit, then the Certificate Registrar shall, within thirty (30) days after the receipt of such request,
afford (or cause any other Certificate Registrar to afford) the requesting Holders access during normal business hours to the most
recent list of Certificateholders held by the Certificate Registrar.

 

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(b)          
No Transfer of any Non-Registered Certificate or interest therein shall be made unless that Transfer is exempt from
the registration and/or qualification requirements of the Securities Act and any applicable securities or blue sky laws of any
state or other jurisdiction within the United States, its territories and possessions, or is otherwise made in accordance with
the Securities Act and such other securities or blue sky laws. If offers and sales of any Certificate are made in any jurisdiction
outside of the United States, its territories and possessions, the Person making such offers and sales must comply with all applicable
laws of such jurisdiction.

 

If a Transfer of any
Definitive Non-Registered Certificate is to be made without registration under the Securities Act (other than in connection with
the initial issuance of the Non-Registered Certificates or a Transfer of such Certificate by the Depositor, any Underwriter or
any of their respective Affiliates or, in the case of a Global Certificate for any Class of Book-Entry Non-Registered Certificates,
a Transfer thereof to a successor Depository or to the applicable Certificate Owner(s) in accordance with Section 5.03),
then the Certificate Registrar shall refuse to register such Transfer unless it receives (and, upon receipt, may conclusively rely
upon) either: (i) a certificate from the Certificateholder desiring to effect such Transfer substantially in the form attached
hereto as Exhibit C-1A or as Exhibit C-2A and a certificate from such Certificateholder’s prospective Transferee
substantially in the form attached hereto either as Exhibit C-1B or as Exhibit C-2B (except that, in the case of
any proposed transfer of a Class R Certificate, such Certificateholder desiring to effect such Transfer and prospective Transferee
may provide certificates substantially in the forms attached hereto respectively as Exhibit C-2A and Exhibit C-2B
only); or (ii) an Opinion of Counsel satisfactory to the Certificate Administrator to the effect that such prospective Transferee
is an Institutional Accredited Investor or a Qualified Institutional Buyer (except that, in the case of any proposed transfer of
a Class R Certificate, such Opinion of Counsel must be to the effect that such prospective Transferee is a Qualified Institutional
Buyer) and such Transfer may be made without registration under the Securities Act (which Opinion of Counsel shall not be an expense
of the Trust Fund or of the Depositor, the Master Servicers, the Special Servicers, the Tax Administrator, the Certificate Administrator,
the Trustee, the Custodian or the Certificate Registrar in their respective capacities as such), together with the written certification(s)
as to the facts surrounding such Transfer from the Certificateholder desiring to effect such Transfer and/or such Certificateholder’s
prospective Transferee on which such Opinion of Counsel is based.

 

If a Transfer of any
interest in the Rule 144A Global Certificate for any Class of Book-Entry Non-Registered Certificates is to be made without registration
under the Securities Act (other than in connection with the initial issuance of the Book-Entry Non-Registered Certificates or a
Transfer of any interest therein by the Depositor, any Underwriter or any of their respective Affiliates), then the Certificate
Owner desiring to effect such Transfer shall be required to obtain either (i) a certificate from such Certificate Owner’s
prospective Transferee substantially in the form attached hereto as Exhibit C-2B, or (ii) an Opinion of Counsel to the effect
that the prospective Transferee is a Qualified Institutional Buyer, and that such Transfer may be made without registration under
the Securities Act. Except as provided in the following two paragraphs, no interest in the Rule 144A Global Certificate for any
Class of Book-Entry Non-Registered Certificates shall be transferred to any Person who takes delivery other than in the form of
an interest in such Rule 144A Global Certificate. If any Transferee of an interest in the Rule 144A Global Certificate for any
Class of Book-Entry Non-Registered Certificates does not,

 

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in connection with the subject Transfer, deliver to the Transferor the
Opinion of Counsel or the certification described in the preceding sentence, then such Transferee shall be deemed to have represented
and warranted that all the certifications set forth in Exhibit C-2B hereto are, with respect to the subject Transfer, true
and correct.

 

Notwithstanding the
preceding paragraph, any interest in the Rule 144A Global Certificate for a Class of Book-Entry Non-Registered Certificates may
be transferred (without delivery of any certificate or Opinion of Counsel described in clauses (i) and (ii)
of the first sentence of the preceding paragraph) by the Depositor, any Affiliate of the Depositor or any Person designated in
writing by the Depositor to any Person who takes delivery in the form of a beneficial interest in the Regulation S Global Certificate
for such Class of Certificates upon delivery to the Certificate Registrar of (x) a certificate to the effect that the Certificate
Owner desiring to effect such Transfer is the Depositor or an Affiliate of the Depositor and (y) such written orders and instructions
as are required under the applicable procedures of the Depository, Clearstream and Euroclear to direct the Certificate Administrator
to debit the account of a Depository Participant by a denomination of interests in such Rule 144A Global Certificate, and credit
the account of a Depository Participant by a denomination of interests in such Regulation S Global Certificate, that is equal to
the denomination of beneficial interests in the Book-Entry Non-Registered Certificates to be transferred. Upon delivery to the
Certificate Registrar of such certification and such orders and instructions, the Certificate Administrator, subject to and in
accordance with the applicable procedures of the Depository, shall reduce the denomination of the Rule 144A Global Certificate
in respect of the applicable Class of Book-Entry Non-Registered Certificates and increase the denomination of the Regulation S
Global Certificate for such Class, by the denomination of the beneficial interest in such Class specified in such orders and instructions.

 

Also notwithstanding
the foregoing, any interest in a Rule 144A Global Certificate with respect to any Class of Book-Entry Non-Registered Certificates
may be transferred by any Certificate Owner holding such interest to any Institutional Accredited Investor (other than a Qualified
Institutional Buyer) that takes delivery in the form of a Definitive Certificate of the same Class as such Rule 144A Global Certificate
upon delivery to the Certificate Registrar and the Certificate Administrator of (i) such certifications and/or opinions as are
contemplated by the second paragraph of this Section 5.02(b) and (ii) such written orders and instructions as are required
under the applicable procedures of the Depository to direct the Certificate Administrator to debit the account of a Depository
Participant by the denomination of the transferred interests in such Rule 144A Global Certificate. Upon delivery to the Certificate
Registrar of the certifications and/or opinions contemplated by the second paragraph of this Section 5.02(b), the Certificate
Administrator, subject to and in accordance with the applicable procedures of the Depository, shall reduce the denomination of
the subject Rule 144A Global Certificate by the denomination of the transferred interests in such Rule 144A Global Certificate,
and shall cause a Definitive Certificate of the same Class as such Rule 144A Global Certificate, and in a denomination equal to
the reduction in the denomination of such Rule 144A Global Certificate, to be executed, authenticated and delivered in accordance
with this Agreement to the applicable Transferee. Correspondingly, any interest in a Non-Registered Certificate (other than a Class
R Certificate) held as a Definitive Certificate may be transferred by any Certificateholder holding such interest to any Qualified
Institutional Buyer that takes delivery in the form of a beneficial interest in a Rule 144A Global Certificate upon delivery to
the Certificate Registrar and the

 

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Certificate Administrator of (i) a certificate from the Certificateholder desiring to effect
such Transfer substantially in the form of attached hereto as Exhibit C-2A and a certificate from such Certificateholder’s
prospective Transferee substantially in the form attached hereto as Exhibit C-2B and (ii) such written orders and instructions
as are required under the applicable procedures of the Depository to direct the Certificate Administrator to credit the account
of a Depository Participant by the denomination of the transferred interests in such Rule 144A Global Certificate. Upon surrender
of the Definitive Certificate, the Certificate Administrator, subject to and in accordance with the applicable procedures of the
Depository, shall increase the denomination of the subject Rule 144A Global Certificate by the denomination of the surrendered
Definitive Certificate.

 

Except as provided
in the next paragraph, no beneficial interest in the Regulation S Global Certificate for any Class of Book-Entry Non-Registered
Certificates shall be transferred to any Person who takes delivery other than in the form of a beneficial interest in such Regulation
S Global Certificate. On and prior to the Release Date, each Certificate Owner desiring to effect any Transfer of an interest in
the Regulation S Global Certificate for any Class of Book-Entry Non-Registered Certificates to another Person who takes delivery
in the form of a beneficial interest in such Regulation S Global Certificate shall be required to obtain from such Certificate
Owner’s prospective Transferee a written certification substantially in the form set forth in Exhibit C-3B hereto
certifying that such Transferee is an institution that is not a United States Securities Person. On or prior to the Release Date,
beneficial interests in the Regulation S Global Certificate for each Class of Book-Entry Non-Registered Certificates may be held
only through Euroclear or Clearstream. The Regulation S Global Certificate for each Class of Book-Entry Non-Registered Certificates
shall be deposited with the Certificate Administrator as custodian for the Depository and registered in the name of Cede &
Co. as nominee of the Depository.

 

Notwithstanding the
preceding paragraph, after the Release Date, any interest in the Regulation S Global Certificate for a Class of Book-Entry Non-Registered
Certificates may be transferred by a Certificate Owner to any Person who takes delivery in the form of a beneficial interest in
the Rule 144A Global Certificate for such Class of Certificates upon delivery to the Certificate Registrar and the Certificate
Administrator of (x) a certificate from the Certificate Owner desiring to effect such Transfer substantially in the form of attached
hereto as Exhibit C-2A and a certificate from such Certificate Owner’s prospective Transferee substantially in the
form attached hereto as Exhibit C-2B and (y) such written orders and instructions as are required under the applicable procedures
of the Depository, Clearstream and Euroclear to direct the Certificate Administrator to debit the account of a Depository Participant
by a denomination of interests in such Regulation S Global Certificate, and credit the account of a Depository Participant by a
denomination of interests in such Rule 144A Global Certificate, that is equal to the denomination of beneficial interests in such
Class of Book-Entry Non-Registered Certificates to be transferred. Upon delivery to the Certificate Registrar and the Certificate
Administrator of such certification and orders and instructions, the Certificate Administrator, subject to and in accordance with
the applicable procedures of the Depository, shall reduce the denomination of the Regulation S Global Certificate in respect of
such Class of Book-Entry Non-Registered Certificates, and increase the denomination of the Rule 144A Global Certificate for such
Class, by the denomination of the beneficial interest in such Class specified in such orders and instructions.

 

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None of the Depositor,
the Underwriters, the Certificate Administrator, the Trustee, the Master Servicers, the Special Servicers, the Trust Advisor, the
Tax Administrator or the Certificate Registrar is obligated to register or qualify any Class of Non-Registered Certificates under
the Securities Act or any other securities law or to take any action not otherwise required under this Agreement to permit the
Transfer of any Non-Registered Certificate or interest therein without registration or qualification. Any Certificateholder or
Certificate Owner desiring to effect a Transfer of any Non-Registered Certificate or interest therein shall, and does hereby agree
to, indemnify the Depositor, the Underwriters, the Certificate Administrator, the Trust Advisor, the Trustee, the Master Servicers,
the Special Servicers, the Tax Administrator and the Certificate Registrar against any liability that may result if such Transfer
is not exempt from the registration and/or qualification requirements of the Securities Act and any applicable state or foreign
securities laws or is not made in accordance with such federal, state or foreign laws.

 

(c)          
No Transfer of a Certificate or any interest therein shall be made (A) to any Plan or (B) to any Person who is directly
or indirectly purchasing such Certificate or interest therein on behalf of, as named fiduciary of, as trustee of, or with assets
of a Plan, if the purchase and holding of such Certificate or interest therein by the prospective Transferee would result in a
violation of Section 406 or 407 of ERISA or Section 4975 of the Code, or a similar violation under Similar Law, or would result
in the imposition of an excise tax under Section 4975 of the Code. Except in connection with the initial issuance of the Non-Registered
Certificates or any Transfer of a Non-Registered Certificate or any interest therein by the Depositor, any Initial Purchaser or
any of their respective Affiliates or, in the case of a Global Certificate for any Class of Book-Entry Non-Registered Certificates,
any Transfer thereof to a successor Depository or to the applicable Certificate Owner(s) in accordance with Section 5.03,
the Certificate Registrar shall refuse to register the Transfer of a Definitive Non-Registered Certificate unless it has received
from the prospective Transferee, and any Certificate Owner transferring an interest in a Global Certificate for any Class of Book-Entry
Non-Registered Certificates shall be required to obtain from its prospective Transferee, either (i) a certification to the effect
that such prospective Transferee is not a Plan and is not directly or indirectly purchasing such Certificate or interest therein
on behalf of, as named fiduciary of, as trustee of, or with assets of a Plan; or (ii) alternatively, but only in the case of a
Certificate that is not a Class R Certificate, a certification to the effect that the purchase and holding of such Certificate
or interest therein by such prospective Transferee is exempt from the prohibited transaction provisions of Sections 406(a) and
(b) and 407 of ERISA and the excise taxes imposed on such prohibited transactions by Sections 4975(a) and (b) of the Code, by reason
of Sections I and III of PTCE 95-60; or (iii) alternatively, but only in the case of a Non-Registered Certificate that is an Investment
Grade Certificate (other than, if applicable, a Class R Certificate), determined at date of acquisition, that is being acquired
by or on behalf of a Plan in reliance on the Exemption, a certification to the effect that such Plan (X) is an “accredited
investor” as defined in Rule 501(a)(1) of Regulation D under the Securities Act, (Y) is not sponsored (within the meaning
of Section 3(16)(B) of ERISA) by any member of the Restricted Group, and (Z) agrees that it will obtain from each of its Transferees
a written certification described in clause (i) above, a written certification described in clause (ii)
above or a written representation that such Transferee satisfies the requirements of the immediately preceding clauses (iii)(X)
and (iii)(Y), together with a written agreement that such Transferee will obtain from each of its Transferees a similar
written certification or representation. It is hereby acknowledged that the forms of certification attached hereto as Exhibit
D-1 (in the case of Definitive Non-Registered Certificates) and Exhibit D-2 (in

 

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the case of ownership interests in Book-Entry
Non-Registered Certificates) are acceptable for purposes of the preceding sentence. In lieu of one of the foregoing certifications,
a prospective Transferee may deliver to the Certificate Registrar a certification of facts and an Opinion of Counsel which establish
to the reasonable satisfaction of the Trustee that such Transfer will not result in a violation of Section 406 of ERISA or Section
4975 of the Code, or a similar violation under Similar Law, or result in the imposition of an excise tax under Section 4975 of
the Code, and will not subject the Trustee, the Depositor, the Certificate Administrator, the Master Servicers, the Special Servicers,
a Sub-Servicer or the Trust Advisor to any obligation in addition to those undertaken in this Agreement; in the case of an ownership
interest in a Book-Entry Certificate, the prospective Transferee shall also deliver to the Certificate Owner from whom it is acquiring
the interest a copy of such certification of facts and Opinion of Counsel, and a certification that these documents have been delivered
to the Certificate Registrar. If any Transferee of a Certificate (including a Registered Certificate) or any interest therein does
not, in connection with the subject Transfer, deliver to the Certificate Registrar (in the case of a Definitive Certificate) or
the Transferor (in the case of ownership interests in a Book-Entry Non-Registered Certificate) any certification and/or Opinion
of Counsel contemplated by the first, second and third preceding sentences, then such Transferee shall be deemed to have represented
and warranted that either: (i) such Transferee is not a Plan and is not directly or indirectly purchasing such Certificate or interest
therein on behalf of, as named fiduciary of, as trustee of, or with assets of a Plan; or (ii) the purchase and holding of such
Certificate or interest therein by such Transferee are exempt from the prohibited transaction provisions of Sections 406(a) and
(b) and 407 of ERISA and the excise taxes imposed on such prohibited transactions by Sections 4975(a) and (b) of the Code by reason
of the Exemption (in the case of such a Certificate that is an Investment Grade Certificate) or by reason of Sections I and III
of PTCE 95-60 (in the case of such a Certificate that is not an Investment Grade Certificate) or, in the case of a Plan subject
to Similar Law does not result in a violation of Similar Law.

 

(d)         
(i) Each Person who has or who acquires any Ownership Interest in a Class R Certificate shall be deemed by the acceptance
or acquisition of such Ownership Interest to have agreed to be bound by the following provisions and to have irrevocably authorized
the Certificate Administrator under clause (ii)(A) below to deliver payments to a Person other than such Person and
to have irrevocably authorized the Certificate Administrator under clause (ii)(B) below to negotiate the terms of any
mandatory disposition and to execute all instruments of Transfer and to do all other things necessary in connection with any such
disposition. The rights of each Person acquiring any Ownership Interest in a Class R Certificate are expressly subject to the following
provisions:

 

(A)            
Each Person holding or acquiring any Ownership Interest in a Class R Certificate shall be a Permitted Transferee
and shall promptly notify the Tax Administrator and the Certificate Administrator of any change or impending change in its status
as a Permitted Transferee.

 

(B)             
In connection with any proposed Transfer of any Ownership Interest in a Class R Certificate, the Certificate Registrar
shall require delivery to it, and shall not register the Transfer of any Class R Certificate until its receipt, of an affidavit
and agreement substantially in the form attached hereto as Exhibit E-1 (a “Transfer Affidavit and Agreement”),
from the proposed Transferee,

 

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representing and warranting, among other things, that such Transferee is a Permitted Transferee,
that it is not acquiring its Ownership Interest in the Class R Certificate that is the subject of the proposed Transfer as a nominee,
trustee or agent for any Person that is not a Permitted Transferee.

 

(C)             
Notwithstanding the delivery of a Transfer Affidavit and Agreement by a proposed Transferee under clause (B)
above, if a Responsible Officer of either the Certificate Administrator or the Certificate Registrar has actual knowledge that
the proposed Transferee is not a Permitted Transferee, no Transfer of an Ownership Interest in a Class R Certificate to such proposed
Transferee shall be effected.

 

(D)            
Each Person holding or acquiring any Ownership Interest in a Class R Certificate shall agree (1) to require a Transfer
Affidavit and Agreement from any prospective Transferee to whom such Person attempts to Transfer its Ownership Interest in such
Class R Certificate and (2) not to Transfer its Ownership Interest in such Class R Certificate unless it provides to the Certificate
Registrar a certificate substantially in the form attached hereto as Exhibit E-2 stating that, among other things, it has
no actual knowledge that such prospective Transferee is not a Permitted Transferee.

 

(E)             
Each Person holding or acquiring an Ownership Interest in a Class R Certificate, by purchasing such Ownership Interest,
agrees to give the Tax Administrator and the Certificate Administrator written notice that it is a “pass-through interest
holder” within the meaning of temporary Treasury Regulations Section 1.67-3T(a)(2)(i)(A) immediately upon acquiring an Ownership
Interest in a Class R Certificate, if it is, or is holding an Ownership Interest in a Class R Certificate on behalf of, a “pass-through
interest holder”.

 

(ii)        
(A)               If any purported Transferee shall become a Holder of a Class R Certificate in violation of the provisions of
this Section 5.02(d), then the last preceding Holder of such Class R Certificate that was in compliance with the provisions
of this Section 5.02(d) shall be restored, to the extent permitted by law, to all rights as Holder thereof retroactive
to the date of registration of such Transfer of such Class R Certificate. None of the Depositor, the Certificate Administrator,
the Trustee or the Certificate Registrar shall be under any liability to any Person for any registration of Transfer of a Class
R Certificate that is in fact not permitted by this Section 5.02(d) or for making any payments due on such Certificate
to the Holder thereof or for taking any other action with respect to such Holder under the provisions of this Agreement.

 

(B)             
If any purported Transferee shall become a Holder of a Class R Certificate in violation of the restrictions in this
Section 5.02(d), then, to the extent that retroactive restoration of the rights of the preceding Holder of such Class
R Certificate as described in clause (ii)(A) above shall be invalid, illegal or unenforceable, the Certificate Administrator
shall have the right, but not the obligation, to cause the Transfer of such Class R Certificate to a Permitted Transferee selected
by the Certificate Administrator on such terms as the

 

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Certificate Administrator may choose, and the Certificate Administrator shall
not be liable to any Person having an Ownership Interest in such Class R Certificate as a result of the Certificate Administrator’s
exercise of such discretion. Such purported Transferee shall promptly endorse and deliver such Class R Certificate in accordance
with the instructions of the Certificate Administrator. Such Permitted Transferee may be the Certificate Administrator itself or
any Affiliate of the Certificate Administrator.

 

(iii)       
The Tax Administrator shall make available to the IRS and to those Persons specified by the REMIC Provisions all
information furnished to it by the other parties hereto necessary to compute any tax imposed (A) as a result of the Transfer of
an Ownership Interest in a Class R Certificate to any Person who is a Disqualified Organization, including the information described
in Treasury Regulations Sections 1.860D-1(b)(5) and 1.860E-2(a)(5) with respect to the “excess inclusions” of such
Class R Certificate and (B) as a result of any regulated investment company, real estate investment trust, common trust fund, partnership,
trust, estate or organization described in Section 1381 of the Code that holds an Ownership Interest in a Class R Certificate having
as among its record holders at any time any Person which is a Disqualified Organization, and each of the other parties hereto shall
furnish to the Tax Administrator all information in its possession necessary for the Tax Administrator to discharge such obligation.
The Person holding such Ownership Interest shall be responsible for the reasonable compensation of the Tax Administrator for providing
information thereto pursuant to this subsection (d)(iii) and Section 10.01(d)(i).

 

(iv)       
The provisions of this Section 5.02(d) set forth prior to this clause (iv) may be modified,
added to or eliminated, provided that there shall have been delivered to the Certificate Administrator and the Tax Administrator
the following:

 

(A)       A Rating Agency Confirmation with respect to such modification of, addition to or elimination of such provisions;
and

 

(B)        an Opinion of Counsel, in form and substance satisfactory to the Certificate Administrator and the Tax Administrator,
obtained at the expense of the party seeking such modification of, addition to or elimination of such provisions (but in no event
at the expense of the Trustee, the Tax Administrator or the Trust), to the effect that doing so will not (1) cause any REMIC Pool
to cease to qualify as a REMIC or be subject to an entity-level tax caused by the Transfer of any Class R Certificate to a Person
which is not a Permitted Transferee or (2) cause a Person other than the prospective Transferee to be subject to a REMIC-related
tax caused by the Transfer of a Class R Certificate to a Person that is not a Permitted Transferee.

 

(e)         
If a Person is acquiring any Non-Registered Certificate or interest therein as a fiduciary or agent for one or more
accounts, such Person shall be required to deliver to the Certificate Registrar (or, in the case of an interest in a Book-Entry
Non-Registered Certificate, to the Certificate Owner that is transferring such interest) a certification to the effect that, and
such other evidence as may be reasonably required by the Certificate Administrator (or such

 

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Certificate Owner) to confirm that,
it has (i) sole investment discretion with respect to each such account and (ii) full power to make the applicable foregoing acknowledgments,
representations, warranties, certifications and agreements with respect to each such account as set forth in subsections (b),
(c) and/or (d), as appropriate, of this Section 5.02.

 

(f)          
Subject to the preceding provisions of this Section 5.02, upon surrender for registration of transfer
of any Certificate at the offices of the Certificate Registrar maintained for such purpose, the Certificate Registrar shall execute
and the Authenticating Agent shall authenticate and deliver, in the name of the designated transferee or transferees, one or more
new Certificates of the same Class in authorized denominations evidencing a like aggregate Percentage Interest in such Class.

 

(g)          
At the option of any Holder, its Certificates may be exchanged for other Certificates of authorized denominations
of the same Class evidencing a like aggregate Percentage Interest in such Class upon surrender of the Certificates to be exchanged
at the offices of the Certificate Registrar maintained for such purpose. Whenever any Certificates are so surrendered for exchange,
the Certificate Registrar shall execute and the Authenticating Agent shall authenticate and deliver the Certificates which the
Certificateholder making the exchange is entitled to receive.

 

(h)          
Every Certificate presented or surrendered for transfer or exchange shall (if so required by the Certificate Registrar)
be duly endorsed by, or be accompanied by a written instrument of transfer in the form satisfactory to the Certificate Registrar
duly executed by, the Holder thereof or his attorney duly authorized in writing.

 

(i)          
No service charge shall be imposed for any transfer or exchange of Certificates, but the Certificate Administrator
or Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed
in connection with any transfer or exchange of Certificates.

 

(j)          
All Certificates surrendered for transfer and exchange shall be physically canceled by the Certificate Registrar,
and the Certificate Registrar shall dispose of such canceled Certificates in accordance with its standard procedures.

 

(k)          
In connection with the foregoing Sections 5.02(b), (c) and (d), in no case shall the Depositor
be responsible for the costs or expenses of any certificates, opinions or agreements contemplated by such Sections 5.02(b),
(c) and (d).

 

(l)          
Notwithstanding any other provision of this Agreement, the Certificate Administrator shall comply with all federal
withholding requirements respecting payments to Certificateholders and other payees of interest or original issue discount that
the Certificate Administrator reasonably believes are applicable under the Code. The consent of Certificateholders or payees shall
not be required for such withholding. If the Certificate Administrator does withhold any amount from interest or original issue
discount payments or advances thereof to any Certificateholder or payee pursuant to federal withholding requirements, the Certificate
Administrator shall indicate the amount withheld to such Person. Such amounts

 

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shall be deemed to have been distributed to such
Certificateholders or payees for all purposes of this Agreement.

 

(m)            
Certificate Transfer requests shall be made to: Wells Fargo Bank, N.A., Corporate Trust Services, Attn: TRANSFER
AGENT GROUP, 6th Street & Marquette Ave., Minneapolis, MN 55479, Ref: Certificate Transfer Request, WFCM 2015-NXS3, telephone:
800-344-5128.

 

Section
5.03    Book-Entry
Certificates. (a) The Certificates (other than the Class R Certificates) shall initially be issued as one or more Certificates
registered in the name of the Depository or its nominee and, except as provided in Section 5.02(b) and Section 5.03(c),
a Transfer of such Certificates may not be registered by the Certificate Registrar unless such Transfer is to a successor Depository
that agrees to hold such Certificates for the respective Certificate Owners with Ownership Interests therein. Such Certificate
Owners shall hold and Transfer their respective Ownership Interests in and to such Certificates through the book-entry facilities
of the Depository and, except as provided in Section 5.03(c) below, shall not be entitled to definitive, fully registered
Certificates (“Definitive Certificates”) in respect of such Ownership Interests. The Classes of Non-Registered
Certificates initially sold to Qualified Institutional Buyers in reliance on Rule 144A or in reliance on another exemption from
the registration requirements of the Securities Act shall, in the case of each such Class, be represented by the Rule 144A Global
Certificate for such Class, which shall be deposited with the Certificate Administrator as custodian for the Depository and registered
in the name of Cede & Co. as nominee of the Depository. The Classes of Non-Registered Certificates initially sold to institutions
that are non-United States Securities Persons in Offshore Transactions in reliance on Regulation S shall, in the case of each such
Class, be represented by the Regulation S Global Certificate for such Class, which shall be deposited with the Certificate Administrator
as custodian for the Depository and registered in the name of Cede & Co. as nominee of the Depository. All Transfers by Certificate
Owners of their respective Ownership Interests in the Book-Entry Certificates shall be made in accordance with the procedures established
by the Depository Participant or brokerage firm representing each such Certificate Owner. Each Depository Participant shall only
transfer the Ownership Interests in the Book-Entry Certificates of Certificate Owners it represents or of brokerage firms for which
it acts as agent in accordance with the Depository’s normal procedures.

 

(b)          
The Certificate Administrator, the Master Servicers, the Special Servicers, the Trustee, the Depositor and the Certificate
Registrar may for all purposes, including the making of payments due on the Book-Entry Certificates, deal with the Depository as
the authorized representative of the Certificate Owners with respect to such Certificates for the purposes of exercising the rights
of Certificateholders hereunder. Except as expressly provided to the contrary herein, the rights of Certificate Owners with respect
to the Book-Entry Certificates shall be limited to those established by law and agreements between such Certificate Owners and
the Depository Participants and brokerage firms representing such Certificate Owners. Multiple requests and directions from, and
votes of, the Depository as Holder of the Book-Entry Certificates with respect to any particular matter shall not be deemed inconsistent
if they are made with respect to different Certificate Owners. The Certificate Administrator may establish a reasonable record
date in connection with solicitations of consents from or voting by Certificateholders and shall give notice to the Depository
of such record date.

 

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(c)          
If (i)(A) the Depositor advises the Certificate Administrator, the Trustee and the Certificate Registrar in writing
that the Depository is no longer willing or able to properly discharge its responsibilities with respect to a Class of the Book-Entry
Certificates, and (B) the Depositor is unable to locate a qualified successor, or (ii) the Depositor at its option advises the
Trustee, the Certificate Administrator and the Certificate Registrar in writing that it elects to terminate the book-entry system
through the Depository with respect to a Class of Book-Entry Certificates, the Certificate Registrar shall notify all affected
Certificate Owners, through the Depository, of the occurrence of any such event and of the availability of Definitive Certificates
to such Certificate Owners requesting the same.

 

Upon surrender to the
Certificate Registrar of the Book-Entry Certificates of any Class thereof by the Depository, accompanied by registration instructions
from the Depository for registration of transfer, the Certificate Registrar shall execute, and the Authenticating Agent shall authenticate
and deliver, the Definitive Certificates in respect of such Class to the Certificate Owners identified in such instructions. None
of the Depositor, the Master Servicers, the Special Servicers, the Certificate Administrator, the Trustee or the Certificate Registrar
shall be liable for any delay in delivery of such instructions, and each of them may conclusively rely on, and shall be protected
in relying on, such instructions. Upon the issuance of Definitive Certificates for purposes of evidencing ownership of any Class
of Registered Certificates, the registered holders of such Definitive Certificates shall be recognized as Certificateholders hereunder
and, accordingly, shall be entitled directly to receive payments on, to exercise Voting Rights with respect to, and to transfer
and exchange such Definitive Certificates.

 

(d)          
Notwithstanding any other provisions contained herein, neither the Certificate Administrator nor the Certificate
Registrar shall have any responsibility whatsoever to monitor or restrict the Transfer of ownership interests in any Certificate
(including but not limited to any Non-Registered Certificate) which interests are transferable through the book-entry facilities
of the Depository.

 

Section
5.04    Mutilated,
Destroyed, Lost or Stolen Certificates. If (i) any mutilated Certificate is surrendered to the Certificate Registrar, or the
Certificate Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Certificate, and (ii) there
is delivered to the Certificate Administrator and the Certificate Registrar such security or indemnity as may be reasonably required
by them to save each of them harmless, then, in the absence of actual notice to the Certificate Administrator or the Certificate
Registrar that such Certificate has been acquired by a bona fide purchaser, the Certificate Registrar shall execute and
the Authenticating Agent shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen
Certificate, a new Certificate of the same Class and like Percentage Interest. Upon the issuance of any new Certificate under this
Section, the Certificate Administrator and the Certificate Registrar may require the payment of a sum sufficient to cover any tax
or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of
the Certificate Administrator and the Certificate Registrar) connected therewith. Any replacement Certificate issued pursuant to
this Section shall constitute complete and indefeasible evidence of ownership in the applicable REMIC created hereunder, as if
originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time.

 

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Section
5.05   Persons
Deemed Owners. Prior to due presentment for registration of transfer, the Depositor, the Master Servicers, the Special Servicers,
the Certificate Administrator, the Trustee, the Trust Advisor, the Certificate Registrar and any agent of any of them may treat
the Person in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions
pursuant to Section 4.01 and for all other purposes whatsoever and none of the Depositor, the Master Servicers, the
Special Servicers, the Trustee, the Trust Advisor, the Certificate Registrar or any agent of any of them shall be affected by notice
to the contrary.

 

Section
5.06    Certification
by Certificate Owners. To the extent that under the terms of this Agreement, it is necessary to determine whether any Person
is a Certificate Owner, the Certificate Administrator shall make such determination based on a certificate of such Person which
shall be substantially in the form of Exhibit K-1A, Exhibit K-1B, Exhibit K-2A or Exhibit K-2B hereto,
as applicable (or such other form as shall be reasonably acceptable to the Certificate Administrator) and shall, to the extent
required by the Certificate Administrator, specify the Class and Certificate Principal Balance or Certificate Notional Amount,
as the case may be, of the Book-Entry Certificate beneficially owned; provided that none of the Trustee, the Certificate
Administrator or the Certificate Registrar shall knowingly recognize such Person as a Certificate Owner if such Person, to the
actual knowledge of a Responsible Officer of the Trustee, the Certificate Administrator or the Certificate Registrar, as the case
may be, acquired its Ownership Interest in a Book-Entry Certificate in violation of Section 5.02(c), or if such Person’s
certification that it is a Certificate Owner is in direct conflict with information actually known by a Responsible Officer of
the Trustee, the Certificate Administrator or the Certificate Registrar, with respect to the identity of a Certificate Owner. The
Trustee, the Certificate Administrator and the Certificate Registrar shall each exercise its reasonable discretion in making any
determination under this Section 5.06 and shall afford any Person providing information with respect to its beneficial
ownership of any Book-Entry Certificate an opportunity to resolve any discrepancies between the information provided and any other
information available to the Trustee, the Certificate Administrator or the Certificate Registrar, as the case may be.

 

Section
5.07    Appointment
of Authenticating Agents. (a) The Certificate Administrator may appoint at its expense an Authenticating Agent, which shall
be authorized to act on behalf of the Certificate Administrator in authenticating Certificates. The Certificate Administrator shall
cause any such Authenticating Agent to execute and deliver to the Certificate Administrator an instrument in which such Authenticating
Agent shall agree to act in such capacity, with the obligations and responsibilities herein. Each Authenticating Agent must be
organized and doing business under the laws of the United States of America or of any State, authorized under such laws to carry
on a trust business, have a combined capital and surplus of at least $15,000,000, and be subject to supervision or examination
by federal or state authorities. Each Authenticating Agent shall be subject to the same obligations, standard of care, protection
and indemnities as would be imposed on, or would protect, the Certificate Administrator hereunder. 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. In the absence of any other Person appointed in
accordance herewith acting as Authenticating Agent, the Certificate Administrator hereby agrees to act in such capacity in accordance
with the terms hereof. Notwithstanding anything herein to

 

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the contrary, if the Certificate Administrator is no longer the Authenticating
Agent, any provision or requirement herein requiring notice or any information or documentation to be provided to the Authenticating
Agent shall be construed to require that such notice, information or documentation also be provided to the Certificate Administrator.

 

(b)          
Any Person into which any Authenticating Agent may be merged or converted or with which it may be consolidated, or
any Person resulting from any merger, conversion, or consolidation to which any Authenticating Agent shall be a party, or any Person
succeeding to the corporate agency business of any Authenticating Agent, shall continue to be the Authenticating Agent without
the execution or filing of any paper or any further act on the part of the Trustee, the Certificate Administrator or the Authenticating
Agent.

 

(c)          
Any Authenticating Agent appointed in accordance with this Section 5.07 may at any time resign by giving
at least thirty (30) days’ advance written notice of resignation to the Certificate Administrator, the Trustee, the Certificate
Registrar and the Depositor. The Certificate Administrator may at any time terminate the agency of any Authenticating Agent appointed
in accordance with this Section 5.07 by giving written notice of termination to such Authenticating Agent, the Trustee,
the Certificate Registrar and the Depositor. Upon receiving a notice of such a resignation or upon such a termination, or in case
at any time any Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section 5.07,
the Certificate Administrator may appoint a successor Authenticating Agent, in which case the Certificate Administrator shall give
written notice of such appointment to the Trustee, the Certificate Registrar and the Depositor and shall mail notice of such appointment
to all Holders of Certificates; provided that no successor Authenticating Agent shall be appointed unless eligible under
the provisions of this Section 5.07. 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.

 

Section
5.08    [Reserved] 

 

Section
5.09    Exchanges
of Exchangeable Certificates.

 

(a)          
At the request of the Holder of Class A-S, Class B and Class C Certificates in the Exchange Proportion, and upon
the surrender of such Exchangeable Certificates, the Certificate Administrator, shall exchange such Exchangeable Certificates for
Class PEX Certificates with an original aggregate Certificate Principal Balance equal to the original aggregate Certificate Principal
Balance of the Class A-S, Class B and Class C Certificates exchanged therefor. At the request of the Holder of Class PEX Certificates,
and upon the surrender of such Exchangeable Certificates, the Certificate Administrator, shall exchange such Exchangeable Certificates
for Class A-S, Class B and Class C Certificates in the Exchange Proportion and with an original aggregate Certificate Principal
Balance equal to the original aggregate Certificate Principal Balance of the Class PEX Certificates exchanged therefor. No service
charge (other than administrative fees charged by the Depository) shall be payable by a Certificateholder in connection with any
exchange of Certificates pursuant to this Section 5.09. There shall be no limitation on the number of exchanges authorized
pursuant to this Section 5.09; provided that (i) each of the Class A-S, Class B and Class C Certificates exchanged
(whether surrendered or

 

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received) in such exchange shall have denominations no smaller than the minimum denominations set forth
in Section 5.01(a) and (ii) exchanges pursuant to this Section 5.09 shall not be permitted after the Class
Principal Balance of the Class A-S Regular Interest (and therefore the aggregate Certificate Principal Balance of the Class A-S
Certificates and the Class A-S-PEX Component) has been reduced to zero or if any Class of Exchangeable Certificates is no longer
maintained as a Book-Entry Certificate. In addition, 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.

 

(b)          
In connection with any exchange of Exchangeable Certificates, the Certificate Registrar (i) shall reduce the outstanding
aggregate Class Principal Balance of such Class or Classes of Exchangeable Certificates surrendered by the applicable Holder on
the Certificate Register and shall increase the outstanding Class Principal Balance 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, (ii) as applicable, shall make corresponding increases or reductions to the Class Principal Balances
of the Class PEX Components, and (iii) shall give appropriate instructions to the Depository and make appropriate notations on
the Global Certificates for each Class of Exchangeable Certificates to reflect such reductions and increases.

 

(c)          
In order to effect an exchange of Exchangeable Certificates, the Certificateholder shall notify the Certificate Administrator
in writing or by e-mail to cts.cmbs.bond.admin@wellsfargo.com (with a subject line referencing “WFCM 2015-NXS3” 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. The 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 outstanding Certificate Principal Balance and the initial Certificate Principal Balance of the Exchangeable
Certificates to be exchanged, the Certificateholder’s DTC participant number; and the proposed Exchange Date. The Certificateholder
and the Certificate Administrator shall utilize the “deposit and withdrawal system” at the Depository to effect such
exchange of the applicable Exchangeable Certificates. A notice shall become irrevocable on the second 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
X attached hereto.

 

(d)          
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 nor the Depositor will have any obligation to ensure the availability in the market
of the applicable Certificates to accomplish any exchange.

 

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Article
VI

THE DEPOSITOR, THE MASTER SERVICERS, THE SPECIAL SERVICERS AND THE TRUST ADVISOR

 

Section
6.01     Liability of the Depositor, the Master Servicers, the Special Servicers and the Trust
Advisor. The Depositor, each Master Servicer, each Special Servicer and the Trust Advisor shall be liable in accordance herewith
only to the extent of the respective obligations specifically imposed upon and undertaken by the Depositor, such Master Servicer,
such Special Servicer and the Trust Advisor.

 

Section
6.02     Merger, Consolidation or Conversion of the Depositor, the Master Servicers, the Trust Advisor or the Special
Servicers. (a) Subject to Section 6.02(b), the Depositor, the Master Servicers, the Special Servicers and the Trust
Advisor shall each keep in full effect its existence, rights and franchises as a corporation, bank, trust company, partnership,
limited liability company, association or other legal entity under the laws of the jurisdiction wherein it was organized, and
each shall obtain and preserve its qualification to do business as a foreign entity in each jurisdiction in which such qualification
is or shall be necessary 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.

 

(b)          Each
of the Depositor, the Master Servicers, the Trust Advisor and the Special Servicers may be merged or consolidated with or into
any Person, or transfer all or substantially all of its assets to any Person, in which case any Person resulting from any merger
or consolidation to which the Depositor, a Master Servicer, the Trust Advisor or a Special Servicer shall be a party, or any Person
succeeding to the business of the Depositor, a Master Servicer, the Trust Advisor or a Special Servicer, shall be the successor
of the Depositor, such Master Servicer, the Trust Advisor or such Special Servicer, as the case may be, hereunder, without the
execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding;
provided that no successor or surviving Person shall so succeed to the rights and duties of a Master Servicer or a Special
Servicer unless (i) such succession is the subject of a Rating Agency Confirmation (subject to Section 3.27) from each Rating
Agency (and, if applicable pursuant to Section 3.27(k), an analogous rating confirmation from each Pari Passu Companion
Loan Rating Agency), except that such condition need not be satisfied if such succession occurs solely as a result of a merger
in which such Master Servicer or Special Servicer, as applicable, is the surviving Person under applicable law, and (ii) the successor
or surviving Person makes the applicable representations and warranties set forth in Section 2.05 (in the case of a successor
or surviving Person to the applicable Master Servicer) or Section 2.06 (in the case of a successor or surviving Person to
the applicable Special Servicer), as applicable. Notwithstanding the foregoing, no Master Servicer or Special Servicer may remain
a Master Servicer or a Special Servicer, as applicable, under this Agreement after (x) being merged or consolidated with or into
any Person that is a Prohibited Party, or (y) transferring all or substantially all of its assets to any Person if such Person
is a Prohibited Party at the time of such merger, consolidation or transfer, except with respect to clause (x) and (y),
as applicable, to the extent (i) such Master Servicer or such Special Servicer is the surviving entity of such merger, consolidation
or transfer and has been in material compliance with its Regulation

 

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AB
reporting obligations hereunder or (ii) the Depositor consents to such merger, consolidation or transfer, which consent shall
not be unreasonably withheld.

 

Section
6.03     Limitation on Liability of the Depositor, the Trust Advisor, the Master Servicers and the Special Servicers.
(a) None of the Depositor, the Trust Advisor, the Master Servicers or the Special Servicers or any of their respective members,
managers, directors, officers, employees or agents shall be under any liability to the Trust, the Trustee or the Certificateholders
or any Serviced Pari Passu Companion Loan Holder for any action taken or not taken in good faith pursuant to this Agreement or
for errors in judgment; provided that this provision shall not protect the Depositor, the Trust Advisor, any Master Servicer
or any Special Servicer or any of their respective members, managers, directors, officers, employees or agents against any liability
to the Trust, the Trustee or the Certificateholders or any Serviced Pari Passu Companion Loan Holder for the breach of a representation
or warranty made by such party herein, or against any expense or liability specifically required to be borne by such party without
right of reimbursement pursuant to the terms hereof, or against any liability which would otherwise be imposed by reason of willful
misfeasance, bad faith or negligence in the performance of such party’s obligations or duties hereunder, or by reason of
reckless disregard of such obligations and duties. The Depositor, the Trust Advisor, the Master Servicers, the Special Servicers
and any director, member, manager, officer, employee or agent of any such party may rely in good faith on any document of any
kind conforming to the requirements of this Agreement for the truth and accuracy of the contents of that document (and as to certificates
and opinions, including Opinions of Counsel, for the truth of the statements made therein and the correctness of the opinions
expressed therein) reasonably believed or in good faith believed by it to be genuine and to have been signed or presented by the
proper party or parties, which document, prima facie, is properly executed and submitted by any Person, or any employee
or agent of any Person (including legal counsel as to opinions), respecting any matters arising hereunder. The Depositor, the
Trust Advisor, the Master Servicers, the Special Servicers (each in its capacity as such or in its individual capacity) and any
member, manager, director, officer, employee or agent of any such party, shall be indemnified and held harmless by the Trust Fund
out of the Collection Accounts and the related Serviced Pari Passu Companion Loan Custodial Account, as applicable, as provided
in Section 3.05(a), or the Distribution Account, as provided in Section 3.05(b), against any loss, liability, claim,
damages, penalty, fine, cost or expense (including reasonable legal fees and expenses) incurred in connection with any actual
or threatened legal action or claim relating to this Agreement, the Certificates or the Trust, other than any loss, liability,
cost or expense: (i) specifically required to be borne by such party, without right of reimbursement, pursuant to the terms hereof;
(ii) incurred in connection with any legal action or claim against such party resulting from any breach of a representation or
warranty made by such Person herein; or (iii) incurred in connection with any legal action or claim against such party resulting
from any willful misfeasance, bad faith or negligence in the performance of such Person’s obligations and duties hereunder
or resulting from negligent disregard of such obligations and duties. Such indemnification shall extend (subject to the same limitations
and qualifications) to any loss, liability, claim, damages, penalty, fine, cost or expense incurred by any such Person in connection
with any actual or threatened legal action or claim relating to a Loan Combination (whether or not the Loan Combination is then
being serviced under the Pooling and Servicing Agreement), but the relevant party must promptly notify the applicable Master Servicer
and the Other Master Servicer of any claim (but the omission to so notify shall not relieve the Trust Fund from any liability
which it may have to any such indemnified party

 

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under
this Agreement except to the extent that such omission to notify materially prejudices the interests of the Trust Fund) and, if
any indemnification payment is made to such party from general collections on the Mortgage Pool on deposit in the Collection Accounts,
the applicable Master Servicer and the applicable Special Servicer will be required to use efforts in accordance with the Servicing
Standard to exercise promptly the rights of the Trust Fund under the related Intercreditor Agreement to obtain reimbursement from
the related Serviced Pari Passu Companion Loan Holder for that holder’s allocable share of the amount so paid.

 

None of the Depositor,
the Master Servicers, the Special Servicers or the Trust 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, except in the case of a legal
action the costs of which such party is specifically required hereunder to bear, in its opinion does not involve it in any ultimate
expense or liability for which it would not be reimbursed hereunder; provided that the Depositor, a Master Servicer, a Special
Servicer or the Trust Advisor may in its discretion undertake any such action which it may reasonably deem necessary or desirable
with respect to the enforcement and/or protection of the rights and duties of the parties hereto and the interests of the Certificateholders
(or, if a Serviced Loan Combination is involved, the rights of the Certificateholders and the related Serviced Pari Passu Companion
Loan Holder(s) (as a collective whole)) in accordance with this Agreement. In such event, the legal expenses and costs of such
action, and any liability resulting therefrom, shall be expenses, costs and liabilities of the Trust, and the Depositor, either
Master Servicer, either Special Servicer or the Trust Advisor, as the case may be, shall be entitled to be reimbursed therefor
from the Collection Accounts, as provided in Section 3.05(a), or the Distribution Account, as provided in Section 3.05(b)
(or, with respect to a Serviced Loan Combination, if such expenses and costs relate specifically to such Serviced Loan Combination,
first, pro rata from the related Collection Account and the related Serviced Pari Passu Companion Loan Custodial Account
(based on the respective outstanding principal balances of the related Mortgage Loan and any Serviced Pari Passu Companion Loan)
and, if funds in the related Serviced Pari Passu Companion Loan Custodial Account are insufficient, then any deficiency shall be
paid from amounts on deposit in the Collection Accounts). Following reimbursement or payment of such amounts (with no obligation
to repay such amounts), the applicable Master Servicer or the applicable Special Servicer, as applicable, shall use efforts in
accordance with the Servicing Standard to exercise promptly the rights of the Trust Fund under the related Intercreditor Agreement
to obtain reimbursement from the related Serviced Pari Passu Companion Loan Holder (or if the related Serviced Pari Passu Companion
Loan is held by an Other Securitization, from such Other Securitization), of such Serviced Pari Passu Companion Loan Holder’s
pro rata share of such amounts reimbursed by the Collection Accounts. In no event will the Trust Advisor have any duty to
appear in any legal proceedings in connection with this Agreement.

 

Notwithstanding any
provision herein to the contrary, for the purposes of indemnification of a Master Servicer or Special Servicer and limitation of
liability, a Master Servicer or Special Servicer will be deemed not to have engaged in willful misfeasance or committed bad faith,
fraud or negligence in the performance of its respective obligations or duties or acted in negligent disregard or other disregard
of its respective obligations or duties hereunder if such Master Servicer or Special Servicer, as applicable, fails to follow the
terms of the Mortgage Loan Documents because such Master Servicer or Special Servicer, as applicable, in its reasonably exercised
judgment determines that following the terms of the Mortgage Loan Documents would

 

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or
potentially would result in an Adverse REMIC Event (for which determination, the applicable Master Servicer and the applicable
Special Servicer shall be entitled to rely on advice of counsel, the cost of which shall be reimbursed as an Additional Trust
Fund Expense). Any indemnification payments or reimbursements of costs or expenses described in the preceding paragraph to which
the Trust Advisor may become entitled shall constitute Trust Advisor Expenses and the payment of such Trust Advisor Expenses (other
than those that constitute Designated Trust Advisor Expenses) shall be subject to the limitations set forth in Section 4.05.
The Trust Advisor shall not be entitled to reimbursement of expenses for its services except those for which it is entitled to
indemnification as described above.

 

Notwithstanding the
foregoing, if and to the extent that any loss, liability, claim, damages, penalty, fine, cost or expense that is, pursuant to this
Section 6.03(a), required to be borne by the Trust out of the Distribution Account or Collection Accounts, relates to any
Serviced Loan Combination, (i) such loss, liability, claim, damages, penalty, fine, cost or expense shall be payable out of amounts
on deposit in respect of such Serviced Loan Combination in the related Collection Account and the related Serviced Pari Passu Companion
Loan Custodial Account collectively, on a pro rata basis, prior to payment from funds in the Distribution Account or the
Collection Accounts that are unrelated to such Serviced Loan Combination; and (ii) such loss, liability, claim, damages, penalty,
fine, cost or expense shall be payable out of amounts on deposit in the related Collection Account and the related Serviced Pari
Passu Companion Loan Custodial Account (withdrawals from those accounts shall be made in accordance with the related Intercreditor
Agreement and pro rata according to the respective outstanding principal balances of the Mortgage Loan and any Serviced
Pari Passu Companion Loan included in the related Serviced Loan Combination). Insofar as any such loss, liability, claim, damages,
penalty, fine, cost or expense related to any Serviced Loan Combination is so paid by withdrawal from the Collection Accounts or
Distribution Account and funds are subsequently received and allocable to the related Serviced Pari Passu Companion Loan(s), then
the applicable Master Servicer shall deposit the amount of such loss, liability, claim, damages, penalty, fine, cost or expense
into the applicable Collection Account from such funds so received and allocable to the related Serviced Pari Passu Companion Loan.

 

(b)          In
addition, none of the Depositor, the Trust Advisor, the Master Servicers or the Special Servicers or any director, member, manager,
officer, employee or agent of any such party shall have any liability with respect to, and each of the Depositor, the Trust Advisor,
the Master Servicers, the Special Servicers and any director, member, manager, officer, employee or agent of any such party shall
be entitled to rely, as to the truth of the statements made therein and the correctness of the opinions expressed therein, on any
documents, certificates or opinions, including Opinions of Counsel, furnished to, and reasonably believed or in good faith believed
by such Person to be genuine and to have been signed or presented by the proper party or parties, which document, certificate or
opinion, prima facie, is properly executed and submitted by any Person, or any employee or agent of any Person (including
legal counsel as to opinions), respecting any matters arising hereunder. Each of the Master Servicers, the Special Servicers and
the Trust Advisor may rely in good faith on information provided to it by the other parties hereto (unless the provider and the
recipient of such information are the same Person or Affiliates) and by the Borrowers and property managers, and will have no duty
to investigate or verify the accuracy thereof. Each of the Master Servicers, the Special Servicers and the Trust Advisor may rely,
and shall be protected in acting or refraining from acting upon, any resolution,

 

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officer’s
certificate, certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent,
order, financial statement, agreement, appraisal, bond or other document (in electronic or paper format) as contemplated by and
in accordance with this Agreement and reasonably believed or in good faith believed by the applicable Master Servicer, the applicable
Special Servicer or the Trust Advisor, or directors, members, officers, employees or agents of any such party as the case may
be, to be genuine and to have been signed or presented by the proper party or parties and each of them may consult with counsel,
in which case any written advice of counsel or Opinion of Counsel shall be full and complete authorization and protection with
respect to any action taken or suffered or omitted by it hereunder in good faith and in accordance with such advice or Opinion
of Counsel. Furthermore, none of the Master Servicers, the Special Servicers and the Trust Advisor or directors, members, managers,
officers, employees or agents of any such party shall have any liability under this Agreement for any failure of any other such
Person (or any other party to this Agreement) to perform such Person’s obligations or duties hereunder.

 

Section
6.04     Resignation of a Master Servicer or a Special Servicer. (a) Each of the Master Servicers and the Special
Servicers may resign from the obligations and duties hereby imposed on it, upon a determination that its duties hereunder are
no longer permissible under applicable law or are in material conflict by reason of applicable law with any other activities carried
on by it (the other activities of such Master Servicer or such Special Servicer, as the case may be, so causing such a conflict
being of a type and nature carried on by such Master Servicer or such Special Servicer, as the case may be, at the date of this
Agreement). Any such determination requiring the resignation of that Master Servicer or that Special Servicer shall be evidenced
by an Opinion of Counsel to such effect which shall be delivered to the Trustee, with a copy to the Certificate Administrator,
the Subordinate Class Representative and the Majority Subordinate Certificateholder (and each affected Serviced Pari Passu Companion
Loan Holder). Unless applicable law requires the resignation of a Master Servicer or a Special Servicer (as the case may be) to
be effective immediately, and the Opinion of Counsel delivered pursuant to the prior sentence so states, no such resignation shall
become effective until the Trustee or other successor shall have assumed the responsibilities and obligations of the resigning
party in accordance with Section 6.05 or Section 7.02 hereof; provided that, if no successor to such Master
Servicer or such Special Servicer, as the case may be, shall have been so appointed and have accepted appointment within ninety
(90) days after such Master Servicer or such Special Servicer, as the case may be, has given notice of such resignation, the resigning
Master Servicer or Special Servicer, as the case may be, may petition any court of competent jurisdiction for the appointment
of a successor thereto.

 

(b)          In
addition, each of the Master Servicers and the Special Servicers shall have the right to resign at any other time for any reason,
provided that (i) a willing successor thereto (including any such successor proposed by the resigning party) has been found
that is, solely in the case of a successor to a Special Servicer if it is a resigning special servicer, acceptable to the Subordinate
Class Representative (during any Subordinate Control Period), (ii) solely in the case of a Special Servicer if it is the resigning
party, the resigning party has consulted with the Subordinate Class Representative (during any Collective Consultation Period)
and the Trust Advisor (during any Collective Consultation Period or Senior Consultation Period) with respect to the identity and
quality of its proposed successor, (iii) the succession is the subject of a Rating Agency Confirmation from each Rating Agency
(and, if applicable pursuant to Section 3.27(k),

 

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an
analogous rating agency confirmation from each Pari Passu Companion Loan Rating Agency), (iv) the successor accepts appointment
in writing prior to the effectiveness of such resignation and (v) the successor is not a Prohibited Party at the time of such
succession unless the Depositor consents to the appointment in its reasonable discretion; provided, further, that in the event
a replacement Special Servicer is being appointed solely for any Excluded Loan, the Subordinate Class Representative shall not
have any consent or consultation rights in respect of designating that replacement Special Servicer.

 

(c)          None
of the Master Servicers and the Special Servicers shall be permitted to resign except as contemplated in Sections 6.04(a)
and 6.04(b). Consistent with the foregoing, none of the Master Servicers and the Special Servicers shall (except in connection
with any resignation thereby permitted above in this Section 6.04 or as otherwise expressly provided herein, including the
provisions of Section 3.11(a), Section 3.22 and/or Section 6.02) assign or transfer any of its rights, benefits
or privileges hereunder to any other Person or delegate to, subcontract with, or authorize or appoint any other Person to perform
any of the duties, covenants or obligations to be performed by it hereunder. If, pursuant to any provision hereof, the duties of
a Master Servicer or a Special Servicer are transferred to a successor thereto, the entire amount of compensation payable to that
Master Servicer or that Special Servicer, as the case may be, that accrues pursuant hereto from and after the date of such transfer
shall be payable to such successor, except (in the case of a Special Servicer) to the extent provided in Section 3.11(c).

 

(d)          Any
successor Master Servicer or successor Special Servicer (including any successor Special Servicer appointed pursuant to Section
6.05 hereof) shall, in connection with its appointment as successor Master Servicer or successor Special Servicer, (i) deliver
to the Depositor and each Other Depositor, if applicable, the Form 8-K Disclosure Information required pursuant to Item 6.02 of
the Form 8-K Current Report regarding itself in its role as successor Master Servicer or successor Special Servicer, as applicable,
and (ii) enter into an indemnification agreement reasonably acceptable to the Depositor and such successor Master Servicer or successor
Special Servicer, as applicable, pursuant to which the successor Master Servicer or successor Special Servicer, as applicable,
agrees to indemnify and hold harmless the Depositor, the Other Depositor, their respective directors and officers, and each other
Person who controls any such entity within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange
Act, against any and all expenses, losses, claims, damages and other liabilities, including without limitation the costs of investigation,
legal defense and any amounts paid in settlement of any claim or litigation arising out of (A) the failure of any such Form 8-K
Disclosure Information, insofar as such information relates to or is applicable to such successor Master Servicer or successor
Special Servicer (either in its individual capacity or its capacity as successor Master Servicer or successor Special Servicer
under this Agreement), to satisfy the requirements of the applicable provisions of Regulation AB and (B) any untrue statement or
alleged untrue statement of a material fact contained in such Form 8-K Disclosure Information regarding itself in its role as successor
Master Servicer or successor Special Servicer, as applicable, or any omission or alleged omission to state in such Form 8-K Disclosure
Information regarding itself in its role as successor Master Servicer or successor Special Servicer, as applicable, a material
fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading.

 

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(e)          The
resigning Master Servicer or Special Servicer, as applicable, shall pay all reasonable out-of-pocket costs and expenses of each
party to this Agreement, the Trust and each Rating Agency in connection with the resignation of such party and the transfer of
its duties (including, but not limited to, the costs of obtaining Rating Agency Confirmation and reasonable out-of-pocket costs
and expenses associated with transferring Servicing Files to the successor).

 

Section
6.05     Replacement of Special Servicers.

 

(a)          During
any Subordinate Control Period (and other than with respect to any Excluded Loan), the Majority Subordinate Certificateholder,
or the Subordinate Class Representative on its behalf, will have the right to terminate either Special Servicer with or without
cause at any time and appoint itself or an Affiliate thereof or another Person as the successor Special Servicer; provided,
however, that LNR Partners, LLC as a Special Servicer may only be terminated without cause if LNR Securities Holdings, LLC
or its Affiliate owns less than 25% of the Certificate Principal Balance of the then-Subordinate Class of Certificates. It shall
be a condition to such appointment that (i) the successor Special Servicer be a Qualified Replacement Special Servicer, (ii) the
successor Special Servicer deliver to the Depositor and each Other Depositor, if applicable, the Form 8-K Disclosure Information
in accordance with Section 6.04(d) and (iii) the conditions set forth in subsection (e) be satisfied.

 

(b)          During
any Collective Consultation Period or Senior Consultation Period, upon (i) the written direction of Holders of Principal Balance
Certificates evidencing not less than 25% of the aggregate Voting Rights (taking into account the allocation of any Appraisal Reduction
Amounts in respect of the Mortgage Loans to notionally reduce the Class Principal Balances of the Principal Balance Certificates
to which such Appraisal Reduction Amounts are allocable) of all Certificates on an aggregate basis, requesting a vote to terminate
the applicable Special Servicer and appoint a successor Special Servicer, (ii) payment by such Holders to the Certificate Administrator
of the reasonable fees and expenses (including any fees and expenses of counsel or any Rating Agency) to be incurred by the Certificate
Administrator in connection with administering such vote (which fees and expenses shall not be paid from the Trust Fund) and (iii)
delivery by such Holders to the Certificate Administrator and the Trustee of a Rating Agency Confirmation with respect to such
termination and appointment of a successor (to be obtained at the expenses solely of such Certificateholders) and the equivalent
from each NRSRO hired to provide ratings with respect to any Serviced Pari Passu Companion Loan Securities, the Certificate Administrator
shall post such request on the Certificate Administrator’s Website and conduct the solicitation of votes of all Certificates
in such regard. Upon the written direction of Holders of Principal Balance Certificates evidencing at least 75% of the aggregate
Voting Rights (taking into account the allocation of any Appraisal Reduction Amounts in respect of the Mortgage Loans to notionally
reduce the Class Principal Balances of the Principal Balance Certificates to which such Appraisal Reduction Amounts are allocable)
of all Principal Balance Certificates on an aggregate basis, the Trustee shall terminate all of the rights and obligations of the
applicable Special Servicer under this Agreement and appoint the successor Special Servicer that was proposed by the Certificateholders
requesting the vote. Such termination and replacement shall be further conditioned on such successor Special Servicer being a Qualified
Replacement Special Servicer and the satisfaction of the conditions set forth in the first sentence of Section 6.05(e) to
the extent that such conditions have not otherwise been satisfied. Such termination shall also be subject to the terminated Special
Servicer’s rights to indemnification,

 

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payment
of outstanding fees, reimbursement of Advances, and other rights set forth in this Agreement which survive termination. If a proposed
termination and replacement of a Special Servicer by Certificateholders as described above is not consummated within 180 days
following the initial request of the Certificateholders who requested a vote, then the proposed termination and replacement shall
have no further force or effect (except that the Certificate Administrator shall be entitled to apply any amounts prepaid by such
Certificateholders for expenses to pay any expenses incurred by the Certificate Administrator).

 

(c)          In
addition, during any Senior Consultation Period, if the Trust Advisor determines, in its sole discretion exercised in good faith,
that the applicable Special Servicer is not performing its duties under this Agreement in accordance with the Servicing Standard,
the Trust Advisor will have the right to recommend the replacement of such Special Servicer. In such event, the Trust Advisor shall
deliver to the Trustee and the Certificate Administrator, with a copy to the then-current applicable Special Servicer, a written
recommendation in electronic format and in the form of Exhibit O-3 attached hereto (which form may be modified or supplemented
by the Trust Advisor from time to time to cure any ambiguity or error or to incorporate any additional information as it deems
appropriate) detailing the reasons supporting its position and recommending a suggested replacement Special Servicer. In addition,
the Certificate Administrator shall post such recommendation on the Certificate Administrator’s Website in accordance with
Section 8.12(b), and by mail transmit such recommendation to, conduct the solicitation of votes of, the Holders of all Certificates,
according to such procedures (including the establishment of a record date for voting) as it determines. Such notice and solicitation
shall state that the proposed replacement, if approved by the Certificateholders, shall be subject to satisfaction of the conditions
set forth in the first sentence of Section 6.05(e) within 180 days following the initial recommendation of the Trust Advisor
and that any approval granted by the requisite Certificateholders in the aggregate may not be revoked or withdrawn at any time.
The Trust Advisor’s recommendation to replace a Special Servicer must be confirmed by an affirmative vote of Certificateholders
having at least a majority of the aggregate Voting Rights (taking into account the allocation of any Appraisal Reduction Amounts
in respect of the Mortgage Loans to notionally reduce the Class Principal Balances of the Principal Balance Certificates to which
such Appraisal Reduction Amounts are allocable) of all Principal Balance Certificates on an aggregate basis. In the event the Holders
of such Principal Balance Certificates elect to remove and replace a Special Servicer, the Certificate Administrator shall notify
the Trustee, the Trust Advisor and the then-current applicable Special Servicer, and the Certificate Administrator shall provide
notice, substantially in the form of Exhibit I-1, to each of the Rating Agencies and promptly request a Rating Agency Confirmation
from each of the Rating Agencies (and, subject to Section 3.27(k), an analogous rating agency confirmation from each Pari
Passu Companion Loan Rating Agency, if applicable) with respect to the proposed removal and replacement, unless such Certificateholders
themselves deliver such Rating Agency Confirmation. In the event the Trustee and the Certificate Administrator receive a Rating
Agency Confirmation from each of the Rating Agencies (and, subject to Section 3.27(k), an analogous rating agency confirmation
from each Pari Passu Companion Loan Rating Agency, if applicable) (and the successor Special Servicer agrees to be bound by the
terms of this Agreement), the Trustee will then be required to terminate all of the rights and obligations of such Special Servicer
under this Agreement and to appoint the successor Special Servicer that has been approved by the Certificateholders and constitutes
a Qualified Replacement Special Servicer, and the Certificate Administrator shall post such notice on the Certificate

 

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Administrator’s
Website in accordance with Section 8.12(b). Any such termination of an existing Special Servicer will be subject to the
terminated Special Servicer’s rights to indemnification, payment of outstanding fees, reimbursement of Advances and other
rights set forth in this Agreement which survive termination. The Trustee and the Trust Advisor shall cooperate in using reasonable
efforts to cause the satisfaction of the conditions to the consummation of such replacement set forth in the first sentence of
Section 6.05(e). The reasonable costs and expenses associated with the Trust Advisor’s identification of a Qualified
Replacement Special Servicer and the Certificate Administrator’s obtaining such Rating Agency Confirmations administering
the vote of the Certificateholders shall be an Additional Trust Fund Expense. If a proposed termination and replacement of a Special
Servicer recommended by the Trust Advisor as described above is not consummated within 180 days following the initial recommendation
of the Trust Advisor, then (i) the proposed termination and replacement shall have no further force or effect, (ii) the Certificate
Administrator shall post such notice to the Certificate Administrator’s Website in accordance with Section 8.12(b)
and (iii) the Certificate Administrator shall notify the Trustee and the then-current applicable Special Servicer. The costs and
expenses of administering the notices, solicitation of votes and otherwise incurred by the Certificate Administrator, the Trustee
or the Trust Advisor in connection with the proposed removal and replacement (including the costs and expenses associated with
obtaining Rating Agency Confirmations and the Opinion of Counsel referred to in Section 6.05(e)) shall constitute expenses
of the Trust Fund to be paid by withdrawal from the Distribution Account. None of the Special Servicers, any Certificateholder
or any other Person shall have any cause of action against the Trust Advisor or any other Person based upon or arising from the
Trust Advisor’s recommendation for replacement of, or determination not to recommend the replacement of, a Special Servicer
under this Section 6.05(c), or the result of the vote of the Certificateholders.

 

(d)          Notwithstanding
anything herein to the contrary, with respect to each Serviced Loan Combination with respect to which a related Serviced Pari Passu
Companion Loan Holder is the “Lead Lender”, “Controlling Note Holder”, “Controlling Holder”,
“Directing Note Holder”, “Directing Holder” or other comparable party under the related Intercreditor Agreement,
such related Serviced Pari Passu Companion Loan Holder shall be entitled to replace the applicable Special Servicer with respect
to such Serviced Loan Combination to the extent provided in the related Intercreditor Agreement, and no Special Servicer appointed
by such related Serviced Pari Passu Companion Loan Holder (or its representative) with respect to such Serviced Loan Combination
may be subsequently terminated pursuant to any of subsections (a) through (c) of this Section 6.05. For the
avoidance of doubt, other than in the case of the One Court Square Loan Combination, there is no Serviced Loan Combination with
respect to which the related Serviced Pari Passu Companion Loan Holder is the “Lead Lender”, “Controlling Note
Holder”, “Controlling Holder”, “Directing Note Holder”, “Directing Holder” or other comparable
party under the related Intercreditor Agreement.

 

(e)          No
removal of a Special Servicer and/or appointment of a successor thereto pursuant to this Section 6.05 shall be effective
until the Trustee shall have received (A) a Rating Agency Confirmation from each Rating Agency (and, in the case of any Serviced
Loan Combination, an analogous rating agency confirmation from each Pari Passu Companion Loan Rating Agency, if applicable pursuant
to Section 3.27(k)) with respect to such removal and/or appointment, (B) an Acknowledgment of Proposed Special Servicer
in the form attached hereto as Exhibit I-2, executed by the Person designated to be the successor to that terminated Special

 

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Servicer,
(C) an Opinion of Counsel (the expense of which shall be deemed to be part of the expenses of the replacement) substantially to
the effect that (1) such designated Person is duly organized, validly existing and in good standing under the laws of the jurisdiction
of its organization, (2) the Acknowledgment of Proposed Special Servicer, the form of which is attached hereto as Exhibit I-2,
has been duly authorized, executed and delivered by such designated Person and (3) upon the execution and delivery of the Acknowledgment
of Proposed Special Servicer, such designated Person shall be bound by the terms of this Agreement and, subject to customary bankruptcy
and insolvency exceptions and customary equity exceptions, this Agreement shall be enforceable against such designated Person
in accordance with its terms and (D) written confirmation from the Depositor that all required Form 8-K Current Reports in connection
with such appointment have been filed by the Depositor and, if applicable, by any Other Depositor(s). In connection with the foregoing,
the Depositor shall use commercially reasonable efforts to (i) file such required Form 8-K Current Report with respect to the
Trust and with respect to any Other Securitization for which the Depositor is the Other Depositor and (ii) cause any applicable
Other Depositor that is not the Depositor to file such required Form 8-K Current Report, in each case pursuant to clause (i) or (ii), within four (4) Business Days following receipt of the Form 8-K Disclosure Information contemplated by Section
6.04(d). The Subordinate Class Representative, the Majority Subordinate Certificateholder and any proposed replacement Special
Servicer shall each be a third-party beneficiary of the immediately preceding sentence.

 

(f)           Any
Special Servicer terminated pursuant to this Section 6.05 shall be deemed to have been so terminated simultaneously with
the designated successor’s becoming a Special Servicer hereunder; provided that (i) the terminated Special Servicer
shall be entitled to receive, in connection with its termination, payment out of the Collection Account of all of its accrued and
unpaid Special Servicing Fees, as and to the extent provided in Section 3.05(a), and reimbursement from the successor to
such terminated Special Servicer of all outstanding Servicing Advances made by such terminated Special Servicer and all unpaid
Advance Interest accrued on such outstanding Servicing Advances (in which case the successor to such terminated Special Servicer
shall be deemed to have made such Servicing Advances at the same time that such terminated Special Servicer had actually made them),
(ii) such terminated Special Servicer shall thereafter be entitled to Workout Fees, as and to the extent expressly permitted by
Section 3.11(c), and (iii) such terminated Special Servicer shall continue to be entitled to the benefits of Section
6.03, notwithstanding any such termination; and provided, further, that such terminated Special Servicer shall
continue to be obligated to pay (and entitled to receive) all other amounts accrued to (or owing by) it under this Agreement on
or prior to the effective date of such termination. Such terminated Special Servicer shall cooperate (time being of the essence
in connection with a termination under Section 6.05(b)) with the Trustee and the replacement to such terminated Special
Servicer in effecting the transfer of such terminated Special Servicer’s responsibilities and rights hereunder to its successor,
including the transfer within two (2) Business Days of its termination becoming effective pursuant to this Section 6.05,
to the replacement to such terminated Special Servicer for administration by it of all cash amounts that at the time are or should
have been credited by such terminated Special Servicer to the REO Account maintained by it or to any Servicing Account or Reserve
Account or should have been delivered to the applicable Master Servicer or that are thereafter received by or on behalf of such
terminated Special Servicer with respect to any Mortgage Loan or REO Property. No penalty or

 

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fee
shall be payable to the terminated Special Servicer in connection with any termination under this Section 6.05.

 

(g)          Notwithstanding
anything to the contrary contained in this Section 6.05, with respect to any Excluded Special Servicer Loan, if any, the
applicable Special Servicer shall resign with respect to such Excluded Special Servicer Loan. During a Subordinate Control Period
(except with respect to the One Court Square Mortgage Loan), if the Excluded Special Servicer Loan is not also an Excluded Mortgage
Loan, the Majority Subordinate Certificateholder or the Subordinate Class Representative shall appoint (and replace with or without
cause) the Excluded Special Servicer, as successor to the resigning Special Servicer, for the related Excluded Special Servicer
Loan in accordance with this Agreement, and, solely with respect to the One Court Square Mortgage Loan, if the One Court Square
Special Servicer obtains knowledge that it is a Borrower Party with respect to such Excluded Special Servicer Loan, the One Court
Square Controlling Note Holder shall appoint (and replace with or without cause) the Excluded Special Servicer with respect to
such Excluded Special Servicer Loan in accordance with this Agreement. If such Excluded Special Servicer Loan is also an Excluded
Mortgage Loan (except with respect to the One Court Square Mortgage Loan) or (solely with respect to the One Court Square Mortgage
Loan) if the One Court Square Controlling Note Holder obtains knowledge that it is a Borrower Party with respect to such Excluded
Special Servicer Loan, the largest Subordinate Class Certificateholder (by Certificate Principal Balance) that is not an Excluded
Controlling Class Holder shall appoint (and replace with or without cause) the Excluded Special Servicer for the related Excluded
Special Servicer Mortgage in accordance with this Agreement. During a Collective Consultation Period, the largest Subordinate Class
Certificateholder that is not an Excluded Controlling Class Certificateholder shall have the right to appoint the Excluded Special
Servicer. During a Collective Consultation Period, neither the Majority Subordinate Certificateholder nor the Subordinate Class
Representative shall be entitled to remove or replace the Excluded Special Servicer with respect to any Excluded Special Servicer
Loan. During a Senior Consultation Period, none of the Majority Subordinate Certificateholder, the Subordinate Class Representative
or any other Subordinate Class Certificateholder shall be entitled to remove or replace the Excluded Special Servicer with respect
to any Excluded Special Servicer Loan.

 

During a Senior Consultation
Period (or during a Subordinate Control Period if the Excluded Special Servicer Loan is also an Excluded Loan (or, solely with
respect to the One Court Square Mortgage Loan, if the One Court Square Controlling Note Holder is a Borrower Party with respect
to such Excluded Special Servicer Loan) and all holders of Certificates in the Subordinate Class are also Excluded Controlling
Class Holders with respect to such Excluded Special Servicer Loan, or during a Collective Consultation Period if all Subordinate
Class Certificateholders are also Excluded Controlling Class Holders with respect to such Excluded Special Servicer Loan), upon
resignation of a Special Servicer with respect to an Excluded Special Servicer Loan, such resigning Special Servicer shall appoint
such Excluded Special Servicer. The resigning Special Servicer shall have no liability for the appointment or the actions of the
Excluded Special Servicer.

 

If at any time the
applicable Special Servicer that had resigned as the Special Servicer for a Mortgage Loan as a result of its having become an Excluded
Special Servicer Loan becomes aware that it is no longer a Borrower Party (including, without limitation, as a result of the

 

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related
Mortgaged Property becoming REO Property) with respect to such Excluded Special Servicer Loan, (1) the related Excluded Special
Servicer shall resign, (2) the related Mortgage Loan shall no longer be an Excluded Special Servicer Loan, (3) such Special Servicer
shall become the Special Servicer again for such related Mortgage Loan and (4) such original Special Servicer shall be entitled
to all special servicing compensation with respect to such Mortgage Loan earned during such time on and after such Mortgage Loan
is no longer an Excluded Special Servicer Loan.

 

The Excluded Special
Servicer shall perform all of the obligations of the applicable Special Servicer for the related Excluded Special Servicer Loan
and will be entitled to all special servicing compensation with respect to such Excluded Special Servicer Loan earned during such
time as the related Mortgage Loan is an Excluded Special Servicer Loan.

 

If a Servicing Officer
or Special Servicing Officer, as applicable, of the applicable Master Servicer, a related Excluded Special Servicer, or the applicable
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 Loan, as applicable, the applicable Master Servicer, the related
Excluded Special Servicer or the applicable Special Servicer, as applicable, shall provide prompt written notice thereof to each
of the other parties to this Agreement.

 

(h)          In
connection with its duties or exercise of its rights under this Agreement, if a Special Servicer obtains knowledge that it is a
Borrower Party, such Special Servicer (i) shall not directly or indirectly provide any information related to the related Excluded
Special Servicer Loan(s) to the related Borrower(s) or (A) any of such Special Servicer’s employees or personnel or any Affiliate
involved in the management of any investment in the related Borrower or the related Mortgaged Property or (B) to its actual knowledge,
any non-Affiliate that holds a direct or indirect ownership interest in the related Borrower, and (ii) shall maintain sufficient
internal controls and appropriate policies and procedures in place in order to comply with the obligations described in clause
(i) above.

 

Notwithstanding anything
herein to the contrary, with respect to any Mortgage Loan or Loan Combination, each of the applicable Master Servicer and the Certificate
Administrator shall be entitled to conclusively assume that the applicable Special Servicer is not a Borrower Party except to the
extent that the applicable Master Servicer or the Certificate Administrator, as applicable, has received written notice from such
Person that it has become a Borrower Party. None of the Certificate Administrator or the Trust Advisor shall be liable for any
communication to any Special Servicer that is a Borrower Party or for disclosure of information relating to an Excluded Special
Servicer Loan (including any information delivered to the Certificate Administrator for posting to the Certificate Administrator’s
Website) if the Certificate Administrator or the Trust Advisor, as applicable, did not receive prior written notice that the related
Mortgage Loan is an Excluded Special Servicer Loan. Neither Master Servicer shall be liable for any communication to any Special
Servicer that is a Borrower Party or for disclosure of information relating to an Excluded Special Servicer Loan (including any
information delivered to the Certificate Administrator for posting to the Certificate Administrator’s Website). Each of the
applicable Master Servicer, the applicable Special Servicer and the Certificate Administrator shall be entitled to conclusively
rely on delivery from

 

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the
applicable Special Servicer of a written certification that such Special Servicer is no longer a Borrower Party.

 

Notwithstanding
anything to the contrary in this Agreement, neither Master Servicer shall have any obligation to restrict access by a Special
Servicer to any information related to any Excluded Special Servicer Loan. Neither  Master Servicer shall restrict access by
a Special Servicer to any information related to any Mortgage Loan other than any Excluded Special Servicer Loan with respect
to which such Special Servicer is a Borrower Party.

 

Section
6.06     Rights of the Depositor and the Trustee in Respect of the Master Servicers and the
Special Servicers. Each of the Master Servicers and the Special Servicers shall afford the Depositor and the Trustee, 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 such of its officers as are responsible for such obligations. Upon reasonable request and as reasonably
related to the performance of the obligations of the related Master Servicer and the related Special Servicer, as applicable,
pursuant to this Agreement, each of the Master Servicers and the Special Servicers shall furnish the Depositor and the Trustee
with its most recent publicly available annual audited financial statements (or, if not available, the most recent publicly available
audited annual financial statements of its corporate parent) and such other information as is publicly available regarding its
business, affairs, property and condition, financial or otherwise. Each of the Master Servicers and the Special Servicers may
affix to any such information described in this Section 6.06 provided by it any disclaimer it deems appropriate in its
reasonable discretion. The Depositor may, but is not obligated to, enforce the obligations of the Master Servicers or the Special
Servicers hereunder and may, but is not obligated to, perform, or cause a designee to perform, any defaulted obligation of any
Master Servicer or any Special Servicer hereunder or exercise the rights of a Master Servicer or a Special Servicer hereunder;
provided that neither a Master Servicer nor a Special Servicer shall be relieved of any of its obligations hereunder by
virtue of such performance by the Depositor or its designee. The Depositor shall not have any responsibility or liability for
any action or failure to act by a Master Servicer or a Special Servicer and is not obligated to supervise the performance of any
Master Servicer or any Special Servicer under this Agreement or otherwise.

 

Section
6.07     Master Servicers and Special Servicers May Own Certificates. Any Master Servicer,
Special Servicer or any of their respective Affiliates may become the Holder of (or, in the case of a Book-Entry Certificate,
Certificate Owner with respect to) any Certificate with (except as otherwise set forth in the definition of “Certificateholder”)
the same rights it would have if it were not a Master Servicer, a Special Servicer or an Affiliate thereof. If, at any time during
which any Master Servicer, Special Servicer or Affiliate of any Master Servicer or any Special Servicer is the Holder of (or,
in the case of a Book-Entry Certificate, Certificate Owner with respect to) any Certificate, that Master Servicer or that Special
Servicer, as the case may be, proposes to take any action (including for this purpose, omitting to take a particular action) that
is not expressly prohibited by the terms hereof and would not, in the reasonable judgment of that Master Servicer or that Special
Servicer (as the case may be), violate the Servicing Standard, but that, if taken, might nonetheless, in the reasonable judgment
of that Master Servicer or that Special Servicer (as the case may be), be considered by other Persons to violate the Servicing
Standard, then that Master Servicer or that Special Servicer, as the case

 

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may
be, may (but need not) seek the approval of the Certificateholders to such action by delivering to the Certificate Administrator
(with a copy to the Trustee) a written notice that (a) states that it is delivered pursuant to this Section 6.07, (b) identifies
the Percentage Interest in each Class of Certificates beneficially owned by that Master Servicer or that Special Servicer, as
the case may be, or by an Affiliate thereof and (c) describes in reasonable detail the action that such Master Servicer or such
Special Servicer, as the case may be, proposes to take. The Certificate Administrator, upon receipt of such notice, shall forward
it to the Certificateholders (other than that Master Servicer and its Affiliates or that Special Servicer and its Affiliates,
as appropriate), together with a request for approval by the Certificateholders of each such proposed action. If at any time Certificateholders
entitled to greater than 50% of the Voting Rights of all Certificateholders (calculated without regard to the Certificates beneficially
owned by that Master Servicer or its Affiliates or that Special Servicer or its Affiliates, as the case may be) shall have consented
in writing (with a copy to each related Serviced Pari Passu Companion Loan Holder, if a Serviced Loan Combination is involved)
to the proposal described in the written notice, and if that Master Servicer or that Special Servicer, as the case may be, 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 that Master Servicer or that Special Servicer, as applicable, for the reasonable expenses
of the Certificate Administrator incurred pursuant to this paragraph. It is not the intent of the foregoing provision that a Master
Servicer or a Special Servicer be permitted to invoke the procedure set forth herein with respect to routine servicing matters
arising hereunder, but rather in the case of unusual circumstances.

 

Article
VII

SERVICER TERMINATION EVENTS

 

Section
7.01     Servicer Termination Event. (a) “Servicer Termination Event”, wherever
used herein, means, with respect to either Master Servicer or either Special Servicer, any one of the following events, circumstances
and conditions:

 

(i)           with
respect to a Master Servicer, any failure by such Master Servicer to deposit into its Collection Account and/or (if it is the Master
Servicer for any Serviced Loan Combination) the Serviced Pari Passu Companion Loan Custodial Account, any amount required to be
so deposited under this Agreement, which failure continues unremedied for one Business Day following the date on which such deposit
was first required to be made; or

 

(ii)          with
respect to a Special Servicer, any failure by such Special Servicer to deposit into the REO Account maintained by it or to deposit,
or remit to the applicable Master Servicer for deposit, into the Collection Account and/or Serviced Pari Passu Companion Loan Custodial
Account, as applicable, any amount required to be so deposited or remitted under this Agreement, which failure continues unremedied
for one Business Day following the date on which such deposit or remittance, as the case may be, was first required to be made;
or

 

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(iii)         any
failure by such Master Servicer to remit to the Certificate Administrator for deposit into the Distribution Account, on any P&I
Advance Date, the full amount of P&I Advances required to be made by such Master Servicer on such date or, on any Master Servicer
Remittance Date, the full amount of the Master Servicer Remittance Amount and any Compensating Interest Payment required to be
remitted by such Master Servicer on such date, which failure continues unremedied until 11:00 a.m. (New York City time) on the
related Distribution Date; provided that if such Master Servicer fails to make any deposit contemplated by this Section
7.01(a)(iii), including any P&I Advance, which deposit is required to be made by such Master Servicer on any P&I Advance
Date or Master Servicer Remittance Date (without regard to any grace period), then such Master Servicer shall pay to the Certificate
Administrator, for the account of the Certificate Administrator, interest on such late remittance at the Reimbursement Rate from
and including such P&I Advance Date or the Master Servicer Remittance Date to but excluding the related Distribution Date;
or

 

(iv)         any
failure by such Master Servicer to timely make any Servicing Advance required to be made by it hereunder, which Servicing Advance
remains unmade for a period of five (5) Business Days (or, in the case of an Emergency Advance, three (3) Business Days) following
the date on which written notice of such failure shall have been given to such Master Servicer by any party to this Agreement;
or

 

(v)          any
failure on the part of such Master Servicer or such Special Servicer duly to observe or perform in any material respect any
other of the covenants or agreements on the part of such Master Servicer or such Special Servicer, as the case may be,
contained in this Agreement, which failure continues unremedied for a period of thirty (30) days after the date on which
written notice of such failure, requiring the same to be remedied, shall have been given to such Master Servicer or such
Special Servicer, as the case may be, by any other party hereto or to such Master Servicer or such Special Servicer, as the
case may be, with a copy to each other party hereto, by the Holders of Certificates entitled to at least 25% of the Voting
Rights (determined without notionally reducing the Class Principal Balances of the Certificates by any Appraisal Reduction
Amounts) or by, if affected by that failure, any Serviced Pari Passu Companion Loan Holder; provided that, with
respect to any such failure that is not curable within such thirty (30) day period, the applicable Master Servicer or the
applicable Special Servicer, as the case may be, shall have an additional cure period of sixty (60) days to effect such cure
so long as such Master Servicer or such Special Servicer, as the case may be, has commenced to cure such failure within the
initial thirty (30) day period and has provided the Trustee with an Officer’s Certificate certifying that it has
diligently pursued, and is continuing to pursue, a full cure; or

 

(vi)         any
breach on the part of such Master Servicer or such Special Servicer of any representation or warranty contained in this Agreement
that materially and adversely affects the interests of any Class of Certificateholders or any Serviced Pari Passu Companion Loan
Holder and which continues unremedied for a period of thirty (30) days after the date on which written notice of such breach, requiring
the same to be remedied, shall have been given to such Master Servicer or such Special Servicer, as the case may be, by any other
party hereto or to such Master Servicer or such Special Servicer, as the

 

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case
may be, with a copy to each other party hereto, by the Holders of Certificates entitled to at least 25% of the Voting Rights (determined
without notionally reducing the Class Principal Balances of the Certificates by any Appraisal Reduction Amounts) or by, if affected
by such breach, any Serviced Pari Passu Companion Loan Holder; provided that, with respect to any such breach that is not
curable within such thirty (30) day period, such Master Servicer or such Special Servicer, as the case may be, shall have an additional
cure period of sixty (60) days to effect such cure so long as such Master Servicer or such Special Servicer, as the case may be,
has commenced to cure such breach within the initial thirty (30) day period and has provided the Trustee with an Officer’s
Certificate certifying that it has diligently pursued, and is continuing to pursue, a full cure; or

 

(vii)        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 such Master Servicer or such
Special Servicer and such decree or order shall have remained in force undischarged, undismissed or unstayed for a period of sixty
(60) days; or

 

(viii)       such
Master Servicer or such Special Servicer shall consent to the appointment of a conservator, receiver, liquidator, trustee or similar
official in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or
relating to it or of or relating to all or substantially all of its property; or

 

(ix)         such
Master Servicer or such Special Servicer shall admit in writing its inability to pay its debts generally as they become due, file
a petition to take advantage of any applicable bankruptcy, insolvency or reorganization statute, make an assignment for the benefit
of its creditors, voluntarily suspend payment of its obligations, or take any association or company action in furtherance of the
foregoing; or

 

(x)          any
of DBRS, KBRA or Moody’s (or, in the case of Serviced Pari Passu Companion Loan Securities, any Pari Passu Companion Loan
Rating Agency) has (A) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Rated Certificates or
any class of Serviced Pari Passu Companion Loan Securities, as applicable, or (B) placed one or more Classes of Rated Certificates
or any class of Serviced Pari Passu Companion Loan Securities on “watch status” in contemplation of possible rating
downgrade or withdrawal (and such qualification, downgrade, withdrawal or “watch status” placement shall not have been
withdrawn by DBRS, KBRA or Moody’s or such Pari Passu Companion Loan Rating Agency, as applicable, within sixty (60) days
of such event), and, in case of either of clause (A) or (B), has publicly cited servicing concerns with such Master
Servicer or Special Servicer, as applicable, as the sole or a material factor in such rating action; or

 

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(xi)         if
there is a Serviced Pari Passu Companion Loan related to the Trust, any failure by such Master Servicer to timely make any monthly
remittance required to be made by it hereunder to a Serviced Pari Passu Companion Loan Holder, which failure continues unremedied
for one Business Day following the date on which such remittance was first required to be made; or

 

(xii)        subject
to the provisions of Section 11.17(c), any failure by such Master Servicer or such Special Servicer to deliver (a) any Exchange
Act reporting items required to be delivered by such Master Servicer or such Special Servicer, as applicable, to the Certificate
Administrator or Other Depositor or Other Trustee under Article XI (other than items to be delivered by a Designated Sub-Servicer)
by the time required under Article XI after any applicable grace periods or (b) any Exchange Act reporting items that a
Sub-Servicing Entity retained by such Master Servicer or such Special Servicer, as applicable (other than a Designated Sub-Servicer),
is required to deliver (it being acknowledged that any Sub-Servicing Entity that defaults as described in this clause (xii)
shall be terminated at the direction of the Depositor).

 

When a single entity
acts as two or more of the capacities of a Master Servicer and a Special Servicer, a Servicer Termination Event (other than an
event described in clause (x) above) in one capacity shall constitute a Servicer Termination Event in both or all such capacities.

 

(b)          If
any Servicer Termination Event with respect to a Master Servicer or a Special Servicer (in either case, for purposes of this Section
7.01(b), the “Affected Party”) shall occur and be continuing, then, and in each and every such case, so
long as the Servicer Termination Event shall not have been remedied, the Trustee may, and at the written direction of either the
Holders of Certificates entitled to not less than 25% of the Voting Rights (determined without notionally reducing the Class Principal
Balances of the Certificates by any Appraisal Reduction Amounts), or, alternatively, if a Servicer Termination Event on the part
of the applicable Special Servicer has occurred that affects a Serviced Pari Passu Companion Loan Holder, at the written direction
of such Serviced Pari Passu Companion Loan Holder solely with respect to the related Loan Combination, or, alternatively, if a
Servicer Termination Event on the part of a Special Servicer has occurred, at the written direction of the Subordinate Class Representative
during a Subordinate Control Period (except to the extent that the Servicer Termination Event relates to an Excluded Loan), or,
alternatively, if a Servicer Termination Event under Section 7.01(a)(xii) on the part of the Affected Party has occurred,
at the written direction of the Depositor, the Trustee shall, terminate, by notice in writing to the Affected Party (with a copy
of such notice to each other party hereto), all of the rights and obligations (accruing from and after receipt by the Affected
Party of such notice) of the Affected Party under this Agreement (other than as a Holder of any Certificate or as holder of a Serviced
Pari Passu Companion Loan, entitlements to amounts payable to the terminated party at the time of termination and any entitlements
of the terminated party that survive the termination including any Excess Servicing Fee Rights). From and after the receipt by
the Affected Party of such written notice, all of the responsibilities, duties, authority and power of the Affected Party under
this Agreement (and in the case of a termination of a Special Servicer at the written direction of a Serviced Pari Passu Companion
Loan Holder with respect to a Serviced Loan Combination, solely as they relate to such Serviced Loan Combination), whether with
respect to the Certificates, the Mortgage Loans or otherwise

 

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(other
than as a Holder of any Certificate or as a Pari Passu Companion Loan Holder, if applicable), 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 Affected Party, as attorney-in-fact or otherwise, any and all documents and
other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice
of termination, whether to complete the transfer and endorsement or assignment of the Mortgage Loans and related documents, or
otherwise (provided that each of a Master Servicer and a Special Servicer shall, if terminated pursuant to this Section
7.01(b), continue to be obligated to pay and entitled to receive all amounts accrued or owing by or to it under this Agreement
on or prior to the date of such termination, whether in respect of Advances or otherwise, and it and its members, managers, directors,
officers, employees and agents shall continue to be entitled to the benefits of Section 6.03 notwithstanding any such termination).
Each of a Master Servicer and a Special Servicer agrees that, if it is terminated pursuant to this Section 7.01(b), it
shall promptly (and in any event no later than twenty (20) days subsequent to its receipt of the notice of termination) provide
the Trustee with all documents and records requested thereby to enable the Trustee to assume the functions hereunder of such Master
Servicer or such Special Servicer, as the case may be, and shall otherwise cooperate with the Trustee in effecting the termination
of the rights and responsibilities hereunder of such Master Servicer or such Special Servicer, as the case may be, including the
transfer within five (5) Business Days to the Trustee for administration by it of all cash amounts that at the time are or should
have been credited by the applicable Master Servicer to the Collection Account or the Serviced Pari Passu Companion Loan Custodial
Account, the Distribution Account or any Servicing Account or Reserve Account held by it (if it is the Affected Party) or by the
applicable Special Servicer to its REO Account, the Collection Account, the Serviced Pari Passu Companion Loan Custodial Account
or any Servicing Account or Reserve Account held by it (if it is the Affected Party) or that are thereafter received by or on
behalf of it with respect to any Mortgage Loan or REO Property (provided that if such Master Servicer or such Special Servicer
is terminated pursuant to this Section 7.01(b), such Master Servicer or such Special Servicer, as the case may be, shall
continue to be obligated to pay and entitled to receive all amounts accrued or owing by or to it under this Agreement on or prior
to the date of such termination, whether in respect of Advances or otherwise, and it and its members, managers, directors, officers,
employees and agents shall continue to be entitled to the benefits of Section 6.03 notwithstanding any such termination).
Any costs or expenses (including those of any other party hereto or successor master servicer or special servicer) incurred in
connection with any actions to be taken by a terminated Master Servicer or Special Servicer pursuant to this paragraph (including,
but not limited to, 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 Borrowers, ground lessors, insurers and other applicable third parties regarding) such succession as successor master
servicer or special servicer) shall be borne by the applicable Master Servicer or the applicable Special Servicer, as the case
may be (and, in the case of the Trustee’s costs and expenses, if not paid within a reasonable time, shall be borne by the
Trust out of the Collection Account).

 

Notwithstanding anything
to the contrary in Section 7.04, the Trustee shall not waive any Servicer Termination Event under Section 7.01(a)(xii)
without the prior written consent of the Depositor. If a Servicer Termination Event under Section 7.01(a)(xi) occurs on
the part of a

 

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Master
Servicer, or if any other Servicer Termination Event occurs on the part of a Master Servicer affecting a Serviced Loan Combination
and such Master Servicer is not terminated pursuant to the provisions set forth above, whether as a result of a waiver or otherwise,
any affected Serviced Pari Passu Companion Loan Holder shall be entitled to require such Master Servicer to appoint, in accordance
with Section 3.22 and with the delivery of a Rating Agency Confirmation (and an analogous rating agency confirmation from
each Pari Passu Companion Loan Rating Agency with respect to any Serviced Pari Passu Companion Loan Securities backed by the affected
Serviced Pari Passu Companion Loan, if applicable pursuant to Section 3.27(k)), a Sub-Servicer to be selected by the applicable
Master Servicer, that will be responsible for primary servicing such Serviced Loan Combination.

 

(c)          Notwithstanding
Section 7.01(b) of this Agreement, if a Master Servicer receives a notice of termination solely due to a Servicer Termination
Event under Section 7.01(a)(x) and the terminated Master Servicer provides the Trustee with the appropriate “request
for proposal” materials within the five (5) Business Days after such termination, then such Master Servicer shall continue
to serve as Master Servicer, if requested to do so by the Trustee, and the Trustee shall promptly thereafter (using such “request
for proposal” materials provided by the terminated Master Servicer) solicit good faith bids for the rights to master service
the Mortgage Loans and any Serviced Pari Passu Companion Loans under this Agreement from at least three (3) Persons qualified to
act as successor Master Servicer hereunder in accordance with Section 6.02 and Section 7.02 for which the Trustee
has received Rating Agency Confirmation from each Rating Agency (and, if applicable pursuant to Section 3.27(k), an analogous
rating agency confirmation from each Pari Passu Companion Loan Rating Agency) obtained by the terminated Master Servicer (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 (i) at the Trustee’s request, the terminated
Master Servicer shall supply the Trustee with the names of Persons from whom to solicit such bids; and (ii) the Trustee shall not
be responsible if less than three (3) or no Qualified Bidders submit bids for the right to master service the subject Mortgage
Loans and any Serviced Pari Passu Companion Loans under this Agreement. The bid proposal shall require any Successful Bidder (as
defined below), as a condition of such bid, to enter into this Agreement as successor Master Servicer and to agree to be bound
by the terms hereof, within forty-five (45) days after the receipt by such Master Servicer of a notice of termination. The Trustee
shall solicit bids (i) on the basis of such successor Master Servicer retaining all applicable Sub-Servicers to continue the sub-servicing
of the applicable Serviced Mortgage Loans pursuant to the terms of the respective Sub-Servicing Agreements and entering into a
Sub-Servicing Agreement with the terminated Master Servicer to service each of any Serviced Mortgage Loans not subject to a Sub-Servicing
Agreement at a sub-servicing fee rate per annum equal to, for each Serviced Mortgage Loan serviced, the applicable Master
Servicing Fee Rate (or, (i) in the case of a Serviced Pari Passu Mortgage Loan, the sum of the applicable Master Servicing Fee
Rate and the applicable Pari Passu Primary Servicing Fee Rate or (ii) in the case of a Serviced Pari Passu Companion Loan, the
applicable Pari Passu Primary Servicing Fee Rate) minus the sum of one-quarter of a basis point (0.0025%) and the related
Excess Servicing Fee Rate (each, a “Servicing-Retained Bid”) and (ii) on the basis of terminating each applicable
Sub-Servicing Agreement and each applicable Sub-Servicer that it is permitted to terminate in accordance with Section 3.22
and having no obligation to enter into a Sub-Servicing Agreement with the terminated Master Servicer (each, a “Servicing-Released
Bid”). The Trustee shall select the Qualified Bidder with the highest cash Servicing-Retained

 

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Bid
(or, if none, the highest cash Servicing-Released Bid) (the “Successful Bidder”) to act as successor Master
Servicer hereunder. The Trustee shall direct the Successful Bidder to enter into this Agreement as successor Master Servicer pursuant
to the terms hereof (and, if the successful bid was a Servicing-Retained Bid, to enter into a Sub-Servicing Agreement with the
terminated Master Servicer as contemplated above), no later than forty-five (45) days after the termination of the terminated
Master Servicer.

 

(d)          Upon
the assignment and acceptance of the master servicing rights hereunder to and by the Successful Bidder, the Trustee shall remit
or cause to be remitted to the terminated Master Servicer the amount of such cash bid received from the Successful Bidder (net
of reasonable “out-of-pocket” expenses incurred in connection with obtaining such bid and transferring servicing).

 

(e)          If
the Successful Bidder has not entered into this Agreement as successor Master Servicer within forty-five (45) days after the related
Master Servicer received a notice of termination or no Successful Bidder was identified within such 45-day period, the terminated
Master Servicer 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 Section 7.01(c). The Trustee thereafter
may act or may select a successor to act as Master Servicer hereunder in accordance with Section 7.02.

 

Section
7.02     Trustee To Act; Appointment of Successor. On and after the time a Master
Servicer or a Special Servicer resigns pursuant to Section 6.04(a) (and a successor Master Servicer or Special
Servicer, as applicable, has not been appointed by the resigning Master Servicer or Special Servicer, as applicable, under Section
6.04), or receives a notice of termination pursuant to Section 7.01, the Trustee shall be the successor in all
respects to that Master Servicer or that Special Servicer, as the case may be, in its capacity as such under this Agreement
and the transactions set forth or provided for herein and shall be subject to all the responsibilities, duties and
liabilities relating thereto and arising thereafter placed on such Master Servicer or such Special Servicer, as the case may
be, by the terms and provisions hereof, including, if such Master Servicer is the resigning or terminated party, the
applicable Master Servicer’s obligation to make Advances; provided that (i) any failure to perform such duties
or responsibilities caused by the failure of a Master Servicer or a Special Servicer, as the case may be, to cooperate or to
provide information or monies as required by Section 7.01 shall not be considered a default by the Trustee hereunder
and (ii) in the case of a terminated Master Servicer, the Trustee shall cease to act as successor Master Servicer if an
alternative successor is appointed pursuant to Section 7.01(c). Neither the Trustee nor any other successor shall be
liable for any of the representations and warranties of the resigning or terminated party or for any losses incurred by the
resigning or terminated party pursuant to Section 3.06 hereunder nor shall the Trustee or any other successor be
required to purchase any Mortgage Loan hereunder. As compensation therefor, the Trustee shall be entitled to all fees and
other compensation which the resigning or terminated party would have been entitled to for future services rendered if the
resigning or terminated party had continued to act hereunder. Notwithstanding the above, if it is unwilling to so act, the
Trustee may (and, if it is unable to so act, or if the Trustee is not approved as an acceptable master servicer or special
servicer, as the case may be, by each Rating Agency, or if the Holders of Certificates entitled to not less than 25% of the
Voting Rights (determined without notionally reducing the Class Principal Balances of the Certificates by any

 

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Appraisal
Reduction Amounts) (or, alternatively, if a Servicer Termination Event on the part of the applicable Special Servicer has occurred
during a Subordinate Control Period, the Subordinate Class Representative (other than to the extent such Servicer Termination
Event affects an Excluded Loan) so requests in writing, the Trustee shall), promptly appoint, or petition a court of competent
jurisdiction to appoint, any established and qualified institution as the successor to the resigning or terminated Master Servicer
or Special Servicer, as the case may be, hereunder in the assumption of all or any part of the responsibilities, duties or liabilities
of such Master Servicer or such Special Servicer, as the case may be, hereunder; provided that (i) such appointment is
the subject of a Rating Agency Confirmation from each Rating Agency (and, if applicable pursuant to Section 3.27(k), an
analogous rating agency confirmation from each Pari Passu Companion Loan Rating Agency) and (ii) if such successor (in the case
of a successor to the resigning or terminated Master Servicer) does not have a master servicer rating from Fitch that is “CMS3”
or above, such successor is reasonably acceptable to the Subordinate Class Representative, and, if such successor has a master
servicer rating from Fitch that is “CMS3” or above, the Subordinate Class Representative shall have been consulted
with respect to the identity of (although it need not have approved) such successor. No appointment of a successor to a Master
Servicer or a Special Servicer hereunder shall be effective until the assumption by such successor of all its responsibilities,
duties and liabilities hereunder, and pending such appointment and assumption, the Trustee shall act in such capacity as hereinabove
provided. In connection with any such appointment and assumption, the Trustee may make such arrangements for the compensation
of such successor out of payments on the Mortgage Loans or otherwise as it and such successor shall agree; provided that
no such compensation shall be in excess of that permitted the resigning or terminated party hereunder. The Depositor, the Trustee,
such successor and each other party hereto shall take such action, consistent with this Agreement, as shall be necessary to effectuate
any such succession.

 

If the Trustee or an
Affiliate acts pursuant to this Section 7.02 as successor to the resigning or terminated Master Servicer and if the Excess
Servicing Fee Rate is a rate per annum that is greater than zero (0) basis points, 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 or 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 resignation of a Master Servicer
or a Special Servicer pursuant to Section 6.04, any replacement of a Special Servicer pursuant to Section 6.05,
any termination of a Master Servicer or Special Servicer pursuant to Section 7.01, any appointment of a successor to a
Master Servicer or Special Servicer pursuant to Section 6.02, 6.04 or 7.02 or the effectiveness of any designation
of a new Special Servicer, the Trustee shall promptly notify (i) the Certificate Administrator, who shall give prompt written
notice thereof to Certificateholders at their respective addresses appearing in the Certificate Register, (ii) the Rule 17g-5
Information Provider, who shall promptly post such information on the Rule 17g-5 Information Provider’s Website in accordance
with Section 8.12(c) and (iii) to any Serviced Pari Passu Companion Loan Holder.

 

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(b)          Not
later than the later of (i) sixty (60) days after the occurrence of any event which constitutes or, with notice or lapse of time
or both, would constitute a Servicer Termination Event and (ii) five (5) days after a Responsible Officer of the Trustee has actual
knowledge of the occurrence of such an event, the Trustee shall notify the Depositor and the Certificate Administrator, who shall
transmit by mail to all Certificateholders notice of such occurrence, unless such default shall have been cured.

 

Section
7.04     Waiver of Servicer Termination Event. The Holders of Certificates representing
at least 66-2/3% of the Voting Rights allocated to each Class of Certificates (and any affected Serviced Pari Passu Companion
Loan Holders) affected by any Servicer Termination Event hereunder (determined without notionally reducing the Class Principal
Balances of the Certificates by any Appraisal Reduction Amounts) may waive such Servicer Termination Event without the consent
of any other Person; provided, however that:

 

(a)          a
Servicer Termination Event under clause (i), clause (ii), clause (iii) and clause (x) of Section
7.01(a) may be waived only by all of the Certificateholders of the affected Classes (and any affected Serviced Pari Passu Companion
Loan Holders);

 

(b)          each
Serviced Pari Passu Companion Loan Holder shall be exclusively entitled to waive a Servicer Termination Event under Section
7.01(a)(xi) that arises with respect to the related Serviced Pari Passu Companion Loan;

 

(c)          the
Depositor shall be exclusively entitled to waive any Servicer Termination Event described in Section 7.01(a)(xii) (but if
a Serviced Loan Combination is involved and the Pari Passu Companion Loan is the subject of an Other Securitization, the Depositor
may not grant such a waiver without the consent of each Other Depositor with respect to each Other Securitization);

 

(d)          no
waiver of any Servicer Termination Event by one or more Persons will have any force or effect unless and until the Person requesting
the waiver at its own expense has reimbursed the Trustee and the Certificate Administrator for any monies spent by them in connection
with such Servicer Termination Event, together with interest thereon from and including the date so spent to but excluding the
date of reimbursement.

 

Upon any such waiver
of a Servicer Termination Event, such Servicer Termination Event shall cease to exist and shall be deemed to have been remedied
for every purpose hereunder. No such waiver shall extend to any subsequent or other Servicer Termination Event or impair any right
consequent thereon except to the extent expressly so waived. Notwithstanding any other provisions of this Agreement, for purposes
of waiving any Servicer Termination Event pursuant to this Section 7.04, Certificates registered in the name of the Depositor
or any Affiliate of the Depositor shall be entitled to the same Voting Rights with respect to the matters described above as they
would if registered in the name of any other Person.

 

Section
7.05     Additional Remedies of Trustee Upon Servicer Termination Event. 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 (exercisable subject to Section 8.01(a)), in its own
name and as

 

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trustee
of an express trust (in the case of any matter affecting a Serviced Loan Combination) on behalf of the related Serviced Pari Passu
Companion Loan Holder(s), 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 such participants
(including the institution and prosecution of all judicial, administrative and other proceedings and the filings of proofs of
claim and debt in connection therewith). 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.

 

Article
VIII

THE TRUSTEE, THE CUSTODIAN, THE CERTIFICATE ADMINISTRATOR AND

THE TAX ADMINISTRATOR

 

Section
8.01     Duties of the Trustee, the Certificate Administrator and the Tax Administrator.
(a) The Trustee, prior to the occurrence of a Servicer Termination Event 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.
If a Servicer Termination Event occurs and is continuing, the Trustee shall exercise such of the rights and powers vested in it
by this Agreement, and use the same degree of care and skill in their exercise as a prudent person would exercise or use under
the circumstances in the conduct of such person’s own affairs. Any permissive right of the Trustee contained in this Agreement
shall not be construed as a duty. The Trustee, the Certificate Administrator and the Tax Administrator shall be liable in accordance
herewith only to the extent of the respective obligations specifically imposed upon and undertaken by the Trustee, the Certificate
Administrator and the Tax Administrator.

 

(b)          Upon
receipt of all resolutions, certificates, statements, opinions, reports, documents, orders or other instruments furnished to the
Trustee, the Certificate Administrator or the Tax Administrator, as applicable, which are specifically required to be furnished
pursuant to any provision of this Agreement (other than the Mortgage Files, the review of which is specifically governed by the
terms of Article II), the Trustee, the Certificate Administrator or the Tax Administrator, as applicable, shall examine
them to determine whether they conform on their face to the requirements of this Agreement. If any such instrument is found not
to conform to the requirements of this Agreement in a material manner, the Trustee, the Certificate Administrator or the Tax Administrator,
as applicable, shall take such action as it deems appropriate to have the instrument corrected. The Trustee, the Certificate Administrator
or the Tax Administrator, as applicable, shall not be responsible or liable for the accuracy or content of any resolution, certificate,
statement, opinion, report, document, order or other instrument furnished by the Depositor, a Master Servicer, a Special Servicer,
any Serviced Pari Passu Companion Loan Holder, any actual or prospective Certificateholder or Certificate Owner or any Rating Agency,
and accepted by the Trustee, the Certificate Administrator or the Tax Administrator in good faith, pursuant to this Agreement.

 

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(c)          No
provision of this Agreement shall be construed to relieve the Trustee, the Tax Administrator or the Certificate Administrator from
liability for its own negligent action, its own negligent failure to act or its own willful misconduct; provided that:

 

(i)           prior
to the occurrence of a Servicer Termination Event, and after the curing or waiver of all 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,
the Trustee shall not 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;

 

(ii)          in
the absence of bad faith on the part of the Trustee, the Certificate Administrator or the Tax Administrator, the Trustee, the Certificate
Administrator or the Tax Administrator, as applicable, may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee, the Certificate Administrator or
the Tax Administrator, as applicable, and conforming to the requirements of this Agreement;

 

(iii)         none
of the Trustee, the Certificate Administrator or the Tax Administrator shall be liable for an error of judgment made in good faith
by a Responsible Officer or Responsible Officers of such entity unless it shall be proved that such entity was negligent in ascertaining
the pertinent facts;

 

(iv)         the
Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by the Trustee, in good faith in
accordance with the terms of this Agreement and the direction of Holders of Certificates entitled to at least 25% (or, as to any
particular matter, any higher percentage as may be specifically provided for hereunder) of the Voting Rights relating to the time,
method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred
upon the Trustee, under this Agreement;

 

(v)          neither
the Certificate Administrator nor the Trustee shall be required to take action with respect to, or be deemed to have notice or
knowledge of, any default, Servicer Termination Event (other than a Servicer Termination Event under Section 7.01(a)(ix)
or a Master Servicer’s failure to deliver any monies, including P&I Advances, or to provide any report, certificate or
statement, to the Trustee, the Certificate Administrator or the Tax Administrator, as applicable, when required pursuant to this
Agreement) or breach of a Mortgage Loan Seller’s representations and warranties, unless a Responsible Officer of the Trustee
or the Certificate Administrator shall have received written notice or otherwise have actual knowledge thereof. Otherwise, the
Trustee and the Certificate Administrator may conclusively assume that there is no such default, Servicer Termination Event or
breach of such Mortgage Loan Seller’s representations and warranties;

 

(vi)         subject
to the other provisions of this Agreement, and without limiting the generality of this Section 8.01, none of the Trustee,
the Certificate Administrator or the Tax Administrator shall have any duty, except, in the case of the Trustee, as expressly

 

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provided
in Section 2.01(b) or Section 2.01(e) or in its capacity as successor to a Master Servicer or a Special Servicer,
(A) to cause any recording, filing, or depositing of this Agreement or any agreement referred to herein or any financing statement
or continuation statement evidencing a security interest, or to cause the maintenance of any such recording or filing or depositing
or to any re-recording, refiling or redepositing of any thereof, (B) to cause the maintenance of any insurance, (C) to confirm
or verify the truth, accuracy or contents of any reports or certificates of a Master Servicer, a Special Servicer, any actual or
prospective or any Certificateholder or Certificate Owner or any Rating Agency, delivered to the Trustee, the Certificate Administrator
or the Tax Administrator pursuant to this Agreement reasonably believed by the Trustee, the Certificate Administrator or the Tax
Administrator, as applicable, to be genuine and without error and to have been signed or presented by the proper party or parties,
(D) subject to Section 10.01(f), to see to the payment or discharge of any tax levied against any part of the Trust Fund
other than from funds available in the Collection Account or the Distribution Account, and (E) to see to the payment of any assessment
or other governmental charge or any lien or encumbrance of any kind owing with respect to, assessed or levied against, any part
of the Trust Fund other than from funds available in the Collection Account or the Distribution Account (provided that such
assessment, charge, lien or encumbrance did not arise out of the Trustee’s, the Certificate Administrator’s or the
Tax Administrator’s, as applicable, willful misfeasance, bad faith or negligence);

 

(vii)        for
as long as the Person that serves as the Trustee, the Certificate Administrator or the Tax Administrator hereunder also serves
as Custodian and/or Certificate Registrar, the protections, immunities and indemnities afforded to that Person in its capacity
as Trustee, Certificate Administrator or Tax Administrator, as applicable, hereunder shall also be afforded to such Person in its
capacity as Custodian and/or Certificate Registrar, as the case may be; and

 

(viii)       if
the same Person is acting in two or more of the capacities of Trustee, Certificate Administrator, Tax Administrator, Custodian
or Certificate Registrar, then any notices required to be given by such Person in one such capacity shall be deemed to have been
timely given to itself in any other such capacity.

 

(d)          Upon
receipt by the Trustee or the Certificate Administrator of any notice regarding the transfer of a Serviced Pari Passu Companion
Loan by a Serviced Pari Passu Companion Loan Holder or the transfer of an interest in a mezzanine loan related to a Mortgage Loan
by the related mezzanine lender, the Certificate Administrator or the Tax Administrator, as applicable, shall promptly forward
a copy of such notice to the applicable Master Servicer and applicable Special Servicer.

 

(e)          Based
on information in its possession, the Certificate Administrator promptly shall provide written notice to the Trust Advisor, the
Subordinate Class Representative, each Master Servicer and each Special Servicer of (i) the existence of a Collective Consultation
Period or a Senior Consultation Period and (ii) the end of any Collective Consultation Period or Senior Consultation Period. The
Trust Advisor, a Master Servicer or a Special Servicer may at any time request from the Certificate Administrator written confirmation
of whether there existed a

 

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Collective
Consultation Period or a Senior Consultation Period during the current and/or previous calendar year and the Certificate Administrator
shall deliver such confirmation to the requesting party within 10 days of such request.

 

Section
8.02     Certain Matters Affecting the Trustee, the Certificate Administrator and the Tax Administrator.
Except as otherwise provided in Section 8.01:

 

(i)           the
Trustee, the Certificate Administrator and the Tax Administrator, may each 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 without error and to have been signed or presented by the proper party or parties;

 

(ii)          the
Trustee, the Certificate Administrator and the Tax Administrator may each consult with counsel and any written advice or opinion
of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken
or suffered or omitted by it hereunder in good faith and in accordance therewith;

 

(iii)         the
Trustee shall be under no obligation to exercise any of the trusts or powers vested in it by this Agreement or to make any investigation
of matters arising hereunder or to institute, conduct or defend any litigation hereunder or in relation hereto at the request,
order or direction of any of the Certificateholders, unless such Certificateholders shall have provided to the Trustee reasonable
indemnity against the costs, expenses and liabilities which may be incurred therein or thereby satisfactory to the Trustee, in
its reasonable discretion; none of the Trustee, the Certificate Administrator or the Tax Administrator shall be required to expend
or risk its own funds (except to pay expenses that could reasonably be expected to be incurred in connection with the performance
of its normal duties) or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise
of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity
against such risk or liability is not reasonably assured to it; provided that nothing contained herein shall relieve the
Trustee of the obligation, upon the occurrence of a Servicer Termination Event which has not been waived or cured, 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 man would exercise or use under the circumstances in the conduct of his own affairs;

 

(iv)         none
of the Trustee, the Certificate Administrator or the Tax Administrator shall be personally liable for any action reasonably taken,
suffered or omitted by it in good faith and believed by it to be authorized or within the discretion or rights or powers conferred
upon it by this Agreement;

 

(v)          prior
to the occurrence of a Servicer Termination Event and after the waiver or curing of all Servicer Termination Events which may have
occurred, the Trustee shall not be bound to make any investigation into the facts or matters stated in

 

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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% of the Voting Rights; provided that if the payment
within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such
investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms
of this Agreement, the Trustee may require an indemnity satisfactory to the Trustee, in its reasonable discretion, against such
expense or liability as a condition to taking any such action;

 

(vi)         except
as contemplated by Section 8.06, none of the Trustee, the Certificate Administrator or the Tax Administrator shall be required
to give any bond or surety in respect of the execution of the trusts created hereby or the powers granted hereunder;

 

(vii)        the
Trustee may execute any of the trusts or powers vested in it by this Agreement, and the Certificate Administrator and the Tax Administrator
may each perform any of their respective duties hereunder, either directly or by or through the Custodian or other agents or attorneys-in-fact,
provided that (a) the use of the Custodian or other agents or attorneys-in-fact shall not be deemed to relieve the Trustee,
the Certificate Administrator or the Tax Administrator, as applicable, of any of its duties and obligations hereunder (except as
expressly set forth herein) and (b) the Trustee or the Certificate Administrator, as the case may be, may not perform any duties
hereunder through any Person actually known to a Responsible Officer of the Trustee or the Certificate Administrator, as applicable,
to be a Prohibited Party without the consent of the Depositor acting in its reasonable discretion;

 

(viii)       none
of the Trustee, the Certificate Administrator or the Tax Administrator shall be responsible for any act or omission of a Master
Servicer or a Special Servicer (unless, in the case of the Trustee, it is acting as a Master Servicer or a Special Servicer, as
the case may be) or of the Trust Advisor, any Serviced Pari Passu Companion Loan Holder or the Depositor;

 

(ix)         neither
the Trustee nor the Certificate Registrar shall have any obligation or duty to monitor, determine or inquire as to compliance with
any restriction on transfer imposed under Article V under this Agreement or under applicable law with respect to any transfer
of any Certificate or any interest therein, other than to require delivery of the certification(s) and/or Opinions of Counsel described
in said Article applicable with respect to changes in registration or record ownership of Certificates in the Certificate Register
and to examine the same to determine substantial compliance with the express requirements of this Agreement; and the Trustee and
the Certificate Registrar shall have no liability for transfers, including transfers made through the book-entry facilities of
the Depository or between or among Depository Participants or Certificate Owners of the Certificates, made in violation of applicable
restrictions except for its failure to perform its express duties in connection with changes in registration or record ownership
in the Certificate Register;

 

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(x)          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 or the Certificate Administrator
has been advised of the likelihood of such loss or damage and regardless of the form of action;

 

(xi)         the
right of the Trustee or the Certificate Administrator to perform any discretionary act enumerated in this Agreement shall not be
construed as a duty, and none of the Trustee or the Certificate Administrator, as applicable, shall be answerable for other than
its negligence or willful misconduct in the performance of any such act and nothing herein shall require the Trustee or the Certificate
Administrator, as applicable, to act in any manner that is contrary to applicable law; and

 

(xii)        in
no event shall the Trustee or the Certificate Administrator be liable for any failure or delay in the performance of its obligations
hereunder due to force majeure or acts of God; provided that such failure or delay is not also a result of its own
negligence, bad faith or willful misconduct.

 

Section
8.03     The Trustee, the Certificate Administrator and the Tax Administrator not Liable for
Validity or Sufficiency of Certificates or Mortgage Loans. The recitals contained herein and in the Certificates (other than
the statements attributed to, and the representations and warranties of, the Trustee, the Certificate Administrator and/or the
Tax Administrator in Article II, and the signature of the Certificate Registrar set forth on each outstanding Certificate) shall
not be taken as the statements of the Trustee, the Certificate Administrator or the Tax Administrator, and none of the Trustee,
the Certificate Administrator or the Tax Administrator assumes any responsibility for their correctness. None of the Trustee,
the Certificate Administrator or the Tax Administrator makes any representation as to the validity or sufficiency of this Agreement
(except as regards the enforceability of this Agreement against it) or of any Certificate (other than as to the signature of the
Certificate Administrator set forth thereon) or of any Mortgage Loan or related document. None of the Trustee, the Certificate
Administrator or the Tax Administrator shall be accountable for the use or application by the Depositor of any of the Certificates
issued to it or of the proceeds of such Certificates, or for the use or application of any funds paid to the Depositor in respect
of the assignment of the Mortgage Loans to the Trust, or any funds (other than with respect to any funds held by the Certificate
Administrator) deposited in or withdrawn from the Collection Account or any other account by or on behalf of the Depositor, the
applicable Master Servicer or the applicable Special Servicer (unless, in the case of the Trustee, it is acting in such capacity).
None of the Trustee, the Certificate Administrator or the Tax Administrator shall be responsible for the legality or validity
of this Agreement (other than insofar as it relates to the representations and warranties of the Trustee, the Certificate Administrator
or the Tax Administrator, as the case may be, hereunder) or the validity, priority, perfection or sufficiency of any security,
lien or security interest granted to it hereunder or the filing of any financing statements or continuation statements, except
to the extent set forth in Section 2.01(b) and Section 2.01(e) or to the extent the Trustee is acting as a Master
Servicer or a Special Servicer and such Master Servicer or such Special Servicer, as the case may be, would be so responsible
hereunder. Except as contemplated by Section 12.02(a), none of the Trustee, the Certificate Administrator or the Tax Administrator
shall be required to record this Agreement.

 

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Section
8.04     The Trustee, the Certificate Administrator and the Tax Administrator May Own Certificates.
The Trustee (in its individual or any other capacity), the Certificate Administrator or the Tax Administrator or any of their
respective Affiliates may become the owner or pledgee of Certificates with (except as otherwise provided in the definition of
“Certificateholder”) the same rights it would have if it were not the Trustee, the Certificate Administrator
or the Tax Administrator or one of their Affiliates, as the case may be.

 

Section
8.05     Fees and Expenses of the Trustee, the Certificate Administrator and the Tax Administrator;
Indemnification of and by the Trustee, the Certificate Administrator and the Tax Administrator. (a) On each Distribution Date,
the Certificate Administrator shall withdraw from the Distribution Account, out of general collections on the Mortgage Loans and
REO Properties on deposit therein, prior to any distributions to be made therefrom to Certificateholders on such date, and pay
to itself all Certificate Administrator Fees, and to the Trustee all Trustee Fees, earned in respect of the Mortgage Loans and
any successor REO Mortgage Loans through the end of the then most recently ended calendar month as compensation for all services
rendered by the Trustee hereunder. The Trustee Fee shall be paid by the Certificate Administrator and shall be a portion of the
Certificate Administrator Fee. As to each Mortgage Loan and REO Mortgage Loan, the Certificate Administrator Fee shall accrue
during each calendar month, commencing with November 2015, at the Certificate Administrator Fee Rate on a principal amount equal
to the Stated Principal Balance of such Mortgage Loan or REO Mortgage Loan, as the case may be, immediately following the Distribution
Date in such calendar month (or, in the case of November 2015, on a principal amount equal to the Cut-off Date Principal Balance
of the particular Mortgage Loan). The Trustee Fee and the Certificate Administrator Fee accrued during each calendar month shall
be payable in the next succeeding calendar month. With respect to each Mortgage Loan and REO Mortgage Loan, the Certificate Administrator
Fee shall be calculated on the same Interest Accrual Basis as is applicable to the accrual or deemed accrual of interest on such
Mortgage Loan or REO Mortgage Loan, as the case may be. The Trustee Fee (which shall not be limited by any provision of law in
regard to the compensation of a trustee of an express trust) and the Certificate Administrator Fee (the latter of which includes
the Tax Administrator Fee) shall constitute the sole compensation of the Trustee and the Certificate Administrator and the Tax
Administrator, respectively, for such services to be rendered by it. The Certificate Administrator shall be responsible for the
payment of the Tax Administrator Fee.

 

Notwithstanding the
prior paragraph, if and to the extent that any loss, liability, cost or expense that is, pursuant to the prior paragraph, required
to be borne by the Trust out of the Distribution Account or a Collection Account, relates to any Mortgage Loan that is part of
a Serviced Loan Combination, (i) such loss, liability, cost or expense shall be payable out of amounts on deposit in respect of
such Serviced Loan Combination in the applicable Collection Account and any related Serviced Pari Passu Companion Loan Custodial
Account collectively, prior to payment from funds in the Distribution Account or the Collection Accounts that are unrelated to
such Serviced Loan Combination; and (ii) such loss, liability, cost or expense shall be payable out of amounts on deposit in the
Collection Accounts and the related Serviced Pari Passu Companion Loan Custodial Account (withdrawals from those accounts shall
be made in accordance with the related Intercreditor Agreement and pro rata according to the respective outstanding principal
balances of the Mortgage Loan and any Serviced Pari Passu Companion Loan included in the related Serviced Loan Combination). Insofar
as any such loss, liability,

 

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cost
or expense related to any Serviced Loan Combination is so paid by withdrawal from the Collection Accounts or Distribution Account
and funds are subsequently received and allocable to the related Serviced Pari Passu Companion Loan(s), then the applicable Master
Servicer shall deposit the amount of such loss, liability, cost or expense into the applicable Collection Account from such funds
so received and allocable to the related Serviced Pari Passu Companion Loan(s).

 

(b)          The
Trustee, the Certificate Administrator and the Tax Administrator (each in its capacity as such or in its individual capacity) and
any of their respective directors, officers, employees, agents or affiliates are entitled to be indemnified and held harmless by
the Trust Fund out of the Collection Account and/or the Distribution Account, as and to the extent provided in Section 3.05,
for and against any loss, liability, claim or expense (including costs and expenses of litigation, and of investigation, reasonable
counsel fees, damages, judgments and amounts paid in settlement) arising out of, or incurred in connection with, this Agreement,
the Certificates, the Mortgage Loans (unless, in the case of the Trustee, it incurs any such expense or liability in the capacity
of successor to the applicable Master Servicer or the applicable Special Servicer (as the case may be), in which case such expense
or liability will be reimbursable thereto in the same manner as it would be for any other Master Servicer or Special Servicer,
as the case may be) or any act or omission of the Trustee, the Certificate Administrator or the Tax Administrator relating to the
exercise and performance of any of the rights and duties, including the appointment of a replacement Trust Advisor, of the Trustee,
the Certificate Administrator or the Tax Administrator hereunder; provided that none of the Trustee, the Certificate Administrator
or the Tax Administrator shall be entitled to indemnification pursuant to this Section 8.05(b) for (1) allocable overhead,
such as costs for office space, office equipment, supplies and related expenses, employee salaries and related expenses and similar
internal costs and expenses, (2) any cost or expense that does not constitute an “unanticipated expense” within the
meaning of Treasury Regulations Section 1.860G-1(b)(3)(ii), (3) any expense or liability specifically required to be borne thereby
pursuant to the terms hereof or (4) any loss, liability, claim or expense incurred by reason of any breach on the part of the Trustee,
the Certificate Administrator or the Tax Administrator of any of their respective representations, warranties or covenants contained
herein or any willful misconduct, bad faith, fraud or negligence in the performance of, or negligent disregard of, the Trustee’s,
the Certificate Administrator’s or the Tax Administrator’s obligations and duties hereunder.

 

(c)          The
Master Servicers and the Special Servicers each shall indemnify the Trust, the Trustee, the Custodian, the Certificate Administrator
and the Tax Administrator (each in their respective capacity as such and in their individual capacity), and each Serviced Pari
Passu Companion Loan Holder, for and hold each of them harmless against any loss, liability, claim or expense that is a result
of such Master Servicer’s or such Special Servicer’s, as the case may be, negligent acts or omissions in connection
with this Agreement, including the negligent use by such Master Servicer or such Special Servicer, as the case may be, of any powers
of attorney delivered to it by the Trustee pursuant to the provisions hereof and the Mortgage Loans serviced by such Master Servicer
or such Special Servicer, as the case may be; provided that, if the Trustee, the Custodian, the Certificate Administrator
or the Tax Administrator has been reimbursed for such loss, liability, claim or expense pursuant to Section 8.05(b) above,
then the indemnity in favor of such Person provided for in this Section 8.05(c) with respect to such loss, liability, claim
or expense shall be for the benefit of the Trust. For the purposes of this paragraph, a Master Servicer or Special Servicer will
be deemed not to have committed negligent

 

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acts
or omissions in connection with this Agreement if such Master Servicer or Special Servicer, as applicable, fails to follow the
terms of the Mortgage Loan Documents because such Master Servicer or Special Servicer, as applicable, in its reasonably exercised
judgment determines that following the terms of the Mortgage Loan Documents would or potentially would result in an Adverse REMIC
Event (for which determination, each Master Servicer and each Special Servicer shall be entitled to rely on advice of counsel,
the cost of which shall be reimbursed as an Additional Trust Fund Expense).

 

(d)          Each
of the Trustee, the Custodian, the Certificate Administrator and the Tax Administrator shall indemnify each of the Trust, the Master
Servicers and the Special Servicers and each other (each in their respective capacity as such and in their individual capacity)
and each Serviced Pari Passu Companion Loan Holder for and hold each of them harmless against any loss, liability, claim or expense
that is a result of the Trustee’s, the Certificate Administrator’s, the Custodian’s or the Tax Administrator’s,
as the case may be, negligent acts or omissions in connection with this Agreement; provided that if such indemnified person
has been reimbursed for such loss, liability, claim or expense pursuant to Section 6.03 or Section 8.05(b), as the
case may be, then the indemnity in favor of such Person otherwise provided for in this Section 8.05(d) with respect to such
loss, liability, claim or expense shall be for the benefit of the Trust.

 

(e)          The
Certificate Administrator shall indemnify and hold harmless the Depositor, each Mortgage Loan Seller, each Underwriter and each
Serviced Pari Passu Companion Loan Holder from and against any claims, losses, damages, penalties, fines, forfeitures, legal fees
and expenses and related costs, judgments and other costs and expenses incurred by the Depositor, each Mortgage Loan Seller, each
Underwriter or any of their respective Affiliates that arise out of or are based upon (i) a breach by the Certificate Administrator,
in its capacity as Rule 17g-5 Information Provider, of its obligations under this Agreement or (ii) negligence, bad faith or willful
misconduct on the part of the Certificate Administrator, in its capacity as Rule 17g-5 Information Provider, in the performance
of such obligations or its negligent disregard of its obligations and duties under this Agreement.

 

(f)          This
Section 8.05 shall survive the termination of this Agreement or the resignation or removal of the Trustee, the Certificate
Administrator, the Tax Administrator, a Master Servicer or a Special Servicer as regards rights and obligations prior to such termination,
resignation or removal.

 

Section
8.06     Eligibility Requirements for the Trustee, the Certificate Administrator and the Tax
Administrator. The Trustee, the Certificate Administrator and the Tax Administrator hereunder each shall at all times be a
corporation, bank, trust company or association that: (i) is organized and doing business under the laws of the United States
of America or any State thereof or the District of Columbia and, in the case of the Trustee, authorized under such laws to exercise
trust powers; (ii) has a combined capital and surplus of at least $50,000,000; (iii) is subject to supervision or examination
by federal or state authority; and (iv) is not a Prohibited Party unless (in the case of this clause (iv)) the Depositor
consents to the continuation of the Trustee, the Certificate Administrator or the Tax Administrator, as the case may be, in the
Depositor’s reasonable discretion. If such corporation, bank, trust company or association publishes reports of condition
at least annually, pursuant to law or to the requirements of the

 

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aforesaid
supervising or examining authority, then for the purposes of this Section the combined capital and surplus of such corporation,
bank, trust company or association shall be deemed to be its combined capital and surplus as set forth in its most recent report
of condition so published. In addition: (i) the Trustee shall at all times meet the requirements of Section 26(a)(1) of the Investment
Company Act; and (ii) the Trustee may not have any affiliations or act in any other capacity with respect to the transactions
contemplated hereby that would cause the Exemption to be unavailable with respect to any Class of Certificates as to which it
would otherwise be available. Furthermore, (i) the Certificate Administrator and the Tax Administrator shall at all times maintain
a long-term unsecured debt rating of at least “AA (low)” by DBRS and the Trustee shall at all times maintain a long-term
unsecured debt rating of at least “A” by DBRS (provided, however, that the Trustee may maintain a long-term unsecured
debt rating of at least “A (low)” by DBRS if the General Master Servicer maintains a rating of at least “A”
by DBRS (provided that this proviso shall not impose on the General Master Servicer any obligation to maintain such rating); and
provided, further, that if any of the Certificate Administrator, the Tax Administrator, or the Trustee is not rated by DBRS, such
party shall maintain an equivalent (or higher) rating by any two other NRSROs which may be KBRA and/or Moody’s), and (ii)
the Certificate Administrator, the Tax Administrator and the Trustee shall at all times maintain a short-term unsecured debt rating
of at least “P-1” by Moody’s and, if rated by KBRA, the equivalent by KBRA (or, in the case of either such Rating
Agency, such lower rating as is the subject of a Rating Agency Confirmation by such Rating Agency and, if applicable, an analogous
rating agency confirmation from each Pari Passu Companion Loan Rating Agency) and a long-term unsecured debt rating of at least
“A2” by Moody’s if it has a short-term unsecured debt rating of at least “P-1” by Moody’s
and, if rated by KBRA, the equivalent rating by KBRA, provided that the Trustee may maintain a long-term unsecured debt rating
of “Baa2” by Moody’s and a short-term unsecured debt rating of “P-2” by Moody’s if the General
Master Servicer maintains a long-term unsecured debt rating of at least “A2” by Moody’s (or such lower rating
as is the subject of a Rating Agency Confirmation by such Rating Agency) (provided that this proviso shall not impose on the General
Master Servicer any obligation to maintain such rating). In case at any time the Trustee, the Certificate Administrator or the
Tax Administrator shall cease to be eligible in accordance with the provisions of this Section 8.06, the Trustee, the Certificate
Administrator or the Tax Administrator, as applicable, shall resign immediately in the manner and with the effect specified in
Section 8.07. The corporation, bank, trust company or association serving as Trustee may have normal banking and trust
relationships with the Depositor, the Mortgage Loan Sellers, the Master Servicers, the Special Servicers and their respective
Affiliates; provided that none of (i) the Depositor, (ii) any Person involved in the organization or operation of the Depositor
or the Trust, (iii) a Master Servicer or Special Servicer (except during any period when the Trustee has assumed the duties of
such Master Servicer or Special Servicer (as the case may be) pursuant to Section 7.02), (iv) any Mortgage Loan Seller
or (v) any Affiliate of any of them, may be the Trustee hereunder.

 

Section
8.07     Resignation and Removal of the Trustee, the Certificate Administrator and the Tax
Administrator. (a) The Trustee, the Certificate Administrator and the Tax Administrator each may at any time resign and be
discharged from their respective obligations created hereunder by giving written notice thereof to the other such parties, the
Depositor, each Master Servicer, each Special Servicer, 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 8.12(c)) and all the Certificateholders.
Upon receiving such notice of resignation, the

 

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Depositor
shall promptly appoint a successor trustee, certificate administrator or tax administrator, as the case may be, meeting the eligibility
requirements of Section 8.06 by written instrument, in duplicate, which instrument shall be delivered to the resigning
Trustee, Certificate Administrator or Tax Administrator, as the case may be, and to the successor trustee, certificate administrator
or tax administrator, as the case may be. A copy of such instrument shall be delivered to other parties hereto and to the Certificateholders
by the Depositor. If no successor trustee, certificate administrator or tax administrator, as the case may be, shall have been
so appointed and have accepted appointment within thirty (30) days after the giving of such notice of resignation, the resigning
Trustee, Certificate Administrator or Tax Administrator, as the case may be, may petition any court of competent jurisdiction
for the appointment of a successor trustee, certificate administrator or tax administrator, as the case may be.

 

(b)          If
at any time the Trustee, the Certificate Administrator or the Tax Administrator shall cease to be eligible in accordance with the
provisions of Section 8.06 and shall fail to resign after written request therefor by the Depositor or a Master Servicer,
or if at any time the Trustee, the Certificate Administrator or the Tax Administrator shall become incapable of acting, or shall
be adjudged bankrupt or insolvent, or a receiver of the Trustee, the Certificate Administrator or the Tax Administrator or of its
property shall be appointed, or any public officer shall take charge or control of the Trustee, the Certificate Administrator or
the Tax Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or if the Trustee’s,
Certificate Administrator’s or Tax Administrator’s continuing to act in such capacity would result in an Adverse Rating
Event with respect to any Class of Rated Certificates rated by a Rating Agency for the Rated Certificates, as confirmed in writing
to the Depositor by each applicable Rating Agency, then the Depositor may (and, if it fails to do so within ten (10) Business Days,
the requesting Master Servicer shall as soon as practicable) remove the Trustee, the Certificate Administrator or the Tax Administrator,
as the case may be, and appoint a successor trustee, certificate administrator or tax administrator, as the case may be, by written
instrument, in duplicate, which instrument shall be delivered to the Trustee, the Certificate Administrator or the Tax Administrator,
as the case may be, so removed and to the successor trustee, certificate administrator or tax administrator, as the case may be.
A copy of such instrument shall be delivered to the other parties hereto and to the Certificateholders by the Depositor.

 

(c)          The
Holders of Certificates entitled to more than 50% of the Voting Rights may at any time remove the Trustee, Certificate Administrator
or Tax Administrator and appoint a successor trustee, certificate administrator or tax administrator, as the case may be, by written
instrument or instruments 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 Trustee, Certificate Administrator or Tax Administrator, as the case
may be, so removed, and one complete set to the successor so appointed. All expenses incurred by the Trustee or the Certificate
Administrator in connection with the transfer of its duties (or the Mortgage Files, with respect to the Certificate Administrator)
to a successor trustee or certificate administrator following the removal of the Trustee or the Certificate Administrator without
cause pursuant to this Section 8.07(c), shall be reimbursed to the removed Trustee or Certificate Administrator, as applicable,
within thirty (30) days of demand therefor, such reimbursement to be made by the Certificateholders that terminated the Trustee
or Certificate Administrator. A copy of such

 

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instrument
shall be delivered to the other parties hereto and to the remaining Certificateholders by the successor so appointed.

 

(d)          Any
resignation or removal of the Trustee, the Certificate Administrator or the Tax Administrator and appointment of a successor trustee,
certificate administrator or tax administrator, as the case may be, pursuant to any of the provisions of this Section 8.07
shall not become effective until (i) acceptance of appointment by the successor trustee, certificate administrator or tax administrator,
as the case may be, as provided in Section 8.08 and (ii) if the successor trustee, certificate administrator or tax administrator,
as the case may be, does not have debt ratings that satisfy the criteria set forth in Section 8.06, the appointment of such
successor trustee, certificate administrator or tax administrator, as the case may be, is the subject of a Rating Agency Confirmation
from each Rating Agency (and, if applicable, an analogous rating agency confirmation from each Pari Passu Companion Loan Rating
Agency).

 

(e)          Upon
resignation, assignment, merger, consolidation, or transfer of the Trustee or its business to a successor, or upon the removal
of the Trustee, the outgoing Trustee at its own expense (without right of reimbursement therefor) shall ensure that, prior to consummation
of such transaction or as part of its transfer of duties to any successor, (i) the original executed Mortgage Note for each Mortgage
Loan (to the extent that the original executed Mortgage Note for each Mortgage Loan was endorsed to the outgoing trustee) is endorsed
(without recourse, representation or warranty, express or implied) to the order of the successor, as trustee for the Certificateholders
(with the endorsement to recite as endorsee “[name of successor Trustee], as Trustee for the registered holders of Wells
Fargo Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates, Series 2015-NXS3”), 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 Mortgage Note has been lost, a lost note affidavit and indemnity with
a copy of such Mortgage Note), and (ii) in the case of the other Mortgage Loan Documents, the same are assigned (and, other than
in connection with the removal of the Trustee pursuant to Section 8.07(c), recorded as appropriate) to such successor (with
the assignment to recite as assignee “[name of successor Trustee], as Trustee for the registered holders of Wells Fargo Commercial
Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates, Series 2015-NXS3”), or in blank, 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 (i) and (ii) above to the applicable Master Servicer, in each case to
the extent such copies are not already in the applicable Master Servicer’s possession. If the Trustee is removed pursuant
to Section 8.07(c), the Mortgage Loan Documents identified in clause (ii) of the preceding sentence shall, if appropriate,
be recorded by the successor trustee if so requested by the applicable Master Servicer or the applicable Special Servicer and at
the expense of the Trust (i) during any Subordinate Control Period (other than with respect to an Excluded Loan), with the consent
of the Subordinate Class Representative, (ii) during any Collective Consultation Period, after consultation with the Subordinate
Class Representative (other than with respect to an Excluded Loan) and the Trust Advisor and (iii) during any Senior Consultation
Period, after consultation with the Trust Advisor.

 

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(f)           Any
successor Trustee or successor Certificate Administrator shall, in connection with its appointment as successor Trustee or successor
Certificate Administrator, (i) deliver to the Depositor and each Other Depositor, if applicable, the Form 8-K Disclosure Information
required pursuant to Item 6.02 of the Form 8-K Current Report regarding itself in its role as successor Trustee or successor Certificate
Administrator, as applicable, and (ii) enter into an indemnification agreement reasonably acceptable to the Depositor pursuant
to which the successor Trustee or successor Certificate Administrator, as applicable, agrees to indemnify and hold harmless the
Depositor, the Other Depositor, their respective directors and officers, and each other Person who controls any such entity within
the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, against any and all expenses, losses,
claims, damages and other liabilities, including without limitation the costs of investigation, legal defense and any amounts paid
in settlement of any claim or litigation arising out of (A) the failure of any such Form 8-K Disclosure Information, insofar as
such information relates to or is applicable to such successor Trustee or successor Certificate Administrator (either in its individual
capacity or its capacity as successor Trustee or successor Certificate Administrator under this Agreement), to satisfy the requirements
of the applicable provisions of Regulation AB and (B) any untrue statement or alleged untrue statement of a material fact contained
in such Form 8-K Disclosure Information regarding itself in its role as successor Trustee or successor Certificate Administrator,
as applicable, or any omission or alleged omission to state in such Form 8-K Disclosure Information regarding itself in its role
as successor Trustee or successor Certificate Administrator, as applicable, a material fact required to be stated therein or necessary
to make the statements therein, in the light of the circumstances under which they were made, not misleading.

 

(g)          The
resigning Trustee, Certificate Administrator and Tax Administrator, as applicable, shall be required to pay all reasonable out-of-pocket
costs and expenses of each party to this Agreement, the Trust and each Rating Agency in connection with the resignation of such
party and the transfer of its duties (including, but not limited to, reasonable out-of-pocket costs and expenses associated with
the engagement of a successor, transferring Mortgage Files (solely with respect to the Certificate Administrator) and related information,
records and reports to the successor).

 

Section
8.08     Successor Trustee, Certificate Administrator and Tax Administrator. (a) Any successor
trustee, certificate administrator or tax administrator appointed as provided in Section 8.07 shall execute, acknowledge
and deliver to the Depositor, each Master Servicer, each Special Servicer and its predecessor trustee, certificate administrator
or tax administrator, as the case may be, an instrument accepting such appointment hereunder, and thereupon the resignation or
removal of the predecessor trustee, certificate administrator or tax administrator, as the case may be, shall become effective
and such successor trustee, certificate administrator or tax administrator, as the case may be, 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, certificate administrator or tax administrator herein. If the Trustee is being
replaced, the predecessor trustee shall deliver to the successor trustee all Mortgage Files and related documents and statements
held by it hereunder (other than any Mortgage Files at the time held on its behalf by the Custodian, which Custodian shall become
the agent of the successor trustee), and the Depositor, the applicable Master Servicer, the applicable Special Servicer and the
predecessor trustee shall execute and deliver such

 

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instruments
and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all
such rights, powers, duties and obligations, and to enable the successor trustee to perform its obligations hereunder.

 

(b)          No
successor trustee, certificate administrator or tax administrator shall accept appointment as provided in this Section 8.08
unless at the time of such acceptance such successor trustee, certificate administrator or tax administrator, as the case may be,
shall be eligible under the provisions of Section 8.06.

 

(c)          Upon
acceptance of appointment by a successor trustee, certificate administrator or tax administrator as provided in this Section
8.08, such successor trustee, certificate administrator or tax administrator, as the case may be, shall provide notice of the
succession of such trustee, certificate administrator or tax administrator hereunder to the Depositor, the Certificate Administrator
(who shall promptly mail such notice to the Certificateholders), the Rule 17g-5 Information Provider (who shall post such notice
to the Rule 17g-5 Information Provider’s Website in accordance with Section 8.12(c)) and the other parties hereto.

 

Section
8.09     Merger or Consolidation of the Trustee, the Certificate Administrator or the Tax Administrator.
Any entity into which the Trustee, Certificate Administrator or Tax Administrator 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 Trustee, Certificate Administrator
or Tax Administrator shall be a party, or any entity succeeding to the corporate trust business of the Trustee, Certificate Administrator
or Tax Administrator, shall be the successor of the Trustee, Certificate Administrator or Tax Administrator, as the case may be,
hereunder, provided such entity shall be eligible under the provisions of Section 8.06, 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. (a) Notwithstanding any other provisions
hereof, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust Fund
or property securing the same may at the time be located, the Master Servicers and the Trustee acting jointly shall have the power
and shall execute and deliver all instruments to appoint one or more Persons approved by the Trustee to act 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 Master Servicers and the Trustee may consider
necessary or desirable. If the Master Servicers shall not have joined in such appointment within fifteen (15) days after the receipt
by it of a request to do so, or in case a Servicer Termination Event in respect of the applicable Master Servicer shall have occurred
and be continuing, the Trustee alone shall have the power to make such appointment. No co-trustee or separate trustee hereunder
shall be required to meet the terms of eligibility as a successor trustee under Section 8.06, 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.

 

(b)          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

 

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shall
be conferred or imposed upon and exercised or performed by the Trustee and such separate trustee or co-trustee jointly, 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 when acting as a Master Servicer or Special 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
at the direction of the Trustee.

 

(c)          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. 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.
Every such instrument shall be filed with the Trustee.

 

(d)          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.

 

(e)          The
appointment of a co-trustee or separate trustee under this Section 8.10 shall not relieve the Trustee of its duties and
responsibilities hereunder.

 

Section
8.11     Appointment of Custodian. The Certificate Administrator is hereby appointed
as Custodian hereunder. The Custodian shall be subject to the same standards of care, limitations on liability and rights to
indemnity as the Trustee and the Certificate Administrator, and the provisions of Sections 8.01, 8.02, 8.03, 8.04, 8.05(b), 8.05(c), 8.05(d)
and 8.05(e) shall apply to the Custodian to the same extent that they apply to the Trustee. The Custodian may at any
time resign by giving at least thirty (30) days’ advance written notice of resignation to the Certificate
Administrator, the Trustee, the Master Servicers, the Special Servicers and the Depositor. The resigning Custodian shall be
required to pay all reasonable out-of-pocket costs and expenses of each party to this Agreement, the Trust and each
Rating Agency in connection with the resignation of the Custodian and the transfer of its duties (including, but not limited
to, reasonable out-of-pocket costs and expenses associated with the engagement of a successor, transferring Mortgage Files
and related information, records and reports to the successor). The Custodian shall comply with the requirements for Trustees
set forth in Section 8.06 and shall have in place a fidelity bond and errors and omissions policy, each in such form
and amount as is customarily required of custodians acting on behalf of Freddie Mac or Fannie Mae (or shall self-insure, to
the extent that the Custodian is otherwise permitted to self-insure by Fannie Mae and Freddie Mac). The Custodian may be
removed by the Holders of Certificates entitled to more than 50% of the Voting Rights in a manner consistent with the
provisions of Section 8.07 (to the extent applicable).

 

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With respect to each
Non-Trust-Serviced Pooled Mortgage Loan for which copies of documents contemplated by clauses (ii)-(xx) of the definition
of “Mortgage File” are not delivered to the Custodian pursuant to clause (C) of the proviso to such definition:
(A) the Custodian represents and warrants to each other party hereto and for the benefit of the Certificateholders, that as of
the Closing Date it acts as the related Non-Trust Custodian for such Non-Trust-Serviced Pooled Mortgage Loan; and (B) (i) the Custodian
shall perform its duties under this Agreement (including, without limitation, Article II), and be liable to the other parties
hereto, with respect to such Non-Trust-Serviced Pooled Mortgage Loan(s) as if such copies were required to be delivered and included
in the Mortgage File and as if the related Non-Trust Custodian’s receipt of the documents contained in the “mortgage
file” delivered under the related Non-Trust Pooling and Servicing Agreement constituted delivery of those same documents
to the Custodian under this Agreement, (ii) the Custodian shall not resign as the related Non-Trust Custodian without giving at
least thirty (30) days’ advance written notice of resignation to each other party hereto, (iii) if for any reason the Custodian
shall resign as Custodian hereunder pursuant to this Section 8.11 or resign as the related Non-Trust Custodian or shall
otherwise no longer act as Custodian hereunder or as the related Non-Trust Custodian, the Custodian shall include copies of the
documents contemplated by such clauses (ii)-(xx) of the definition of “Mortgage File” in the Mortgage File for
such Non-Trust-Serviced Pooled Mortgage Loan that shall be maintained by it or any successor custodian hereunder.

 

Section
8.12     Access to Certain Information. (a) The Certificate Administrator, Trustee and
the Custodian shall each afford to the Depositor, the Underwriters, the Trust Advisor, the Master Servicers, the Special Servicers,
the Subordinate Class Representative and the Majority Subordinate Certificateholder, and to each Serviced Pari Passu Companion
Loan Holder that is a Privileged Person, and to the OTS, the FDIC and any other banking or insurance regulatory authority that
may exercise authority over any Certificateholder or Certificate Owner, access to any documentation regarding the Mortgage Loans
or the other assets of the Trust Fund (or, in the case of a Serviced Pari Passu Companion Loan Holder that is a Privileged Person,
any documentation regarding the related Serviced Loan Combination or any related REO Property) 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 Trustee or the Custodian, as the case may be, designated by it.

 

(b)          The
Certificate Administrator shall make available to any Privileged Person (except as described below, and provided that the Prospectus
Supplement, the Distribution Date Statements, this Agreement and the “SEC filings” shall be made available to the general
public) the following items via the Certificate Administrator’s Website, in each case to the extent such items are prepared
by the Certificate Administrator or are delivered to the Certificate Administrator in electronic format via electronic mail in
accordance with Section 12.06:

 

(i)           the
following documents, which shall be made available under a tab or heading designated “deal documents”:

 

(A)          the
Prospectus, the Private Placement Memorandum and any other disclosure document relating to the Certificates, in the form most recently
provided to the Certificate Administrator by the Depositor or by any Person designated by the Depositor;

 

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(B)           this
Agreement, each Mortgage Loan Purchase Agreement and any amendments and exhibits hereto;

 

(C)           the
CREFC® Loan Setup File prepared by the Master Servicers and delivered to the Certificate Administrator;

 

(ii)          the
following documents, which shall be made available under a tab or heading designated “SEC filings”:

 

(A)           each
report on Form 10-D, Form 10-K or Form 8-K that has been filed by the Certificate Administrator with respect to the Trust through
the EDGAR system (within one Business Day of filing);

 

(iii)         the
following documents, which shall be made available under a tab or heading designated “periodic reports”:

 

(A)           the
Distribution Date Statements pursuant to Section 4.02(a);

 

(B)           the
CREFC® reports (other than the CREFC® Loan Setup File) prepared by, or delivered to, the Certificate
Administrator, together with any information or documentation attached thereto or provided therewith pursuant to Section 3.12,
Section 4.02(c), Section 4.02(d), Section 4.02(e) and Section 4.02(f);

 

(C)           each
Trust Advisor Annual Report;

 

(iv)         the
following documents, which shall be made available under a tab or heading designated “additional documents”:

 

(A)           summaries
of Final Asset Status Reports pursuant to Section 3.24(a);

 

(B)           inspection
reports pursuant to Section 3.12(a); and

 

(C)           Appraisals
pursuant to Section 3.09, Section 3.11 or Section 3.19;

 

(v)          the
following documents, which shall be made available under a tab or heading designated “special notices”:

 

(A)           notice
of final distribution on the Certificates pursuant to Section 9.01;

 

(B)           notice
of termination of a Master Servicer and/or a Special Servicer under Section 7.02;

 

(C)           notice
of a Servicer Termination Event with respect to a Master Servicer or a Special Servicer pursuant to Section 7.01;

 

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(D)           notice
of the resignation of any party to this Agreement and notice of the acceptance of appointment to such party, to the extent such
notice is prepared or received by the Certificate Administrator pursuant to Section 3.23, Section 3.28(r), Section
5.07(c), Section 6.04, Section 8.06, Section 8.07 or Section 8.11;

 

(E)           Officer’s
Certificates supporting the determination that any Advance was (or, if made, would be) a Nonrecoverable Advance pursuant to Section
3.11(h) or Section 4.03(c);

 

(F)           any
Special Notice by a Certificateholder that wishes to communicate with others, pursuant to this Agreement;

 

(G)           any
assessment of compliance delivered to the Certificate Administrator pursuant to Section 11.13;

 

(H)           any
attestation reports delivered to the Certificate Administrator pursuant to Section 11.13;

 

(I)            any
reports delivered to the Certificate Administrator by the Trust Advisor in connection with its review of a Special Servicer’s
net present value and Appraisal Reduction Amount calculations pursuant to Section 3.28(d) and Section 3.28(e);

 

(J)            any
recommendation received by the Certificate Administrator from the Trust Advisor for the termination of a Special Servicer during
any period when the Trust Advisor is entitled to make such a recommendation, and any direction of the requisite percentage of the
Certificateholders to terminate a Special Servicer in response to such recommendation, pursuant to Section 6.05(c);

 

(K)           any
proposal received by the Certificate Administrator from a requisite percentage of Certificateholders for the termination of a Special
Servicer during any period when such Certificateholders are entitled to make such a proposal, and any direction of the requisite
percentage of the Certificateholders to terminate such Special Servicer in response to such proposal, pursuant to Section 6.05(b);
and

 

(L)           any
proposal received by the Certificate Administrator from a requisite percentage of Certificateholders for the termination of the
Trust Advisor, and any direction of the requisite percentage of the Certificateholders to terminate the Trust Advisor in response
to such proposal, pursuant to pursuant to Section 3.28(n);

 

(vi)         the
Investor Q&A Forum, which shall be made available under a tab or heading designated “Investor Q&A Forum”, pursuant
to Section 8.12(d); and

 

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(vii)        the
Investor Registry (solely to Certificateholders and Certificate Owners), which shall be made available under a tab or heading designated
“Investor Registry”, pursuant to Section 8.12(e).

 

Notwithstanding anything
to the contrary in this Section 8.12, all Excluded Information shall be made available under a separate tab or heading designated
“Excluded Information” (and not under any of the tabs or headings described in items (i) through (vii) above) and made
available to Privileged Persons other than Excluded Controlling Class Holders (subject to Section 4.02(a)(iv)).

 

In lieu of the tabs
or headings otherwise described above, the Certificate Administrator shall be authorized to use such other headings and labels
as it may reasonably determine from time to time.

 

The Certificate Administrator shall not restrict access by a Special Servicer to the Certificate Administrator’s
Website to any information related to any Mortgage Loan including any Excluded Special Servicer Loan.

 

The Certificate Administrator
shall make available at its offices, during normal business hours, for review by any Privileged Person who certifies to the Certificate
Administrator substantially in the form of Exhibit K-1A or Exhibit K-1B hereto (other than a Rating Agency or NRSRO),
originals or copies of, among other things, the following items (to the extent such items are in its possession) (except to the
extent not permitted by applicable law or under any of the related Mortgage Loan Documents):

 

(A)          any
and all notices and reports delivered to the Certificate Administrator with respect to any Mortgaged Property as to which the environmental
testing revealed environmental issues;

 

(B)           the
most recent annual (or more frequent, if available) operating statements, rent rolls or, with respect to Co-op Mortgage Loans,
maintenance schedules (to the extent such rent rolls or maintenance schedules have been made available by the related Borrower)
and/or lease summaries and retail “sales information,” if any, collected by or on behalf of the applicable Master Servicer
or the applicable Special Servicer with respect to each Mortgaged Property;

 

(C)          the
Mortgage Files, including any and all modifications, waivers and amendments of the terms of a Mortgage Loan or Serviced Loan Combination
entered into or consented by the applicable Master Servicer and/or the applicable Special Servicer and delivered to the Certificate
Administrator;

 

(D)          any
other information that may be necessary to satisfy the requirements of subsection (d)(4)(i) of Rule 144A; and

 

(E)           each
of the documents made available by the Certificate Administrator via the Certificate Administrator’s Website pursuant to
this subsection (b).

 

The Rating Agencies
and NRSROs shall be afforded access to the Investor Q&A Forum but shall not be afforded a means to submit questions on the
Investor Q&A Forum. The Rating Agencies and NRSROs shall not be afforded access to the Investor Registry.

 

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The Depositor, hereby
authorizes the Certificate Administrator to make available to Bloomberg, L.P., Trepp, LLC, Intex Solutions, Inc., Markit Group
Limited, Interactive Data Corp., BlackRock Financial Management, Inc., CMBS.com, Inc., Thomson Reuters Corporation and/or such
other vendor chosen by the Depositor, provided that such Person submits to the Certificate Administrator a certification in the
form of Exhibit Q to this Agreement, all the Distribution Date Statements, CREFC® reports and supplemental
notices delivered or made available pursuant to this Section 8.12(b) to Privileged Persons; provided that the Certificate
Administrator shall not have such authority to the extent such disclosure would violate another provision of this Agreement (including
without limitation, any prohibitions on dissemination of any confidential information, including, without limitation, any Privileged
Information).

 

(c)          The
Rule 17g-5 Information Provider shall make available to the Rating Agencies, the Depositor and to NRSROs the following items by
means of the Rule 17g-5 Information Provider’s Website, provided such items have been delivered to the Rule 17g-5 Information
Provider by means of electronic mail in accordance with Section 12.06 (or by such other electronic means suitable for posting
as shall be established or approved by the Rule 17g-5 Information Provider or as may be necessary or beneficial, in each case as
designated in writing to the Master Servicers, Special Servicers, Certificate Administrator and Trustee) with “WFCM 2015-NXS3”
included in the subject line of such electronic mail and with a brief identification of such information in the body of such electronic
mail:

 

(A)          Asset
Status Reports pursuant to Section 3.24;

 

(B)           environmental
reports pursuant to Section 3.09(c);

 

(C)           Appraisals
pursuant to Section 3.09, Section 3.11 or Section 3.19;

 

(D)           any
assessments of compliance pursuant to Section 11.13;

 

(E)           any
attestation reports pursuant to Section 11.13;

 

(F)           any
notice relating to a Special Servicer’s determination to take action under this Agreement without receiving Rating Agency
Confirmation pursuant to Section 3.27(a);

 

(G)           copies
of requests or questions that were submitted by the Rating Agencies to a Master Servicer, a Special Servicer, the Certificate Administrator
or Trustee pursuant to Section 3.27;

 

(H)           any
requests for Rating Agency Confirmation delivered to the Rule 17g-5 Information Provider pursuant to Section 3.27;

 

(I)            notice
of any resignation of the Trustee or the acceptance of appointment by the successor Trustee or merger or consolidation of the Trustee
pursuant to Section 8.07;

 

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(J)            notice
of any resignation of the Certificate Administrator or the acceptance of appointment by the successor Certificate Administrator
or merger or consolidation of the Certificate Administrator pursuant to Section 8.07;

 

(K)           Officer’s
Certificates supporting determinations relating to Nonrecoverable Advances and notices of a determination to reimburse Nonrecoverable
Advances from sources other than principal collections on the Mortgage Pool pursuant to Section 3.11(h) and Section 4.03(c);

 

(L)           all
notices of the occurrence of a Servicer Termination Event and any notice of the termination of a Master Servicer or a Special Servicer
pursuant to Section 7.01 and Section 7.02;

 

(M)          the
Trust Advisor Annual Reports prepared by the Trust Advisor pursuant to Section 3.28(a);

 

(N)           certain
responses or notices from the parties to this Agreement to information posted on the Certificate Administrator’s Website;

 

(O)           any
notice of an amendment of this Agreement to change the procedures related to Rule 17g-5 information pursuant to Section 3.27(h);

 

(P)            any
summary of oral communications with the Rating Agencies regarding any of the above written materials or regarding any request for
a Rating Agency Confirmation or regarding any of the Mortgage Loan Documents or any matter related to the Certificates, Mortgage
Loans, any Serviced Loan Combination, the related Mortgaged Properties, the related Borrowers or any other matters related to this
Agreement or the Intercreditor Agreements related to any Serviced Loan Combination, pursuant to Section 3.27(g);

 

(Q)           any
other information delivered to the Rule 17g-5 Information Provider pursuant to this Agreement;

 

(R)           the
Rating Agency Q&A Forum and Servicer Document Request Tool under Section 8.12(g); and

 

(S)            any
Form ABS Due Diligence-15E received by the Rule 17g-5 Information Provider from a party to this Agreement or directly from a Due
Diligence Service Provider.

 

(d)          The
Certificate Administrator shall make a question-and-answer forum (the “Investor Q&A Forum”) available to
Privileged Persons by means of the Certificate Administrator’s Website, where Certificateholders and Certificate Owners may
submit inquiries to the Certificate Administrator relating to the Distribution Date Statement, or to the applicable Master Servicer
or the applicable Special Servicer relating to servicing reports prepared by that party, the Serviced Mortgage Loans, Serviced
Loan Combinations or the related Mortgaged Properties, and where Privileged Persons may view previously submitted inquiries and
related answers. The Certificate Administrator will forward such inquiries to the appropriate person.

 

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The
Certificate Administrator, the applicable Master Servicer or the applicable Special Servicer, as applicable, will be required
to answer each inquiry, unless it determines that (i) answering the inquiry would not be in the best interests of the Trust and/or
the Certificateholders, (ii) answering the inquiry would be in violation of applicable law or the Mortgage Loan Documents, (iii)
answering the inquiry would materially increase the duties of, or result in significant additional cost or expense to, the Certificate
Administrator, the applicable Master Servicer or the applicable Special Servicer, as applicable, or (iv) answering the inquiry
is otherwise not advisable to answer, in which case the Certificate Administrator shall not post such inquiry on the Investor
Q&A Forum. The Certificate Administrator shall post the inquiries and related answers on the Investor Q&A Forum, subject
to the immediately preceding sentence and subject to and in accordance with this Agreement; provided that posting the inquiries
and related answers on the Investor Q&A Forum shall not require a separate delivery of such inquiries and answers to the Rule
17g-5 Information Provider. In addition, no party will post or otherwise disclose direct communications with the Subordinate Class
Representative as part of its response to any inquiries. The Investor Q&A Forum may not reflect questions, answers, and other
communications which are not submitted through the Certificate Administrator’s Website. Answers posted on the Investor Q&A
Forum will be attributable only to the respondent, and will not be deemed to be answers from any other person, including the Depositor
and the Underwriters. None of the Underwriters, Depositor, any of their respective Affiliates or any other Person will certify
as to the accuracy of any of the information posted in the Investor Q&A Forum, and no Person other than the respondent will
have any responsibility or liability for the content of any such information.

 

(e)          The
Certificate Administrator shall make the “Investor Registry” available to any Certificateholder and beneficial owner
via the Certificate Administrator’s Website. Certificateholders and Certificate Owners may register on a voluntary basis
for the Investor Registry and obtain contact information for any other Certificateholder or beneficial owner that has also registered,
provided that they comply with the requirements provided for in the other provisions of this Agreement.

 

(f)          The
Certificate Administrator’s Website shall initially be located at www.ctslink.com. Access shall be provided by the Certificate
Administrator to Privileged Persons. In connection with providing access to the Certificate Administrator’s Website, the
Certificate Administrator may require registration and the acceptance of a disclaimer. In the case of a Subordinate Class Representative
or a Subordinate Class Certificateholder that, in any such case, is an Excluded Controlling Class Holder, such Person shall submit
to the Certificate Administrator, the applicable Master Servicer and the applicable Special Servicer in physical form (in the case
of the applicable Master Servicer and the applicable Special Servicer), and electronically, through the Certificate Administrator’s
Website (in the case of the Certificate Administrator), investor certifications in the form of Exhibit K-2B and Exhibit
K-3A hereto, executed by the requesting Person and indicating that such Person is an Excluded Controlling Class Holder and
listing the related Excluded Controlling Class Loan(s). The Certificate Administrator shall not be liable for the dissemination
of information in accordance with the terms of this Agreement. The Certificate Administrator shall make no representations or warranties
as to the accuracy or completeness of such documents and shall assume no responsibility for them. The Certificate Administrator
shall not be deemed to have knowledge of any information posted on its website solely by virtue of posting. In addition, the Certificate

 

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Administrator
may disclaim responsibility for any information for which it is not the original source. The Certificate Administrator shall provide
Privileged Persons with assistance in using the Certificate Administrator’s Website if they call the Certificate Administrator’s
customer service desk, initially available at (866) 846-4526. Notwithstanding anything herein to the contrary, the Certificate
Administrator shall not be liable for any disclosure of information relating to an Excluded Controlling Class 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 Loan.

 

Any
Person that is a Borrower, a manager of a Mortgaged Property, an Affiliate of the foregoing, or an agent of any Borrower shall
be entitled to access (a) the Distribution Date Statements, and the following items made available to the general public: the Prospectus
Supplement, this Agreement, the Mortgage Loan Purchase Agreements and the SEC filings on the Certificate Administrator’s
Website, and (b) in the case of the Subordinate Class Representative or a Subordinate Class Certificateholder if any such Person
is an Excluded Controlling Class Holder, and subject to the notice provisions below, all information available on the Certificate
Administrator’s Website, other than Excluded Information (subject to Section 4.02(a)(iv)). In the case of the Subordinate
Class Representative or Subordinate Class Certificateholder that is not an Excluded Controlling Class Holder, upon delivery of
an investor certification substantially in the form of Exhibit K-1B hereto, such Person shall be entitled to access all
information on the Certificate Administrator’s Website including the Excluded Information. The Master Servicers, Special
Servicers, Certificate Administrator, Trustee and Trust Advisor may each rely on (i) an investor certification in the form of Exhibit
K-1B hereto from the Subordinate Class Representative or a Subordinate Class Certificateholder, as applicable, to the effect
that such Person is not an Excluded Controlling Class Holder or (ii) an investor certification in the form of Exhibit K-2B
or Exhibit K-3A hereto from the Subordinate Class Representative or a Subordinate Class Certificateholder to the effect
that such Person is an Excluded Controlling Class Holder or Excluded Holder, as applicable, with respect to one or more Excluded
Controlling Class Loan(s) or Excluded Loan(s), as applicable.

 

In
the event the Subordinate Class Representative or a Subordinate Class Certificateholder becomes a Borrower Party, such party shall
promptly notify each of the applicable Master Servicer, applicable Special Servicer, Certificate Administrator, Trust Advisor
and Trustee in writing substantially in the form of Exhibit K-3A that such Person has become an Excluded Controlling Class
Holder or Excluded Holder, as applicable, with respect to the Excluded Controlling Class Loan(s) or Excluded Loan(s), as applicable,
listed in such notice and shall also provide the Certificate Administrator notice substantially in the form of Exhibit K-3B
listing each CTSLink USER ID associated with the Excluded Controlling Class Holder and directing the Certificate Administrator
to restrict access to this transaction for such users. Upon confirmation from the Certificate Administrator that such access has
been restricted, the Excluded Controlling Class Holder shall submit a new investor certification substantially in the form of Exhibit
K-2B to access the information on the Certificate Administrator’s Website, except that such party shall not be entitled
to any Excluded Information related to the applicable Excluded Controlling Class Loan(s) made available on the Certificate Administrator’s
Website (subject to Section 4.02(a)(iv)). Notwithstanding anything herein to the contrary, each of the applicable Master
Servicer, the applicable Special Servicer and the Certificate Administrator

 

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shall
be entitled to conclusively assume that the Subordinate Class Representative and Subordinate Class Certificateholders are not
Excluded Controlling Class Holders except to the extent that the applicable Master Servicer, the applicable Special Servicer or
the Certificate Administrator, as applicable, has received notice substantially in the form of Exhibit K-3A from such Person
that it has become an Excluded Controlling Class Holder or Excluded Holder, as applicable. None of the applicable Master Servicer,
the applicable Special Servicer, the Certificate Administrator or the Trust Advisor shall be liable for any communication to any
Excluded Controlling Class Holder or disclosure of information relating to an Excluded Controlling Class Loan (including, in the
case of any Excluded Information delivered to the Certificate Administrator for posting to the Certificate Administrator’s
Website) if the applicable Master Servicer, the applicable Special Servicer, the Certificate Administrator or the Trust Advisor,
as applicable, did not receive prior written notice that the related Mortgage Loan is an Excluded Controlling Class Loan and/or,
with respect to Excluded Information on the Certificate Administrator’s Website, such information was not delivered to the
Certificate Administrator in accordance with Section 3.29. Each of the applicable Master Servicer, the applicable Special
Servicer and the Certificate Administrator shall be entitled to conclusively rely on delivery from the Subordinate Class Representative
or a Subordinate Class Certificateholder, as applicable, of an investor certification substantially in the form of Exhibit
K-1B that such Subordinate Class Representative or Subordinate Class Certificateholder, as applicable, is no longer an Excluded
Controlling Class Holder.

 

(g)          The
Rule 17g-5 Information Provider shall make available, only to Rating Agencies and NRSROs, a rating agency question-and-answer forum
and document request tool (the “Rating Agency Q&A Forum and Servicer Document Request Tool”), which shall
be a service available on the Rule 17g-5 Information Provider’s Website, where Rating Agencies and NRSROs may (i) submit
questions to the Certificate Administrator relating to the Distribution Date Statement, or submit questions to the applicable Master
Servicer or the applicable Special Servicer, as applicable, relating to the reports prepared by such parties, the Serviced Mortgage
Loans or the related Mortgaged Properties (collectively, “Rating Agency Inquiries”), and (ii) view Rating Agency
Inquiries that have been previously submitted and answered, together with the answers thereto. In addition, the Rating Agencies
and NRSROs shall be afforded a means to use a form to submit requests for loan-level reports and information. Upon receipt of a
Rating Agency Inquiry, the Rule 17g-5 Information Provider shall forward such Rating Agency Inquiry by electronic mail to the Certificate
Administrator, the applicable Master Servicer or the applicable Special Servicer, as applicable, in each case within a commercially
reasonable period of time following receipt thereof and indicating that such question was received from a Rating Agency or an NRSRO.
Following receipt of a Rating Agency Inquiry, the Certificate Administrator, the applicable Master Servicer or the applicable Special
Servicer, as applicable, unless it determines not to answer such Rating Agency Inquiry as described below, shall respond to such
Rating Agency Inquiry by electronic mail to the Rule 17g-5 Information Provider and shall have no obligation to respond separately
to such Rating Agency Inquiry. The Rule 17g-5 Information Provider shall post (within a commercially reasonable period of time
following preparation or receipt of such answer, as the case may be) such Rating Agency Inquiry and the related answer (or reports,
as applicable) to the Rule 17g-5 Information Provider’s Website. Any reports posted by the Rule 17g-5 Information Provider
in response to an inquiry may be posted on a page accessible by a link on the Rule 17g-5 Information Provider’s Website.
The Certificate Administrator, the applicable Master Servicer and the applicable Special Servicer

 

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shall
have no obligation to answer such Rating Agency Inquiry if such party determines, in its respective sole discretion, that (i)
answering such Rating Agency Inquiry would be in violation of applicable law, the Servicing Standard, this Agreement or the applicable
Mortgage Loan Documents, (ii) answering such Rating Agency Inquiry would or is reasonably expected to result in a waiver of an
attorney-client privilege or the disclosure of attorney work product or (iii)(A) answering such Rating Agency Inquiry would materially
increase the duties of, or result in significant additional cost or expense to, the Certificate Administrator, the applicable
Master Servicer or the applicable Special Servicer, as applicable, and (B) the Certificate Administrator, the applicable Master
Servicer or the applicable Special Servicer, as applicable, determines in accordance with the Servicing Standard (or in good faith,
in the case of the Certificate Administrator) that the performance of such duties or the payment of such costs and expenses is
beyond the scope of its duties in its capacity as Certificate Administrator, Master Servicer or Special Servicer, as applicable,
under this Agreement, in which case it shall not be required to answer such Rating Agency Inquiry. If the Certificate Administrator,
a Master Servicer or a Special Servicer so determines not to answer a Rating Agency Inquiry, such party shall promptly notify
the Rule 17g-5 Information Provider by reply electronic mail of such determination identifying which of clause (i), (ii)
or (iii) of the immediately preceding sentence is the basis of such determination. Thereafter, the Rule 17g-5 Information
Provider shall post such Rating Agency Inquiry, together with a statement of the reason such Rating Agency Inquiry was not answered.
Answers posted on the Rating Agency Q&A Forum and Servicer Document Request Tool shall be attributable only to the respondent,
and shall not be deemed to be answers from any other Person. None of the Underwriters, the Depositor or any of their respective
Affiliates shall certify to any of the information posted in the Rating Agency Q&A Forum and Servicer Document Request Tool
and no such party shall have any responsibility or liability for the content of any such information. The Rule 17g-5 Information
Provider shall not be held liable for any failure by any other Person to answer any Rating Agency Inquiry. The Rule 17g-5 Information
Provider shall not be required to post to the Rule 17g-5 Information Provider’s Website any Rating Agency Inquiry or answer
thereto that the Certificate Administrator determines, in its sole discretion, is administrative or ministerial in nature. The
Rating Agency Q&A Forum and Servicer Document Request Tool shall not present questions, answers and other communications that
are not submitted by means of the Rule 17g-5 Information Provider’s Website.

 

(h)          The
Rule 17g-5 Information Provider’s Website shall initially be located within the Certificate Administrator’s Website,
under the “NRSRO” tab on the page relating to this transaction. Access to the Rule 17g-5 Information Provider’s
Website shall be provided by the Rule 17g-5 Information Provider to the Rating Agencies and to NRSROs upon receipt by the Rule
17g-5 Information Provider of an NRSRO Certification in the form attached to this Agreement, which form shall also be located on
and submitted electronically by means of the Certificate Administrator’s Website. The Rule 17g-5 Information Provider shall
not be liable for the dissemination of information in accordance with the terms of this Agreement. The Rule 17g-5 Information Provider
shall make no representations or warranties as to the accuracy or completeness of any information being made available and shall
assume no responsibility for same. The Certificate Administrator shall not be deemed to have knowledge of any information posted
on its website solely by virtue of posting by the Rule 17g-5 Information Provider. In addition, each of the Certificate Administrator
and the Rule 17g-5 Information Provider may

 

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disclaim
responsibility for any information for which it is not the original source. Certificateholders shall not be afforded access to
the Rule 17g-5 Information Provider’s Website.

 

(i)          None
of the Trustee, the Custodian or the Certificate Administrator shall be liable for providing or disseminating information in accordance
with the terms of this Agreement or at the direction of the Depositor; provided that this provision shall not protect the
Trustee, the Custodian or the Certificate Administrator against any liability to the Trust or the Certificateholders against any
expense or liability that would otherwise be imposed by reason of willful misfeasance, bad faith or negligence in the performance
of such party’s obligations or duties hereunder, or by reason of reckless disregard of such obligations and duties.

 

Section
8.13     Cooperation Under Applicable Banking Law. In order to comply with laws, rules,
regulations and executive orders in effect from time to time applicable to banking institutions, including those relating to the
funding of terrorist activities and money laundering (“Applicable Banking Law”), each of the Trustee, the Certificate
Administrator and the Master Servicers are required to obtain, verify and record certain information relating to individuals and
entities which maintain a business relationship with the Trustee, the Certificate Administrator and the Master Servicers. Accordingly,
each of the other parties agrees to provide to the Trustee, the Certificate Administrator and the Master Servicers upon their
reasonable request from time to time such identifying information and documentation as may be reasonably available for such party
in order to enable the Trustee, the Certificate Administrator and the applicable Master Servicer to comply with Applicable Banking
Law.

 

Article
IX

TERMINATION

 

Section
9.01     Termination Upon Repurchase or Liquidation of All Mortgage Loans. (a) Subject
to Section 9.02, the Trust and the respective obligations and responsibilities under this Agreement of the parties hereto
(other than the obligations of the Certificate Administrator to provide for and make payments to Certificateholders as hereafter
set forth) shall terminate upon payment (or provision for payment) to the Certificateholders of all amounts held by the Certificate
Administrator on behalf of the Trustee and required hereunder to be so paid on the Distribution Date following the earlier to
occur of: (i) the purchase by any single Subordinate Class Certificateholder or group of Subordinate Class Certificateholders,
a Master Servicer or a Special Servicer (other than the One Court Square Special Servicer) (whose respective rights to effect
such a purchase shall be subject to the priorities and conditions set forth in subsection (b)) of all Mortgage Loans and
each REO Property (or, in the case of any REO Property related to any Serviced Loan Combination, the beneficial interest of the
Trust Fund in such REO Property) remaining in the Trust Fund at a price (the “Termination Price”) equal to
(A) the aggregate Purchase Price of all the Mortgage Loans remaining in the Trust Fund (exclusive of any REO Mortgage Loan(s)),
plus (B) the appraised value of each REO Property (or, in the case of any REO Property related to any Serviced Loan Combination,
the beneficial interest of the Trust Fund in such REO Property), if any, included in the Trust Fund, such appraisal for such REO
Property to be conducted by a Qualified Appraiser selected by the General Special Servicer and approved by the Certificate Administrator
and the General Master Servicer, minus (C) if the purchaser is a Master Servicer or a Special Servicer (other than the
One Court Square Special

 

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Servicer),
the aggregate amount of unreimbursed Advances made by such Person, together with any unpaid Advance Interest in respect of such
unreimbursed Advances and any unpaid servicing compensation payable to such Person (which items shall be deemed to have been paid
or reimbursed to such Master Servicer or such Special Servicer, as the case may be, in connection with such purchase); (ii) the
exchange by the Sole Certificateholder(s) of all the Certificates for all Mortgage Loans and each REO Property (or, in the case
of any REO Property related to any Serviced Loan Combination, the beneficial interest of the Trust Fund in such REO Property)
remaining in the Trust Fund with the written consent of both Master Servicers in their sole discretion; and (iii) the final payment
or other liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property remaining in the Trust Fund;
provided that in no event shall the Trust continue beyond the expiration of 21 years from the death of the last survivor
of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the Court of St. James’s, living on
the date hereof.

 

(b)          Any
single Subordinate Class Certificateholder or group of Subordinate Class Certificateholders, the Master Servicer servicing the
greater principal balance of Mortgage Loans, the other Master Servicer, the Special Servicer (other than the One Court Square Special
Servicer) servicing the greater principal balance of Mortgage Loans or the other Special Servicer (other than the One Court Square
Special Servicer), in that order of preference (as set forth more fully below), may at its option elect to purchase all the Mortgage
Loans and each REO Property (or, in the case of any REO Property related to any Serviced Loan Combination, the beneficial interest
of the Trust Fund in such REO Property) remaining in the Trust Fund as contemplated by clause (i) of Section 9.01(a)
by giving written notice to the other parties hereto (and, in the case of an election by either Master Servicer or any Special
Servicer (other than the One Court Square Special Servicer), to the Holders of the Subordinate Class) no later than sixty (60)
days prior to the anticipated date of purchase; provided that:

 

(A)          the
aggregate Stated Principal Balance of the Mortgage Pool at the time of such election is 1.0% or less of the Cut-off Date Pool Balance
(in order to make such determination, the General Master Servicer may, at any time, request that the NCB Master Servicer commence
to periodically inform the General Master Servicer of the Stated Principal Balance of the NCB Mortgage Loans and, commencing upon
such request of the General Master Servicer, the NCB Master Servicer shall inform the General Master Servicer (which may be through
providing the General Master Servicer access to the NCB Master Servicer’s website) of the Stated Principal Balance of the
NCB Mortgage Loans on a monthly basis, or at an accelerated interval as requested by the General Master Servicer of the NCB Master
Servicer);

 

(B)          within
thirty (30) days after written notice of such election is so given, no Person with a higher right of priority to make such an election
does so; and

 

(C)          if
more than one Subordinate Class Certificateholder or group of Subordinate Class Certificateholders desires to purchase all of the
Mortgage Loans and any REO Properties remaining in the Trust Fund, preference shall be

 

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given to the Subordinate Class Certificateholder
or group of Subordinate Class Certificateholders with the largest Percentage Interest in the Subordinate Class.

 

If the Trust is to
be terminated in connection with the purchase of all the Mortgage Loans and each REO Property (or, in the case of any REO Property
related to any Serviced Loan Combination, the beneficial interest of the Trust Fund in such REO Property) remaining in the Trust
Fund by any Subordinate Class Certificateholder(s), a Master Servicer or a Special Servicer (other than the One Court Square Special
Servicer), such Person(s) shall: (i) deposit, or deliver to the General Master Servicer for deposit, in its Collection Account
(after the Determination Date, and prior to the Master Servicer Remittance Date relating to the anticipated Final Distribution
Date) an amount in immediately available funds equal to the Termination Price; and (ii) shall reimburse all of the parties hereto
(other than itself, if applicable) for all reasonable out-of-pocket costs and expenses incurred by such parties in connection with
such purchase. On the Master Servicer Remittance Date for the Final Distribution Date, each Master Servicer shall transfer to the
Distribution Account all amounts required to be transferred by it to such account on the Master Servicer Remittance Date from its
Collection Account pursuant to Section 3.04(b), together with any other amounts on deposit in the Collection Account that
would otherwise be held for future distribution. Upon confirmation that such deposits and reimbursements have been made, the Custodian
shall release or cause to be released to the purchasing party (or its designee) the Mortgage Files for the remaining Mortgage Loans
and shall execute all assignments, endorsements and other instruments furnished to it by the purchasing party as shall be necessary
to effectuate transfer of the remaining Mortgage Loans and REO Properties to the purchasing party (or its designee). If any single
Subordinate Class Certificateholder or group of Subordinate Class Certificateholders, the General Master Servicer, the NCB Master
Servicer (if not then NCB), the General Special Servicer or the NCB Special Servicer (if not then NCB) makes such an election,
then NCB (so long as NCB is either the NCB Master Servicer or the NCB Special Servicer) will have the option, by giving written
notice to the other parties hereto no later than 30 days prior to the anticipated date of purchase, to purchase all of the NCB
Mortgage Loans and each related REO Property remaining in the Trust, and the other party will then have the option to purchase
only the remaining Mortgage Loans and each related REO Property.

 

Following the date
on which the aggregate Certificate Principal Balance of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB and Class D
Certificates and the Class A-S, Class B and Class C Regular Interests is reduced to zero, the Sole Certificateholder(s) shall have
the right to exchange all of the Certificates for all of the Mortgage Loans and each REO Property or, in the case of any REO Property
related to any Serviced Loan Combination, the beneficial interest of the Trust Fund in such REO Property, remaining in the Trust
Fund as contemplated by clause (ii) of Section 9.01(a) by giving written notice to all the parties hereto no later
than sixty (60) days prior to the anticipated date of exchange. If the Sole Certificateholder(s) elect(s) to exchange all of the
Certificates for all of the Mortgage Loans and each REO Property remaining in the Trust Fund in accordance with the preceding sentence,
such Sole Certificateholder(s), not later than the Business Day prior to the Distribution Date on which the final distribution
on the Certificates is to occur, shall deposit in the Collection Account of the General Master Servicer an amount in immediately
available funds equal to all amounts then due and owing to the Depositor, the Master Servicers, the Special Servicers, the Certificate
Administrator, the Tax Administrator and/or the Trustee hereunder (and their respective agents) that may be withdrawn from the

 

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Collection
Account, pursuant to Section 3.05(a), or that may be withdrawn from the Distribution Account, pursuant to Section 3.05(b),
but only to the extent that such amounts are not already on deposit in the Collection Account. In addition, each Master Servicer
shall transfer to the Distribution Account all amounts required to be transferred by it to such account on the Master Servicer
Remittance Date from its Collection Account pursuant to the first paragraph of Section 3.04(b). Upon confirmation that
such final deposits have been made and following the surrender of all the Certificates on the Final Distribution Date, the Trustee
shall release or cause to be released to the Sole Certificateholder(s) (or any designee thereof), the Mortgage Files for the remaining
Mortgage Loans and shall execute all assignments, endorsements and other instruments furnished to it by the Sole Certificateholder(s)
as shall be necessary to effectuate transfer of the remaining Mortgage Loans and REO Properties to the Sole Certificateholder(s)
(or any designee thereof). For federal income tax purposes, such surrender and release shall be treated as a purchase of such
Mortgage Loans and REO Properties for an amount of cash equal to all amounts due in respect thereof after the distribution of
amounts remaining in the Distribution Account, and a crediting of such amounts as a final distribution on all remaining REMIC
I Regular Interests, REMIC II Regular Interests, Regular Certificates and the Class A-S Regular Interest, Class B Regular Interest
and Class C Regular Interest.

 

(c)          Notice
of any termination shall be given promptly by the Certificate Administrator by letter to Certificateholders posted to the Certificate
Administrator’s Website and mailed (x) if such notice is given in connection with the purchase of all the Mortgage Loans
and each REO Property remaining in the Trust Fund by a Master Servicer, a Special Servicer (other than the One Court Square Special
Servicer) and/or any Subordinate Class Certificateholder(s), not earlier than the 15th day and not later than the 25th day of the
month next preceding the month of the final distribution on the Certificates and (y) otherwise during the month of such final distribution
on or before the Master Servicer Remittance Date in such month, in any event specifying (i) the Distribution Date upon which the
Trust Fund will terminate and final payment on the Certificates will be made, (ii) the amount of any such final payment in respect
of each Class of Certificates and (iii) that the Record Date otherwise applicable to such Distribution Date is not applicable,
payments being made only upon presentation and surrender of the Certificates at the office or agency of the Certificate Administrator
therein designated. The Certificate Administrator shall give such notice to the other parties hereto at the time such notice is
given to Certificateholders.

 

(d)          Upon
presentation and surrender of the Certificates by the Certificateholders on the Final Distribution Date, the Certificate Administrator
shall distribute to each Certificateholder so presenting and surrendering its Certificates such Certificateholder’s Percentage
Interest of that portion of the amounts on deposit in the Distribution Account that is allocable to payments on the relevant Class
in accordance with Section 4.01. Any funds not distributed to any Holder or Holders of Certificates of any Class on the
Final Distribution Date because of the failure of such Holder or Holders to tender their Certificates shall, on such date, be set
aside and held uninvested in trust and credited to the account or accounts of the appropriate non-tendering Holder or Holders.
If any Certificates as to which notice has been given pursuant to this Section 9.01 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 in order to receive the final
distribution with respect thereto. If within one year after

 

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the
second notice all such Certificates shall not have been surrendered for cancellation, the Certificate Administrator, directly
or through an agent, shall take such reasonable steps to contact the remaining non-tendering Certificateholders concerning the
surrender of their Certificates as it shall deem appropriate. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders following the first anniversary of the delivery of such second notice to the non-tendering Certificateholders
shall be paid out of such funds. No interest shall accrue or be payable to any former Holder on any amount held in trust hereunder.
If by the second anniversary of the delivery of such second notice, all of the Certificates shall not have been surrendered for
cancellation, then, subject to applicable escheat laws, the Certificate Administrator shall distribute to the Class R Certificateholders
all unclaimed funds and other assets which remain subject hereto.

 

Section
9.02     Additional Termination Requirements. (a) If any Subordinate Class Certificateholder(s),
a Master Servicer, and/or a Special Servicer (other than the One Court Square Special Servicer) purchase(s), or the Sole Certificateholder(s)
exchange(s) all of the Certificates for, all the Mortgage Loans and each REO Property (or, in the case of any REO Property related
to any Serviced Loan Combination, the beneficial interest of the Trust Fund in such REO Property) remaining in the Trust Fund
as provided in Section 9.01 above, the Trust and each REMIC Pool shall be terminated in accordance with the following additional
requirements, unless the purchasing party obtains at its own expense and delivers to the Trustee and the Certificate Administrator
an Opinion of Counsel, addressed to the Trustee and the Certificate Administrator, to the effect that the failure of the Trust
to comply with the requirements of this Section 9.02 will not result in an Adverse REMIC Event with respect to any REMIC
Pool:

 

(i)           the
Certificate Administrator shall specify the first day in the 90-day liquidation period in a statement attached to the final Tax
Return for each REMIC Pool, pursuant to Treasury Regulations Section 1.860F-1 and shall satisfy all requirements of a qualified
liquidation under Section 860F of the Code and any regulations thereunder (as evidenced by an Opinion of Counsel to such effect
delivered on behalf and at the expense of the purchasing party);

 

(ii)          during
such 90-day liquidation period and at or prior to the time of making the final payment on the Certificates, the Certificate Administrator
shall sell or otherwise transfer all the Mortgage Loans and each REO Property remaining in the Trust Fund to the applicable Master
Servicer, the applicable Special Servicer, the applicable Subordinate Class Certificateholder(s) or the Sole Certificateholder(s),
as the case may be, in exchange for cash and/or Certificates in accordance with Section 9.01; and

 

(iii)         at
the time of the final payment on the Certificates, the Certificate Administrator shall distribute or credit, or cause to be distributed
or credited, to the Holders of the Certificates in accordance with Section 4.01 all remaining cash on hand (other than cash
retained to meet claims), and each REMIC Pool shall terminate at that time.

 

(b)          By
their acceptance of Certificates, the Holders of the Certificates hereby authorize the Trustee, the Certificate Administrator and
the Tax Administrator to prepare and

 

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adopt, on behalf of
the Trust, a plan of complete liquidation of each REMIC Pool in the form of the notice of termination provided for in Section 9.01(c)
and in accordance with the terms and conditions of this Agreement, which authorization shall be binding upon all successor
Certificateholders.

 

Article
X

ADDITIONAL TAX PROVISIONS

 

Section
10.01     REMIC Administration.   (a)   The Tax Administrator shall
elect to treat each REMIC Pool as a REMIC under the Code and, if necessary, under Applicable State Law. Each such election will
be made on IRS Form 1066 or other appropriate federal tax or information return or any appropriate state Tax Returns for the taxable
year ending on the last day of the calendar year in which the Certificates are issued. The Tax Administrator shall (i) prepare
or cause to be prepared, (ii) submit to the Trustee for execution (and the Trustee shall timely execute and return to the Tax Administrator)
and (iii) file each such IRS Form 1066, other appropriate federal tax or information return or appropriate state Tax Return pursuant
to subsection (c) below.

 

(b)     The
Holder of Certificates evidencing the largest Percentage Interest in the Class R Certificates is hereby designated as the Tax Matters
Person of each REMIC Pool and, in such capacity, shall be responsible to act on behalf of such REMIC Pool in relation to any tax
matter or controversy, to represent such REMIC Pool in any administrative or judicial proceeding relating to an examination or
audit by any governmental taxing authority, to request an administrative adjustment as to any taxable year of such REMIC Pool,
to enter into settlement agreements with any governmental taxing agency with respect to such REMIC Pool, to extend any statute
of limitations relating to any tax item of such REMIC Pool and otherwise to act on behalf of such REMIC Pool in relation to any
tax matter or controversy involving such REMIC Pool; provided that the Tax Administrator is hereby irrevocably appointed
and agrees to act (in consultation with the Tax Matters Person for each REMIC Pool) as agent and attorney-in-fact for the Tax Matters
Person for each REMIC Pool in the performance of its duties as such. The legal expenses and costs of any action described in this
Section 10.01(b) and any liability resulting therefrom shall be expenses, costs and liabilities of the Trust payable
out of amounts on deposit in the Distribution Account as provided by Section 3.05(b) unless such legal expenses and
costs are incurred by reason of a Tax Matters Person’s or the Tax Administrator’s misfeasance, bad faith or negligence
in the performance of, or such Person’s reckless disregard of, its obligations or are expressly provided by this Agreement
to be borne by any party hereto.

 

(c)     The
Tax Administrator shall (i) prepare or cause to be prepared, (ii) submit to the Trustee for execution (and the Trustee shall timely
execute and return to the Tax Administrator), and (iii) timely file all of, the Tax Returns in respect of each REMIC Pool (other
than Tax Returns required to be filed by the applicable Master Servicer pursuant to Section 3.09(g)). The expenses
of preparing and filing such returns shall be borne by the Tax Administrator without any right of reimbursement therefor.

 

(d)     The
Tax Administrator shall perform on behalf of each REMIC Pool all reporting and other tax compliance duties that are the responsibility
of such REMIC Pool under the Code,

 

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the REMIC Provisions or other compliance guidance issued by the IRS or any state or local taxing
authority. Included among such duties, the Tax Administrator shall provide: (i) to any Transferor of a Class R Certificate, such
information as is necessary for the application of any tax relating to the transfer of a Class R Certificate to any Person who
is not a Permitted Transferee; (ii) to the Certificateholders, such information or reports as are required by the Code or the REMIC
Provisions, including reports relating to interest, original issue discount and market discount or premium (using the Prepayment
Assumption as required); and (iii) to the IRS, the name, title, address and telephone number of the Person who will serve as the
representative of each REMIC Pool.

 

(e)     The
Trustee and the Tax Administrator shall take such action and shall cause each REMIC Pool to take such action as shall be necessary
to create or maintain the status thereof as a REMIC under the REMIC Provisions (and the other parties hereto shall assist them,
to the extent reasonably requested by the Trustee or the Tax Administrator), to the extent that the Trustee or the Tax Administrator,
as applicable, has actual knowledge that any particular action is required; provided that the Trustee and the Tax Administrator
shall be deemed to have knowledge of relevant tax laws. The Trustee or the Tax Administrator, as applicable, shall not knowingly
take or fail to take any action, or cause any REMIC Pool to take or fail to take any action that, under the REMIC Provisions, if
taken or not taken, as the case may be, could result in an Adverse REMIC Event in respect of any REMIC Pool, unless the Trustee
or the Tax Administrator, as applicable, has received an Opinion of Counsel to the effect that the contemplated action or non-action,
as the case may be, will not result in an Adverse REMIC Event. None of the other parties hereto shall take or fail to take any
action (whether or not authorized hereunder) as to which the Trustee or the Tax Administrator, as applicable, has advised it in
writing that it has received an Opinion of Counsel to the effect that an Adverse REMIC Event could occur with respect to such action.
In addition, prior to taking any action with respect to any REMIC Pool or the assets thereof, or causing any REMIC Pool to take
any action, which is not contemplated by the terms of this Agreement, each of the other parties hereto will consult with the Tax
Administrator, in writing, with respect to whether such action could cause an Adverse REMIC Event to occur, and no such other party
shall take any such action or cause any REMIC Pool to take any such action as to which the Tax Administrator has advised it in
writing that an Adverse REMIC Event could occur. The Tax Administrator may consult with counsel to make such written advice, and
the cost of same shall be borne by the party seeking to take the action not permitted by this Agreement (and in no event by the
Trust Fund or the Tax Administrator).

 

(f)     If
any tax is imposed on any REMIC Pool, including “prohibited transactions” taxes as defined in Section 860F(a)(2) of
the Code, any tax on “net income from foreclosure property” as defined in Section 860G(c) of the Code, any taxes on
contributions to any REMIC Pool after the Startup Day pursuant to Section 860G(d) of the Code, and any other tax imposed by the
Code or any applicable provisions of state or local tax laws (other than any tax permitted to be incurred by a Special Servicer
pursuant to Section 3.17(a)), then such tax, together with all incidental costs and expenses (including penalties and
reasonable attorneys’ fees), shall be charged to and paid by: (i) the Trustee, if such tax arises out of or results from
a breach of any of its obligations under Article IV, Article VIII or this Section 10.01 (which breach
constitutes negligence, bad faith or willful misconduct); (ii) the Certificate Administrator, if such tax arises out of or results
from a breach by the Certificate Administrator of any of its obligations under Article IV, Article VIII or this Section 10.01
(which breach constitutes negligence, bad faith or

 

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willful misconduct); (iii) the Tax Administrator, if such tax arises out of
or results from a breach by the Tax Administrator of any of its obligations under Article IV, Article VIII or this
Section 10.01 (which breach constitutes negligence, bad faith or willful misconduct); (iv) a Master Servicer, if such
tax arises out of or results from a breach by such Master Servicer of any of its obligations under Article III or this Section 10.01
(which breach constitutes negligence, bad faith or willful misconduct); (v) the applicable Special Servicer, if such tax arises
out of or results from a breach by such Special Servicer of any of its obligations under Article III or this Section 10.01
(which breach constitutes negligence, bad faith or willful misconduct); or (vi) the Trust, out of the Trust Fund, in all other
instances. Consistent with the foregoing, any tax permitted to be incurred by a Special Servicer pursuant to Section 3.17(a)
shall be charged to and paid by the Trust. Any such amounts payable by the Trust in respect of taxes shall be paid by the Trustee
out of amounts on deposit in the Distribution Account.

 

(g)     The
Tax Administrator shall, for federal income tax purposes, maintain books and records with respect to each REMIC Pool on a calendar
year and an accrual basis.

 

(h)     Following
the Startup Day for each REMIC Pool, the Trustee shall not (except as contemplated by Section 2.03) accept any contributions
of assets to any REMIC Pool unless it shall have received an Opinion of Counsel (at the expense of the party seeking to cause such
contribution and in no event at the expense of the Trust Fund or the Trustee) to the effect that the inclusion of such assets in
such REMIC Pool will not result in an Adverse REMIC Event in respect of such REMIC Pool.

 

(i)      None
of the Master Servicers, the Special Servicers or the Trustee shall consent to or, to the extent it is within the control of such
Person, permit: (i) the sale or disposition of any Mortgage Loan (except in connection with (A) a Breach or Document Defect regarding
any Mortgage Loan, (B) the foreclosure, default or reasonably foreseeable material default of a Mortgage Loan, including the sale
or other disposition of a Mortgaged Property acquired by foreclosure, deed in lieu of foreclosure or otherwise, (C) the bankruptcy
of any REMIC Pool, or (D) the termination of the Trust pursuant to Article IX of this Agreement); (ii) the sale or disposition
of any investments in any Investment Account for gain; or (iii) the acquisition of any assets for the Trust (other than a Mortgaged
Property acquired through foreclosure, deed in lieu of foreclosure or otherwise in respect of a Defaulted Mortgage Loan, other
than a Replacement Mortgage Loan substituted for a Deleted Mortgage Loan and other than Permitted Investments acquired in connection
with the investment of funds in an Account or an interest in a single-member limited liability company, as provided in Section 3.16);
in any event unless it has received an Opinion of Counsel (at the expense of the party seeking to cause such sale, disposition,
or acquisition and in no event at the expense of the Trust Fund or the Trustee) to the effect that such sale, disposition, or acquisition
will not result in an Adverse REMIC Event in respect of any REMIC Pool.

 

(j)      Except
as otherwise permitted by Section 3.17(a), none of the Master Servicers, the Special Servicers or the Trustee shall
enter into any arrangement by which any REMIC Pool will receive a fee or other compensation for services or, to the extent it is
within the control of such Person, permit any REMIC Pool to receive any income from assets other than “qualified mortgages”
as defined in Section 860G(a)(3) of the Code or “permitted investments” as defined in Section 860G(a)(5) of the Code.
At all times as may be required by the Code, each of the

 

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respective parties hereto (to the extent it is within its control) shall
take necessary actions within the scope of its responsibilities as more specifically set forth in this Agreement such that it does
not cause substantially all of the assets of each REMIC Pool to fail to consist of “qualified mortgages” as defined
in Section 860G(a)(3) of the Code and “permitted investments” as defined in Section 860G(a)(5) of the Code.

 

(k)     Within
thirty (30) days after the related Startup Day, the Tax Administrator shall obtain an identification number by filing IRS Form
SS-4 with the IRS for each REMIC Pool and prepare and file with the IRS, with respect to each REMIC Pool, IRS Form 8811 “Information
Return for Real Estate Mortgage Investment Conduits (REMICs) and Issuers of Collateralized Debt Obligations”.

 

Section
10.02     Grantor Trust Administration.   (a)   The Tax Administrator
shall treat the Grantor Trust Pool, for tax return preparation purposes, as a Grantor Trust under the Code. The Tax Administrator
shall also perform on behalf of the Grantor Trust Pool all reporting and other tax compliance duties that are the responsibility
of such Grantor Trust Pool under the Code or any compliance guidance issued by the IRS or any state or local taxing authorities.
The expenses of preparing and filing such returns shall be borne by the Tax Administrator.

 

(b)     The
Tax Administrator shall pay out of its own funds any and all routine tax administration expenses of the Trust Fund incurred with
respect to the Grantor Trust Pool (but not including any professional fees or expenses related to audits or any administrative
or judicial proceedings with respect to the Trust Fund that involve the IRS or state tax authorities which extraordinary expenses
shall be payable or reimbursable to the Tax Administrator from the assets in the Grantor Trust Pool, unless otherwise provided
in Section 10.02(e) or 10.02(f)).

 

(c)     The
Tax Administrator shall prepare or cause to be prepared, submit to the Trustee for execution (and the Trustee shall timely execute
and timely return to the Tax Administrator) and timely file all of the Tax Returns in respect of the Grantor Trust Pool. The expenses
of preparing and filing such returns shall be borne by the Tax Administrator without any right of reimbursement therefor. Except
as provided in Section 10.02(h), 10.02(i) and 10.02(j), the Tax Administrator shall comply with such
requirement by filing IRS Form 1041, indicating the name and address of the Trust and signed by the Tax Administrator but otherwise
left blank, IRS Form 1099 or any other such form as may be applicable. There shall be appended to each such form a schedule for
each Certificateholder indicating such Certificateholder’s share of income and expenses of the Trust for the portion of the
preceding calendar year in which such Certificateholder possessed an Ownership Interest in a Certificate. Such form shall be prepared
in sufficient detail to enable reporting on the cash or accrual method of accounting, as applicable, and to report on such Certificateholder’s
fiscal year if other than the calendar year.

 

(d)     The
other parties hereto shall provide on a timely basis to the Tax Administrator or its designee such information with respect to
the Grantor Trust Pool as is in its possession and reasonably requested by the Tax Administrator to enable it to perform its obligations
under this Section 10.02. Without limiting the generality of the foregoing, the Depositor, within ten (10) days following
the Tax Administrator’s request therefor, shall provide in writing to the Tax Administrator such information as is reasonably
requested by the Tax Administrator for tax purposes, and the Tax Administrator’s duty to perform its reporting and other
tax compliance

 

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obligations under this Section 10.02 shall be subject to the condition that it receives from the Depositor
such information possessed by the Depositor that is necessary to permit the Tax Administrator to perform such obligations.

 

(e)     The
Tax Administrator shall perform on behalf of the Grantor Trust Pool all reporting and other tax compliance duties that are required
in respect thereof under the Code, the Grantor Trust Provisions or other compliance guidance issued by the IRS or any state or
local taxing authority, including the furnishing to Certificateholders of the schedules described in Section 10.02(c).

 

(f)     The
Tax Administrator shall perform its duties hereunder so as to maintain the status of the Grantor Trust Pool as Grantor Trust under
the Grantor Trust Provisions (and the Trustee, the Master Servicers and the Special Servicers shall assist the Tax Administrator
to the extent reasonably requested by the Tax Administrator and to the extent of information within the Trustee’s, the Master
Servicers’ or the Special Servicers’ possession or control). None of the Tax Administrator, Master Servicers, the Special
Servicers or the Trustee shall knowingly take (or cause the Grantor Trust Pool to take) any action or fail to take (or fail to
cause to be taken) any action that, under the Grantor Trust Provisions, if taken or not taken, as the case may be, could result
in an Adverse Grantor Trust Event, unless the Tax Administrator has obtained or received an Opinion of Counsel (at the expense
of the party requesting such action or at the expense of the Trust Fund if the Tax Administrator seeks to take such action or to
refrain from taking any action for the benefit of the Certificateholders) to the effect that the contemplated action will not result
in an Adverse Grantor Trust Event. None of the other parties hereto shall take any action or fail to take any action (whether or
not authorized hereunder) as to which the Tax Administrator has advised it in writing that the Tax Administrator has received or
obtained an Opinion of Counsel to the effect that an Adverse Grantor Trust Event could result from such action or failure to act.
In addition, prior to taking any action with respect to the Grantor Trust Pool, or causing the Trust Fund to take any action, that
is not expressly permitted under the terms of this Agreement, the Master Servicers and the Special Servicers shall consult with
the Tax Administrator or its designee, in writing, with respect to whether such action could cause an Adverse Grantor Trust Event
to occur. The Tax Administrator may consult with counsel to make such written advice, and the cost of same shall be borne by the
party seeking to take the action not permitted by this Agreement, but in no event at the cost or expense of the Trust Fund, the
Tax Administrator or the Trustee.

 

(g)     If
any tax is imposed on the Grantor Trust Pool pursuant to the Code or any applicable provisions of state or local tax laws, then
such tax, together with all incidental costs and expenses (including penalties and reasonable attorneys’ fees), shall be
charged to and paid by: (i) the Trustee, if such tax arises out of or results from a breach of any of its obligations under Article
IV, Article VIII or this Section 10.02 (which breach constitutes negligence, bad faith or willful misconduct);
(ii) the Certificate Administrator, if such tax arises out of or results from a breach by the Certificate Administrator of any
of its obligations under Article IV, Article VIII or this Section 10.02 (which breach constitutes negligence,
bad faith or willful misconduct); (iii) the Tax Administrator, if such tax arises out of or results from a breach by the Tax Administrator
of any of its obligations under Article IV, Article VIII or this Section 10.02 (which breach constitutes
negligence, bad faith or willful misconduct); (iv) a Master Servicer, if such tax arises out of or results from a breach by such
Master Servicer of any of its obligations

 

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under Article III or this Section 10.02 (which breach constitutes
negligence, bad faith or willful misconduct); (v) a Special Servicer, if such tax arises out of or results from a breach by such
Special Servicer of any of its obligations under Article III or this Section 10.02 (which breach constitutes
negligence, bad faith or willful misconduct); or (vi) the Trust, out of the Trust Fund, in all other instances. Any such amounts
payable by the Trust in respect of taxes shall be paid by the Trustee out of amounts on deposit in the Distribution Account.

 

(h)     The
Grantor Trust is a WHFIT that is a WHMT. The Tax Administrator will report as required under the WHFIT Regulations to the extent
such information as is reasonably necessary to enable the Tax Administrator to do so is provided to the Tax Administrator on a
timely basis. The Certificate Administrator shall provide such information in its possession to the Tax Administrator on a timely
basis. With respect to the Class A-S, Class B, Class C and Class PEX Certificates, if the Tax Administrator receives notice that
any such Certificate is held through a nominee, the Tax Administrator will treat such nominee as the “middleman” with
respect to such certificate unless it has actual knowledge to the contrary or the Depositor provides the Tax Administrator with
the identities of other “middlemen” that are Certificateholders. The Tax Administrator will report as required under
the WHFIT Regulations to the extent such information as is reasonably necessary to enable the Tax Administrator to do so, and is
not in its possession, is provided to the Tax Administrator on a timely basis. The Tax Administrator will not be liable for any
tax reporting penalties that may arise under the WHFIT Regulations as a result of a determination by the IRS that is contrary to
the first sentence of this paragraph or that the notice received with respect to any such Certificate as described above is incorrect.

 

(i)     The
Tax Administrator, in its discretion, will report required WHFIT information using either the cash or accrual method, except to
the extent the WHFIT Regulations specifically require a different method. The Tax Administrator will be under no obligation to
determine whether any Certificateholder uses the cash or accrual method. The Tax Administrator will make available WHFIT information
to Certificateholders annually. In addition, the Tax Administrator will not be responsible or liable for providing subsequently
amended, revised or updated information to any Certificateholder, unless requested by the Certificateholder.

 

(j)     The
Tax Administrator shall not be liable for failure to meet the reporting requirements of the WHFIT Regulations nor for any penalties
thereunder if such failure is due to: (i) the lack of reasonably necessary information being provided to the Tax Administrator
or (ii) incomplete, inaccurate or untimely information being provided to the Tax Administrator. Each owner of a class of securities
representing, in whole or in part, beneficial ownership of an interest in a WHFIT, by acceptance of its interest in such class
of securities, will be deemed to have agreed to provide the Tax Administrator with information regarding any sale of such securities,
including the price, amount of proceeds and date of sale. Absent receipt of such information, and unless informed otherwise by
the Depositor, the Tax Administrator will assume there is no secondary market trading of WHFIT interests.

 

(k)     To
the extent required by the WHFIT Regulations, the Tax Administrator will use reasonable efforts to publish on an appropriate website
the CUSIPs for the Certificates that represent ownership of a WHFIT. The CUSIPs so published will represent the Rule 144A CUSIPs.
The Tax Administrator will not publish any associated Regulation S CUSIPs. The Tax

 

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Administrator will make reasonable good faith
efforts to keep the website accurate and updated to the extent CUSIPs have been received. Absent the receipt of a CUSIP, the Tax
Administrator will use a reasonable identifier number in lieu of a CUSIP. The Tax Administrator will not be liable for investor
reporting delays that result from the receipt of inaccurate or untimely CUSIP information.

 

Section
10.03     The Depositor, the Master Servicers, the Special Servicers and the Trustee to Cooperate with the Tax Administrator.
  (a)   The Depositor shall provide or cause to be provided to the Tax Administrator,
within ten (10) days after the Closing Date, all information or data that the Tax Administrator reasonably determines to be relevant
for tax purposes as to the valuations and Issue Prices of the Certificates, including the price, yield, prepayment assumption and
projected cash flow of the Certificates.

 

(b)     Each
of the Master Servicers and the Special Servicers shall furnish such reports, certifications and information in its possession,
and access to such books and records maintained thereby, as may relate to the Certificates or the Trust Fund and as shall be reasonably
requested by the Tax Administrator in order to enable it to perform its duties under this Article X.

 

(c)     The
Tax Administrator shall be responsible for obtaining a tax identification number for any REMIC or Grantor Trust specified herein,
and shall be responsible for the preparation of the related IRS Form W-9, if such form is requested. The Trustee shall be entitled
to rely on the information contained therein, and is hereby directed to execute such IRS Form W-9; provided, however, the Tax Administrator
shall also be directed to execute such IRS Form W-9 (in lieu of the Trustee) if permitted by IRS regulations.

 

Article
XI

EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE

 

Section
11.01     Intent of the Parties; Reasonableness. Except with respect to Section 11.09, Section 11.12,
Section 11.14, Section 11.15, Section 11.16, Section 11.17 and Section 11.18,
the parties hereto acknowledge and agree that the purpose of Article XI of this Agreement is to facilitate compliance by the Depositor
(and any Other Depositor) with the provisions of Regulation AB and related rules and regulations of the Commission. The Depositor,
the Certificate Administrator, the Trustee, any Other Depositor and any Other Trustee shall exercise its rights to request delivery
of information or other performance under these provisions in reasonable good faith, and shall not exercise any such rights for
purposes other than compliance with the Dodd-Frank Act, the Securities Act, the Exchange Act, the Sarbanes-Oxley Act and, in each
case, the rules and regulations of the Commission thereunder. The parties to this Agreement acknowledge that interpretations of
the requirements of Regulation AB may change over time due to interpretive guidance provided by the Commission or its staff, and
agree to comply with reasonable requests made by the Depositor (or any Other Depositor or Other Trustee) or the Certificate Administrator
in reasonable good faith for delivery of information under these provisions on the basis of such evolving interpretations of Regulation
AB (to the extent such interpretations require compliance and are not “grandfathered”). In connection with this transaction
and any Other Securitization subject to Regulation AB, the Exchange Act or the Securities Act, subject to the preceding sentence,
each of the parties to this Agreement shall

 

    	418

    	 

    

 

cooperate (and, in the case of either Master Servicer or Special Servicer, shall cause
any Sub-Servicer engaged by it (or, if such Sub-Servicer is a Designated Sub-Servicer, shall use commercially reasonable efforts
to cause such Sub-Servicer) to cooperate) fully with the Depositor and the Certificate Administrator and any Other Depositor or
Other Trustee of any Other Securitization subject to Regulation AB, the Exchange Act or the Securities Act, deliver (or notify
and make available) to the Depositor or the Certificate Administrator or any such Other Depositor or Other Trustee (including any
of their assignees or designees) (i) any and all information in its possession and necessary in the reasonable good faith determination
of the Depositor, the Certificate Administrator or such Other Depositor or Other Trustee, as applicable, to permit the Depositor
or any such Other Depositor to comply in a timely manner with the provisions of Regulation AB, the Exchange Act and the Securities
Act and (ii) such disclosure relating to the applicable Master Servicer, the applicable Special Servicer, the Certificate Administrator,
the Trustee, as applicable, or the servicing of the Mortgage Loans (or, if applicable, the related Serviced Pari Passu Companion
Loan), in each case reasonably believed by the Depositor, the Certificate Administrator or the related Other Depositor or the related
Other Trustee, as applicable, in good faith to be necessary in order to effect such compliance. In addition, with respect to each
Servicing Function Participant that is a Designated Sub-Servicer of a party to this Agreement, such party shall use commercially
reasonable efforts to cause such Designated Sub-Servicer to deliver or make available to the Depositor or the Certificate Administrator
and any such Other Depositor or Other Trustee, as applicable, (including any of their assignees or designees) (i) any and all information
in its possession and necessary in the reasonable good faith determination of the Depositor or the Certificate Administrator or
any such Other Depositor or Other Trustee to permit the Depositor or any such Other Depositor to comply with the provisions of
Regulation AB, the Exchange Act and the Securities Act and (ii) such disclosure relating to the Servicing Function Participant
or the Servicing of the Mortgage Loans (or, if applicable, the related Serviced Pari Passu Companion Loan), in each case reasonably
believed by the Depositor or the Certificate Administrator or the related Other Depositor or related Other Trustee, as applicable,
in good faith to be necessary in order to effect such compliance. Each party to this Agreement shall have a reasonable period of
time to comply with any written request made under this Section 11.01, but in any event, shall, upon reasonable advance
written request, provide information in sufficient time to allow the Depositor or the Certificate Administrator or the related
Other Depositor or related Other Trustee, as applicable, to satisfy any related filing requirements.

 

For purposes of this
Article XI, to the extent any party has an obligation to exercise commercially reasonable efforts to cause a third party
to perform, such party hereunder shall not be required to bring any legal action against such third party in connection with such
obligation.

 

Section
11.02     Notification Requirements and Deliveries in Connection with Securitization of a Serviced Pari Passu Companion
Loan.   (a)   Any other provision of this Article XI to the contrary
notwithstanding, including, without limitation, any deadlines for delivery set forth in this Article XI, in connection with
the requirements contained in this Article XI that provide for the delivery of information and other items to, and the cooperation
with, the Other Depositor and Other Trustee of any Other Securitization that is subject to Regulation AB, no party hereunder shall
be obligated to provide any such items to or cooperate with such Other Depositor or Other Trustee (i) unless it is required to
deliver corresponding information and other items with respect to the Trust or, in the reasonable good faith determination of an
Other

 

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Depositor or an Other Trustee, is necessary to permit the related Other Depositor to comply with the provisions of Regulation
AB, the Exchange Act and the Securities Act, (ii) until the Other Depositor or Other Trustee of such Other Securitization has provided
each party hereto with not less than 30 days’ written notice (which shall only be required to be delivered once) stating
that such Other Securitization is subject to Regulation AB and that the Other Securitization is subject to Exchange Act reporting,
and (iii) specifying in reasonable detail the information and other items requested to be delivered; provided that if Exchange
Act reporting is being requested, such Other Depositor or Other Trustee is only required to provide a single written notice to
such effect. Any out-of-pocket cost and expense of a Master Servicer, Special Servicer, Trust Advisor, Trustee and Certificate
Administrator in cooperating with such Other Depositor or Other Trustee of such Other Securitization shall be the responsibility
of such Other Depositor or Other Securitization. The parties hereto shall have the right to confirm in good faith with the Other
Depositor of such Other Securitization as to whether Regulation AB requires the delivery of the items identified in this Article
XI to such Other Depositor and Other Trustee of such Other Securitization prior to providing any of the reports or other information
required to be delivered under this Article XI in connection therewith. Upon such confirmation, the parties shall comply
with the deadlines for delivery set forth in this Article XI with respect to such Other Securitization. The parties hereunder
shall also have the right to require that such Other Depositor provide them with the contact details of such Other Depositor, Other
Trustee and any other parties to the Other Pooling and Servicing Agreement relating to such Other Securitization.

 

(b)     The
applicable Master Servicer and the applicable Special Servicer shall, upon reasonable prior written request given in accordance
with the terms of Section 11.02(a) above, and subject to a right of the applicable Master Servicer or the applicable
Special Servicer, as the case may be, to review and approve such disclosure materials, permit a holder of a related Serviced Pari
Passu Companion Loan to use such party’s description contained in the Prospectus (updated as appropriate by the applicable
Master Servicer or the applicable Special Servicer, as applicable, at the cost of the Other Depositor) for inclusion in the disclosure
materials relating to any securitization of a Serviced Pari Passu Companion Loan.

 

(c)     The
applicable Master Servicer and the applicable Special Servicer, upon reasonable prior written request given in accordance with
the terms of Section 11.02(a) above, shall each timely provide (to the extent the reasonable cost thereof is paid or
caused to be paid by the requesting party as a condition precedent to the providing of any information or documentation) to the
Other Depositor and any underwriters with respect to any Other Securitization such opinion(s) of counsel, certifications, compliance
letters and/or indemnification agreement(s) with respect to the updated description referred to in Section 11.02(b)
above with respect to such party, substantially identical to those, if any, delivered by the applicable Master Servicer or the
applicable Special Servicer, as the case may be, or their respective counsel, in connection with the information concerning such
party in the Prospectus and/or any other disclosure materials relating to this Trust (updated as deemed appropriate by the applicable
Master Servicer or the applicable Special Servicer, or their respective legal counsel, as the case may be). Neither the Master
Servicers nor the Special Servicers shall be obligated to deliver any such item with respect to the securitization of a Serviced
Pari Passu Companion Loan if it did not deliver a corresponding item with respect to this Trust.

 

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Section
11.03     Sub-Servicers; Subcontractors and Agents. For so long as the Trust is subject to the reporting requirements
of the Exchange Act, if any Person appointed as a subcontractor or agent of a Master Servicer, a Special Servicer, the Trustee
or the Certificate Administrator (whether appointed directly by such party or by a Sub-Servicer or subcontractor or agent) would
be a Servicing Function Participant, such Master Servicer, such Special Servicer, the Trustee or the Certificate Administrator,
as the case may be, shall promptly following request provide to the Depositor and the Certificate Administrator a written description
(in form and substance satisfactory to the Depositor) of the role and function of such Person, which description shall include
(i) the identity of such subcontractor, and (ii) which elements of the Servicing Criteria will be addressed in the assessments
of compliance to be provided by such subcontractor or agent. In addition, except with respect to any Designated Sub-Servicer under
a Sub-Servicing Agreement effective as of the Closing Date, for so long as the Trust is subject to the reporting requirements of
the Exchange Act, if any Sub-Servicer, or any subcontractor or agent described above, would be 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, the engagement
of such Person in such capacity shall not be effective unless and until five (5) Business Days have elapsed following the delivery
to the Depositor and the Certificate Administrator of (1) notice of the proposed engagement and (2) the related agreement (or,
if such agreement is not of the type that is required to be filed under Regulation AB in the good faith judgment of the Depositor,
an instrument inuring to the direct benefit of the Depositor in which such Person affirms the rights of the Depositor contemplated
by the next succeeding paragraph). Such notice shall contain all information reasonably necessary, and in such form as may be necessary,
to enable the Certificate Administrator to accurately and timely report the event under Item 6.02 of Form 8-K pursuant to Section 11.10
(if such reports under the Exchange Act are required to be filed under the Exchange Act).

 

For so long as the
Trust is subject to the reporting requirements of the Exchange Act, each of the Master Servicers, the Special Servicers, the Certificate
Administrator and the Trustee, as applicable, shall (a) cause each such Sub-Servicing Agreement 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
such Person to deliver any Exchange Act reporting items that such Sub-Servicer is required to deliver under Regulation AB and (b)
promptly notify the Depositor following any failure of such Sub-Servicer to deliver any Exchange Act reporting items that such
Sub-Servicer is required to deliver under Regulation AB. The Depositor is hereby authorized to exercise the rights described in
clause (a) of the preceding sentence in its sole discretion. The rights of the Depositor to terminate a Sub-Servicing
Agreement as aforesaid shall not limit any right the Master Servicers, the Special Servicers, the Certificate Administrator or
the Trustee, as applicable, may have to terminate such Sub-Servicing Agreement.

 

Section
11.04     Information to be Provided by the Master Servicers and the Special Servicers.   (a)  
For so long as the Trust is subject to the reporting requirements of the Exchange Act and for so long as any Other Securitization
is subject to the reporting requirements of the Exchange Act (in addition to any requirements contained in Section 11.10)
in connection with the succession to a Master Servicer, Special Servicer or any Servicing Function Participant (if such Servicing
Function Participant is a servicer as contemplated by Item 1108(a)(2) of Regulation AB) as servicer or Sub-Servicer under or as
contemplated by this Agreement or any related Other Pooling and Servicing Agreement by any Person (i) into which a Master Servicer,

 

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Special Servicer or such Servicing Function Participant may be merged or consolidated, (ii) which may be appointed as a sub-servicer
(other than the appointment of a Designated Sub-Servicer) by a Master Servicer or Special Servicer, or (iii) that is appointed
as a successor Master Servicer or successor Special Servicer pursuant to Section 6.05 or Section 7.02,
the applicable Master Servicer, the applicable Special Servicer, any Servicing Function Participant, the Subordinate Class Representative,
the Trustee or any other person who has the right to remove the applicable Special Servicer under this Agreement, as applicable
(the applicable Master Servicer, the applicable Special Servicer or any Servicing Function Participant, as applicable, with respect
to the foregoing clauses (i) and (ii) and the successor Master Servicer, the successor Special Servicer, the
Subordinate Class Representative, the Trustee or any other person who has the right to remove the applicable Special Servicer under
this Agreement, as applicable with respect to the foregoing clause (iii)) shall provide to the Depositor and to any
Other Depositor, 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, otherwise no
later than the second Business Day after such effective date, but in no event later than the time required pursuant to Section 11.10,
(x) written notice to the Trustee, the Certificate Administrator, the Trust Advisor and the Depositor (and any Other Trustee and
Other Depositor) of such succession or appointment and (y) in writing and in form and substance reasonably satisfactory to the
Trustee, the Certificate Administrator, the Trust Advisor and the Depositor (or any Other Trustee or Other Depositor), all information
relating to such successor reasonably requested by the Depositor (or such Other Depositor) so that it may comply with its reporting
obligation under Item 6.02 of Form 8-K with respect to any Class of Certificates or Serviced Pari Passu Companion Loan Securities.

 

Section
11.05     Information to be Provided by the Trustee.   For so long as the Trust is subject to the reporting requirements
of the Exchange Act (in addition to any requirements contained in Section 11.10) in connection with the succession
to the Trustee as Trustee or co-trustee under this Agreement by any Person (i) into which the Trustee may be merged or consolidated,
(ii) which may be appointed as a co-trustee or separate Trustee pursuant to Section 8.08, or (iii) that is appointed
as a successor Trustee pursuant Section 8.10, the Trustee (with respect to the foregoing clauses (i) and
(ii)) or the successor Trustee (with respect to the foregoing clause (iii)) shall provide to the Depositor and
to any Other Depositor, at least 5 calendar days prior to the effective date of such succession or appointment as long as such
disclosure prior to such effective date would not be violative of any applicable law or confidentiality agreement, otherwise immediately
following such effective date, but in no event later than the time required pursuant to Section 11.10, (x) written
notice to the Depositor and Certificate Administrator, and to any Other Depositor, of such succession or appointment and (y) in
writing and in form and substance reasonably satisfactory to the Depositor and Certificate Administrator, and to any Other Depositor,
all information reasonably requested by the Depositor or Other Depositor, so that it may comply with its reporting obligation under
Item 6.02 of Form 8-K with respect to any Class of Certificates or Serviced Pari Passu Companion Loan Securities.

 

Section
11.06     Filing Obligations.   (a)   The Master Servicers, the Special
Servicers, the Certificate Administrator, the Trust Advisor and the Trustee shall, and (i) with respect to any Servicing Function
Participant that is a Designated Sub-Servicer of such party, shall use commercially reasonable efforts to cause such Designated
Sub-Servicer to, and (ii) with respect

 

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to any other Servicing Function Participant, shall cause each such Servicing Function Participant
(other than any party to this Agreement) with which it has entered into a servicing relationship with respect to the Mortgage Loans
to, reasonably cooperate with the Certificate Administrator and the Depositor (and any Other Trustee or Other Depositor) in connection
with the Certificate Administrator’s and Depositor’s (or such Other Trustee’s or Other Depositor’s) good
faith efforts to satisfy the Trust’s (or such Other Securitization’s) reporting requirements under the Exchange Act
(including, but not limited to, completing any reasonable and customary due diligence questionnaire provided by or on behalf of
the Certificate Administrator or the Depositor (or such Other Trustee or Other Depositor) and participating in any due diligence
calls reasonably requested (as to scope, duration and frequency) by or on behalf of the Certificate Administrator or the Depositor
(or such Other Trustee or Other Depositor), in each case in accordance with the timeframes reasonably requested by the Certificate
Administrator or the Depositor (or such Other Trustee or Other Depositor), as applicable).

 

Each party hereto shall
be entitled to rely on the information in the Prospectus Supplement with respect to the identity of any sponsor, credit enhancer,
derivative provider or “significant obligor” as of the Closing Date other than with respect to itself or any information
required to be provided by it or indemnified for by it pursuant to any separate agreement.

 

(b)     [Reserved.]

 

(c)     [Reserved.]

 

Section
11.07     Form 10-D Filings.   Within 15 days after each Distribution Date (subject to permitted extensions under the
Exchange Act), the Certificate Administrator shall prepare and file on behalf of the Trust any Form 10-D required by the Exchange
Act and the rules and regulations of the Commission thereunder, in form and substance as required by the Exchange Act and such
rules and regulations. A duly authorized representative of the Depositor shall sign each Form 10-D filed on behalf of the Trust.
The Certificate Administrator shall file each Form 10-D with a copy of the related Distribution Date Statement attached thereto.
Any disclosure in addition to the Distribution Date Statement that is required to be included on Form 10-D (“Additional
Form 10-D Disclosure”) shall, pursuant to the paragraph immediately below, be reported by the parties set forth on Schedule
V and directed to the Certificate Administrator and the Depositor for approval by the Depositor. The Certificate Administrator
will have no duty or liability for any failure hereunder to determine or prepare any Additional Form 10-D Disclosure (other than
such Additional Form 10-D Disclosure which is to be reported by it as set forth on Schedule V) absent such reporting, direction
and approval after the date hereof.

 

For so long as the
Trust is subject to the reporting requirements of the Exchange Act and for so long as any Other Securitization is subject to the
reporting requirements of the Exchange Act, within five (5) calendar days after the related Distribution Date, (i) the parties
listed on Schedule V hereto shall be required to provide to the Certificate Administrator and the Depositor (and in the
case of any Servicing Function Participant with a copy to the applicable Master Servicer or the applicable Special Servicer, as
applicable) (and to any Other Trustee or Other Depositor), to the extent a Servicing Officer or Responsible Officer, as the case
may be, thereof has actual knowledge (other than Item 1117 of Regulation AB as to such party which shall be reported if actually
known by any Servicing Officer or Responsible Officer, as the case may be,

 

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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 and the Depositor (or such Other Trustee and Other Depositor) and such party, the
form and substance of the Additional Form 10-D Disclosure described on Schedule V applicable to such party, (ii) the parties
listed on Schedule V hereto shall include with such Additional Form 10-D Disclosure, an Additional Disclosure Notification
in the form attached hereto as Exhibit R and (iii) the Certificate Administrator shall, at any time prior to filing the
related Form 10-D, provide prompt notice to the Depositor to the extent that the Certificate Administrator is notified of an event
reportable on Form 10-D for which it has not received the necessary Additional Form 10-D Disclosure from the applicable party.
No later than the 7th calendar day after the Distribution Date, the Depositor will approve, as to form and substance, or disapprove,
as the case may be, the inclusion of the Additional Form 10-D Disclosure on Form 10-D; provided that if the Certificate
Administrator does not receive a response from the Depositor by such time the Depositor will be deemed to have consented to the
inclusion of such Additional Form 10-D Disclosure. Other than to the extent provided for in clause (iii) above, the
Certificate Administrator has no duty under this Agreement to monitor or enforce the performance by the parties listed on Schedule
V of their duties under this paragraph or proactively solicit or procure from such parties any Additional Form 10-D Disclosure
information. Any reasonable fees assessed and any expenses incurred by the Certificate Administrator in connection with including
any Additional Form 10-D Disclosure on Form 10-D pursuant to this paragraph shall be reimbursable to the Certificate Administrator
out of the Collection Account as an Additional Trust Fund Expense.

 

After preparing the
Form 10-D, the Certificate Administrator shall forward electronically a copy of the Form 10-D to the Depositor for review and approval;
provided that the Certificate Administrator shall use its reasonable best efforts to provide such copy to the Depositor
by the 8th day after the Distribution Date. No later than the end of business on the 4th Business Day prior to the filing date,
the Depositor shall notify the Certificate Administrator in writing (which may be furnished electronically) of any changes to or
approval of such Form 10-D, and no later than the 2nd Business Day prior to the filing, a duly authorized representative of the
Depositor shall sign the Form 10-D and return an electronic or fax copy of such signed Form 10-D (with an original executed hard
copy to follow by overnight mail) to the Certificate Administrator. The Certificate Administrator shall file such Form 10-D, upon
signature thereof as provided in Section 11.17, not later than (i) 5:30 p.m. (New York City time) on the 15th calendar
day after the related Distribution Date or (ii) such other time as the Depositor and the Certificate Administrator mutually agree
is permitted by the Commission for the filing such Form 10-D. If a Form 10-D cannot be filed on time or if a previously filed Form
10-D needs to be amended, the Certificate Administrator will follow the procedures set forth in Section 11.11(b). After
filing with the Commission, the Certificate Administrator shall, pursuant to Section 8.12(b), make available on the
Certificate Administrator’s Website a final executed copy of each Form 10-D prepared and filed by the Certificate Administrator.
The parties to this Agreement acknowledge that the performance by the Certificate Administrator of its duties under this Section 11.07
related to the timely preparation and filing of Form 10-D is contingent upon such parties (and any Additional Servicer or Servicing
Function Participant) observing all applicable deadlines in the performance of their duties under this Section 11.07.
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 or file such Form 10-D where such failure results from the Certificate

 

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Administrator’s inability
or failure to receive on a timely basis any information from any other party hereto needed to prepare, arrange for execution or
file such Form 10-D, not resulting from its own negligence, bad faith or willful misconduct.

 

The Certificate Administrator
shall include in any Form 10-D filed by it (i) the information required by Rule 15Ga-1(a) concerning all assets of the Trust that
were subject of a demand for the repurchase of, or the substitution of a Qualifying Substitute Mortgage Loan for, a Mortgage Loan
contemplated by Section 2.03(b) and (ii) a reference to the most recent Form ABS-15G filed pursuant to Rule 15Ga-1
by the Depositor and each Mortgage Loan Seller, if applicable, and the Commission’s assigned “Central Index Key”
for each such filer, (iii) an itemized listing of any Disclosable Special Servicer Fees received by the applicable Special Servicer
or any of its Affiliates during the related Collection Period, and (iv) the balance of the Distribution Account as of the related
Distribution Date and as of the immediately preceding Distribution Date. The Depositor and each Mortgage Loan Seller, in accordance
with, and to the extent contemplated by, Section 5(h) of the applicable Mortgage Loan Purchase Agreement, shall deliver such information
to the Certificate Administrator. The Certificate Administrator and the Depositor shall be entitled together to determine the manner
of the presentation of such information (including the dates as of which information is presented) in accordance with applicable
laws and regulations.

 

Form 10-D requires
the registrant to indicate (by checking “yes” or “no”) that it “(1) has filed all reports required
to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.” The Depositor
hereby represents to the Certificate Administrator that the Depositor has filed all such required reports during the preceding
12 months and that it has been subject to such filing requirement for the past 90 days. The Depositor shall notify the Certificate
Administrator in writing, no later than the 5th calendar day after the related Distribution Date during any year in which the Trust
is required to file a Form 10-D if the answer to the questions should be “no”; provided that if the failure
of the Depositor to have filed such required reports arises in connection with the securitization contemplated by this Agreement,
the Certificate Administrator shall be deemed to have notice of such failure (only with respect to Exchange Act reports prepared
or required to be prepared and filed by the Certificate Administrator) without being notified by the Depositor; provided,
further, that in connection with the delivery of any notice contemplated by this sentence, the Depositor may instruct the
Certificate Administrator that such notice shall be effective for a period (not to exceed 12 months) from the date of such notice,
in which case no further notice from the Depositor shall be required during such specified period. The Certificate Administrator
shall be entitled to rely on such representations in preparing, executing and/or filing any Form 10-D.

 

Section
11.08     Form 10-K Filings.   Within 90 days after the end of each fiscal year of the Trust or such earlier date as
may be required by the Exchange Act (the “Form 10-K Filing Deadline”) (it being understood that the fiscal year
for the Trust ends on December 31st of each year), commencing in 2016, the Certificate Administrator shall prepare and file on
behalf of the Trust a Form 10-K, in form and substance as required by the Exchange Act. Each such Form 10-K shall include the following
items, in each case to the extent they have been delivered to the Certificate Administrator within the applicable time frames set
forth in this Agreement:

 

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(i)     an
annual compliance statement for each applicable Certifying Servicer, as required under Section 11.12;

 

(ii)    (A)
the annual reports on assessment of compliance with servicing criteria for each applicable Reporting Servicer, as described under
Section 11.13, and (B) if any Reporting Servicer’s report on assessment of compliance with servicing criteria
required under Section 11.13 identifies any material instance of noncompliance, disclosure identifying such instance
of noncompliance, or if any Reporting Servicer’s report on assessment of compliance with servicing criteria required under
Section 11.13 is not included as an exhibit to such Form 10-K, disclosure that such report is not included and an explanation
as to why such report is not included;

 

(iii)   (A)
the registered public accounting firm attestation report for each Reporting Servicer, as required under Section 11.14,
and (B) if any registered public accounting firm attestation report required under Section 11.14 identifies any material
instance of noncompliance, disclosure identifying such instance of noncompliance, or if any such registered public accounting firm
attestation report is not included as an exhibit to such Form 10-K, disclosure that such report is not included and an explanation
as to why such report is not included; and

 

(iv)   a
Sarbanes-Oxley Certification as required under Section 11.09.

 

Any disclosure or information
in addition to clauses (i) through (iv) above that is required to be included on Form 10-K (“Additional
Form 10-K Disclosure”) shall, pursuant to the third following paragraph, be reported by the applicable parties set forth
on Schedule VI hereto to the Depositor and the Certificate Administrator (and to any Other Depositor or Other Trustee) and
approved by the Depositor (and such Other Depositor) and approved by the Depositor (and such Other Depositor) and the Certificate
Administrator (or such Other Trustee) will have no duty or liability for any failure hereunder to determine or prepare any Additional
Form 10-K Disclosure (other than such Additional Form 10-K Disclosure which is to be reported by it as set forth on Schedule
VI) absent such reporting and approval.

 

Not later than the
end of each fiscal year for which the Trust (or any Other Securitization) is required to file a Form 10-K, the Master Servicers,
the Special Servicers, the Certificate Administrator, the Trust Advisor and the Trustee shall provide the other parties to this
Agreement and the Mortgage Loan Sellers (or the other parties to any Other Pooling and Servicing Agreement) with written notice
of the name and address of each Servicing Function Participant retained by such party, if any. 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.

 

With respect to any
Other Securitization, not later than the end of each year for which the Other Securitization trust is required to file a Form 10-K,
(i) the Certificate Administrator shall upon request provide to each mortgage loan seller with respect to such Other Securitization
written notice of any change in the identity of any party to this Agreement, including the name

 

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and address of any new party to
this Agreement and (ii) the Master Servicers or the Special Servicers, as applicable, shall provide to each such mortgage loan
seller written notice of any change in the identity of any Sub-Servicer (other than a Designated Sub-Servicer) engaged by such
Master Servicer or such Special Servicer, as applicable, including the name and address of any new Sub-Servicer.

 

For so long as the
Trust (or any Other Securitization) is subject to the reporting requirements of the Exchange Act, by March 1st (with a grace period
through March 15th), commencing in March 2016 (i) the parties listed on Schedule VI hereto shall be required to provide
to the Certificate Administrator and the Depositor (and in the case of any Servicing Function Participant, with a copy to the applicable
Master Servicer or the applicable Special Servicer, as applicable) (and to any Other Trustee or Other Depositor), to the extent
a Servicing Officer or a Responsible Officer, as the case may be, thereof has actual knowledge (other than with respect to Item
1117 of Regulation AB as to such party, which shall be reported if actually known by any Servicing Officer or any lawyer in the
in-house legal department of such party), in EDGAR-Compatible Format (to the extent available to such party in such format), or
in such other form as otherwise agreed upon by the Certificate Administrator and the Depositor and such party, the form and substance
of the Additional Form 10-K Disclosure described on Schedule VI applicable to such party and include with such Additional
Form 10-K Disclosure, an Additional Disclosure Notification in the form attached hereto as Exhibit R and (ii) the Certificate
Administrator shall, at any time prior to filing the related Form 10-K, provide prompt notice to the Depositor to the extent that
the Certificate Administrator is notified of an event reportable on Form 10-K for which it has not received the necessary Additional
Form 10-K Disclosure from the applicable party. No later than the end of business on March 15th, the Depositor will approve, as
to form and substance, or disapprove, as the case may be, the inclusion of the Additional Form 10-K Disclosure on Form 10-K; provided
that if the Certificate Administrator does not receive a response from the Depositor by such date the Depositor will be deemed
to have consented to the inclusion of such Additional Form 10-K Disclosure. Other than to the extent provided for in clause (ii)
above, the Certificate Administrator has no duty under this Agreement to monitor or enforce the performance by the parties listed
on Schedule VI of their duties under this paragraph or proactively solicit or procure from such parties any Additional Form
10-K Disclosure information. Any reasonable fees assessed and any expenses incurred by the Certificate Administrator in connection
with including any Additional Form 10-K Disclosure on Form 10-K pursuant to this paragraph shall be reimbursable to the Certificate
Administrator out of the Collection Account as an Additional Trust Fund Expense.

 

After preparing the
Form 10-K, on or prior to the 6th Business Day prior to the Form 10-K Filing Deadline, the Certificate Administrator shall forward
electronically a copy of the Form 10-K to the Depositor for review and approval. Within three Business Days after receipt of such
copy, but no later than March 24th, the Depositor shall notify the Certificate Administrator in writing (which may be furnished
electronically) of any changes to or approval of such Form 10-K. No later than 5:00 p.m., New York City time, on the 4th Business
Day prior to the Form 10-K Filing Deadline, a senior officer in charge of securitization of the Depositor shall sign the Form 10-K
and return an electronic or fax copy of such signed Form 10-K (with an original executed hard copy to follow by overnight mail)
to the Certificate Administrator. The Certificate Administrator shall file such Form 10-K, upon signature thereof as provided in
Section 11.17, not later than (i) 5:30 p.m. (New York City time) on the Form 10-K Filing Deadline or (ii) such

 

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other
time as the Depositor and the Certificate Administrator mutually agree is permitted by the Commission for the filing such Form
10-K, of each year in which a report on Form 10-K is required to be filed by the Trust. If a Form 10-K cannot be filed on time
or if a previously filed Form 10-K needs to be amended, the Certificate Administrator will follow the procedures set forth in Section 11.11(b).
After filing with the Commission, the Certificate Administrator shall, pursuant to Section 8.12(b), 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 parties to this Agreement acknowledge that the performance by the Certificate Administrator of its duties under
this Section 11.08 related to the timely preparation and filing of Form 10-K is contingent upon such parties (and any
Additional Servicer or Servicing Function Participant) observing all applicable deadlines in the performance of their duties under
this Article XI. The Certificate Administrator shall have no liability with respect to any failure to properly prepare or
file such Form 10-K resulting from the Certificate Administrator’s inability or failure to receive from any other party any
information needed to prepare, arrange for execution or file such Form 10-K on a timely basis, not resulting from its own negligence,
bad faith or willful misconduct.

 

Form 10-K requires
the registrant to indicate (by checking “yes” or “no”) that it “(1) has filed all reports required
to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.” The Depositor
hereby represents to the Certificate Administrator that the Depositor has filed all such required reports during the preceding
12 months and that it has been subject to such filing requirement for the past 90 days. The Depositor shall notify the Certificate
Administrator in writing, no later than the 15th calendar day of March during any year in which the Trust is required to file a
Form 10-K if the answer to the questions should be “no”; provided that if the failure of the Depositor to have
filed such required reports arises in connection with the securitization contemplated by this Agreement, the Certificate Administrator
shall be deemed to have notice of such failure (only with respect to Exchange Act reports prepared or required to be prepared and
filed by the Certificate Administrator) without being notified by the Depositor; provided, further, that in connection
with the delivery of any notice contemplated by this sentence, the Depositor may instruct the Certificate Administrator that such
notice shall be effective for a period (not to exceed 12 months) from the date of such notice, in which case no further notice
from the Depositor shall be required during such specified period. The Certificate Administrator shall be entitled to rely on such
representations in preparing, executing and/or filing any Form 10-K.

 

Section
11.09     Sarbanes-Oxley Certification.   Each Form 10-K shall include a certification (the “Sarbanes-Oxley
Certification”), as set forth in Exhibit T attached hereto, required to be included therewith pursuant to the
Sarbanes-Oxley Act. Each Reporting Servicer shall provide, and (i) with respect to any Servicing Function Participant of such party
that is a Designated Sub-Servicer, shall use commercially reasonable efforts to cause, and (ii) with respect to any other Servicing
Function Participant retained by such party, shall cause, each Servicing Function Participant (other than (x) any party to this
Agreement or (y) a Designated Sub-Servicer) with which it has entered into a servicing relationship with respect to the Mortgage
Loans to, provide to the Person who signs the Sarbanes-Oxley Certification for the Trust or any Other Securitization (the “Certifying
Person”), by March 1st (with a grace period through March 15th) of each year in which the Trust is subject to the reporting
requirements of the Exchange

 

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Act and of each year in which any Other Securitization is subject to the reporting requirements of
the Exchange Act, a certification (each, a “Performance Certification”), in the form attached hereto as Exhibit
S-1, S-2, S-3, S-4, S-5 or S-6, as applicable, upon which the Certifying Person, the entity
for which the Certifying Person acts as an officer, and such entity’s officers, directors and Affiliates (collectively with
the Certifying Person, “Certification Parties”) can reasonably rely. The senior officer in charge of securitization
of the Depositor shall serve as the Certifying Person on behalf of the Trust. The Certifying Person at the Depositor can be contacted
at c/o Wells Fargo Securities, LLC, 375 Park Avenue, 2nd Floor, J0127-023, New York, New York 10152, Attention: A.J. Sfarra, with
a copy to: Jeff D. Blake, Esq., Wells Fargo Law Department, D1053-300, 301 South College St., Charlotte, North Carolina 28288.
If any Reporting Servicer is terminated or resigns pursuant to the terms of this Agreement, or any applicable Sub-Servicing Agreement
or primary servicing agreement, as the case may be, such Reporting Servicer shall provide a Performance Certification to the Certifying
Person pursuant to this Section 11.09 with respect to the period of time it was subject to this Agreement or the applicable
Sub-Servicing Agreement or primary servicing agreement, as the case may be. Notwithstanding the foregoing, the Trustee shall not
be required to deliver a Performance Certification with respect to any period during which there was no Relevant Servicing Criteria
applicable to it.

 

Notwithstanding the
foregoing, nothing in this Section 11.09 shall require any Reporting Servicer (i) to certify or verify the accurateness
or completeness of any information provided to such Reporting Servicer by third parties (other than a Sub-Servicer, Additional
Servicer or any other third party retained by it that is not a Designated Sub-Servicer or a Sub-Servicer appointed pursuant to
Section 3.22), (ii) to certify information other than to such Reporting Servicer’s knowledge and in accordance
with such Reporting Servicer’s responsibilities hereunder or (iii) with respect to completeness of information and reports,
to certify anything other than that all fields of information called for in written reports prepared by such Reporting Servicer
have been completed except as they have been left blank on their face.

 

Each Performance Certification
shall include a reasonable reliance provision enabling the Certification Parties to rely upon each (i) annual compliance statement
provided pursuant to Section 11.12, (ii) annual report on assessment of compliance with servicing criteria provided
pursuant to Section 11.13 and (iii) registered public accounting firm attestation report provided pursuant to Section 11.14.

 

With respect to any
Non-Trust-Serviced Pooled Mortgage Loan serviced under a Non-Trust Pooling and Servicing Agreement, the Certificate Administrator
shall use reasonable efforts to obtain, and upon receipt deliver to the Depositor, a Sarbanes-Oxley back-up certification from
the Non-Trust Master Servicer, the Non-Trust Special Servicer, the Non-Trust Trustee and the Non-Trust Paying Agent or Non-Trust
Certificate Administrator in form and substance similar to a Performance Certification or such other form as is provided in the
applicable Non-Trust Pooling and Servicing Agreement.

 

Section
11.10     Form 8-K Filings. Within four (4) Business Days after the occurrence of an event requiring disclosure under
Form 8-K (each a “Reportable Event”), to the extent it receives the Form 8-K Disclosure Information described
below, the Certificate Administrator shall, at the direction of the Depositor, prepare and file on behalf of the Trust any Form
8-K

 

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required by the Exchange Act; provided that the Depositor shall file the initial Form 8-K in connection with the issuance
of the Certificates. Any disclosure or information related to a Reportable Event or that is otherwise required to be included on
Form 8-K (“Form 8-K Disclosure Information”) shall, pursuant to the paragraph immediately below, be reported
by the parties set forth on Schedule VII to which such Reportable Event relates and such Form 8-K Disclosure Information
shall be delivered to the Depositor and the Certificate Administrator (and to any Other Depositor and Other Trustee) and approved
by the Depositor. The Certificate Administrator will have no duty or liability for any failure hereunder to determine or prepare
any Form 8-K Disclosure Information (other than such Form 8-K Disclosure Information which is to be reported by it as set forth
on Schedule VII) absent such reporting and approval.

 

For so long as the
Trust (or any Other Securitization) is subject to the reporting requirements of the Exchange Act, the parties listed on Schedule
VII hereto shall, to the extent a Servicing Officer or a Responsible Officer, as the case may be, thereof has actual knowledge,
use their commercially reasonable efforts to provide to the Depositor and the Certificate Administrator (and to any Other Depositor
and Other Trustee) within one (1) Business Day after the occurrence of the Reportable Event, but shall provide in no event later
than the end of business (New York City time) on the 2nd Business Day after the occurrence of the Reportable Event, the form and
substance of the Form 8-K Disclosure Information described on Schedule VII as applicable to 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 and the Depositor (and such Other Trustee and Other Depositor) and such party and accompanied by an Additional Disclosure
Notification in the form attached hereto as Exhibit R. The Depositor will approve, as to form and substance, or disapprove,
as the case may be, the inclusion of the Form 8-K Disclosure Information on Form 8-K by the end of business on the 2nd Business
Day after the Reportable Event; provided that if the Certificate Administrator does not receive a response from the Depositor
by such time the Depositor will be deemed to have consented to such Form 8-K Disclosure Information. The Certificate Administrator
has no duty under this Agreement to monitor or enforce the performance by the parties listed on Schedule VII of their duties
under this paragraph or proactively solicit or procure from such parties any Form 8-K Disclosure Information; provided that
to the extent that the Certificate Administrator is notified of such Reportable Event and it does not receive the necessary Form
8–K Disclosure Information, it shall notify the Depositor that it has not received such information and, provided,
further, that the limitation on liability provided by this sentence shall not be applicable if the Reportable Event relates
to the Certificate Administrator or any party that the Certificate Administrator has engaged to perform its obligations under this
Agreement. Any reasonable fees assessed and any expenses incurred by the Certificate Administrator in connection with including
any Form 8-K Disclosure Information on Form 8-K pursuant to this paragraph shall be reimbursable to the Certificate Administrator
out of the Collection Account as an Additional Trust Fund Expense.

 

After preparing the
Form 8-K, the Certificate Administrator shall, no later than the end of the Business Day (New York City time) on the 3rd Business
Day after the Reportable Event, forward electronically a copy of the Form 8-K to the Depositor for review and approval and the
Depositor shall promptly notify the Certificate Administrator in writing (which may be furnished electronically) of any changes
to the Form 8-K. No later than noon on the 4th Business Day (New York City time) after the Reportable Event, a duly authorized
representative of the

 

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Depositor shall sign the Form 8-K and return an electronic or fax copy of such signed Form 8-K (with an original
executed hard copy to follow by overnight mail) to the Certificate Administrator. The Certificate Administrator shall file such
Form 8-K, upon signature thereof as provided in Section 11.17, not later than (i) 5:30 p.m. (New York City time) on
the 4th Business Day following the reportable event or (ii) such other time as the Depositor and the Certificate Administrator
mutually agree is permitted by the Commission for the filing such Form 8-K. If a Form 8-K cannot be filed on time or if a previously
filed Form 8-K needs to be amended, the Certificate Administrator will follow the procedures set forth in Section 11.11(b).
After filing with the Commission, the Certificate Administrator will, pursuant to Section 8.12(b), make available on
the Certificate Administrator’s Website a final executed copy of each Form 8-K prepared and filed by the Certificate Administrator.
The parties to this Agreement acknowledge that the performance by the Certificate Administrator of its duties under this Section 11.10
related to the timely preparation and filing of Form 8-K is contingent upon such parties observing all applicable deadlines in
the performance of their duties under this Section 11.10. The Certificate Administrator shall have no liability for
any loss, expense, damage, claim arising out of or with respect to any failure to properly prepare, arrange for execution and/or
timely file such Form 8-K, where such failure results from the Certificate Administrator’s inability or failure to receive
approved Form 8-K Disclosure Information within the applicable timeframes set forth in this Section 11.10 and not resulting
from the Certificate Administrator’s own negligence, bad faith or willful misconduct (provided that to the extent
that the Certificate Administrator is notified of such Reportable Event and it does not receive the necessary Form 8–K Disclosure
Information, it will notify the Depositor that it has not received such information and further provided that the limitation
on liability provided by this sentence shall not be applicable if the Reportable Event relates to the Certificate Administrator
or any party that the Certificate Administrator has engaged to perform its obligations under this Agreement).

 

Section
11.11     Suspension of Exchange Act Filings; Incomplete Exchange Act Filings; Amendments to Exchange Act Reports.
  (a)   If at any time the Trust is permitted to suspend its reporting obligations
under the Exchange Act, on or before January 30 of the first year in which the Certificate Administrator is able to do so under
applicable law, the Depositor shall direct the Certificate Administrator to prepare and file any form necessary to be filed with
the Commission to suspend such reporting obligations and, to the extent required, the Depositor shall sign such form. With respect
to any reporting period occurring after the filing of such form, the obligations of the parties to this Agreement under Section 11.01,
Section 11.04, Section 11.07, Section 11.08, Section 11.09 and Section 11.10
above shall be suspended. The Certificate Administrator shall provide prompt notice to the Depositor, the Master Servicers, the
Special Servicers, the Trustee, the Trust Advisor and the Mortgage Loan Sellers that such form has been filed.

 

(b)     If
the Certificate Administrator is unable to timely file with the Commission all or any required portion of any Form 8-K, Form 10-D
or Form 10-K required to be filed by this Agreement because required disclosure information either was not delivered to it or was
delivered to it after the delivery deadlines set forth in this Agreement or for any other reason, the Certificate Administrator
shall promptly notify (which notice (which may be sent by fax or by email notwithstanding the provisions of Section 12.05)
shall include the identity of those Reporting Servicers who either did not deliver such information or delivered such information
to it after the delivery deadlines set forth in this Agreement) the Depositor and each Reporting

 

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Servicer that failed to make such
delivery. In the case of Form 10-D and Form 10-K, each such Reporting Servicer shall cooperate with the Depositor and the Certificate
Administrator to prepare and file a Form 12b-25 and a Form 10-D/A and Form 10-K/A as applicable, pursuant to Rule 12b-25 under
the Exchange Act. In the case of Form 8-K, the Certificate Administrator shall, upon receipt of all required Form 8-K Disclosure
Information and upon the approval and direction of the Depositor, include such disclosure information on the next Form 10-D that
is required to be filed on behalf of the Trust. If any previously filed Form 8-K, Form 10-D or Form 10-K needs to be amended, the
Certificate Administrator shall notify the Depositor and such other parties as needed and such parties shall cooperate to prepare
any necessary Form 8-K/A, Form 10-D/A or Form 10-K/A. Any Form 12b-25 or any amendment to Form 8-K, Form 10-D or Form 10-K shall
be signed by the Depositor. The parties to this Agreement acknowledge that the performance by the Certificate Administrator of
its duties under this Section 11.11 related to the timely preparation and filing of a Form 12b-25 or any amendment
to Form 8-K, 10-D or 10-K is contingent upon the Master Servicers, the Special Servicers and the Depositor performing their duties
under this Section. The Certificate Administrator shall have no liability for any loss, expense, damage, claim arising out of or
with respect to any failure to properly prepare and/or timely file any such Form 12b-25 or any amendments to Forms 8-K, Form 10-D
or Form 10-K, where such failure results from the Certificate Administrator’s inability or failure to receive, on a timely
basis, any information from any other party hereto needed to prepare, arrange for execution or file such Form 12b-25 or any amendments
to Form 8-K, Form 10-D or Form 10-K, not resulting from its own negligence, bad faith or willful misconduct.

 

Section
11.12     Annual Compliance Statements.   (a)   The Master Servicers,
the Special Servicers, the Certificate Administrator, the Trustee (but only to the extent set forth in the last sentence of this
paragraph), any Additional Servicer and each Servicing Function Participant (if such Servicing Function Participant is a servicer
contemplated by Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB) (each, a “Certifying Servicer”) shall and
the Master Servicers and the Special Servicers shall (i) with respect to any Additional Servicer or Servicing Function Participant
(if such Servicing Function Participant is a servicer contemplated by Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB) that
is a Designated Sub-Servicer of such party, use commercially reasonable efforts to cause, and (ii) with respect to any other Additional
Servicer or Servicing Function Participant (if such Servicing Function Participant is a servicer contemplated by Item 1108(a)(2)(i),
(ii) or (iii) of Regulation AB), cause, each Additional Servicer and Servicing Function Participant (other than any party to this
Agreement) with which it has entered into a servicing relationship with respect to the Mortgage Loans to, deliver to the Depositor,
the Certificate Administrator, the Trust Advisor (in the case of a Special Servicer only), the Rule 17g-5 Information Provider
(who shall promptly post such report to the Rule 17g-5 Information Provider’s Website pursuant to Section 8.12(c)
of this Agreement) on or before March 1st (subject to a grace period through March 15th) of each year, commencing in 2016 (or,
in the case of an Additional Servicer or Servicing Function Participant with respect to a Special Servicer, such party shall provide
such Officer’s Certificate to such Special Servicer on or before March 1st (subject to a grace period through March 5th)),
an Officer’s Certificate stating, as to the signer thereof, that (A) a review of such Certifying Servicer’s activities
during a reporting period consisting of 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

 

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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 reporting period, 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 Certificate Administrator, shall prior to March 1st of each year, commencing in 2016, contact the Trustee and inquire
as to whether any Advance was required to be made by the Trustee during the preceding calendar year, and if no such Advance was
required to be made by the Trustee, then the Trustee shall not be required to deliver any compliance statement required by this
Section 11.12(a) for such period.

 

(b)              
Promptly after receipt of each such Officer’s Certificate, the Depositor (and each Other Depositor) shall have
the right to review such Officer’s Certificate and, if applicable, consult with each Certifying Servicer, as applicable,
as to the nature of any failures by such Certifying Servicer, in the fulfillment of any of the Certifying Servicer’s obligations
hereunder or under the applicable sub-servicing agreement. None of the Certifying Servicers or any Additional Servicer or any Servicing
Function Participant shall be required to deliver, or to endeavor to cause the delivery of, any such Officer’s Certificate
until April 15, in any given year so long as it has received written confirmation from the Depositor that a Form 10-K is not required
to be filed in respect of the Trust for the preceding calendar year. The Depositor will provide such written notice if such Form
10-K is not required. If any Certifying 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 Certifying Servicer shall provide the Officer’s
Certificate pursuant to this Section 11.12 with respect to the period of time it was subject to this Agreement or the
applicable Sub-Servicing Agreement or primary servicing agreement, as the case may be.

 

(c)              
With respect to any Non-Trust-Serviced Pooled Mortgage Loan serviced under a Non-Trust Pooling and Servicing Agreement,
the Certificate Administrator will use reasonable efforts to obtain, and upon receipt deliver to the Depositor, from the Non-Trust
Master Servicer, the Non-Trust Special Servicer, the Non-Trust Trustee and the Non-Trust Paying Agent or Non-Trust Certificate
Administrator an Officer’s Certificate in form and substance similar to the Officer’s Certificate described in this
Section 11.12 or such other form as is set forth in the applicable Non-Trust Pooling and Servicing Agreement.

 

Section
11.13 Annual
Reports on Assessment of Compliance with Servicing Criteria. By March 1st (subject to a grace period through March 15th) of
each year, commencing in March 2016, the Master Servicers, the Special Servicers (regardless of whether such Special Servicer has
commenced special servicing of any Mortgage Loan), the Certificate Administrator, the Custodian, the Trustee, the Trust Advisor
and each Servicing Function Participant (each, a “Reporting Servicer”), each at its own expense, shall and the
applicable Master Servicer and the applicable Special Servicer shall (i) with respect to any Servicing Function Participant that
is a Designated Sub-Servicer of such party, use commercially reasonable efforts to cause, and (ii) with respect to any other Servicing
Function Participant of such party, cause, by March 1st (subject to a grace period through March 15th) each Servicing Function
Participant (other than (x) any party to this Agreement or (y) a Designated Sub-Servicer) with which it has entered into a servicing
relationship with respect to the Mortgage Loans to, furnish, each at its own expense, to the Trustee, the Certificate Administrator,
the Depositor (and to any Other Depositor and

 

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Other Trustee) and the Rule 17g-5 Information Provider (who shall promptly post such
report to the Rule 17g-5 Information Provider’s Website pursuant to Section 8.12(c) of this Agreement), a report
on an assessment of compliance with the Relevant Servicing Criteria with respect to commercial mortgage-backed securities transactions
taken as a whole involving such party that contains (A) a statement by such Reporting Servicer of its responsibility for assessing
compliance with the Relevant Servicing Criteria, (B) a statement that such Reporting Servicer used the Relevant Servicing Criteria
to assess compliance with the Relevant Servicing Criteria, (C) such Reporting Servicer’s assessment of compliance with the
Relevant Servicing Criteria as of and for the period ending the end of the fiscal year covered by the Form 10-K required to be
filed pursuant to Section 11.08, 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 11.13
shall be made available to any Privileged Person by the Certificate Administrator pursuant to Section 8.12(b) of this
Agreement and to any Rating Agency and NRSRO by the Rule 17g-5 Information Provider pursuant to Section 8.12(c) of
this Agreement.

 

No later than 10 Business
Days after the end of each fiscal year for the Trust (and any Other Securitization) for which a Form 10-K is required to be filed,
the Master Servicers and the Special Servicers shall each forward to the Certificate Administrator and the Depositor (and to any
Other Depositor and any Other Trustee) the name and contact information of each Servicing Function Participant engaged by it during
such year or portion thereof (except with respect to any Designated Sub-Servicer) and what Relevant Servicing Criteria will be
addressed in the report on assessment of compliance prepared by such Servicing Function Participant. When the Master Servicers,
the Special Servicers, the Certificate Administrator, the Custodian, the Trustee, the Trust Advisor and each Servicing Function
Participant submit their respective assessments by March 1st (subject to a grace period through March 15th), as applicable, to
the Certificate Administrator, each such party shall also at such time, if it has received the assessment (and attestation pursuant
to Section 11.14) of each Servicing Function Participant engaged by it, include such assessment (and attestation) in
its submission to the Certificate Administrator.

 

Promptly after receipt
of each such report on assessment of compliance, (i) the Depositor (and any Other Depositor) shall have the right to review each
such report and, if applicable, consult with the Master Servicers, the Special Servicers, the Certificate Administrator, the Custodian,
the Trustee, the Trust Advisor and any Servicing Function Participant as to the nature of any material instance of noncompliance
with the Relevant Servicing Criteria by such party, and (ii) the Certificate Administrator shall confirm that the assessments,
taken individually address the Relevant Servicing Criteria for each party as set forth on Schedule III and notify the Depositor
(and any Other Depositor) of any exceptions. None of the Master Servicers, the Special Servicers, the Certificate Administrator,
the Custodian, the Trustee, the Trust Advisor or any Servicing Function Participant shall be required to deliver, or to endeavor
to cause the delivery of, any such reports until April 15 in any given year so long as it has received written confirmation from
the Depositor (and any Other Depositor) that a Form 10-K is not required to be filed in respect of the Trust (or, in the case of
Serviced Pari Passu Companion Loan, the related Other Securitization that includes such Serviced Pari Passu Companion Loan) for
the preceding calendar year. The Depositor will provide such written notice if such Form 10-K is

 

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not required. If any Reporting
Servicer is terminated or resigns pursuant to the terms of this Agreement, or any applicable Sub-Servicing Agreement or primary
servicing agreement, as the case may be, such Reporting Servicer shall provide the reports and statements pursuant to this Section 11.13
with respect to the period of time it was subject to this Agreement or the applicable Sub-Servicing Agreement or primary servicing
agreement, as the case may be.

 

The parties hereto
acknowledge that a material instance of noncompliance with the Relevant Servicing Criteria reported on an assessment of compliance
pursuant to this Section 11.13 by a Master Servicer, a Special Servicer, the Certificate Administrator, the Trustee,
the Trust Advisor or the Custodian shall not, as a result of being so reported, in and of itself, constitute a breach of such parties’
obligations or a Servicer Termination Event, as applicable, under this Agreement unless otherwise provided for in this Agreement.

 

With respect to any
Non-Trust-Serviced Pooled Mortgage Loan serviced under a Non-Trust Pooling and Servicing Agreement, the Certificate Administrator
will use 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 11.14 from the Non-Trust Master Servicer, the
Non-Trust Special Servicer, the Non-Trust Trustee and the Non-Trust Paying Agent or Non-Trust Certificate Administrator and in
form and substance similar to the annual report on assessment of compliance described in this Section 11.13 and the
attestation described in Section 11.14 below.

 

Section
11.14 Annual
Independent Public Accountants’ Servicing Report. By March 1st (subject to a grace period through March 15th), of each
year, commencing in March 2016 (or, in the case of an Additional Servicer or Servicing Function Participant with respect to the
applicable Special Servicer, such party shall provide such report to such Special Servicer on or before March 1st (subject to a
grace period through March 5th)), each Reporting Servicer, each at its own expense, shall cause, and each Reporting Servicer, as
applicable, shall (i) with respect to any Servicing Function Participant that is a Designated Sub-Servicer, use commercially reasonable
efforts to cause and (ii) with respect to any other Servicing Function Participant, cause, each Servicing Function Participant
(other than any party to this Agreement) with which it has entered into a servicing relationship with respect to the Mortgage Loans,
each at such Servicing Function Participant’s own expense, a registered public accounting firm (which may also render other
services to such Reporting Servicer or such Servicing Function Participant, as the case may be) and that is a member of the American
Institute of Certified Public Accountants to furnish a report to the Trustee, the Certificate Administrator, the Depositor, the
Trust Advisor (in the case of a Special Servicer only) (and to any Other Depositor and Other Trustee) and the Rule 17g-5 Information
Provider (who shall promptly post such report to the Rule 17g-5 Information Provider’s Website pursuant to Section 8.12(c)
of this Agreement), to the effect that (i) it has obtained a representation regarding certain matters from the management of such
Reporting Servicer, which includes an assessment from such Reporting Servicer of its compliance with the Relevant Servicing Criteria
in all material respects, and (ii) on the basis of an examination conducted by such firm in accordance with standards for attestation
engagements issued or adopted by the PCAOB, it is expressing an opinion as to whether such Reporting Servicer’s compliance
with the Relevant Servicing Criteria was fairly stated in all material respects, or it cannot express an overall opinion regarding
such Reporting Servicer’s assessment of compliance with the Relevant Servicing Criteria. If an overall opinion cannot be
expressed,

 

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such registered public accounting firm shall state in such report why it was unable to express such an opinion. Such
report must be available for general use and not contain restricted use language.

 

Promptly after receipt
of such report from each Reporting Servicer, (i) the Depositor shall have the right to review the report and, if applicable, consult
with the related Reporting Servicer as to the nature of any material instance of noncompliance by such Reporting Servicer with
the Servicing Criteria applicable to such person, as the case may be, in the fulfillment of any of such Reporting Servicer’s
obligations hereunder or under any applicable Sub-Servicing Agreement or primary servicing agreement, and (ii) the Certificate
Administrator shall confirm that each assessment submitted pursuant to Section 11.13 above is coupled with an attestation
meeting the requirements of this Section and notify the Depositor and any Other Depositor of any exceptions. No Reporting Servicer
shall be required to deliver, or to endeavor to cause the delivery of, such reports until April 15 in any given year so long as
it has received written confirmation from the Depositor that a Form 10-K is not required to be filed in respect of the Trust for
the preceding calendar year. The Depositor will provide such written notice if such Form 10-K is not required. If any Reporting
Servicer is terminated or resigns pursuant to the terms of this Agreement, or any applicable Sub-Servicing Agreement or primary
servicing agreement, as the case may be, such Reporting Servicer shall provide the report pursuant to this Section 11.14
with respect to the period of time it was subject to this Agreement or the applicable Sub-Servicing Agreement or primary servicing
agreement, as the case may be.

 

Section
11.15 Exchange
Act Reporting Indemnification. Each of the Master Servicers, the Special Servicers, the Certificate Administrator, the Trust
Advisor and the Trustee shall indemnify and hold harmless each Certification Party, the Depositor and any Other Depositor, their
respective directors and officers, and each other person who controls any such entity within the meaning of either Section 15
of the Securities Act or Section 20 of the Exchange Act, against any and all expenses, losses, claims, damages and other liabilities,
including without limitation the costs of investigation, legal defense and any amounts paid in settlement of any claim or litigation
arising out of (i) the failure to perform its obligations to the Depositor or any Other Depositor or Certificate Administrator
(or any Other Trustee) under this Article XI by the time required after giving effect to any applicable grace period or
cure period or (ii) the failure of any Servicing Function Participant or Additional Servicer retained by it (other than a Designated
Sub-Servicer) to perform its obligations to the Depositor or any Other Depositor or Certificate Administrator or any Other Trustee
under this Article XI by the time required after giving effect to any applicable grace period and cure period or (iii)
any Deficient Exchange Act Deliverable regarding, and delivered by or on behalf of, such party.

 

In addition, each of
the applicable Master Servicer, the applicable Special Servicer, the Trust Advisor, the Certificate Administrator, the Tax Administrator,
the Custodian and the Trustee shall cooperate (and require each Servicing Function Participant and Additional Servicer retained
by it to cooperate under the applicable Sub-Servicing Agreement) with the Depositor and any Other Depositor as necessary for the
Depositor or Other Depositor to conduct any reasonable due diligence necessary to evaluate and assess any material instances of
non-compliance disclosed in any of the deliverables required by the applicable reporting requirements under the Securities Act,
the Exchange Act, the Sarbanes-Oxley Act and the rules and regulations promulgated thereunder (“Reporting Requirements”).

 

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In connection with
comments provided to the Depositor or any Other Depositor from the Commission regarding information (x) delivered by the applicable
Master Servicer, the applicable Special Servicer, the Trust Advisor, the Certificate Administrator, the Tax Administrator, the
Custodian, the Trustee, a Servicing Function Participant or an Additional Servicer, as applicable (“Affected Reporting
Party”), (y) regarding such Affected Reporting Party, and (z) prepared by such Affected Reporting Party or any registered
public accounting firm, attorney or other agent retained by such party to prepare such information, which information is contained
in a report filed by the Depositor or Other Depositor under the Reporting Requirements and which comments are received subsequent
to the Depositor’s or Other Depositor’s filing of such report, the Depositor or 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 Other
Depositor’s response to the Commission, unless such Affected Reporting Party elects, with the consent of the Depositor or
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 applicable Master Servicer, the applicable 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 Other Depositor informed
of its progress with the Commission and copy the Depositor or Other Depositor on all correspondence with the Commission and provide
the Depositor or Other Depositor with the opportunity to participate (at the Depositor’s or Other’s Depositor’s
expense) in any telephone conferences and meetings with the Commission and (ii) the Depositor or Other Depositor shall cooperate
with any Affected Reporting Party in order to authorize such Affected Reporting Party and its representatives to respond to and
negotiate directly with the Commission with respect to any comments from the Commission relating to such Affected Reporting Party
and to notify the Commission of such authorization. The Depositor (or Other Depositor) and the Affected Reporting Party shall cooperate
and coordinate with one another with respect to any requests made to the Commission for extension of time for submitting a response
or compliance. All respective reasonable out-of-pocket costs and expenses incurred by the Depositor or Other Depositor (including
reasonable legal fees and expenses of outside counsel to the Depositor or Other Depositor) in connection with the foregoing (other
than those costs and expenses required to be at the Depositor’s or Other Depositor’s expense as set forth above) and
any amendments to any reports filed with the Commission therewith shall be promptly paid by the applicable Affected Reporting Party
upon receipt of an itemized invoice from the Depositor or Other Depositor. Each of the applicable Master Servicer, the applicable
Special Servicer, the Trust Advisor, the Certificate Administrator, the Tax 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.

 

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The Master Servicers,
the Special Servicers, the Certificate Administrator and the Trustee and the Trust Advisor shall use commercially reasonable efforts
to cause each related Servicing Function Participant (other than any party to this Agreement) with which it has entered into a
servicing relationship with respect to the Mortgage Loans, to indemnify and hold harmless the Certification Parties from and against
any losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments and other costs and expenses
incurred by such Certification Party arising out of (i) a breach of its obligations to provide any of the annual compliance statements
or annual assessment of servicing criteria or attestation reports pursuant to this Agreement, or the applicable Sub-Servicing Agreement
or primary servicing agreement, as applicable or (ii) other than with respect to Designated Sub-Servicers, any Deficient Exchange
Act Deliverable regarding, and delivered by or on behalf of, such Servicing Function Participant.

 

If the indemnification
provided for herein is unavailable or insufficient to hold harmless any Certification Party, then the Master Servicers, the Special
Servicers, the Certificate Administrator, the Trustee, the Trust Advisor, each Additional Servicer or other Servicing Function
Participant (the “Performing Party”) shall use commercially reasonable efforts to cause each Servicing Function
Participant (other than any party to this Agreement) with which it has entered into a servicing relationship with respect to the
Mortgage Loans, to contribute to the amount paid or payable to the Certification Party as a result of the losses, claims, damages
or liabilities of the Certification Party in such proportion as is appropriate to reflect the relative fault of the Certification
Party on the one hand and the Performing Party on the other in connection with a breach of the Performing Party’s obligations
pursuant to this Article XI. The Master Servicers, the Special Servicers, the Certificate Administrator, the Trust Advisor
and the Trustee shall use commercially reasonable efforts to cause each related Servicing Function Participant (other than any
party to this Agreement) with which it has entered into a servicing relationship with respect to the Mortgage Loans to agree to
the foregoing indemnification and contribution obligations.

 

Promptly after receipt
by an indemnified party of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof
is to be made against the indemnifying party hereunder, notify in writing the indemnifying party of the commencement thereof; but
the omission to so notify the indemnifying party shall not relieve it from any liability which it may have to any indemnified party
under this Agreement except to the extent that such omission to notify materially prejudices the indemnifying party. In case any
such action is brought against any indemnified party, after the indemnifying party has been notified of the commencement of such
action, such indemnifying party shall be entitled to participate therein (at its own expense) and, to the extent that it may wish,
shall be entitled to assume the defense thereof (jointly with any other indemnifying party similarly notified) with counsel reasonably
satisfactory to such indemnified party (which approval shall not be unreasonably withheld or delayed), and after notice from the
indemnifying party to such indemnified party of its election to so assume the defense thereof, the indemnifying party shall not
be liable to such indemnified party for any expenses subsequently incurred in connection with the defense thereof other than reasonable
costs of investigation. In any such proceeding, any indemnified party shall have the right to retain its own counsel, but the fees
and expenses of such counsel shall be at the expense of such indemnified party unless (i) the indemnifying party and the indemnified
party shall have agreed to the retention of such counsel, (ii) the named parties to any such proceeding (including any impleaded
parties) include both the indemnifying party and the indemnified party and

 

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representation of both parties by the same counsel would
be inappropriate due to actual or potential differing interests between them or (iii) the indemnifying party fails, within a reasonable
period of time, to designate counsel that is reasonably satisfactory to the indemnified party (which approval shall not be unreasonably
withheld or delayed). In no event shall the indemnifying parties be liable for fees and expenses of more than one counsel (in addition
to any local counsel) in any one jurisdiction separate from their own counsel for all indemnified parties in connection with any
one action or separate but similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances.
An indemnifying party shall not be liable for any settlement of any proceeding effected without its written consent. However, if
settled with such consent, the indemnifying party shall indemnify the indemnified party from and against any loss or liability
by reason of such settlement to the extent that the indemnifying party is otherwise required to do so under this Agreement. If
an indemnifying party assumes the defense of any proceeding, it shall be entitled to settle such proceeding with the consent of
the indemnified party (which consent shall not be unreasonably withheld or delayed) or, if such settlement (i) provides for an
unconditional release of the indemnified party in connection with all matters relating to the proceeding that have been asserted
against the indemnified party in such proceeding by the other parties to such settlement and (ii) does not require an admission
of fault by the indemnified party, without the consent of the indemnified party.

 

Section
11.16 Amendments.
This Article XI may be amended by the written consent of all the parties hereto pursuant to Section 12.01 for
purposes of complying with Regulation AB without, in each case, any Opinions of Counsel, Officer’s Certificates, Rating Agency
Confirmations or the consent of any Certificateholder, notwithstanding anything to the contrary contained in this Agreement; provided
that no such amendment shall eliminate the reports or statements required by Section 11.12, Section 11.13
or Section 11.14 without the receipt of a letter from each Rating Agency confirming that the elimination of such reports
and certificates will not result in a downgrade, qualification or withdrawal of the then-current rating of the Certificates.

 

Section
11.17 Exchange Act Report Signatures; Delivery
of Notices; Interpretation of Grace Periods. (a) Each Form 8-K report, Form 10-D report and Form 10-K report shall be
signed by the Depositor in accordance with procedures to be agreed upon by the Depositor and the Certificate Administrator.
The signing party at the Depositor can be contacted at c/o Wells Fargo Securities, LLC, 375 Park Avenue, 2nd Floor,
J0127-023, New York, New York 10152, Attention: A.J. Sfarra, with a copy to: Jeff D. Blake, Esq., Wells Fargo Law Department,
D1053-300, 301 South College St., Charlotte, North Carolina 28288.

 

(b)              
Notwithstanding anything in Section 11.05 to the contrary, any notice required to be delivered to (i)
the Depositor under this Article XI shall be properly given if sent by facsimile to (212) 214-8970, Attention: A.J. Sfarra,
with a copy to (704) 715-2378, Attention: Jeff D. Blake, Esq. (or such other number as the Depositor may instruct) and/or by email
to anthony.sfarra@wellsfargo.com, with a copy to jeff.blake@wellsfargo.com (or such other email address as the Depositor may instruct)
and (ii) to the Certificate Administrator under this Article XI shall be properly given if sent by facsimile to (410) 715-2380,
Attention: SEC Notifications, or such other number as the Certificate Administrator may instruct and/or by email to

 

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cts.sec.notifications@wellsfargo.com
(or such other email address as the Certificate Administrator may instruct).

 

(c)              
For the avoidance of doubt:

 

(i)                 
neither a Master Servicer nor a Special Servicer shall be subject to a Servicer Termination Event pursuant to either
the last clause of the definition of Servicer Termination Event nor shall any such party be deemed to not be in compliance under
this Agreement, during any grace period provided for in this Article XI, provided that if any such party fails to
comply with the delivery requirements of this Article XI by the expiration of any applicable grace period such failure shall
constitute a Servicer Termination Event;

 

(ii)                
neither a Master Servicer nor a Special Servicer shall be subject to a Servicer Termination Event pursuant to either
the last clause of the definition of Servicer Termination Event nor shall any such party be deemed to not be in compliance under
this Agreement, for failing to deliver any item required under this Article XI by the time required hereunder with respect
to any reporting period for which the Trust is not required to file Exchange Act reports; and

 

(iii)               
neither a Master Servicer nor a Special Servicer shall be subject to a Servicer Termination Event pursuant to the
last clause of the definition of Servicer Termination Event, nor shall any such party be deemed to not be in compliance under this
Agreement, in connection with any failure of a Servicing Function Participant, Sub-Servicing Entity, Sub-Servicer or Designated
Sub-Servicer that was hired or engaged by the other to deliver any Exchange Act reporting items that such Servicing Function Participant,
Sub-Servicing Entity, Sub-Servicer or Designated Sub-Servicer is required to deliver.

 

(d)              
In the event the Certificate Administrator or the Depositor does not receive the assessment of compliance and/or
the attestation report with respect to any Servicing Function Participant, or with respect to any Servicing Function Participant
retained or engaged by a party hereto that is actually known by a Responsible Officer of the Certificate Administrator or the Depositor,
as the case may be, by March 15th of any year during which an annual report on Form 10-K is required to be filed with the Commission
with respect to the Trust, then the Certificate Administrator shall, and the Depositor may, forward a Servicer Notice to such Servicing
Function Participant or the party hereto that retained or engaged such Servicing Function Participant, as the case may be, with
a copy of such Servicer Notice to the Depositor (if the Certificate Administrator is sending the Servicer Notice) or the Certificate
Administrator (if the Depositor is sending the Servicer Notice), as applicable, within two (2) Business Days of such failure. For
the purposes of this Article XI and Section 7.01 of this Agreement, a “Servicer Notice” shall
constitute either any writing forwarded to such party or, in the case of the Master Servicers and the Special Servicers, notwithstanding
the provisions of Section 12.05, e-mail notice or fax notice which, in the case of an email transmission, shall be
forwarded to all of the following e-mail addresses for the applicable party: in the case of a Master Servicer, to the applicable
email address as provided in Section 12.06, and in the case of a Special Servicer, to the applicable e-mail address
as provided in Section 12.06, or such other e-mail addresses as are

 

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provided in writing by such Master Servicer or such
Special Servicer, as applicable, to the Certificate Administrator and the Depositor (but any party to this Agreement (or someone
acting on their behalf) shall only be required to forward any such notice to be delivered to each Master Servicer to no more than
three e-mail addresses in the aggregate in order to fulfill its notification requirements as set forth in the preceding sentence
and/or under the provisions of Section 7.01. Notwithstanding anything herein to the contrary, the forwarding of a Servicer
Notice shall not relieve any Master Servicer or Special Servicer of any liability under Section 7.01(a)(xii) for the
failure of any Servicing Function Participant or Sub-Servicing Entity to deliver any Exchange Act reporting items pursuant to this
Article XI.

 

Section
11.18  Termination
of the Certificate Administrator. Notwithstanding anything to the contrary contained in this Agreement, the Depositor may terminate
the Certificate Administrator upon five Business Days’ notice if the Certificate Administrator fails to comply with any of
its obligations under this Article XI; provided that (a) such termination shall not be effective until a successor
certificate administrator shall have accepted the appointment, (b) the Certificate Administrator may not be terminated if it cannot
perform its obligations due to its failure to properly prepare or file on a timely basis any Form 8-K, Form 10-K or Form 10-D or
any amendments to such forms or any Form 12b-25 where such failure results from the Certificate Administrator’s inability
or failure to receive, within the exact time frames set forth in this Agreement any information, approval, direction or signature
from any other party hereto needed to prepare, arrange for execution or file any such Form 8-K, Form 10-K or Form 10-D or any amendments
to such forms or any form 12b-25 not resulting from its own negligence, bad faith or willful misconduct, (c) if, following the
Certificate Administrator’s failure to comply with any of such obligations under Section 11.07, Section 11.08,
Section 11.10, Section 11.12, Section 11.13 or Section 11.14 on or prior to the
dates and times by which such obligations are to be performed pursuant to, and as set forth in, such Sections the Certificate Administrator
subsequently complies with such obligations before the Depositor gives written notice to it that it is terminated in accordance
with this Section 11.18 and (d) the Certificate Administrator may not be terminated if the Certificate Administrator’s
failure to comply does not cause it to fail in its obligations to timely file the related Form 8-K, Form 10-D or Form 10-K, as
the case may be, by the related deadline for filing such Form 8-K, Form 10-D or Form 10-K, then the Depositor shall cease to have
the right to terminate the Certificate Administrator under this Section 11.18 on the date on which such Form 8-K, Form
10-D or Form 10-K is so filed.

 

Article
XII

MISCELLANEOUS PROVISIONS

 

Section
12.01 Amendment. (a) This Agreement may be amended
from time to time by the mutual agreement of the parties hereto, without the consent of any of the Certificateholders or any of
the Pari Passu Companion Loan Holders, (i) to cure any ambiguity, (ii) to correct, modify or supplement any provision herein which
may be inconsistent with any other provision herein or to correct any error, (iii) to cause the provisions of this Agreement to
conform or be consistent with or in furtherance of the statements made in the Prospectus Supplement (or, in the Private Placement
Memorandum relating to the Non-Registered Certificates) made with respect to the Certificates, the Trust or this Agreement, (iv)
to make any other provisions with respect to matters or questions arising hereunder which shall not be inconsistent with the then
existing

 

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provisions hereof, (v) as evidenced by an Opinion of Counsel delivered to the Trustee, the Master Servicers and the Special
Servicers, to relax or eliminate (A) any requirement hereunder imposed by the REMIC Provisions (if the REMIC Provisions are amended
or clarified such that any such requirement may be relaxed or eliminated) or (B) any transfer restriction imposed on the Certificates
pursuant to Section 5.02(b) or Section 5.02(c) (if applicable law is amended or clarified such that any
such restriction may be relaxed or eliminated), (vi) as evidenced by an Opinion of Counsel delivered to the Trustee, either (X)
to comply with any requirements imposed by the Code or any successor or amendatory statute or any temporary or final regulation,
revenue ruling, revenue procedure or other written official announcement or interpretation relating to federal income tax laws
or any such proposed action which, if made effective, would apply retroactively to any REMIC Pool or the Grantor Trust Pool at
least from the effective date of such amendment, or (Y) to avoid the occurrence of a prohibited transaction or to reduce the incidence
of any tax that would arise from any actions taken with respect to the operation of any REMIC Pool or the Grantor Trust Pool,
(vii) subject to Section 5.02(d)(iv), to modify, add to or eliminate any of the provisions of Section 5.02(d)(i),
Section 5.02(d)(ii) or Section 5.02(d)(iii), (viii) to avoid an Adverse Rating Event with respect to any
Class of Rated Certificates; (ix) for the purpose of amending the duties and procedures by which the Rule 17g-5 Information Provider
is bound or (x) in the event of a TIA Applicability Determination, to modify, eliminate or add to the provisions of this Agreement
to (A) such extent as shall be 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)
modify such other provisions as are necessary to conform this Agreement and be consistent with the modifications made pursuant
to the preceding clause (A); provided that: (1) any such amendment for the specific purposes described in clause (iv),
(vii) or (ix) above shall not adversely affect in any material respect the interests of any Certificateholder or
any third party beneficiary of this Agreement or of any provision hereof, as evidenced by the Trustee’s and Certificate
Administrator’s receipt of an Independent Opinion of Counsel to that effect; (2) no such amendment may adversely affect
any Serviced Pari Passu Companion Loan Holder related to any Serviced Loan Combination then serviced and administered under this
Agreement without the written consent of such Serviced Pari Passu Companion Loan Holder; and (3) no such amendment may materially
adversely affect the rights, or increase the obligations, of any Mortgage Loan Seller under this Agreement or the related Mortgage
Loan Purchase Agreement without the written consent of such Mortgage Loan Seller.

 

This Agreement may
also be amended as provided in Section 3.27(h), subject to Section 12.01(c) and Section 12.01(g).

 

(b)              
This Agreement may also be amended from time to time by the mutual agreement of the parties hereto, with the consent
of (1) the Holders of Certificates entitled to not less than 66-2/3% of the Voting Rights allocated to each Class of Certificates
that is materially affected by the amendment and without the consent of any of the Pari Passu Companion Loan Holders and (2) any
Serviced Pari Passu Companion Loan Holders materially 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 Holders
of Certificates or a Serviced Pari Passu Companion Loan Holder; provided that no such amendment shall (i) reduce in any
manner the amount of, or delay the timing of, payments received on the Certificates without the consent of each affected Certificateholder,
or which are to be distributed

 

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to any Serviced Pari Passu Companion Loan Holder without the consent of any Serviced Pari Passu
Companion Loan Holder, (ii) reduce the aforesaid percentage of the Voting Rights which are required to consent to any such amendment,
without the consent of all the holders of each Class of Certificates affected thereby, (iii) adversely affect the status of any
REMIC Pool as a REMIC under the Code, without the consent of 100% of the Certificateholders, (iv) adversely affect the status of
the Grantor Trust Pool as a Grantor Trust under the Code, without the consent of 100% of the Certificateholders of the Class of
Certificates that evidences the entirety of the interests in the related portion of the Grantor Trust Pool, (v) amend this Section 12.01
without the consent of all the Holders of all Certificates of the Class(es) affected thereby and the consent of any Serviced Pari
Passu Companion Loan Holder if affected thereby, (vi) otherwise materially adversely affect any Class of Certificateholders without
the consent of all of the Certificateholders of that Class, (vii) materially adversely affect the holder of any Serviced Pari Passu
Companion Loan without the consent of such holder, or (viii) materially adversely affect the rights, or increase the obligations,
of any Mortgage Loan Seller under this Agreement or the related Mortgage Loan Purchase Agreement without the written consent of
such Mortgage Loan Seller. The Trustee shall not agree to amend any Mortgage Loan Purchase Agreement in any manner that would adversely
affect in any material respect the interests of the Holders of any Class of Certificates, except with the consent of the Holders
of all Certificates of such Class. Notwithstanding any other provision of this Agreement, for purposes of the giving or withholding
of consents pursuant to this Section 12.01, Certificates registered in the name of the Depositor or any Affiliate of
the Depositor shall be entitled to the same Voting Rights with respect to the matters described above as they would if registered
in the name of any other Person.

 

In addition, this Agreement
shall not be amended in any manner that materially adversely affects any Serviced Pari Passu Companion Loan without the consent
of any related Serviced Pari Passu Companion Loan Holder.

 

(c)              
Notwithstanding any contrary provision of this Agreement, none of the Certificate Administrator, the Trustee, the
Master Servicers, the Special Servicers, or Trust Advisor shall consent to any amendment to this Agreement unless it shall first
have obtained or been furnished with an Opinion of Counsel to the effect that (i) neither such amendment nor the exercise of any
power granted to any party hereto in accordance with such amendment will result in an Adverse REMIC Event with respect to any REMIC
Pool or an Adverse Grantor Trust Event with respect to the Grantor Trust Pool and (ii) such amendment is authorized or permitted
hereunder and all conditions precedent to such amendment have been met.

 

(d)              
At least five (5) Business Days prior to the execution of any proposed amendment by the parties hereto, the party
requesting such amendment shall provide notice of such amendment (together with a proposed draft of such amendment) to the Rule
17g-5 Information Provider, who shall promptly post such materials to the Rule 17g-5 Information Provider’s Website. Promptly
after the execution and delivery of any amendment by all parties thereto, the Certificate Administrator shall deliver a copy thereof
to each Certificateholder and any Serviced Pari Passu Companion Loan Holder and shall notify the Rule 17g-5 Information Provider,
who shall promptly post a copy of such amendment to the Rule 17g-5 Information Provider’s Website.

 

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(e)              
It shall not be necessary for the consent of Certificateholders under this Section 12.01 to approve the
particular form of any proposed amendment, but it shall be sufficient if such consent shall approve the substance thereof. The
manner of obtaining such consents and of evidencing the authorization, execution and delivery thereof by Certificateholders shall
be subject to such reasonable regulations as the Trustee may prescribe.

 

(f)                
The Trustee and the Certificate Administrator each may but shall not be obligated to enter into any amendment pursuant
to this Section 12.01 that affects its rights, duties and immunities under this Agreement or otherwise.

 

(g)              
The cost of any Opinion of Counsel to be delivered pursuant to Section 12.01(a) or Section 12.01(c)
shall be borne by the Person seeking the related amendment, except that if the Trustee requests any amendment of this Agreement
that it reasonably believes protects or is in furtherance of the rights and interests of Certificateholders, the cost of any Opinion
of Counsel required in connection therewith pursuant to Section 12.01(a) or Section 12.01(c) shall be payable
out of the Distribution Account as an Additional Trust Fund Expense; provided, however, if such amendment is requested
by any other party for the benefit of Certificateholders as evidenced by an Officer’s Certificate to such effect delivered
by such requesting party, the expense of any related Opinion of Counsel shall be an expense of the Trust.

 

Section
12.02 Recordation of Agreement; Counterparts. (a)
To the extent permitted by applicable law, this Agreement is subject to recordation in all appropriate public offices for real
property records in all the counties or other comparable jurisdictions in which any or all of the properties subject to the Mortgages
are situated, and in any other appropriate public recording office or elsewhere, such recordation to be effected by the Trustee
at the expense of the Trust (payable out of the Distribution Account), but only if (i) a Master Servicer or a Special Servicer,
as applicable, determines in its reasonable good faith judgment, that such recordation materially and beneficially affects the
interests of the Certificateholders and so informs the Trustee in writing and (ii) the Subordinate Class Representative consents.

 

(b)              
For the purpose of facilitating the recordation of this Agreement as herein provided and for other purposes, this
Agreement may be executed simultaneously in any number of counterparts, each of which counterparts shall be deemed to be an original,
and such counterparts shall constitute but one and the same instrument. Delivery of an executed counterpart of a signature page
of this Agreement in Portable Document Format (PDF) or by facsimile transmission shall be as effective as delivery of a manually
executed original counterpart of this Agreement.

 

Section
12.03 Limitation on Rights of Certificateholders. (a)
The death or incapacity of any Certificateholder or Pari Passu Companion Loan Holder shall not operate to terminate this Agreement
or the Trust, nor entitle such Certificateholder’s or Pari Passu Companion Loan Holder’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, nor
otherwise affect the rights, obligations and liabilities of the parties hereto or any of them.

 

(b)              
No Certificateholder or Pari Passu Companion Loan Holder shall have any right to vote (except as expressly provided
for herein) or in any manner otherwise control the

 

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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 and/or Pari Passu Companion Loan Holders from time to time as partners or members of an association; nor shall
any Certificateholder or Pari Passu Companion Loan Holder be under any liability to any third party by reason of any action taken
by the parties to this Agreement pursuant to any provision hereof.

 

(c)              
No Certificateholder or Pari Passu Companion Loan Holder shall have any right by virtue of any provision of this
Agreement or the Certificates to institute any suit, action or proceeding in equity or at law against any party hereto upon or
under or with respect to this Agreement or the Certificates, or any Borrower upon or under or with respect to any Mortgage Loan,
unless such Person previously shall have given to the Trustee a written notice of default hereunder, and of the continuance thereof,
as hereinbefore provided, and unless also (except in the case of a default by the Trustee) the Holders of Certificates entitled
to at least 25% of the Voting Rights (in the case of a Certificateholder) or the related Pari Passu Companion Loan Holder(s), as
the case may be, shall have made written request upon the Trustee to institute such action, suit or proceeding in its own name
as Trustee hereunder and shall have offered to the Trustee such reasonable indemnity satisfactory to it against the costs, expenses
and liabilities to be incurred therein or thereby, and the Trustee, for sixty (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 shall have any right in any manner whatsoever by virtue of any provision of this Agreement or the
Certificates to affect, disturb or prejudice the rights of any other Holders of Certificates, or to obtain or seek to obtain priority
over or preference to any other such Holder (which priority or preference is not otherwise provided for herein), or to enforce
any right under this Agreement or the Certificates, except in the manner herein or therein provided and for the equal, ratable
and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 12.03,
each and every Certificateholder and the Trustee shall be entitled to such relief as can be given either at law or in equity.

 

Section
12.04 Governing
Law; Consent to Jurisdiction; Waiver of Trial by Jury. THIS AGREEMENT AND THE CERTIFICATES AND ANY CLAIM, CONTROVERSY OR DISPUTE
ARISING UNDER OR RELATED TO OR IN CONNECTION WITH THIS AGREEMENT OR THE CERTIFICATES, THE RELATIONSHIP OF THE PARTIES, AND/OR THE
INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES WILL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO ANY CONFLICTS OF LAW PRINCIPLES OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. TO THE FULLEST EXTENT
PERMITTED UNDER APPLICABLE LAW, EACH OF THE PARTIES HERETO HEREBY (I) WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT
TO TRIAL BY JURY IN ANY ACTION, CLAIM, SUIT, PROCEEDING OR COUNTERCLAIM, WHETHER IN CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY
OR INDIRECTLY TO, OR ARISING DIRECTLY OR INDIRECTLY OUT OF, THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, AND (II) SUBMITS
TO THE JURISDICTION OF ANY NEW YORK STATE AND FEDERAL COURTS SITTING IN THE BOROUGH OF MANHATTAN IN NEW YORK CITY WITH

 

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RESPECT
TO MATTERS ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE RELATIONSHIP OF THE PARTIES, AND/OR THE INTERPRETATION AND ENFORCEMENT
OF THE RIGHTS AND DUTIES OF THE PARTIES.

 

Section
12.05  Notices.
Any communications provided for or permitted hereunder shall be in writing (including by facsimile) and, unless otherwise expressly
provided herein, shall be deemed to have been duly given when delivered to (or, in the case of facsimile notice, when received):
(i) in the case of the Depositor, c/o Wells Fargo Securities, LLC, 375 Park Avenue, 2nd Floor, J0127-023, New York, New York 10152,
Attention: A.J. Sfarra, with a copy to: Jeff D. Blake, Esq., Wells Fargo Law Department, D1053-300, 301 South College St., Charlotte,
North Carolina 28288; (ii) in the case of the General Master Servicer, Wells Fargo Bank, National Association, Commercial Mortgage
Servicing, 1901 Harrison Street, Oakland, California 94612, Attention: WFCM 2015-NXS3 Asset Manager, facsimile number: (866) 661-8969,
and Wells Fargo Bank, National Association, Commercial Mortgage Servicing, MAC D1086-120, 550 South Tryon Street, 14th Floor, Charlotte,
North Carolina 28202, Attention: WFCM 2015-NXS3, facsimile number: (704) 715-0036, with a copy to Wells Fargo Bank, National Association,
Legal Department, 301 S. College St., TW-30, Charlotte, North Carolina 28288-0630, Attention: Commercial Mortgage Servicing Legal
Support, Reference: WFCM 2015-NXS3; (iii) in the case of the NCB Master Servicer, National Cooperative Bank, N.A., 2011 Crystal
Drive, Suite 800, Arlington, Virginia 22202, Attention: Kathleen Luzik, Chief Operating Officer, facsimile number (703) 647-3470,
email: kluzik@ncb.coop, with a copy to National Cooperative Bank, N.A., 2011 Crystal Drive, Suite 800, Arlington, Virginia 22202,
Attention: Matthew Wehland, Senior Vice President, facsimile number (703) 647-3470, email: mwehland@ncb.coop; (iv) in the case
of the General Special Servicer, LNR Partners, LLC, 1601 Washington Avenue, Suite 700, Miami, Florida 33139, Attention: Thomas
F. Nealon, Esq., Steven A. Rivers, Esq. and Job Warshaw, facsimile number: (305) 695-5601, email: tnealon@lnrproperty.com, srivers@lnrproperty.com,
and jwarshaw@lnrproperty.com; (v) in the case of the NCB Special Servicer, National Cooperative Bank, N.A., 2011 Crystal Drive,
Suite 800, Arlington, Virginia 22202, Attention: Kathleen Luzik, Chief Operating Officer, facsimile number (703) 647-3473, email:
kluzik@ncb.coop, with a copy to National Cooperative Bank, N.A., 2011 Crystal Drive, Suite 800, Arlington, Virginia 22202, Attention:
Matthew Wehland, Senior Vice President, facsimile number (703) 647-3473, email: mwehland@ncb.coop; (vi) in the case of the One
Court Square Special Servicer, Midland Loan Services, a Division of PNC Bank, National Association, 10851 Mastin Street, Suite
700, Overland Park, Kansas 66210, Attention: Executive Vice President – Division Head, facsimile number (913) 253-9001; (vii)
in the case of the Trust Advisor, Pentalpha Surveillance LLC, 375 N. French Road, Suite 100, Amherst, New York, 14228, Attention:
Don Simon, Chief Operating Officer, with a copy sent via e-mail to don.simon@pentalphasurveillance.com and to notices@pentalphasurveillance.com;
(viii) in the case of the Certificate Registrar, Certificate Administrator, Tax Administrator and Custodian, Wells Fargo Bank,
National Association, 9062 Old Annapolis Road, Columbia, Maryland 21045, Attention: Corporate Trust Services WFCM 2015-NXS3; (ix)
in the case of the Trustee, Wilmington Trust, National Association, 1100 North Market Street, Wilmington, Delaware, 19890, Attention:
CMBS Trustee WFCM 2015-NXS3; (x) in the case of any Mortgage Loan Seller, the address for notices to such Mortgage Loan Seller,
as applicable, under the related Mortgage Loan Purchase Agreement; and (xi) in the case of the initial Subordinate Class Representative,
LNR Securities Holdings, LLC, 1601 Washington Avenue, Suite 700, Miami, Florida 33139, Attention: Thomas F. Nealon, Esq., Steven
A. Rivers, Esq. and Job

 

    	446

    	 

    

 

Warshaw, facsimile number: (305) 695-5449, email: tnealon@lnrproperty.com, srivers@lnrproperty.com, and
jwarshaw@lnrproperty.com and with respect to notices related to Section 3.27, Section 8.12(g), Article XI
and clause (ix) of the definition of “NCB Subordinate Debt Conditions” to inquiries@lnrproperty.com, tnealon@lnrproperty.com,
srivers@lnrproperty.com, and jwarshaw@lnrproperty.com; or as to each such Person such other address and/or facsimile number 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 party required
to deliver any notice or information pursuant to the terms of this Agreement to the Rating Agencies shall deliver such written
notice of the events or information specified in Section 8.12(c) to the Rating Agencies at the address listed below,
promptly following the occurrence thereof; provided that such notice or other information is first provided to the Rule
17g-5 Information Provider in accordance with the procedures set forth in Section 8.12. In addition, the Trustee shall
deliver copies of any documents required to be delivered to the Rating Agencies under this Agreement to the Rating Agencies at
the time such documents are required to be delivered pursuant to this Agreement. A Master Servicer or a Special Servicer, as applicable,
and Trustee also shall furnish such other information regarding the Trust Fund as may be reasonably requested by the Rating Agencies
to the extent such party has or can obtain such information without unreasonable effort or expense; provided that such other
information is first provided to the Rule 17g-5 Information Provider in accordance with the procedures set forth in Section 8.12;
provided, further, that the Rule 17g-5 Information Provider shall not disclose which Rating Agency has requested
such information. Notwithstanding the foregoing, the failure to deliver such notices or copies shall not constitute a Servicer
Termination Event, as the case may be, under this Agreement. Any confirmation of the rating by the Rating Agencies required hereunder
shall be in writing.

 

Any notices to the
Rating Agencies shall be sent to the following: (A) DBRS, Inc., 333 West Wacker Drive, Suite 1800, Chicago, Illinois 60606, Attention:
Commercial Mortgage Surveillance, Facsimile No.: (312) 332-3492, email address: cmbs.surveillance@dbrs.com, (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) Moody’s Investors Service, Inc., 7 World Trade Center, New York, New York 10007, Attention: Commercial
Mortgage Surveillance Group, e-mail address: cmbssurveillance@moodys.com; or as to each such Person such other address and/or facsimile
number as may hereafter be furnished by such Person to the parties hereto in writing. Delivery of notices and information to the
Rating Agencies shall be subject to strict compliance with Section 3.27.

 

For purposes of any
communication hereunder, the party delivering the communication shall be entitled to rely on the notice address set forth in or
established under the preceding paragraphs of this Section 12.05.

 

Section
12.06  Communications
by Electronic Mail. Each communication that is expressly permitted or required hereunder to be sent, forwarded or delivered
by means of electronic mail shall be so sent, forwarded or delivered to: (i) in the case of the Certificate Administrator, (a)
for purposes of Article XI, cts.sec.notifications@wellsfargo.com, and (b) for

 

    	447

    	 

    

 

all other purposes, trustadministrationgroup@wellsfargo.com;
(ii) in the case of the Rule 17g-5 Information Provider, 17g5InformationProvider@wellsfargo.com; (iii) in the case of the General
Master Servicer, commercial.servicing@wellsfargo.com (or, with respect to requests for rating agency or investor information, RAInvRequests@wellsfargo.com);
(iv) in the case of the NCB Master Servicer, WFCM2015NXS3@ncb.com; (v) in the case of the General Special Servicer, tnealon@lnrproperty.com,
srivers@lnrproperty.com, and jwarshaw@lnrproperty.com and with respect to notices related to Section 3.27, Section 8.12(g),
Article XI and clause (ix) of the definition of “NCB Subordinate Debt Conditions” to inquiries@lnrproperty.com,
tnealon@lnrproperty.com, srivers@lnrproperty.com, and jwarshaw@lnrproperty.com; (vi) in the case of the NCB Special Servicer, WFCM2015NXS3@ncb.com;
(vii) in the case of the One Court Square Special Servicer, solely with respect to notices under Section 3.27 and Section
8.12(g) of this Agreement, to noticeadmin@midlandls.com (with a copy to askmidland@midlandls.com), and for all other notices
under this Agreement, noticeadmin@midlandls.com; (viii) in the case of the Trustee, cmbstrustee@wilmingtontrust.com, facsimile
number (302) 630-4140; (ix) in the case of the Trust Advisor, don.simon@pentalphasurveillance.com and notices@pentalphasurveillance.com;
and (x) in the case of each other party hereto and the Initial Majority Subordinate Certificateholder, the address set forth in
the Notice of Electronic Addresses dated the Closing Date and executed by all such parties; or, as to each such Person, such other
electronic mail address as may hereafter be furnished by such Person to the other parties hereto and to the Initial Majority Subordinate
Certificateholder in a written notice delivered in accordance with Section 12.05. For purposes of such a communication,
the party sending, forwarding or delivering such a communication shall be entitled to rely on the electronic mail address set forth
in or established pursuant to the preceding sentence. This Section shall not be construed to modify Section 12.05,
nor to authorize, permit or make binding any communication that is not expressly permitted or required hereunder to be sent, forwarded
or delivered by means of electronic mail.

 

The obligation of any
party to this Agreement to deliver any notices, reports or other information to any party to a Non-Trust Pooling and Servicing
Agreement or an Other Pooling and Servicing Agreement shall be effective in each case only to the extent such party to this Agreement
has received notice of the identity and contact information of the applicable party to such Non-Trust Pooling and Servicing Agreement
or Other Pooling and Servicing Agreement. Any such party may conclusively rely on the name and contact information provided by
the related party to such Non-Trust Pooling and Servicing Agreement or Other Pooling and Servicing Agreement and shall be entitled
to assume that the identity and contact information for such party has not changed absent receipt of written notice from such party
to a Non-Trust Pooling and Servicing Agreement or an Other Pooling and Servicing Agreement, or any replacement thereof under the
applicable Non-Trust Pooling and Servicing Agreement or Other Pooling and Servicing Agreement, of a change with respect to the
identity and contact information of such party to a Non-Trust Pooling and Servicing Agreement or an Other Pooling and Servicing
Agreement, or a replacement thereof under the applicable Non-Trust Pooling and Servicing Agreement or Other Pooling and Servicing
Agreement, as applicable.

 

Section
12.07  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 such covenant(s), agreement(s), provision(s) or term(s) shall be deemed severable

 

    	448

    	 

    

 

from the remaining
covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other
provisions of this Agreement or of the Certificates or the rights of the Holders thereof.

 

Section
12.08  Successors
and Assigns; Beneficiaries. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties
hereto, their respective successors and assigns and, as express third party beneficiaries (with all right to enforce the obligations
hereunder intended for their benefit as if a party hereto), the Sub-Servicers, the Underwriters, the Mortgage Loan Sellers, any
Other Depositors, and the non-parties referred to in Section 6.03 and Section 8.05 and all such provisions
shall inure to the benefit of the Certificateholders. Any Serviced Pari Passu Companion Loan Holders and the Subordinate Class
Representative (other than any Serviced Pari Passu Companion Loan Holder or Subordinate Class Representative that is same Person
as or an Affiliate of the related Borrower) and any designees thereof acting on behalf of or exercising the rights of such Serviced
Pari Passu Companion Loan Holders or Subordinate Class Representative shall be third party beneficiaries to this Agreement with
respect to their rights as specifically provided for herein and shall be entitled to enforce their respective rights hereunder.
In addition, each Non-Trust Master Servicer, Non-Trust Special Servicer, Other Master Servicer, Other Special Servicer, Other Trustee
and Serviced Loan Combination Special Servicer is an intended third party beneficiary under this Agreement with respect to any
provision herein expressly relating to compensation, reimbursement or indemnification of such Non-Trust Master Servicer, Non-Trust
Special Servicer, Other Master Servicer, Other Special Servicer, Other Trustee or Serviced Loan Combination Special Servicer and
the provisions regarding the coordination of Advances and any other rights afforded such party hereunder.

 

Section
12.09  Article
and Section Headings. The article and section headings herein are for convenience of reference only, and shall not limit or
otherwise affect the meaning hereof.

 

Section
12.10  Notices
to Subordinate Class Representative. The Trustee, the Master Servicers and the Special Servicers shall each deliver to the
Subordinate Class Representative (other than with respect to an Excluded Loan) a copy of each notice or other item of information
such Person is required to deliver to the Rating Agencies pursuant to Section 8.12, in each case at approximately the
same time with the delivery thereof to the Rating Agencies, to the extent not already delivered to the Subordinate Class Representative
pursuant to this Agreement.

 

Section
12.11  Complete
Agreement. This Agreement embodies the complete agreement among the parties and may not be varied or terminated except by a
written agreement conforming to the provisions of Section 12.01. All prior negotiations or representations of the parties
are merged into this Agreement and shall have no force or effect unless expressly stated herein.

 

Section
12.12  Precautionary
Trust Indenture Act Provisions. If the Depositor notifies the parties to this Agreement that, following non-binding consultation
with the Trustee, it has determined that the Trust Indenture Act of 1939, as it may be amended from time to time (the “TIA”)
applies to this Agreement or that qualification under 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

 

    	449

    	 

    

 

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 are 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, at the cost of 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.

 

[SIGNATURES COMMENCE ON FOLLOWING PAGE]

 

    	450

    	 

    

 

IN WITNESS WHEREOF, the parties hereto have
caused their names to be signed hereto by their respective officers thereunto duly authorized, in each case as of the day and year
first above written.

	 	 	 
	 	WELLS FARGO COMMERCIAL
	 	 	MORTGAGE SECURITIES, INC., 

Depositor
	 	 	 
	 	By: 	/s/ Anthony Sfarra
	 	 	Name: Anthony Sfarra
	 	 	Title: President
	 	 	 
	 	WELLS FARGO BANK, NATIONAL 
	 	 	ASSOCIATION,
	 	 	General Master Servicer
	 	 	 
	 	By: 	/s/ Joseph Newell III
	 	 	Name: Joseph Newell III
	 	 	Title: Director
	 	 	 
	 	LNR PARTNERS, LLC,
	 	 	General Special Servicer
	 	 	 
	 	By: 	/s/ Jerry Hirschkorn
	 	 	Name: Jerry Hirschkorn
	 	 	Title: Vice President
	 	 	 
	 	NATIONAL COOPERATIVE BANK, N.A.,
	 	 	NCB Master Servicer
	 	 	 
	 	By: 	/s/ Munevver Yolas
	 	 	Name: Munevver Yolas
	 	 	Title: SVP
	 	 	 
	 	NATIONAL COOPERATIVE BANK, N.A.,
	 	 	NCB Special Servicer
	 	 	 
	 	By:	/s/ Matthew Wehland
	 	 	Name: Matthew Wehland
	 	 	Title: Senior Vice President

 

WFCM
2015-NXS3 Pooling and Servicing Agreement

 

    	 

    	 

    

   

	 	 	 
	 	MIDLAND LOAN SERVICES, A DIVISION OF
	 	 	PNC BANK, NATIONAL ASSOCIATION,
	 	 	One Court Square Special Servicer
	 	 	 
	 	By:	/s/ David A. Eckels
	 	 	Name: David A. Eckels
	 	 	Title: Senior Vice President
	 	 	 
	 	PENTALPHA SURVEILLANCE LLC,
	 	 	Trust Advisor
	 	 	 
	 	By:	/s/ James Callahan
	 	 	Name: James Callahan
	 	 	Title: Executive Director and Solely as an Authorized Signatory for Pentalpha Surveillance LLC
	 	 	 
	 	WELLS FARGO BANK, NATIONAL
	 	 	ASSOCIATION,
	 	 	Certificate Administrator, Tax Administrator and Custodian
	 	 	 
	 	By:	/s/ Michael Baker
	 	 	Name: Michael Baker
	 	 	Title: Assistant Vice President
	 	 	 
	 	WILMINGTON TRUST, NATIONAL 
	 	 	ASSOCIATION,
	 	 	Trustee
	 	 	 
	 	By:	/s/ Erwin M. Soriano
	 	 	Name: Erwin M. Soriano
	 	 	Title: Vice President

 

WFCM
2015-NXS3 Pooling and Servicing Agreement

 

    	 

    	 

    

 

	STATE OF	)	
		)	ss.:
	COUNTY OF	)	

 

On
the 6 day of October 2015, before me, a notary public in and for said State, personally appeared Anthony Sfarra, personally known
to me to be a President of Wells Fargo Commercial Mortgage Securities, one of the entities that executed the within instrument,
and also known to me to be the person who executed it on behalf of such entity, and acknowledged to me that such entity executed
the within instrument.

IN
WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

 

	 	/s/
    Lilllian Calcaterra
	 	Notary Public
	 	 
	 LILLIAN
                                         CALCATERRA

                                                                                                           NOTARY
                                         PUBLIC, State of New York

                                                                                                           No.
                                         01CA4971671

                                                               Qualified
                                         in Kings County

                                                               Commission
                                         Expires Sept. 10, 2018

                                                                

                                                               My
                                         commission expires:

	 
	9/10/2018	

             

 

WFCM
2015-NXS3 Pooling and Servicing Agreement

 

    	

    	 

    

 

 

	STATE OF NORTH CAROLINA	)	
		)	ss.:
	COUNTY OF MECKLENBURG	)	

 

On
the 6 day of October 2015, before me, a notary public in and for said State, personally appeared Joseph Newell III, personally
known to me to be a Director of Wells Fargo, one of the entities that executed the within instrument, and also known to me to
be the person who executed it on behalf of such entity, and acknowledged to me that such entity executed the within instrument.

IN
WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

 

		/s/
    ERICA L. SMITH
		Notary Public
	[SEAL]	 
	ERICA
                                         L. SMITH

                                                                                                           NOTARY
                                         PUBLIC

                                                                                                           Gaston
                                         County

                                                                                                           North
                                         Carolina

                                                                                                           Commission
                                         Expires 7/15/2017
	 
	My commission
    expires:     	 
	 July
    15, 2017	 
	 

	

                  

WFCM
2015-NXS3 Pooling and Servicing Agreement

 

    	

    	 

    

 

	STATE OF	)	
	 	)	ss.:
	COUNTY OF	)	

 

On
the 7th day of October 2015, before me, a notary public in and for said State, personally appeared Jerry Hirschkorn, personally
known to me to be a Vice President of LNR Partners, LLC, one of the entities that executed the within instrument, and also known
to me to be the person who executed it on behalf of such entity, and acknowledged to me that such entity executed the within instrument.

IN
WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

 

	 	/s/
    SAMANTHA RAE GENTILE
	 	Notary Public
	[SEAL]	 
	 	 
	My commission
    expires:	
	 	 
	 SAMANTHA
                                         RAE GENTILE

                                                                                                           NOTARY
                                         PUBLIC, STATE OF NEW YORK

                                                                                                           Registration
                                         #01GE6293616

                                                                                                           Qualified
                                         in Nassau County

                                                                                                           Commission
                                         Expires December 16, 2017

	 

                        

WFCM
2015-NXS3 Pooling and Servicing Agreement

 

    	

    	 

    

 

	STATE OF	)	
	 	)	ss.:
	COUNTY OF		

  

On
the 6th day of October 2015, before me, a notary public in and for said State, personally appeared Matthew Wehland, personally
known to me to be a SVP of National Cooperative Bank, N.A., one of the entities that executed the within instrument, and also
known to me to be the person who executed it on behalf of such entity, and acknowledged to me that such entity executed the within
instrument.

IN
WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

 

	 	/s/
                                         Monica Fisher  

	 	Notary Public
	[SEAL]	 
	 	 
	My commission
    expires:	
	7-31-2019	
	

	 

 

WFCM
2015-NXS3 Pooling and Servicing Agreement

 

    	 

    	 

    

  

	STATE OF KANSAS	)	
		)	s.:
	COUNTY OF JOHNSON	)	

  

On
the 6th day of October 2015, before me, a notary public in and for said State, personally appeared David A. Eckels, personally
known to me to be a Senior Vice President of Midland Loan Services, a Division of PNC Bank, National Association, one of the entities
that executed the within instrument, and also known to me to be the person who executed it on behalf of such entity, and acknowledged
to me that such entity executed the within instrument.

IN
WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

 

	 	/s/
                                         BRENT KINDER

	 	Notary Public
		 
	 	BRENT
    KINDER

    NOTARY PUBLIC - State of Kansas

    My Appt. Exp. January 30, 2018

 

WFCM
2015-NXS3 Pooling and Servicing Agreement

  

    	 

    	 

    

 

	STATE OF CONNECTICUT	)	
		)	s.:
	COUNTY OF FAIRFIELD	)	

 

On
the 8th day of October 2015, before me, a notary public in and for said State, personally appeared James Callahan, personally
known to me to be a Executive Director of Pentalpha Surveillance LLC, one of the entities that executed the within instrument,
and also known to me to be the person who executed it on behalf of such entity, and acknowledged to me that such entity executed
the within instrument.

IN
WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

 

	 	/s/
                                         MELONIE S. WILLIAMS

	 	Notary Public
	[NOTARY
    SEAL]

	 
	 	 
	My
    commission expires: 7-31-19	 
	 	 
	MELONIE
                                         S. WILLIAMS

Notary
Public

Connecticut

My Commission Expires July 31, 2019

	

  

WFCM
2015-NXS3 Pooling and Servicing Agreement 

 

    	 

    	 

    

  

	STATE OF Maryland	)	
		)	ss.:
	COUNTY OF Howard	)	

 

 

On
the 6th day of October 2015, before me, a notary public in and for said State, personally appeared Michael Baker, personally known
to me to be a AVP of Wells Fargo Bank, NA, one of the entities that executed the within instrument, and also known to me to be
the person who executed it on behalf of such entity, and acknowledged to me that such entity executed the within instrument.

IN
WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

 

		/s/
    AMY MARTIN
		Notary Public
	[SEAL]	 
	 	 
	My commission
    expires:	 
	2/22/2017	
	 

	AMY
                                         MARTIN

NOTARY
PUBLIC

ANNE
ARUNDEL COUNTY

MARYLAND

My Commission
Expires 2-22-2017

                  

  WFCM
2015-NXS3 Pooling and Servicing Agreement 

 

    	 

    	 

    

 

	STATE OF Delaware	)	
		)	ss.:
	COUNTY OF New Castle	)	

 

On
the 13th day of October 2015, before me, a notary public in and for said State, personally appeared Erwin Soriano, personally
known to me to be a Vice President of Wilmington Trust, N.A., one of the entities that executed the within instrument, and also
known to me to be the person who executed it on behalf of such entity, and acknowledged to me that such entity executed the within
instrument.

IN
WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written. 

	 	/s/
    Christina M. Bader
	 	Notary Public
	 	 
	[SEAL]	 
	 	 
	My commission expires:	 
	4-15-2016	 
	 	 
	CHRISTINA
        M BADER

        NOTARY
        PUBLIC

        STATE
        OF DELAWARE

        My
        Commission Expires 04-15-2016
	 

 

WFCM
2015-NXS3 Pooling and Servicing Agreement  

    	 

    	 

    

 

 

EXHIBIT A-1

 

FORM OF CERTIFICATES (OTHER THAN CLASS R CERTIFICATES)

 

CLASS [ ] COMMERCIAL MORTGAGE PASS-THROUGH

CERTIFICATE, SERIES 2015-NXS3

 

This is one of a series of commercial mortgage
pass-through certificates (collectively, the “Certificates”), issued in multiple classes (each, a “Class”),
which series of Certificates evidences the entire beneficial ownership interest in a trust fund (the “Trust Fund”)
consisting primarily of a pool of commercial, multifamily and manufactured housing community mortgage loans or interests therein
(the “Mortgage Loans”), such pool being formed and sold by

 

WELLS FARGO COMMERCIAL MORTGAGE SECURITIES,
INC.

 

	Pass-Through
    Rate: [____%

    per annum] [Variable]	 	Class [Principal Balance] [Notional
    Amount] of the Class [ ] Certificates as of the Closing Date: $__________ [For Class PEX only: The Class Principal
    Balance of the Class PEX Certificates represents the maximum aggregate Certificate Principal Balance of the Class A-S, Class
    B and Class C Certificates (without giving effect to any exchanges for, or any issuance of, the Class PEX Certificates), representing
    the maximum aggregate Certificate Principal Balance of the Class PEX Certificates that could be issued in an exchange.] [For
    Classes A-S, B and C only: The Class Principal Balance of the Class [A-S] [B] [C] Certificates represents the maximum aggregate
    Certificate Principal Balance of the Class [A-S] [B] [C] Certificates (without giving effect to any exchanges for, or any
    issuance of, the Class PEX Certificates).]
	 	 	 
	Closing Date: October
    13, 2015	 	Initial Certificate [Principal Balance]
    [Notional Amount] of this Certificate as of the Closing Date: $__________
	 	 	 
	First Distribution
    Date:

    November 18, 2015	 	Aggregate Cut-off Date Principal Balance
    of the Original Mortgage Loans as of the Cut-off Date (“Cut-off Date Pool Balance”): $814,499,765
	 	 	 
	General Master Servicer:

        Wells Fargo Bank, National Association

         

	 	General Special Servicer:

        LNR Partners, LLC

         

 

    	A-1-1

    	 

    

 

	
        NCB Master Servicer:

        National Cooperative Bank, N.A.
	 	NCB Special Servicer:

        National Cooperative Bank, N.A.

	 	 	 
	One Court Square Special
    Servicer:

    Midland Loan Services, a Division of PNC Bank, National Association	 	Certificate Administrator, Tax Administrator
    and Custodian:

    Wells Fargo Bank, National Association
	 	 	 
	Trust Advisor:

        Pentalpha Surveillance LLC

         

        Certificate No. [ ]
        -___
	 	Trustee:

        Wilmington Trust, National Association

         

        CUSIP No.:

        ISIN No.: ________________

	 	 	 

 

    	A-1-2

    	 

    

 

[FOR BOOK-ENTRY CERTIFICATES: UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE ADMINISTRATOR OR ANY AGENT THEREOF 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.]

 

[FOR PRIVATELY OFFERED CERTIFICATES (CERTIFICATES
OTHER THAN CLASSES A-1, A-2, A-3, A-4, A-SB, A-S, X-A, B, C AND PEX): THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR FOREIGN
JURISDICTION. ANY REOFFER, RESALE, PLEDGE OR OTHER TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN WITHOUT SUCH REGISTRATION
OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND WHICH IS IN ACCORDANCE
WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.] 

 

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST
HEREIN MAY BE MADE TO (A) ANY RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT THAT IS SUBJECT TO SECTION 406 OF THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), SECTION 4975 OF THE INTERNAL REVENUE
CODE OF 1986 (THE “CODE”) OR ANY MATERIALLY SIMILAR PROVISIONS OF APPLICABLE FEDERAL, STATE OR LOCAL LAW OR
(B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR SUCH INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY
OF, AS TRUSTEE OF, OR WITH ASSETS OF ANY SUCH RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT, EXCEPT IN ACCORDANCE
WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST
IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE MORTGAGE LOAN SELLERS, EITHER MASTER SERVICER, ANY SPECIAL SERVICER, THE TRUSTEE,
THE TRUST ADVISOR, THE CERTIFICATE ADMINISTRATOR, THE INITIAL SUBORDINATE CLASS REPRESENTATIVE, THE UNDERWRITERS OR ANY OF THEIR
RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR ANY OF THE UNDERLYING MORTGAGE LOANS IS INSURED OR GUARANTEED BY ANY

 

    	A-1-3

    	 

    

 

AGENCY
OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

 

[FOR PRINCIPAL BALANCE CERTIFICATES OTHER
THAN CLASS A-S, CLASS B, CLASS C AND CLASS PEX CERTIFICATES: SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE EVIDENCES
A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (A “REMIC”) AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.]

 

[FOR CLASS A-S, CLASS B, CLASS C AND CLASS
PEX CERTIFICATES: SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE EVIDENCES A BENEFICIAL INTEREST IN A PORTION OF
A GRANTOR TRUST UNDER SUBPART E, PART I OF SUBCHAPTER J OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, WHICH PORTION CONSISTS
OF A PERCENTAGE INTEREST IN THE ONE OR MORE “REGULAR INTERESTS” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT”
(A “REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.] 

 

[FOR SUBORDINATE CERTIFICATES (CLASSES A-S,
B, C, PEX, D, E, F, G AND H): THIS CERTIFICATE IS SUBORDINATE TO ONE OR MORE CLASSES OF CERTIFICATES OF THE SAME SERIES AS AND
TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.]

 

[FOR PRINCIPAL BALANCE CERTIFICATES: THE
OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.]

 

[FOR CLASSES X-A, X-D, X-E, X-FG AND X-H
CERTIFICATES: THE OUTSTANDING CERTIFICATE NOTIONAL AMOUNT HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE. THIS CERTIFICATE
DOES NOT HAVE A CERTIFICATE PRINCIPAL BALANCE AND WILL NOT ENTITLE THE HOLDER HEREOF TO DISTRIBUTIONS OF PRINCIPAL.]

 

[FOR CLASS X-A CERTIFICATES: SOLELY FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE EVIDENCES OWNERSHIP OF SIX REGULAR INTERESTS IN REMIC III, EACH ONE CORRESPONDING
TO ONE OF THE COMPONENTS OF THE CLASS X-A CERTIFICATES’ NOTIONAL AMOUNT.]

 

[FOR CLASS X-D CERTIFICATES: SOLELY FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE EVIDENCES OWNERSHIP OF ONE REGULAR INTEREST IN REMIC III, CORRESPONDING TO THE
COMPONENT OF THE CLASS X-D CERTIFICATES’ NOTIONAL AMOUNT.]

 

[FOR CLASS X-E CERTIFICATES: SOLELY FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE EVIDENCES OWNERSHIP OF ONE REGULAR INTEREST IN REMIC III, CORRESPONDING TO THE
COMPONENT OF THE CLASS X-E CERTIFICATES’ NOTIONAL AMOUNT.]

 

    	A-1-4

    	 

    

 

[FOR CLASS X-FG CERTIFICATES: SOLELY FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE EVIDENCES OWNERSHIP OF TWO REGULAR INTERESTS IN REMIC III, EACH ONE CORRESPONDING
TO ONE OF THE COMPONENTS OF THE CLASS X-FG CERTIFICATES’ NOTIONAL AMOUNT.]

 

[FOR CLASS X-H CERTIFICATES: SOLELY FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE EVIDENCES OWNERSHIP OF ONE REGULAR INTEREST IN REMIC III, CORRESPONDING TO THE
COMPONENT OF THE CLASS X-H CERTIFICATES’ NOTIONAL AMOUNT.]

 

[FOR REGULATION S GLOBAL CERTIFICATES: PRIOR
TO THE DATE THAT IS 40 DAYS AFTER THE LATER OF (A) THE COMMENCEMENT OF THE OFFERING OF THIS CERTIFICATE TO PERSONS OTHER THAN DISTRIBUTORS
IN RELIANCE ON REGULATION S UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND (B) THE
DATE OF CLOSING OF THE OFFERING, THIS CERTIFICATE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES
OR TO A “U.S. PERSON” WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS.]

 

This certifies that [FOR
BOOK-ENTRY CERTIFICATES: CEDE & CO.] [FOR DEFINITIVE CERTIFICATES: [ ]] is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained by dividing the [principal balance] [notional amount] of this Certificate
(its “Certificate [Principal Balance] [Notional Amount]”) as of the Closing Date by the aggregate [principal
balance] [notional amount] of all the Class [ ] Certificates (their “Class [Principal Balance] [Notional Amount]”)
as of the Closing Date) in that certain beneficial ownership interest in the Trust Fund evidenced by all the Class [ ] Certificates.
The Trust Fund was created and the Certificates were issued pursuant to the Pooling and Servicing Agreement, dated as of October
1, 2015 (the “Agreement”), among Wells Fargo Commercial Mortgage Securities, Inc., as depositor (the “Depositor,”
which term includes any successor entity under the Agreement), Wells Fargo Bank, National Association, as general master servicer
(in such capacity, the “General Master Servicer,” which term includes any successor entity under the Agreement),
as certificate administrator (in such capacity, the “Certificate Administrator,” which term includes any successor
entity under the Agreement), as tax administrator (in such capacity, the “Tax Administrator,” which term includes
any successor entity under the Agreement) and as custodian (in such capacity, the “Custodian,” which term includes
any successor entity under the Agreement), LNR Partners, LLC, as general special servicer (the “General Special Servicer,”
which term includes any successor entity under the Agreement), National Cooperative Bank, N.A, as NCB master servicer (in such
capacity, the “NCB Master Servicer,” which term includes any successor entity under the Agreement), National
Cooperative Bank, N.A, as NCB special servicer (in such capacity, the “NCB Special Servicer,” which term includes
any successor entity under the Agreement), Midland Loan Services, a Division of PNC Bank, National Association, as One Court Square
special servicer (the “One Court Square Special Servicer,” which term includes any successor entity under the
Agreement), Pentalpha Surveillance LLC, as trust advisor (the “Trust Advisor,” which term includes any successor
entity under the Agreement),

 

    	A-1-5

    	 

    

 

and Wilmington
Trust, National Association, as trustee (the “Trustee,” which term includes any successor entity under the
Agreement), a summary of certain of the pertinent provisions of which is set forth hereafter. To the extent not defined herein,
capitalized terms used herein have the respective meanings assigned thereto in the Agreement. This Certificate is issued under
and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by
virtue of its acceptance hereof assents and by which such Holder is bound. In the event that there is any conflict between any
provision of this Certificate and any provision of the Agreement, such provision of this Certificate shall be superseded to the
extent of such inconsistency.

 

Pursuant to the terms of
the Agreement, beginning on the First Distribution Date specified above, distributions will be made on that date (the “Distribution
Date”) each month that is the fourth Business Day following the Determination Date in such month, to the Person in whose
name this Certificate is registered at the close of business on the last Business Day of the month immediately preceding the month
of such distribution (the “Record Date”), in an amount equal to the product of the Percentage Interest evidenced
by this Certificate and the amount required to be distributed to all the Holders of the Class [ ] Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the Agreement on this Certificate will be made by the
Certificate Administrator by wire transfer of immediately available funds to the account of the Person entitled thereto at a bank
or other entity having appropriate facilities therefor, if such Certificateholder shall have provided the Certificate Administrator
with wiring instructions no less than five Business Days prior to the related Record Date (which wiring instructions may be in
the form of a standing order applicable to all subsequent Distribution Dates), or otherwise by check mailed to the address of such
Certificateholder as it appears in the Certificate Register. Notwithstanding the foregoing, the final distribution on this Certificate
[FOR PRINCIPAL BALANCE CERTIFICATES (CLASS A-1, A-2, A-3, A-4, A-SB, A-S, B, C, PEX, D, E, F, G AND H): (determined without regard
to any possible future reimbursement of any portion of any Realized Loss or Additional Trust Fund Expense previously allocated
to this Certificate)] will be made in like manner, but only upon presentation and surrender of this Certificate at the offices
of the Certificate Registrar or such other location specified in the notice to the Holder hereof of such final distribution.

 

The Certificates are limited
in right of distribution to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth
herein and in the Agreement. As provided in the Agreement, withdrawals from the Distribution Account, the Collection Accounts,
the Reserve Accounts, the Servicing Accounts, the Interest Reserve Account, the Excess Liquidation Proceeds Account, the REO Accounts
(if established), the Serviced Pari Passu Companion Loan Custodial Account and any other accounts established pursuant to the Agreement
may be made from time to time for purposes other than, and, in certain cases, prior to, distributions to Certificateholders, such
purposes including the reimbursement of advances made, or certain expenses incurred, with respect to the Mortgage Loans and the
payment of interest on such advances and expenses.

 

[FOR PRINCIPAL BALANCE CERTIFICATES
(CLASS A-1, A-2, A-3, A-4, A-SB, A-S, B, C, PEX, D, E, F, G AND H): Any distribution to the Holder of this Certificate in reduction
of the Certificate Principal Balance hereof is binding on such Holder and all future Holders of this Certificate and any Certificate
issued upon the transfer hereof or in exchange

 

    	A-1-6

    	 

    

 

herefor
or in lieu hereof whether or not notation of such distribution is made upon this Certificate.]

 

This Certificate is issuable
in fully registered form only without interest coupons. As provided in the Agreement and subject to certain limitations therein
set forth, this Certificate is exchangeable for new Certificates of the same Class in authorized denominations evidencing the same
aggregate Percentage Interest, as requested by the Holder surrendering the same.

 

[FOR BOOK-ENTRY CERTIFICATES:
All Transfers by Certificate Owners of their respective Ownership Interests in the Book-Entry Certificates shall be made in accordance
with the procedures established by the Depository Participant or brokerage firm representing each such Certificate Owner. Each
Depository Participant shall only transfer the Ownership Interests in the Book-Entry Certificates of Certificate Owners it represents
or of brokerage firms for which it acts as agent in accordance with the Depository’s normal procedures.]

 

[FOR PRIVATELY OFFERED CERTIFICATES
(CERTIFICATES OTHER THAN CLASSES A-1, A-2, A-3, A-4, A-SB, A-S, X-A, B, C AND PEX ): No direct or indirect transfer, sale, pledge,
hypothecation, or other form of assignment of any ownership interest in this Certificate or any interest herein shall be made unless
that transfer, sale, pledge, hypothecation or other form of assignment (a “Transfer”) is exempt from the registration
and/or qualification requirements of the Securities Act and any applicable securities laws of any state, or is otherwise made in
accordance with the Securities Act and such other securities laws. If a Transfer of this Certificate is to be made without registration
under the Securities Act, then (except in limited circumstances specified in the Agreement) the Certificate Registrar shall refuse
to register such Transfer unless it receives (and, upon receipt, may conclusively rely upon) either: (i) a certificate from the
Certificateholder desiring to effect such Transfer substantially in the form attached as Exhibit C-1A or Exhibit C-2A
to the Agreement and a certificate from such Certificateholder’s prospective Transferee substantially in the form attached
either as Exhibit C-1B or as Exhibit C-2B to the Agreement, or (ii) an Opinion of Counsel satisfactory to the Certificate
Administrator to the effect that such prospective Transferee is an Institutional Accredited Investor or a Qualified Institutional
Buyer and such Transfer may be made without registration under the Securities Act (which Opinion of Counsel shall not be an expense
of the Trust Fund, the Depositor, the General Master Servicer, the General Special Servicer, the NCB Master Servicer, the NCB Special
Servicer, the One Court Square Special Servicer, the Trustee, the Certificate Administrator, the Tax Administrator, the Custodian
or the Certificate Registrar in their respective capacities as such), together with the written certification(s) as to the facts
surrounding such Transfer from the Certificateholder desiring to effect such Transfer and/or such Certificateholder’s prospective
Transferee on which such Opinion of Counsel is based.

 

If this Certificate constitutes
a Rule 144A Global Certificate and a transfer of any interest in this Certificate is to be made without registration under the
Securities Act (except under limited circumstances specified in the Agreement), then the Certificate Owner desiring to effect such
Transfer shall be required to obtain either (i) a certificate from such Certificate Owner’s prospective Transferee substantially
in the form attached as Exhibit C-2B to the Agreement, or (ii) an Opinion of Counsel to the effect that such prospective
Transferee is a Qualified Institutional Buyer and such Transfer may be made without registration under the Securities Act. Except
as discussed below or under such other limited circumstances as are

 

    	A-1-7

    	 

    

 

provided
in the Agreement, if this Certificate constitutes a Rule 144A Global Certificate, then interests herein shall not be transferred
to any Person who takes delivery in the form of an interest in anything other than a Rule 144A Global Certificate.

 

Except under such limited
circumstances as are provided in the Agreement, if this Certificate constitutes a Regulation S Global Certificate, then beneficial
interests in this Certificate shall not be transferred to any Person other than a non-United States Securities Person in an Offshore
Transaction who takes delivery in the form of a beneficial interest in this Regulation S Global Certificate. If the transfer occurs
on or prior to the Release Date, then the Certificate Owner desiring to effect such Transfer shall be required to obtain from such
Certificate Owner’s prospective Transferee a written certification substantially in the form attached as Exhibit C-3B
to the Agreement. On or prior to the Release Date, beneficial interests in any Regulation S Global Certificate may be held only
through Euroclear or Clearstream. After the Release Date, beneficial interests in any Regulation S Global Certificate may be held
through Euroclear, Clearstream or any other direct account holder at DTC.

 

Notwithstanding the foregoing,
any interest in a Rule 144A Global Certificate may be transferred by any Certificate Owner holding such interest to any Institutional
Accredited Investor (other than a Qualified Institutional Buyer) who takes delivery in the form of a Definitive Certificate of
the same Class as such Rule 144A Global Certificate upon delivery to the Certificate Registrar and the Certificate Administrator
of (i) such certifications and/or opinions as are contemplated above with respect to Transfers of this Certificate in definitive
form and (ii) such written orders and instructions as are required under the applicable procedures of the Depository, Clearstream
and/or Euroclear to direct the Certificate Administrator to debit the account of a Depository Participant by a denomination of
interests in such Rule 144A Global Certificate. Upon delivery to the Certificate Registrar of the certifications and/or opinions
contemplated above with respect to Transfers of this Certificate in definitive form, the Certificate Administrator, subject to
and in accordance with the applicable procedures of the Depository, shall reduce the denomination of the subject Rule 144A Global
Certificate, and cause a Definitive Certificate of the same Class as such Rule 144A Global Certificate, and in a denomination equal
to the reduction in the denomination of such Rule 144A Global Certificate, to be executed, authenticated and delivered in accordance
with this Agreement to the applicable Transferee.

 

None of the Depositor, the
Initial Purchasers, the Certificate Administrator, the Trustee, the General Master Servicer, the General Special Servicer, the
NCB Master Servicer, the NCB Special Servicer, the One Court Square Special Servicer, the Tax Administrator, the Custodian, the
Certificate Registrar or the Trust Advisor is obligated to register or qualify any Class of Non-Registered Certificates under the
Securities Act or any other securities law or to take any action not otherwise required under the Agreement to permit the transfer
of this Certificate or any interest herein without registration or qualification. Any Certificateholder or Certificate Owner desiring
to effect a Transfer of this Certificate or any interest herein shall, and does hereby agree to, indemnify the Depositor, the Initial
Purchasers, the Certificate Administrator, the Trustee, the General Master Servicer, the General Special Servicer, the NCB Master
Servicer, the NCB Special Servicer, the One Court Square Special Servicer, the Tax Administrator, the Custodian, the Certificate
Registrar and the Trust Advisor against any liability

 

    	A-1-8

    	 

    

 

that
may result if the transfer is not so exempt or is not made in accordance with such federal and state laws or the provisions described
above.]

 

[FOR BOOK-ENTRY CERTIFICATES:
The Global Certificates shall be deposited with the Certificate Administrator as custodian for the Depository and registered in
the name of Cede & Co. as nominee of the Depository.]

 

No transfer of this Certificate
or any interest herein shall be made (A) to any employee benefit plans or other benefit plans and arrangements, including individual
retirement accounts and annuities, Keogh plans and collective investment funds and separate accounts, the assets of which are considered
“plan assets” under U.S. Department of Labor Regulation § 2510.3-101, as modified by Section 3(42) of ERISA, or
for purposes of Similar Law, including insurance company general accounts, that are subject to ERISA, Section 4975 of the Code
or Similar Law (each, a “Plan”), or (B) to any Person who is directly or indirectly purchasing this Certificate
or any interest herein on behalf of, as named fiduciary of, as trustee of, or with assets of a Plan, if the purchase and holding
of this Certificate or such interest herein by the prospective Transferee would result in a violation of Section 406 or 407 of
ERISA or Section 4975 of the Code, or a similar violation under Similar Law, or would result in the imposition of an excise tax
under Section 4975 of the Code. Except in limited circumstances, the Certificate Registrar shall refuse to register the transfer
of this Certificate (and, if applicable, any Certificate Owner shall refuse to transfer an interest in this Certificate), unless
it has received from the prospective Transferee (i) a certification to the effect that such prospective Transferee is not a Plan
and is not directly or indirectly purchasing this Certificate or interest therein on behalf of, as named fiduciary of, as trustee
of, or with assets of a Plan; or (ii) a certification to the effect that the purchase and holding of this Certificate or interest
by such prospective Transferee is exempt from the prohibited transaction provisions of Sections 406(a) and (b) and 407 of ERISA
and the excise taxes on such prohibited transactions imposed under Section 4975 (a) and (b) of the Code, by reason of Sections
I and III of Prohibited Transaction Class Exemption 95-60; or (iii) if this Certificate is investment grade rated and is being
acquired by, on behalf of or with assets of a Plan in reliance upon Prohibited Transaction Exemption 96-22 (as amended by Prohibited
Transaction Exemption 2013-08), a certification to the effect that such Plan (X) is an “accredited investor” as defined
in Rule 501(a)(1) of Regulation D of the Securities Act, (Y) is not sponsored (within the meaning of Section 3(16)(B) of ERISA)
by any member of the Restricted Group, and (Z) agrees that it will obtain from each of its Transferees a written certification
described in clause (i) above, a written certification described in clause (ii) above or a written representation
that such Transferee satisfies the requirements of the immediately preceding clauses (iii)(X) and (iii)(Y), together
with a written agreement that such Transferee will obtain from each of its Transferees a similar written certification or representation;
or (iv) a certification of facts and an Opinion of Counsel which otherwise establish to the reasonable satisfaction of the Certificate
Administrator (or, if applicable, the Certificate Owner effecting the transfer) that such Transfer will not result in a violation
of Section 406 of ERISA or Section 4975 of the Code, or a similar violation under Similar Law, or result in the imposition of an
excise tax under Section 4975 of the Code and will not subject the Trustee, the Depositor, the Certificate Administrator, the General
Master Servicer, the General Special Servicer, the NCB Master Servicer, the NCB Special Servicer, the One Court Square Special
Servicer, the Trust Advisor, the Certificate Registrar, the initial purchasers or a Sub-Servicer to any obligation in addition
to those undertaken in the Agreement.

 

    	A-1-9

    	 

    

 

If any Transferee of a Certificate
(including a Registered Certificate) or any interest therein does not, in connection with the subject Transfer, deliver to the
Certificate Registrar (in the case of a Definitive Certificate) or the Transferor (in the case of ownership interests in a Book-Entry
Non-Registered Certificate) any certification and/or Opinion of Counsel contemplated by the preceding paragraph, then such Transferee
shall be deemed to have represented and warranted that either: (i) such Transferee is not a Plan and is not directly or indirectly
purchasing such Certificate or interest therein on behalf of, as named fiduciary of, as trustee of, or with assets of a Plan; or
(ii) the purchase and holding of such Certificate or interest therein by such Transferee are exempt from the prohibited transaction
provisions of Sections 406(a) and (b) and 407 of ERISA and the excise taxes imposed on such prohibited transactions by Sections
4975(a) and (b) of the Code by reason of the Exemption (in the case of such a Certificate that is an Investment Grade Certificate)
or by reason of Sections I and III of PTCE 95-60 (in the case of such a Certificate that is not an Investment Grade Certificate)
or, in the case of a Plan subject to Similar Law does not result in a violation of Similar Law.

 

If a Person is acquiring
this Certificate as a fiduciary or agent for one or more accounts, such Person shall be required to deliver to the Certificate
Registrar (and, if applicable, to the Certificate Owner) a certification to the effect that, and such other evidence as may be
reasonably required by the Certificate Registrar to confirm that, it has (i) sole investment discretion with respect to each such
account and (ii) full power to make the acknowledgments, representations, warranties, certifications and/or agreements with respect
to each such account described above in this Certificate.

 

As provided in the Agreement
and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register
upon surrender of this Certificate for registration of transfer at the offices of the Certificate Registrar, duly endorsed by,
or accompanied by a written instrument of transfer in the form satisfactory to the Certificate Registrar duly executed by the Holder
hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations
evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

 

No service charge will be
imposed for any transfer or exchange of this Certificate, but the Certificate Administrator or the Certificate Registrar may require
payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or
exchange of this Certificate.

 

[FOR BOOK-ENTRY CERTIFICATES:
Notwithstanding the foregoing, for so long as this Certificate is registered in the name of Cede & Co. or in such other name
as is requested by an authorized representative of DTC, transfers of interests in this Certificate shall be made through the book-entry
facilities of DTC, and accordingly, this Certificate shall constitute a Book-Entry Certificate.]

 

The Depositor, the General
Master Servicer, the General Special Servicer, the NCB Master Servicer, the NCB Special Servicer, the One Court Square Special
Servicer, the Trustee, the Certificate Administrator, the Trust Advisor, the Tax Administrator, the Custodian, the Certificate
Registrar and any agent of any such party may treat the Person in whose name this

 

    	A-1-10

    	 

    

 

Certificate
is registered as the owner hereof for all purposes, and none of such parties or such agents shall be affected by notice to the
contrary.

 

Subject to certain terms
and conditions set forth in the Agreement, the Trust and the obligations created by the Agreement shall terminate upon payment
(or provision for payment) to the Certificateholders of all amounts held by the Certificate Administrator on behalf of the Trustee
and required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or other liquidation (or
any advance with respect thereto) of the last Mortgage Loan or REO Property remaining in the Trust Fund; (ii) the purchase by the
General Master Servicer, the General Special Servicer, the NCB Master Servicer, the NCB Special Servicer or any single Subordinate
Class Certificateholder or group of Subordinate Class Certificateholders, at a price determined as provided in the Agreement, of
all the Mortgage Loans and each REO Property (or, in the case of any REO Property related to any Serviced Loan Combination, the
beneficial interest of the Trust Fund in such REO Property) remaining in the Trust Fund; and (iii) the exchange by the Sole Certificateholder(s)
of all the Certificates for all Mortgage Loans and each REO Property (or, in the case of any REO Property related to any Serviced
Loan Combination, the beneficial interest of the Trust Fund in such REO Property) remaining in the Trust Fund with the written
consent of the General Master Servicer and the NCB Master Servicer, as applicable, in their sole discretion. The Agreement permits,
but does not require, the General Master Servicer, the General Special Servicer, the NCB Master Servicer, the NCB Special Servicer
or any single Subordinate Class Certificateholder or group of Subordinate Class Certificateholders to purchase from the Trust Fund
all the Mortgage Loans and each REO Property (or, in the case of any REO Property related to any Serviced Loan Combination, the
beneficial interest of the Trust Fund in such REO Property) remaining therein. The exercise of such right will effect early retirement
of the Certificates; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Pool
at the time of purchase being 1.0% or less of the Cut-off Date Pool Balance.

 

The Agreement permits, with
certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the parties thereto
and the rights of the Certificateholders under the Agreement at any time by the parties to the Agreement with the consent of (i)
the Holders of Certificates entitled to not less than 66-2/3% of the Voting Rights allocated to each Class of Certificates that
is materially affected by the amendment and without the consent of any of the Pari Passu Companion Loan Holders and (ii) any Serviced
Pari Passu Companion Loan Holders materially affected by the amendment. Any such consent by the Holder of this Certificate shall
be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate.
The Agreement also permits the amendment thereof, in certain limited circumstances, including any amendment necessary to maintain
the status of any REMIC Pool as a REMIC, without the consent of the Holders of any of the Certificates.

 

Unless the certificate of
authentication hereon has been executed by the Certificate Registrar, by manual signature, this Certificate shall not be entitled
to any benefit under the Agreement or be valid for any purpose.

 

    	A-1-11

    	 

    

 

The registered Holder hereof,
by its acceptance hereof, agrees that it will look solely to the Trust Fund (to the extent of its rights therein) for distributions
hereunder.

 

This Certificate shall be
construed in accordance with the laws of the State of New York applicable to agreements negotiated, made and to be performed entirely
in said State, and the obligations, rights and remedies of the Holder hereof shall be determined in accordance with such laws.

 

    	A-1-12

    	 

    

 

IN WITNESS WHEREOF, the
Trustee has caused this Certificate to be duly executed on its behalf by the Certificate Registrar. 

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION

not in its individual capacity but solely as Certificate Registrar
	 	 	 
	 	By:	 
	 	 	Authorized Representative

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Class
[ ] Certificates referred to in the within-mentioned Agreement.

 

Dated:            October
13, 2015 

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION

not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Representative

 

    	A-1-13

    	 

    

 

ASSIGNMENT

 

FOR VALUE RECEIVED, the undersigned
hereby sell(s), assign(s) and transfer(s) unto _______________ (please print or typewrite name and address including postal zip
code of assignee) the beneficial ownership interest in the Trust Fund evidenced by the within Mortgage Pass-Through Certificate
and hereby authorize(s) the registration of transfer of such interest to assignee on the Certificate Register of the Trust Fund.

 

I (we) further direct the
Certificate Registrar to issue a new Mortgage Pass-Through Certificate of a like Percentage Interest and Class to the above named
assignee and deliver such Mortgage Pass-Through Certificate to the following address: _______________.

 

Dated:

 

	 	 	 	 
	 	 	Signature by or on behalf of Assignor	 
	 	 	 	 
	 	 	 	 
	 	 	Signature Guaranteed	 

 

DISTRIBUTION INSTRUCTIONS

 

The Assignee should include
the following for purposes of distribution:

 

Distributions shall, if permitted,
be made by wire transfer or otherwise, in immediately available funds, to _______________ for the account of _______________.

 

Distributions made by check
(such check to be made payable to _______________) and all applicable statements and notices should be mailed to ____________.

 

This information is provided
by _______________, the Assignee named above, or _______________, as its agent.

 

    	A-1-14

    	 

    

 

[FOR NON-REGISTERED, BOOK-ENTRY CERTIFICATES
INSERT THIS SCHEDULE A]

 

SCHEDULE A

 

SCHEDULE OF EXCHANGES IN GLOBAL SECURITY

 

The following exchanges of a part of this Global
Security have been made:

 

	Date of Exchange	Amount of

Decrease in Principal

Amount of this 

Global Security	Amount of Increase 

in Principal Amount 

of this Global 

Security	Principal Amount of 

this Global Security 

following such 

decrease (or increase)	Signature of 

authorized officer of 

Trustee or securities 

custodian

 

    	A-1-15

    	 

    

 

EXHIBIT A-2

 

FORM OF CLASS R CERTIFICATES

 

CLASS R COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATE, SERIES 2015-NXS3

 

This is one of a series of commercial mortgage
pass-through certificates (collectively, the “Certificates”), issued in multiple classes (each, a “Class”),
which series of Certificates evidences the entire beneficial ownership interest in a trust fund (the “Trust Fund”)
consisting primarily of a pool of commercial, multifamily and manufactured housing community mortgage loans or interests therein
(the “Mortgage Loans”), such pool being formed and sold by

 

WELLS FARGO COMMERCIAL MORTGAGE SECURITIES,
INC.

 

	Closing
    Date: October 13, 2015	 	Percentage Interest evidenced
    by this Class R Certificate: ___%
	 	 	 
	First Distribution
    Date:

    November 18, 2015	 	Aggregate Cut-off Date Principal Balance
    of the Original Mortgage Loans as of the Cut-off Date (“Cut-off Date Pool Balance”): $814,499,765
	 	 	 
	General Master Servicer:

        Wells Fargo Bank, National Association

         

        NCB Master Servicer:

        National Cooperative Bank, N.A.
	 	General Special Servicer:

        LNR Partners, LLC

         

        NCB Special Servicer:

        National Cooperative Bank, N.A.

	 	 	 
	One Court Square Special
    Servicer:

    Midland Loan Services, a Division of PNC Bank, National Association	 	Certificate Administrator, Tax Administrator
    and Custodian:

    Wells Fargo Bank, National Association
	 	 	 
	Trust Advisor:

        Pentalpha Surveillance LLC

         

        Certificate No. R -___
	 	Trustee:

        Wilmington Trust, National Association

         

        CUSIP No.:

        ISIN No.: ________________

	 	 	 

THIS CERTIFICATE HAS NOT BEEN REGISTERED
OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF
ANY STATE OR FOREIGN JURISDICTION. ANY REOFFER, RESALE, PLEDGE OR OTHER TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN WITHOUT
SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH

 

    	A-3-1

    	 

    

 

REGISTRATION OR QUALIFICATION
AND WHICH IS IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST
HEREIN MAY BE MADE TO (A) ANY RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT THAT IS SUBJECT TO SECTION 406 OF THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), SECTION 4975 OF THE INTERNAL REVENUE
CODE OF 1986 (THE “CODE”) OR ANY MATERIALLY SIMILAR PROVISIONS OF APPLICABLE FEDERAL, STATE OR LOCAL LAW OR
(B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR SUCH INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY
OF, AS TRUSTEE OF, OR WITH ASSETS OF ANY SUCH RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT, EXCEPT IN ACCORDANCE
WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST
IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE MORTGAGE LOAN SELLERS, EITHER MASTER SERVICER, ANY SPECIAL SERVICER, THE TRUSTEE,
THE TRUST ADVISOR, THE CERTIFICATE ADMINISTRATOR, THE INITIAL SUBORDINATE CLASS REPRESENTATIVE, THE UNDERWRITERS OR ANY OF THEIR
RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR ANY OF THE UNDERLYING MORTGAGE LOANS IS INSURED OR GUARANTEED BY ANY AGENCY
OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

 

THIS CERTIFICATE MAY NOT BE PURCHASED BY
OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT
TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS
DEFINED IN SECTION 3(32) OF ERISA) THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT, SIMILAR TO
THE FOREGOING PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”), OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN
OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE. ANY PURPORTED TRANSFER IN VIOLATION OF THESE RESTRICTIONS SHALL BE
ABSOLUTELY NULL AND VOID AND SHALL VEST NO RIGHTS IN ANY PURPORTED TRANSFEREE.

 

THIS CERTIFICATE IS A “RESIDUAL INTEREST”
IN MULTIPLE “REAL ESTATE MORTGAGE INVESTMENT CONDUITS” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(2)
AND 860D. EACH TRANSFEREE OF THIS CERTIFICATE, BY ACCEPTANCE HEREOF, IS DEEMED TO HAVE

 

    	A-2-2

    	 

    

 

ACCEPTED THIS CERTIFICATE SUBJECT TO CERTAIN
RESTRICTIONS ON TRANSFERABILITY TO DISQUALIFIED ORGANIZATIONS, “NON-UNITED STATES PERSONS” OR AGENTS OF EITHER, AS
SET FORTH IN SECTION 5.03 OF THE POOLING AND SERVICING AGREEMENT, AND SHALL BE REQUIRED TO FURNISH AN AFFIDAVIT TO THE TRANSFEROR,
THE CERTIFICATE ADMINISTRATOR AND THE TRUSTEE TO THE EFFECT THAT, AMONG OTHER THINGS, (A) IT IS NOT A DISQUALIFIED ORGANIZATION,
AS SUCH TERM IS DEFINED IN CODE SECTION 860E(e)(5), OR AN AGENT (INCLUDING A BROKER, NOMINEE OR OTHER MIDDLEMAN) FOR SUCH DISQUALIFIED
ORGANIZATION AND IS OTHERWISE A PERMITTED TRANSFEREE, (B) IT HAS HISTORICALLY PAID ITS DEBTS AS THEY HAVE COME DUE AND INTENDS
TO PAY ITS DEBTS AS THEY COME DUE IN THE FUTURE, (C) IT UNDERSTANDS THAT IT MAY INCUR TAX LIABILITIES WITH RESPECT TO THIS CERTIFICATE
IN EXCESS OF CASH FLOWS GENERATED HEREBY, (D) IT INTENDS TO PAY ANY TAXES ASSOCIATED WITH HOLDING THIS CERTIFICATE AS THEY BECOME
DUE, (E) IT WILL NOT CAUSE INCOME WITH RESPECT TO THIS CERTIFICATE TO BE ATTRIBUTABLE TO A FOREIGN PERMANENT ESTABLISHMENT OR FIXED
BASE, WITHIN THE MEANING OF AN APPLICABLE INCOME TAX TREATY, OF SUCH PERSON OR ANY OTHER U.S. PERSON AND (F) IT WILL NOT TRANSFER
THIS CERTIFICATE TO ANY PERSON OR ENTITY THAT DOES NOT PROVIDE A SIMILAR AFFIDAVIT. ANY PURPORTED TRANSFER TO A DISQUALIFIED ORGANIZATION
OR OTHER PERSON THAT IS NOT A PERMITTED TRANSFEREE OR OTHERWISE IN VIOLATION OF THESE RESTRICTIONS SHALL BE ABSOLUTELY NULL AND
VOID AND SHALL VEST NO RIGHTS IN ANY PURPORTED TRANSFEREE. THIS CERTIFICATE REPRESENTS “NON-ECONOMIC 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.

 

This certifies that [_____]
is the registered owner of the Percentage Interest evidenced by this Certificate (as specified above) in that certain beneficial
ownership interest in the Trust Fund evidenced by all the Class R Certificates. The Trust Fund was created and the Certificates
were issued pursuant to the Pooling and Servicing Agreement, dated as of October 1, 2015 (the “Agreement”),
among Wells Fargo Commercial Mortgage Securities, Inc., as depositor (the “Depositor,” which term includes any
successor entity under the Agreement), Wells Fargo Bank, National Association, as general master servicer (in such capacity, the
“General Master Servicer,” which term includes any successor entity under the Agreement), as certificate administrator
(in such capacity, the “Certificate Administrator,” which term includes any successor entity under the Agreement),
as tax administrator (in such capacity, the “Tax Administrator,” which term includes any successor entity under
the Agreement) and as custodian (in such capacity, the “Custodian,” which term includes any successor entity
under the

 

    	A-2-3

    	 

    

 

Agreement),
LNR Partners, LLC, as general special servicer (the “General Special Servicer,” which term includes any successor
entity under the Agreement), National Cooperative Bank, N.A, as NCB master servicer (in such capacity, the “NCB Master
Servicer,” which term includes any successor entity under the Agreement), National Cooperative Bank, N.A, as NCB special
servicer (in such capacity, the “NCB Special Servicer,” which term includes any successor entity under the
Agreement), Midland Loan Services, a Division of PNC Bank, National Association, as One Court Square special servicer (the “One
Court Square Special Servicer,” which term includes any successor entity under the Agreement), Pentalpha Surveillance
LLC, as trust advisor (the “Trust Advisor,” which term includes any successor entity under the Agreement),
and Wilmington Trust, National Association, as trustee (the “Trustee,” which term includes any successor entity
under the Agreement), a summary of certain of the pertinent provisions of which is set forth hereafter. To the extent not defined
herein, capitalized terms used herein have the respective meanings assigned thereto in the Agreement. This Certificate is issued
under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of its acceptance hereof assents and by which such Holder is bound. In the event that there is any conflict between
any provision of this Certificate and any provision of the Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant to the terms of
the Agreement, beginning on the First Distribution Date specified above, distributions will be made on that date (the “Distribution
Date”) each month that is the fourth Business Day following the Determination Date in such month, to the Person in whose
name this Certificate is registered at the close of business on the last Business Day of the month immediately preceding the month
of such distribution (the “Record Date”), in an amount equal to the product of the Percentage Interest evidenced
by this Certificate and the amount required to be distributed to all the Holders of the Class R Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the Agreement on this Certificate will be made by the
Certificate Administrator by wire transfer of immediately available funds to the account of the Person entitled thereto at a bank
or other entity having appropriate facilities therefor, if such Certificateholder shall have provided the Certificate Administrator
with wiring instructions no less than five Business Days prior to the related Record Date (which wiring instructions may be in
the form of a standing order applicable to all subsequent Distribution Dates), or otherwise by check mailed to the address of such
Certificateholder as it appears in the Certificate Register. Notwithstanding the foregoing, the final distribution on this Certificate
will be made in like manner, but only upon presentation and surrender of this Certificate at the offices of the Certificate Registrar
or such other location specified in the notice to the Holder hereof of such final distribution.

 

The Certificates are limited
in right of distribution to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth
herein and in the Agreement. As provided in the Agreement, withdrawals from the Distribution Account, the Collection Accounts,
the Reserve Accounts, the Servicing Accounts, the Interest Reserve Account, the Excess Liquidation Proceeds Account, the REO Accounts
(if established), the Serviced Pari Passu Companion Loan Custodial Account and any other accounts established pursuant to the Agreement
may be made from time to time for purposes other than, and, in certain cases, prior to, distributions to Certificateholders, such
purposes including the

 

    	A-2-4

    	 

    

 

reimbursement
of advances made, or certain expenses incurred, with respect to the Mortgage Loans and the payment of interest on such advances
and expenses.

 

This Certificate is issuable
in fully registered form only without interest coupons. As provided in the Agreement and subject to certain limitations therein
set forth, this Certificate is exchangeable for new Certificates of the same Class in authorized denominations evidencing the same
aggregate Percentage Interest, as requested by the Holder surrendering the same.

 

No direct or indirect transfer,
sale, pledge, hypothecation, or other form of assignment of any ownership interest in this Certificate or any interest herein shall
be made unless that transfer, sale, pledge, hypothecation or other form of assignment (a “Transfer”) is exempt
from the registration and/or qualification requirements of the Securities Act and any applicable securities laws of any state,
or is otherwise made in accordance with the Securities Act and such other securities laws. If a Transfer of this Certificate is
to be made without registration under the Securities Act, then (except in limited circumstances specified in the Agreement) the
Certificate Registrar shall refuse to register such Transfer unless it receives (and, upon receipt, may conclusively rely upon)
either: (i) a certificate from the Certificateholder desiring to effect such Transfer substantially in the form attached as Exhibit
C-2A to the Agreement and a certificate from such Certificateholder’s prospective Transferee substantially in the form
attached as Exhibit C-2B to the Agreement; or (ii) an Opinion of Counsel satisfactory to the Certificate Administrator to
the effect that such prospective Transferee is a Qualified Institutional Buyer and such Transfer may be made without registration
under the Securities Act (which Opinion of Counsel shall not be an expense of the Trust Fund, the Depositor, the General Master
Servicer, the General Special Servicer, the NCB Master Servicer, the NCB Special Servicer, the One Court Square Special Servicer,
the Trustee, the Certificate Administrator, the Tax Administrator, the Custodian or the Certificate Registrar in their respective
capacities as such), together with the written certification(s) as to the facts surrounding such Transfer from the Certificateholder
desiring to effect such Transfer and/or such Certificateholder’s prospective Transferee on which such Opinion of Counsel
is based.

 

None of the Depositor, the
Initial Purchasers, the Certificate Administrator, the Trustee, the General Master Servicer, the General Special Servicer, the
NCB Master Servicer, the NCB Special Servicer, the One Court Square Special Servicer, the Tax Administrator, the Custodian, the
Certificate Registrar or the Trust Advisor is obligated to register or qualify the Class R Certificates under the Securities Act
or any other securities law or to take any action not otherwise required under the Agreement to permit the transfer of this Certificate
or any interest herein without registration or qualification. Any Certificateholder or Certificate Owner desiring to effect a Transfer
of this Certificate or any interest herein shall, and does hereby agree to, indemnify the Depositor, the Initial Purchasers, the
Certificate Administrator, the Trustee, the General Master Servicer, the General Special Servicer, the NCB Master Servicer, the
NCB Special Servicer, the One Court Square Special Servicer, the Tax Administrator, the Custodian, the Certificate Registrar and
the Trust Advisor against any liability that may result if the transfer is not so exempt or is not made in accordance with such
federal and state laws or the provisions described above.

 

Each Person who has or who
acquires any Ownership Interest in this Certificate shall be deemed by its acceptance or acquisition of such Ownership Interest
to have agreed to be

 

    	A-2-5

    	 

    

 

bound
by the provisions of Section 5.02(d) of the Agreement and, if any purported Transferee shall become a Holder of this Certificate
in violation of the provisions of such Section 5.02(d), to have irrevocably authorized the Certificate Administrator (i)
to deliver payments to a Person other than such Person and (ii) to negotiate the terms of any mandatory disposition, to execute
all instruments of Transfer and to do all other things necessary in connection with any such disposition. Each Person holding
or acquiring any Ownership Interest in this Certificate must be a Permitted Transferee and shall promptly notify the Certificate
Administrator and the Tax Administrator of any change or impending change in its status as a Permitted Transferee. In connection
with any proposed Transfer of any Ownership Interest in this Certificate, the Certificate Registrar shall require delivery to
it, and shall not register the Transfer of this Certificate until its receipt of, an affidavit and agreement substantially in
the form attached as Exhibit E-1 to the Agreement (a “Transfer Affidavit and Agreement”) from the proposed
Transferee, representing and warranting, among other things, that such Transferee is a Permitted Transferee, that it is not acquiring
its Ownership Interest in this Certificate as a nominee, trustee or agent for any Person that is not a Permitted Transferee. Notwithstanding
the delivery of a Transfer Affidavit and Agreement by a proposed Transferee, if a Responsible Officer of either the Certificate
Registrar or the Certificate Administrator has actual knowledge that the proposed Transferee is not a Permitted Transferee, no
Transfer of an Ownership Interest in this Certificate to such proposed Transferee shall be effected. In connection therewith,
the Certificate Registrar shall not register the transfer of an Ownership Interest in this Certificate to any entity classified
as a partnership under the Code unless at the time of transfer, all of its beneficial owners are, and under the partnership agreements
are required to be, United States Securities Persons.

 

Each Person holding or acquiring
any Ownership Interest in this Certificate shall agree (x) to require a Transfer Affidavit and Agreement from any other Person
to whom such Person attempts to transfer its Ownership Interest herein and (y) not to transfer its Ownership Interest herein unless
it provides to the Certificate Registrar a certificate substantially in the form attached as Exhibit E-2 to the Agreement
stating that, among other things, it has no actual knowledge that such other Person is not a Permitted Transferee. Each Person
holding or acquiring an Ownership Interest in this Certificate, by purchasing such Ownership Interest herein, agrees to give the
Certificate Administrator and the Tax Administrator written notice that it is a “pass-through interest holder” within
the meaning of temporary Treasury Regulation Section 1.67-3T(a)(2)(i)(A) immediately upon acquiring such Ownership Interest, if
it is, or is holding such Ownership Interest on behalf of, a “pass-through interest holder.”

 

If a Person is acquiring
this Certificate as a fiduciary or agent for one or more accounts, such Person shall be required to deliver to the Certificate
Registrar a certification to the effect that, and such other evidence as may be reasonably required by the Certificate Registrar
to confirm that, it has (i) sole investment discretion with respect to each such account and (ii) full power to make the acknowledgments,
representations, warranties, certifications and/or agreements with respect to each such account described above in this Certificate.

 

The provisions of Section
5.02(d) of the Agreement may be modified, added to or eliminated, provided that there shall have been delivered to the Certificate
Administrator and the Tax Administrator the following: (a) a Rating Agency Confirmation with respect to such modification of, addition
to or elimination of such provisions; and (b) an Opinion of Counsel, in form and substance satisfactory to the Certificate Administrator
and the Tax Administrator, to

 

    	A-2-6

    	 

    

 

the effect
that such modification of, addition to or elimination of such provisions will not cause any REMIC Pool to cease to qualify as
a REMIC or be subject to an entity-level tax caused by the Transfer of a Class R Certificate to a Person that is not a Permitted
Transferee, or cause a Person other than the prospective Transferee to be subject to a REMIC-related tax caused by the Transfer
of a Class R Certificate to a Person that is not a Permitted Transferee.

 

A “Permitted Transferee”
is any Transferee other than a “Disqualified Organization”, a “Disqualified Non-United States Tax Person”
or a “Disqualified Partnership” (each as defined in the Agreement) and other than a foreign permanent establishment
or fixed base (each within the meaning of any applicable income tax treaty) of a United States Tax Person or any other Person as
to whom the transfer of this Certificate may cause any REMIC Pool to fail to qualify as a REMIC at any time that any Certificate
is outstanding.

 

As provided in the Agreement
and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register
upon surrender of this Certificate for registration of transfer at the offices of the Certificate Registrar, duly endorsed by,
or accompanied by a written instrument of transfer in the form satisfactory to the Certificate Registrar duly executed by, the
Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized
denominations evidencing the same aggregate Percentage Interest will be issued to the designated transferee or transferees.

 

No service charge will be
imposed for any transfer or exchange of this Certificate, but the Certificate Administrator or the Certificate Registrar may require
payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or
exchange of this Certificate.

 

The Depositor, the General
Master Servicer, the General Special Servicer, the NCB Master Servicer, the NCB Special Servicer, the One Court Square Special
Servicer, the Trustee, the Certificate Administrator, the Trust Advisor, the Tax Administrator, the Custodian, the Certificate
Registrar and any agent of any such party may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of such parties or such agents shall be affected by notice to the contrary.

 

Subject to certain terms
and conditions set forth in the Agreement, the Trust and the obligations created by the Agreement shall terminate upon payment
(or provision for payment) to the Certificateholders of all amounts held by the Certificate Administrator on behalf of the Trustee
and required to be paid to them pursuant to the Agreement following the earlier of (i) the final payment or other liquidation (or
any advance with respect thereto) of the last Mortgage Loan or REO Property remaining in the Trust Fund; (ii) the purchase by the
General Master Servicer, the General Special Servicer, the NCB Master Servicer, the NCB Special Servicer or any single Subordinate
Class Certificateholder or group of Subordinate Class Certificateholders, at a price determined as provided in the Agreement, of
all the Mortgage Loans and each REO Property (or, in the case of any REO Property related to any Serviced Loan Combination, the
beneficial interest of the Trust Fund in such REO Property) remaining in the Trust Fund; and (iii) the exchange by the Sole Certificateholder(s)
of all the Certificates for all Mortgage Loans and each REO Property (or, in the case of any REO Property related to any

 

    	A-2-7

    	 

    

 

Serviced
Loan Combination, the beneficial interest of the Trust Fund in such REO Property) remaining in the Trust Fund with the written
consent of the General Master Servicer and the NCB Master servicer, in their sole discretion. The Agreement permits, but does
not require, the General Master Servicer, the General Special Servicer, the NCB Master Servicer, the NCB Special Servicer or any
single Subordinate Class Certificateholder or group of Subordinate Class Certificateholders to purchase from the Trust Fund all
the Mortgage Loans and each REO Property (or, in the case of any REO Property related to any Serviced Loan Combination, the beneficial
interest of the Trust Fund in such REO Property) remaining therein. The exercise of such right will effect early retirement of
the Certificates; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Pool at
the time of purchase being 1.0% or less of the Cut-off Date Pool Balance.

 

The Agreement permits, with
certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the parties thereto
and the rights of the Certificateholders under the Agreement at any time by the parties to the Agreement with the consent of (i)
the Holders of Certificates entitled to not less than 66-2/3% of the Voting Rights allocated to each Class of Certificates that
is materially affected by the amendment and without the consent of any of the Pari Passu Companion Loan Holders and (ii) any Serviced
Pari Passu Companion Loan Holders materially affected by the amendment. Any such consent by the Holder of this Certificate shall
be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate.
The Agreement also permits the amendment thereof, in certain limited circumstances, including any amendment necessary to maintain
the status of any REMIC Pool as a REMIC, without the consent of the Holders of any of the Certificates.

 

Unless the certificate of
authentication hereon has been executed by the Certificate Registrar, by manual signature, this Certificate shall not be entitled
to any benefit under the Agreement or be valid for any purpose.

 

The registered Holder hereof,
by its acceptance hereof, agrees that it will look solely to the Trust Fund (to the extent of its rights therein) for distributions
hereunder.

 

This Certificate shall be
construed in accordance with the laws of the State of New York applicable to agreements negotiated, made and to be performed entirely
in said State, and the obligations, rights and remedies of the Holder hereof shall be determined in accordance with such laws.

 

    	A-2-8

    	 

    

 

IN WITNESS WHEREOF, the
Trustee has caused this Certificate to be duly executed on its behalf by the Certificate Registrar. 

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION

not in its individual capacity but solely as Certificate Registrar
	 	 	 
	 	By:	 
	 	 	Authorized Representative

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Class
R Certificates referred to in the within-mentioned Agreement.

 

Dated:          October
13, 2015 

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION

not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Representative

 

    	A-2-9

    	 

    

 

ASSIGNMENT

 

FOR VALUE RECEIVED, the undersigned
hereby sell(s), assign(s) and transfer(s) unto ________________________________________

	 
	(please print or typewrite name and address including postal zip code of assignee)

 

the beneficial ownership interest in the Trust
Fund evidenced by the within Mortgage Pass-Through Certificate and hereby authorize(s) the registration of transfer of such interest
to assignee on the Certificate Register of the Trust Fund.

 

I (we) further direct
the Certificate Registrar to issue a new Mortgage Pass-Through Certificate of a like Percentage Interest and Class to the
above named assignee and deliver such Mortgage Pass-Through Certificate to the following address:
_______________________________________ _____________________________________________________________________________________________________________________________.

 

Dated:

 

	 	 	 	 
	 	 	Signature by or on behalf of Assignor	 
	 	 	 	 
	 	 	 	 
	 	 	Signature Guaranteed	 

 

DISTRIBUTION INSTRUCTIONS

 

The Assignee should include
the following for purposes of distribution:

 

Distributions shall, if
permitted, be made by wire transfer or otherwise, in immediately available funds, to
____________ __________________________ for the account of
_____________________________________________________________________________________.

 

Distributions made by check
(such check to be made payable to _____________) and all applicable statements and notices should be mailed to __________________________________________________________________________________________________________________________.

 

This information is
provided by _______________________________________, the Assignee named above, or ____________
_______________________________________________________________________________________________________, as its agent.

 

    	A-2-10

    	 

    

 

 

 

EXHIBIT
B

 

LETTER
OF REPRESENTATIONS BETWEEN ISSUER AND INITIAL DEPOSITORY

 

    	B-1

    	 

    

 

 

The Depository Trust Company

A subsidiary of the Depository Trust & Clearing Corporation

 

ISSUER LETTER OF REPRESENTATIONS

(To be completed by Issuer and Co-lssuer(s), if applicable)

	  
	
Wells Fargo Commercial Mortgage Trust 2015-NXS3

	
(Name of Issuer and Co-lssuer(s), if applicable)

	  
	
Commercial Mortgage Pass-Through Certificates, Series 2015-NXS3

	
(Security Description, including series designation if applicable)

	  
	
See Schedule B

	
(CUSIP Number(s) of the Securities)

	  	  
	  	
October
13, 2015

	  	
(Date)

 

The Depository Trust Company

570 Washington Blvd, 4th FL

Jersey City, NJ 07310

Attention: Underwriting Department

 

Ladies and Gentlemen:

 

This letter sets forth our understanding with respect to the Securities represented by the CUSIP number(s) referenced above (the “Securities”). Issuer requests that The Depository Trust Company (“DTC”) accept the Securities as eligible for deposit at DTC.

 

Issuer is: (Note: Issuer must represent one and cross out the other.)

	 
	
[xxxxxxxxxx] [formed under the laws of]

	
   the State of New York

	
.

 

	
The DTC Clearing Participant See Rider 1 will distribute the Securities through DTC.

 

To induce DTC to accept the Securities as eligible for deposit at DTC, and to act in accordance with DTC’s Rules with respect to the Securities, Issuer represents to DTC that Issuer will comply with the requirements stated in DTC’s Operational Arrangements, as they may be amended from time to time.

	
 

	  	  	  	  
	 	 	
Very truly yours,

	 	  	 
	
Note:

	  	
Wells Fargo Commercial Mortgage Trust 2015-NXS3

	
Schedule A contains statements that DTC

	  	
By: Wells Fargo Bank, National Association, 

	
believes accurately describe DTC, the method

	  	

as Certificate Administrator

	
of effecting book-entry transfers of securities

	  	
(Issuer)

	
distributed through DTC, and certain related

	  	  
	
matters.

	  	
By:

	/s/ Michael Baker             
	  	  	
(Authorized Officer’s Signature)

	
 

	  	  
	 	  	
Michael Baker

	 	  	
(Print Name)

	  	  	  
	  	  	
9062 Old Annapolis Road

	  	  	
(Street Address)

	 	 	  	  
	  	  	
       Columbia     MD             USA                       21045

	

 

	  	
             (City)               (State)                 (Country)                                (Zip Code)

	  	
443-367-3311

	  	
(Phone Number)

	  	  
	  	
michael.j.baker@wellsfargo.com

	  	
(E-mail Address)

	  	  
	  	
ILOR 06-2013

 

  

  

  

 

Schedule A

(To Issuer Letter of Representations)

	  
	
SAMPLE OFFERING DOCUMENT LANGUAGE

	
DESCRIBING BOOK-ENTRY-ONLY ISSUANCE

	
(Prepared by DTC--bracketed material may be applicable only to certain issues)

 

1.           The Depository Trust Company (“DTC”), New York, NY, will act as securities depository for the securities (the “Securities”). The Securities will be issued as fully-registered securities registered in the name of Cede & Co. (DTC’s partnership nominee) or such other name as may be requested by an authorized representative of DTC. One fully-registered Security certificate will be issued for [each issue of] the Securities, [each] in the aggregate principal amount of such issue, and will be deposited with DTC. [If, however, the aggregate principal amount of [any] issue exceeds $500 million, one certificate will be issued with respect to each $500 million of principal amount, and an additional certificate will be issued with respect to any remaining principal amount of such issue.]

 

2.           DTC, the world’s largest securities depository, is a limited-purpose trust company organized under the New York Banking Law, a “banking organization” within the meaning of the New York Banking Law, a member of the Federal Reserve System, a “clearing corporation” within the meaning of the New York Uniform Commercial Code, and a “clearing agency” registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934. DTC holds and provides asset servicing for over 3.5 million issues of U.S. and non-U.S. equity issues, corporate and municipal debt issues, and money market instruments (from over 100 countries) that DTC’s participants (“Direct Participants”) deposit with DTC. DTC also facilitates the post-trade settlement among Direct Participants of sales and other securities transactions in deposited securities, through electronic computerized book-entry transfers and pledges between Direct Participants’ accounts. This eliminates the need for physical movement of securities certificates. Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation (“DTCC”). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, and clearing corporations that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly (“Indirect Participants”). DTC has a Standard & Poor’s rating of AA+. The DTC Rules applicable to its Participants are on file with the Securities and Exchange Commission. More information about DTC can be found at www.dtcc.com.

 

3.           Purchases of Securities under the DTC system must be made by or through Direct Participants, which will receive a credit for the Securities on DTC’s records. The ownership interest of each actual purchaser of each Security (“Beneficial Owner”) is in turn to be recorded on the Direct and Indirect Participants’ records. Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the Securities are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in Securities, except in the event that use of the book-entry system for the Securities is discontinued.

 

4.           To facilitate subsequent transfers, all Securities deposited by Direct Participants with DTC are registered in the name of DTC’s partnership nominee, Cede & Co., or such other name as may be requested by an authorized representative of DTC. The deposit of Securities with DTC and their registration in the name of Cede & Co. or such other DTC nominee do not effect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the Securities; DTC’s records reflect only the identity of the Direct Participants to whose accounts such Securities are credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping account of their holdings on behalf of their customers.

 

ILOR 06-2013

 

  

  

  

 

Schedule A

(To Issuer Letter of Representations)

 

5.           Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time. [Beneficial Owners of Securities may wish to take certain steps to augment the transmission to them of notices of significant events with respect to the Securities, such as redemptions, tenders, defaults, and proposed amendments to the Security documents. For example, Beneficial Owners of Securities may wish to ascertain that the nominee holding the Securities for their benefit has agreed to obtain and transmit notices to Beneficial Owners. In the alternative, Beneficial Owners may wish to provide their names and addresses to the registrar and request that copies of notices be provided directly to them.]

 

[6.          Redemption notices shall be sent to DTC. If less than all of the Securities within an issue are being redeemed, DTC’s practice is to determine by lot the amount of the interest of each Direct Participant in such issue to be redeemed.]

 

7.           Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to Securities unless authorized by a Direct Participant in accordance with DTC’s MMI Procedures. Under its usual procedures, DTC mails an Omnibus Proxy to Issuer as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.’s consenting or voting rights to those Direct Participants to whose accounts Securities are credited on the record date (identified in a listing attached to the Omnibus Proxy).

 

8.           Redemption proceeds, distributions, and dividend payments on the Securities will be made to Cede & Co., or such other nominee as may be requested by an authorized representative of DTC. DTC’s practice is to credit Direct Participants’ accounts upon DTC’s receipt of funds and corresponding detail information from Issuer or Agent, on payable date in accordance with their respective holdings shown on DTC’s records. Payments by Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form or registered in “street name,” and will be the responsibility of such Participant and not of DTC, Agent, or Issuer, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of redemption proceeds, distributions, and dividend payments to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) is the responsibility of Issuer or Agent, disbursement of such payments to Direct Participants will be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners will be the responsibility of Direct and Indirect Participants.

 

[9.           A Beneficial Owner shall give notice to elect to have its Securities purchased or tendered, through its Participant, to [Tender/Remarketing] Agent, and shall effect delivery of such Securities by causing the Direct Participant to transfer the Participant’s interest in the Securities, on DTC’s records, to [Tender/Remarketing] Agent. The requirement for physical delivery of Securities in connection with an optional tender or a mandatory purchase will be deemed satisfied when the ownership rights in the Securities are transferred by Direct Participants on DTC’s records and followed by a book-entry credit of tendered Securities to [Tender/Remarketing] Agent’s DTC account.]

 

10.           DTC may discontinue providing its services as depository with respect to the Securities at any time by giving reasonable notice to Issuer or Agent. Under such circumstances, in the event that a successor depository is not obtained, Security certificates are required to be printed and delivered.

 

11.           Issuer may decide to discontinue use of the system of book-entry-only transfers through DTC (or a successor securities depository). In that event, Security certificates will be printed and delivered to DTC.

 

12.           The information in this section concerning DTC and DTC’s book-entry system has been obtained from sources that Issuer believes to be reliable, but Issuer takes no responsibility for the accuracy thereof.

 

ILOR 06-2013

  

  

  

 

	
The Depository Trust Company

	
A subsidiary of the Depository Trust & Clearing Corporation

	  
	
Representations for Rule 144A Securities

	
to be included in DTC Letter of Representations

	  
	
Wells Fargo Commercial Mortgage Trust 2015-NXS3

	  
	
Name of Issuer and Co-Issuer(s), if applicable

	  
	
Commercial Mortgage Pass Through Certificates, Series 2015-NXS3

	  
	
Security Description including series designation, if applicable

	  
	
See Schedule C

	
CUSIP number(s) of the securities

 

1. Issuer represents that at the time of initial registration in the name of DTC’s nominee, Cede & Co., the Securities were Legally or Contractually Restricted Securities,1 eligible for transfer under Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and identified by a CUSIP or CINS identification number that was different from any CUSIP or CINS identification number assigned to any securities of the same class that were not Legally or Contractually Restricted Securities. Issuer shall ensure that a CUSIP or CINS identification number is obtained for all unrestricted securities of the same class that is different from any CUSIP or CINS identification number assigned to a Legally or Contractually Restricted Security of such class, and shall notify DTC promptly in the event that it is unable to do so. Issuer represents that it has agreed to comply with all applicable information requirements of Rule 144A.

 

2. Issuer and Agent2 acknowledge that, so long as Cede & Co. is a record owner of the Securities, Cede & Co. shall be entitled to all applicable voting rights and receive the full amount of all distributions payable with respect thereto. Issuer and Agent acknowledge that DTC shall treat any DTC Participant (“Participant”) having Securities credited to its DTC accounts as entitled to the full benefits of ownership of such Securities. Without limiting the generality of the preceding sentence, Issuer and Agent acknowledge that DTC shall treat any Participant having Securities credited to its DTC accounts as entitled to receive distributions (and voting rights, if any) in respect of the Securities, and to receive from DTC certificates evidencing Securities. Issuer and Agent recognize that DTC does not in any way undertake to, and shall not have any responsibility to, monitor or ascertain the compliance of any transactions in the Securities with any of the provisions: (a) of Rule 144A; (b) of other exemptions from registration under the Securities Act or any other state or federal securities laws; or (c) of the offering documents.

	  	  	  	  	  	  
	 	 	 	
Very truly yours,

	
 

	  	  	  	  	

Wells Fargo Commercial Mortgage Trust 2015-NXS3

By: Wells Fargo Bank, National Association,

as Certificate Administrator

	 	  	  	  	  
	 	  	  	
Issuer

	  	  	  	  	  	  
	  	  	  	  	
By:

	 /s/  Michael Baker
	 	 	  	  	  	
Authorized Officer’s Signature

	  	  	  	  	  	  
	  	  	  	  	
Michael
Baker     October 13, 2015

	  	  	  	  	
Print Name & Date

 

1 A “Legally Restricted Security” is a security that is a restricted security, as defined in Rule 144(a)(3). A “Contractually Restricted Security” is a security that upon issuance and continually thereafter can only be sold pursuant to Regulation S under the Securities Act, Rule 144A, Rule 144, or in a transaction exempt from the registration requirements of the Securities Act pursuant to Section 4 of the Securities Act and not involving any public offering; provided, however, that once the security is sold pursuant to the provisions of Rule 144, including Rule 144(b)(1), it will thereby cease to be a “Contractually Restricted Security.” For purposes of this definition, in order for a depositary receipt to be considered a “Legally or Contractually Restricted Security,” the underlying security must also be a “Legally or Contractually Restricted Security.”

 

2 “Agent” shall be defined as Depositary, Trustee, Trust Company, Transfer Agent or Paying Agent as such definition applies in the DTC Letter of Representations to which this rider may be appended.

 

	  	  	  
	 	  	
144A Rider 06-2013

  

  

  

	
The Depository Trust Company

	
A subsidiary of the Depository Trust & Clearing Corporation

	  
	
Representations for Regulation S Securities

to be included in DTC Letter of Representations

	  
	
Wells Fargo Commercial Mortgage Trust 2015-NXS3

	
Name of Issuer and Co-Issuer(s) if applicable

	  
	
Commercial Mortgage Pass-Through Certificates, Series 2015-NXS3

	
Security Description including series designation if applicable

	  
	
See Schedule D

	
CUSIP Number(s) of the Securities

 

1.           Issuer represents that at the time of initial registration in the name of DTC’s nominee, Cede & Co., the Securities were Legally or Contractually Restricted Securities,1 and were eligible for transfer under Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), and identified by a CUSIP or CINS identification number that was different from any CUSIP or CINS identification number assigned to any securities of the same class that were not Legally or Contractually Restricted Securities. Issuer shall ensure that a CUSIP or CINS identification number is obtained for all unrestricted securities of the same class that is different from any CUSIP or CINS identification number assigned to a Legally or Contractually Restricted Security of such class, and shall notify DTC promptly in the event that it is unable to do so.

 

2.           Issuer and Agent2 acknowledge that, so long as Cede & Co. is a record owner of the Securities, Cede & Co. shall be entitled to all applicable voting rights and receive the full amount of all distributions payable with respect thereto. Issuer and Agent acknowledge that DTC shall treat any DTC Participant (“Participant”) having Securities credited to its DTC accounts as entitled to the full benefits of ownership of such Securities. Without limiting the generality of the preceding sentence, Issuer and Agent acknowledge that DTC shall treat any Participant having Securities credited to its DTC accounts as entitled to receive distributions (and voting rights, if any) in respect of the Securities, and to receive from DTC certificates evidencing Securities. Issuer and Agent recognize that DTC does not in any way undertake to, and shall not have any responsibility to, monitor or ascertain the compliance of any transactions in the Securities with any of the provisions: (a) of Rule 144A; (b) of other exemptions from registration under the Securities Act or any other state or federal securities laws; or (c) of the offering documents.

 

	
 

	  

Wells Fargo Commercial Mortgage Trust 2015-NXS3

By: Wells Fargo Bank, National Association,

as Certificate Administrator

	  	
 

	Issuer	  	  	
Co-Issuer, if applicable

	 	 	 	 	 	 
	
By:

	/s/ Michael Baker	  	
By:

	  
	  Authorized Officer’s Signature	  	 	
Authorized Officer’s Signature

	 	 	 	 
	  

Michael
Baker     October 13, 2015

	 	 	 
	Print Name & Date	  	  	
Print Name & Date

	 	  	  	  	  

 

1 A “Legally Restricted Security” is a security that is a restricted security, as defined in Rule 144(a)(3). A “Contractually Restricted Security” is a security that upon issuance and continually thereafter can only be sold pursuant to Regulation S under the Securities Act, Rule 144A, Rule 144, or in a transaction exempt from the registration requirements of the Securities Act pursuant to Section 4 of the Securities Act and not involving any public offering; provided, however, that once the security is sold pursuant to the provisions of Rule 144, including Rule 144(b)(1), it will thereby cease to be a “Contractually Restricted Security.” For purposes of this definition, in order for a depositary receipt to be considered a “Legally or Contractually Restricted Security,” the underlying security must also be a “Legally or Contractually Restricted Security.”

 

2 Agent shall be defined as Depositary, Trustee, Trust Company or Paying Agent as such definition applies in the DTC Letter of Representations to which this rider may be appended.

 

 

	 	 	
Regulation S Rider 09-2013

  

  

  

 

Wells Fargo Commercial Mortgage Trust 2015-NXS3

Commercial Mortgage Pass-Through Certificates,
Series 2015-NXS3

 

SCHEDULE B:

 

	
        Class
	
        Public
        CUSIP
	
        Public
        ISIN

	A-1	94989VAA7	US94989VAA70
	A-2	94989VAB5	US94989VAB53
	A-3	94989VAC3	US94989VAC37
	A-4	94989VAD1	US94989VAD10
	A-SB	94989VAE9	US94989VAE92
	A-S	94989VAF6	US94989VAF67
	X-A	94989VAG4	US94989VAG41
	B	94989VAJ8	US94989VAJ89
	C	94989VAK5	US94989VAK52
	PEX	94989VAL3	US94989VAL36

 

SCHEDULE C:

	
         

        Class
	
        Rule 144A

        CUSIP
	
        Rule 144A

        ISIN

	X-D	94989VAM1	US94989VAM19
	X-E	94989VAP4	US94989VAP40
	X-FG	94989VAR0	US94989VAR06
	X-H	94989VAT6	US94989VAT61
	D	94989VAZ2	US94989VAZ22
	E	94989VBB4	US94989VBB45
	F	94989VBD0	US94989VBD01
	G	94989VBF5	US94989VBF58
	H	94989VBH1	US94989VBH15

 

Schedule
D:

	
         

        Class
	
        Regulation
        S

        CUSIP
	
        Regulation
        S

        ISIN

	X-D	U94897AA0	USU94897AA00
	X-E	U94897AB8	USU94897AB82
	X-FG	U94897AC6	USU94897AC65
	X-H	U94897AD4	USU94897AD49
	D	U94897AG7	USU94897AG79
	E	U94897AH5	USU94897AH52
	F	U94897AJ1	USU94897AJ19
	G	U94897AK8	USU94897AK81
	H	U94897AL6	USU94897AL64

 

RIDER 1:

Wells Fargo Securities,
LLC, Deutsche Bank Securities Inc., and Natixis Securities Americas LLC

 

  

  

  

 

EXHIBIT
C-1A

 

FORM
OF TRANSFEROR CERTIFICATE

(FOR USE IN CONNECTION WITH TRANSFERS OF NON-REGISTERED CERTIFICATES

TO NON-QIB ACCREDITED INVESTORS)

 

[Date]

 

Wells Fargo Bank,
National Association

Wells Fargo Center

Sixth Street and Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust Services: Wells Fargo Commercial Mortgage
Trust 2015-NXS3

 

		Re:	Wells
                                         Fargo Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates,
                                         Series 2015-NXS3 (the “Certificates”), Class [_], [having an initial
                                         Certificate Principal Balance or Certificate Notional Amount as of October 13, 2015 (the
                                         “Closing Date”) of $__________] [evidencing a ____% Percentage Interest
                                         in the related Class] (the “Transferred Certificates”)

 

Ladies and Gentlemen:

 

This
letter is delivered to you in connection with the Transfer by _________________________ (the “Transferor”)
to ________________ (the “Transferee”) of the Transferred Certificates. The Certificates, including the Transferred
Certificates, were issued pursuant to the Pooling and Servicing Agreement dated as of October 1, 2015 (the “Pooling and
Servicing Agreement”), among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor (the “Depositor”),
Wells Fargo Bank, National Association, as General Master Servicer, LNR Partners, LLC, as General Special Servicer, National Cooperative
Bank, N.A., as NCB Master Servicer, National Cooperative Bank, N.A., as NCB Special Servicer, Midland Loan Services, a Division
of PNC Bank, National Association, as One Court Square Special Servicer, Pentalpha Surveillance LLC, as Trust Advisor, Wells Fargo
Bank, National Association, as Certificate Administrator, as Tax Administrator and as Custodian, and Wilmington Trust, National
Association, as Trustee (the “Trustee”). 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 and for the benefit of the Trustee and the Depositor, that:

 

1.          The
Transferor is the lawful owner of the Transferred Certificates with the full right to transfer such Certificates free from any
and all claims and encumbrances whatsoever.

 

2.          Neither
the Transferor nor anyone acting on its behalf has (a) offered, sold, pledged, or otherwise transferred any Transferred Certificate,
any interest in any Transferred Certificate or any other similar security to any person in any manner, (b) solicited any
offer to buy or accept a pledge or other transfer of any Transferred Certificate, any interest in any Transferred Certificate
or any other similar security from any person in any manner, 

 

    	C-1A-1

    	 

    

 

(c) otherwise
approached or negotiated with respect to any Transferred Certificate, any interest in any Transferred Certificate or any other
similar security with any person in any manner, (d) made any general solicitation with respect to any Transferred Certificate,
any interest in a Transferred Certificate 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 any Transferred Certificate under the Securities Act of 1933, as amended (the “Securities
Act”), or would render the offer, sale, pledge or other transfer of any Transferred Certificate a violation of Section 5
of the Securities Act or any applicable state or foreign securities laws, or would require registration or qualification of any
Transferred Certificate pursuant to the Securities Act or any applicable state or foreign securities laws.

 

	 	Very truly yours,
	 	 
	 	(Transferor)

 

	 	By: 	
	 	 	Name:
Title:

 

    	C-1A-2

    	 

    

 

 

EXHIBIT
C-1B

 

FORM
OF TRANSFEREE CERTIFICATE

(FOR USE IN CONNECTION WITH TRANSFERS OF NON-REGISTERED CERTIFICATES

TO NON-QIB ACCREDITED INVESTORS)

 

[Date]

 

Wells Fargo Bank,
National Association

Wells Fargo Center

Sixth Street and Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust Services: Wells Fargo Commercial Mortgage Trust
2015-NXS3 

______________________________

[TRANSFEROR]

______________________________

______________________________

______________________________

 

		Re:	Wells
                                         Fargo Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates,
                                         Series 2015-NXS3 (the “Certificates”), Class [_], [having an initial
                                         Certificate Principal Balance or Certificate Notional Amount as of October 13, 2015 (the
                                         “Closing Date”) of $__________] [evidencing a ____% Percentage Interest
                                         in the related Class] (the “Transferred Certificates”)

 

Ladies and Gentlemen:

 

This
letter is delivered to you in connection with the Transfer by ____________________________ (the “Transferor”)
to __________________________ (the “Transferee”) of the Transferred Certificates. The Certificates, including
the Transferred Certificates, were issued pursuant to the Pooling and Servicing Agreement dated as of October 1, 2015 (the “Pooling
and Servicing Agreement”), among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor (the “Depositor”),
Wells Fargo Bank, National Association, as General Master Servicer, LNR Partners, LLC, as General Special Servicer, National Cooperative
Bank, N.A., as NCB Master Servicer, National Cooperative Bank, N.A., as NCB Special Servicer, Midland Loan Services, a Division
of PNC Bank, National Association, as One Court Square Special Servicer, Pentalpha Surveillance LLC, as Trust Advisor, Wells Fargo
Bank, National Association, as Certificate Administrator, as Tax Administrator and as Custodian, and Wilmington Trust, National
Association, as Trustee (the “Trustee”). 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, and for the benefit of the Trustee and the Depositor, that:

 

1.          The
Transferee is acquiring interests in the Transferred Certificates 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, other than in accordance with the 

 

    	C-1B-1

    	 

    

 

Pooling
and Servicing Agreement in a manner which would not violate the Securities Act of 1933, as amended (the “Securities Act”),
or any applicable state or foreign securities laws.

 

2.          The
Transferee understands that (a) the Transferred Certificates have not been and will not be registered under the Securities
Act or registered or qualified under any applicable state or foreign securities laws, (b) none of the Depositor, the Trustee
or the Certificate Registrar is obligated so to register or qualify the Transferred Certificates and (c) neither the Transferred
Certificates nor any security issued in exchange therefor or in lieu thereof may be reoffered, resold, pledged or otherwise transferred
unless it is (i) registered pursuant to the Securities Act and registered or qualified pursuant any applicable state and
foreign securities laws or (ii) offered, sold, pledged or otherwise transferred in transactions that are exempt from, or
not subject to, such registration and qualification and the transferee has delivered either: (A) a certificate from the prospective
transferor substantially in the form attached as Exhibit C-1A or as Exhibit C-2A to the Pooling and Servicing Agreement; (B) 
a certificate from the prospective transferee substantially in the form attached either as Exhibit C-1B or as Exhibit C-2B to
the Pooling and Servicing Agreement; or (C) an opinion of counsel satisfactory to the Certificate Registrar that the sale,
pledge or other transfer may be made without registration under the Securities Act, together with written certification(s) as
to the facts surrounding the transfer from the prospective transferor and/or prospective transferee upon which such opinion is
based.

 

3.          The
Transferee understands that it may not offer, sell, pledge or otherwise transfer any Transferred Certificate, any security issued
in exchange therefor or in lieu thereof or any interest in the foregoing except in compliance with the provisions of Section 5.02
of the Pooling and Servicing Agreement, which provisions it has carefully reviewed, and that each Transferred Certificate will
bear the following legends:

 

THIS
CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”) OR THE SECURITIES LAWS OF ANY STATE OR FOREIGN JURISDICTION. ANY REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
OF THIS CERTIFICATE OR ANY INTEREST HEREIN WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH
DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND WHICH IS IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING
AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

NO
TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A) ANY RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN
OR ARRANGEMENT THAT IS SUBJECT TO

  

    	C-1B-2

    	 

    

 

SECTION
406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), SECTION 4975 OF THE INTERNAL
REVENUE CODE OF 1986 (THE “CODE”) OR ANY MATERIALLY SIMILAR PROVISIONS OF APPLICABLE FEDERAL, STATE OR LOCAL
LAW OR (B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR SUCH INTEREST HEREIN ON BEHALF OF, AS
NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH ASSETS OF ANY SUCH RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT, EXCEPT
IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

4.          Neither
the Transferee nor anyone acting on its behalf has (a) offered, sold, pledged or otherwise transferred any Transferred Certificate,
any interest in any Transferred Certificate or any other similar security to any person in any manner, (b) solicited any
offer to buy or accept a pledge or other transfer of any Transferred Certificate, any interest in any Transferred Certificate
or any other similar security from any person in any manner, (c) otherwise approached or negotiated with respect to any Transferred
Certificate, any interest in any Transferred Certificate or any other similar security with any person in any manner, (d) made
any general solicitation with respect to any Transferred Certificate, any interest in any Transferred Certificate or any other
similar security by means of general advertising or in any other manner or (e) taken any other action with respect to any
Transferred Certificate, any interest in any Transferred Certificate or any other similar security, which (in the case of any
of the acts described in clauses (a) through (e) hereof) would constitute a distribution of the Transferred Certificates
under the Securities Act, would render the offer, sale, pledge or other transfer of any Transferred Certificate a violation of
Section 5 of the Securities Act or any state or foreign securities laws, or would require registration or qualification of
the Transferred Certificates 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 any Transferred Certificate, any interest in any Transferred
Certificate or any other similar security.

 

5.          The
Transferee has been furnished with all information regarding (a) the parties to the Pooling and Servicing Agreement, (b) the
Transferred Certificates and distributions thereon, (c) the nature, performance and servicing of the Mortgage Loans, (d) the
Trust and Trust Fund, (e) the Pooling and Servicing Agreement and the Mortgage Loan Purchase Agreements and (f) all
related matters, that it has requested.

 

6.          The
Transferee is an “accredited investor” as defined in any of paragraphs (1), (2), (3) and (7) of Rule 501(a)
of Regulation D under the Securities Act or an entity in which all of the equity owners come within such paragraphs.

 

    	C-1B-3

    	 

    

 

7.          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 Transferred Certificates; 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.

  

	 	Very truly yours,
	 	 
	 	(Transferee)

 

	 	By: 	
	 	 	Name:
Title:

 

    	C-1B-4

    	 

    

 

EXHIBIT
C-2A

 

FORM
OF TRANSFEROR CERTIFICATE

(FOR USE IN CONNECTION WITH TRANSFERS OF NON-REGISTERED

CERTIFICATES TO QIBs)

 

[Date]

 

Wells Fargo Bank,
National Association

Wells Fargo Center

Sixth Street and Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust Services: Wells Fargo Commercial Mortgage
Trust 2015-NXS3

 

		Re:	Wells
                                         Fargo Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates,
                                         Series 2015-NXS3 (the “Certificates”), Class [_], [having an initial
                                         Certificate Principal Balance or Certificate Notional Amount as of October 13, 2015 (the
                                         “Closing Date”) of $__________] [evidencing a ____% Percentage Interest
                                         in the related Class] (the “Transferred Certificates”)

 

Ladies and Gentlemen:

 

This
letter is delivered to you in connection with the transfer by __________ (the “Transferor”) to _________ (the
“Transferee”) of the Transferred Certificates. The Certificates, including the Transferred Certificates, were
issued pursuant to the Pooling and Servicing Agreement dated as of October 1, 2015 (the “Pooling and Servicing Agreement”),
among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor (the “Depositor”), Wells Fargo Bank, National
Association, as General Master Servicer, LNR Partners, LLC, as General Special Servicer, National Cooperative Bank, N.A., as NCB
Master Servicer, National Cooperative Bank, N.A., as NCB Special Servicer, Midland Loan Services, a Division of PNC Bank, National
Association, as One Court Square Special Servicer, Pentalpha Surveillance LLC, as Trust Advisor, Wells Fargo Bank, National Association,
as Certificate Administrator, as Tax Administrator and as Custodian, and Wilmington Trust, National Association, as Trustee (the
“Trustee”). 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, and for the
benefit of the Trustee and the Depositor, that:

 

1.          The
Transferor is the lawful owner of the Transferred Certificates with the full right to transfer such Certificates free from any
and all claims and encumbrances whatsoever.

 

2.          Neither
the Transferor nor anyone acting on its behalf has (a) offered, sold, pledged or otherwise transferred any Transferred Certificate,
any interest in any Transferred Certificate or any other similar security to any person in any manner, (b) solicited any
offer to buy or accept a pledge or other transfer of any Transferred Certificate, any interest in any Transferred Certificate
or any other similar security from any person in any manner, (c) otherwise approached or negotiated with respect to any 

 

    	C-2A-1

    	 

    

 

Transferred
Certificate, any interest in any Transferred Certificate or any other similar security with any person in any manner, (d) made
any general solicitation with respect to any Transferred Certificate, any interest in a Transferred Certificate or any other similar
security by means of general advertising or in any other manner or (e) taken any other action with respect to any Transferred
Certificate, any interest in a Transferred Certificate or any other similar security, which (in the case of any of the acts described
in clauses (a) through (e) hereof) would constitute a distribution of any Transferred Certificate under the Securities
Act of 1933, as amended (the “Securities Act”), would render the offer, sale, pledge or other transfer of any
Transferred Certificate a violation of Section 5 of the Securities Act or any applicable state or foreign securities laws,
or would require registration or qualification of any Transferred Certificate pursuant to the Securities Act or any applicable
state or foreign securities laws. The Transferor 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 any Transferred Certificate, any interest in any Transferred Certificate
or any other similar security.

 

3.          The
Transferor and any person acting on behalf of the Transferor in this matter reasonably believe that the Transferee is a “qualified
institutional buyer” (a “Qualified Institutional Buyer”) as that term is defined in Rule 144A (“Rule 144A”)
under the Securities Act, purchasing for its own account or for the account of another person that is itself a Qualified Institutional
Buyer. In determining whether the Transferee is a Qualified Institutional Buyer, the Transferor and any person acting on behalf
of the Transferor in this matter have relied upon the following method(s) of establishing the Transferee’s ownership and
discretionary investments of securities (check one or more):

 

	____	 	(a)          The
    Transferee’s most recent publicly available financial statements, which statements present the information as of a date
    within 16 months preceding the date of sale of the Transferred Certificates in the case of a U.S. purchaser and
    within 18 months preceding such date of sale for a foreign purchaser; or
	 	 	 
	____	 	(b)          The
    most recent publicly available information appearing in documents filed by the Transferee with the Securities and Exchange
    Commission or another United States federal, state, or local governmental agency or self-regulatory organization, or with
    a foreign governmental agency or self-regulatory organization, which information is as of a date within 16 months preceding
    the date of sale of the Transferred Certificates in the case of a U.S. purchaser and within 18 months preceding
    such date of sale for a foreign purchaser; or
	 	 	 
	____	 	(c)          The
    most recent publicly available information appearing in a recognized securities manual, which information is as of a date
    within 16 months preceding the date of sale of the Transferred Certificates in the case of a U.S. purchaser and
    within 18 months preceding such date of sale for a foreign purchaser; or

 

    	C-2A-2

    	 

    

	 	 	 
	____	 	(d)          A
    certification by the chief financial officer, a person fulfilling an equivalent function, or other executive officer of the
    Transferee, specifying the amount of securities owned and invested on a discretionary basis by the Transferee as of a specific
    date on or since the close of the Transferee’s most recent fiscal year, or, in the case of a Transferee that is a member
    of a “family of investment companies”, as that term is defined in Rule 144A(a)(1)(iv), a certification by
    an executive officer of the investment adviser specifying the amount of securities owned by the “family of investment
    companies” as of a specific date on or since the close of the Transferee’s most recent fiscal year.

  

4.          The
Transferor and any person acting on behalf of the Transferor understand that in determining the aggregate amount of securities
owned and invested on a discretionary basis by an entity for purposes of establishing whether such entity is a Qualified Institutional
Buyer:

 

(a)          the
following instruments and interests shall be excluded: securities of issuers that are affiliated with such entity; securities
that are part of an unsold allotment to or subscription by such entity, if such entity is a dealer; securities of issuers that
are part of such entity’s “family of investment companies”, if such entity is a registered investment company;
bank deposit notes and certificates of deposit; loan participations; repurchase agreements; securities owned but subject to a
repurchase agreement; and currency, interest rate and commodity swaps;

 

(b)          the
aggregate value of the securities shall be the cost of such securities, except where the entity reports its securities holdings
in its financial statements on the basis of their market value, and no current information with respect to the cost of those securities
has been published, in which case the securities may be valued at market;

 

(c)          securities
owned by subsidiaries of the entity that are consolidated with the entity in its financial statements prepared in accordance with
generally accepted accounting principles may be included if the investments of such subsidiaries are managed under the direction
of the entity, except that, unless the entity is a reporting company under Section 13 or 15(d) of the Securities Exchange
Act of 1934, as amended, securities owned by such subsidiaries may not be included if the entity itself is a majority-owned subsidiary
that would be included in the consolidated financial statements of another enterprise.

 

5.          The
Transferor or a person acting on its behalf has taken reasonable steps to ensure that the Transferee is aware that the Transferor
is relying on the exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A.

 

6.          The
Transferor or a person acting on its behalf has furnished, or caused to be furnished, to the Transferee all information regarding
(a) the parties to the Pooling and Servicing Agreement, (b) the Transferred Certificates and distributions thereon,
(c) the

 

    	C-2A-3

    	 

    

 

nature,
performance and servicing of the Mortgage Loans, (d) the Trust and Trust Fund, (e) the Pooling and Servicing Agreement
and the Mortgage Loan Purchase Agreements and (f) all related matters, that the Transferee has requested.

 

	 	Very truly yours,
	 	 
	 	(Transferor)

  

	 	By: 	
	 	 	Name:
Title:

 

    	C-2A-4

    	 

    

 

EXHIBIT
C-2B

 

FORM
OF TRANSFEREE CERTIFICATE

(FOR USE IN CONNECTION WITH TRANSFERS OF NON-REGISTERED CERTIFICATES

TO QIBs)

 

[Date]

 

Wells Fargo Bank,
National Association

Wells Fargo Center

Sixth Street and Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust Services: Wells Fargo Commercial Mortgage Trust
2015-NXS3 

______________________________

[TRANSFEROR]

______________________________

______________________________

______________________________

 

		Re:	Wells
                                         Fargo Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates,
                                         Series 2015-NXS3 (the “Certificates”), Class [_], [having an initial
                                         Certificate Principal Balance or Certificate Notional Amount as of October 13, 2015 (the
                                         “Closing Date”) of $__________] [evidencing a ____% Percentage Interest
                                         in the related Class] (the “Transferred Certificates”)

 

Ladies and Gentlemen:

 

This
letter is delivered to you in connection with the Transfer by ______________ (the “Transferor”) to _______________
(the “Transferee”) of the Transferred Certificates. The Certificates, including the Transferred Certificates,
were issued pursuant to the Pooling and Servicing Agreement dated as of October 1, 2015 (the “Pooling and Servicing Agreement”),
among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor (the “Depositor”), Wells Fargo Bank, National
Association, as General Master Servicer, LNR Partners, LLC, as General Special Servicer, National Cooperative Bank, N.A., as NCB
Master Servicer, National Cooperative Bank, N.A., as NCB Special Servicer, Midland Loan Services, a Division of PNC Bank, National
Association, as One Court Square Special Servicer, Pentalpha Surveillance LLC, as Trust Advisor, Wells Fargo Bank, National Association,
as Certificate Administrator, as Tax Administrator and as Custodian, and Wilmington Trust, National Association, as Trustee (the
“Trustee”). 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, and for the benefit of
the Trustee and the Depositor, that:

 

1.           The
Transferee is a “qualified institutional buyer” (a “Qualified Institutional Buyer”) as that term
is defined in Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended (the “Securities
Act”) and has completed one of the 

 

    	C-2B-1

    	 

    

 

forms
of certification to that effect attached hereto as Annex 1 and Annex 2. The Transferee is aware that the Transfer to
it of the Transferred Certificates is being made in reliance on Rule 144A. The Transferee is purchasing the Transferred Certificates
for its own account or for the account of a Qualified Institutional Buyer, and understands that such Transferred Certificates
may be reoffered, resold, pledged or otherwise transferred only (i) to a person reasonably believed to be a Qualified Institutional
Buyer that purchases for its own account or for the account of a Qualified Institutional Buyer to whom notice is given that the
reoffer, resale, pledge or transfer is being made in reliance on Rule 144A, or (ii) pursuant to another exemption from
registration under the Securities Act, and (iii) in either case, in compliance with applicable state and foreign securities
laws.

 

2.           The
Transferee has been furnished with all information regarding (a) the parties to the Pooling and Servicing Agreement, (b) the
Transferred Certificates and distributions thereon, (c) the nature, performance and servicing of the Mortgage Loans, (d) the
Trust and Trust Fund, (e) the Pooling and Servicing Agreement and the Mortgage Loan Purchase Agreements and (f) all
related matters, that it has requested.

	 	 	 
	 	Very truly yours,
	 	 
	 	(Transferee)
	 	 	 
	 	By:	 
	 	 	Name:  
	 	 	Title:

 

    	C-2B-2

    	 

    

 

ANNEX
1 TO EXHIBIT C-2B

 

QUALIFIED
INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

[For Transferees Other Than Registered Investment Companies]

 

The
undersigned hereby certifies as follows to [name of Transferor] (the “Transferor”) and [name of Certificate
Registrar], as Certificate Registrar, with respect to the mortgage pass-through certificates being Transferred (the “Transferred
Certificates”) as described in the Transferee Certificate to which this certification relates and to which this certification
is an Annex:

 

1.           As
indicated below, the undersigned is the chief financial officer, a person fulfilling an equivalent function, or other executive
officer of the entity acquiring interests in the Transferred Certificates (the “Transferee”).

 

2.           The
Transferee is a “qualified institutional buyer” as that term is defined in Rule 144A under the Securities Act
of 1933, as amended (“Rule 144A”) because (i) [the Transferee] [each of the Transferee’s equity
owners] owned and/or invested on a discretionary basis $______________1 in securities (other than the excluded securities
referred to below) as of the end of the Transferee’s most recent fiscal year (or a specified date since the end of such
Transferee’s most recent fiscal year) (such amount being calculated in accordance with Rule 144A) and (ii) the
Transferee satisfies the criteria in the category marked below.

 

		___	Corporation,
                                         etc. The Transferee is a corporation (other than a domestic or foreign bank, savings
                                         and loan association or similar institution), Massachusetts or similar business trust,
                                         partnership, or any organization described in Section 501(c)(3) of the Internal
                                         Revenue Code of 1986.

 

		___	Bank.
                                         The Transferee (a) is a national bank or a banking institution organized under the
                                         laws of any State, U.S. territory or the District of Columbia, the business of which
                                         is substantially confined to banking and is supervised by the State or territorial banking
                                         commission or similar official or is a foreign bank or equivalent institution and (b) has
                                         an audited net worth of at least $25 million as demonstrated in its latest annual
                                         financial statements, a copy of which is attached hereto, as of a date not more than
                                         16 months preceding the date of sale of the Transferred Certificates in the case
                                         of a U.S. bank, and not more than 18 months preceding such date of sale in
                                         the case of a foreign bank or equivalent institution.

 

 

1          Transferee
or each of its equity owners must own and/or invest on a discretionary basis at least $100,000,000 in securities unless Transferee
or any such equity owner, as the case may be, is a dealer, and, in that case, Transferee or such equity owner, as the case may
be, must own and/or invest on a discretionary basis at least $10,000,000 in securities.

 

    	C-2B-3

    	 

    

 

		___	Savings
                                         and Loan. The Transferee (a) is a savings and loan association, building and
                                         loan association, cooperative bank, homestead association or similar institution, which
                                         is supervised and examined by a State or Federal authority having supervision over any
                                         such institutions or is a foreign savings and loan association or equivalent institution
                                         and (b) has an audited net worth of at least $25 million as demonstrated in
                                         its latest annual financial statements, a copy of which is attached hereto, as of a date
                                         not more than 16 months preceding the date of sale of the Transferred Certificates
                                         in the case of a U.S. savings and loan association, and not more than 18 months
                                         preceding such date of sale in the case of a foreign savings and loan association or
                                         equivalent institution.

 

		___	Broker-dealer.
                                         The Transferee is a dealer registered pursuant to Section 15 of the Securities Exchange
                                         Act of 1934, as amended.

 

		___	Insurance
                                         Company. The Transferee is an insurance company whose primary and predominant business
                                         activity is the writing of insurance or the reinsuring of risks underwritten by insurance
                                         companies and which is subject to supervision by the insurance commissioner or a similar
                                         official or agency of a State, U.S. territory or the District of Columbia.

 

		___	State
                                         or Local Plan. The Transferee is a plan established and maintained by a State, its
                                         political subdivisions, or any agency or instrumentality of the State or its political
                                         subdivisions, for the benefit of its employees.

 

		___	ERISA
                                         Plan. The Transferee is an employee benefit plan within the meaning of Title I
                                         of the Employee Retirement Income Security Act of 1974.

 

		___	Investment
                                         Adviser. The Transferee is an investment adviser registered under the Investment
                                         Advisers Act of 1940, as amended.

 

		___	QIB
                                         Subsidiary. All of the Transferee’s equity owners are “qualified institutional
                                         buyers” within the meaning of Rule 144A.

 

___         Other.
(Please supply a brief description of the entity and a cross-reference to the paragraph and subparagraph under subsection (a)(1)
of Rule 144A pursuant to which it qualifies. Note that registered investment companies should complete Annex 2 rather
than this Annex 1.)

___________________________________________________________________________________________________________

___________________________________________________________________________________________________________

_________________________________________________________________________________________________________

 

3.           For
purposes of determining the aggregate amount of securities owned and/or invested on a discretionary basis by any Person, the Transferee
did not include (i) securities of issuers that are affiliated with such Person, (ii) securities that are part of an
unsold allotment to or subscription by such Person, if such Person is a dealer,

 

    	C-2B-4

    	 

    

 

(iii) bank
deposit notes and certificates of deposit, (iv) loan participations, (v) repurchase agreements, (vi) securities
owned but subject to a repurchase agreement, and (vii) currency, interest rate and commodity swaps.

 

4.           For
purposes of determining the aggregate value of securities owned and/or invested on a discretionary basis by any Person, the Transferee
used the cost of such securities to such Person, unless such Person reports its securities holdings in its financial statements
on the basis of their market value, and no current information with respect to the cost of those securities has been published,
in which case the securities were valued at market. Further, in determining such aggregate amount, the Transferee may have included
securities owned by subsidiaries of such Person, but only if such subsidiaries are consolidated with such Person in its financial
statements prepared in accordance with generally accepted accounting principles and if the investments of such subsidiaries are
managed under such Person’s direction. However, such securities were not included if such Person is a majority-owned, consolidated
subsidiary of another enterprise and such Person is not itself a reporting company under the Securities Exchange Act of 1934,
as amended.

 

5.           The
Transferee is familiar with Rule 144A and understands that the Transferor and other parties related to the Transferred Certificates
are relying and will continue to rely on the statements made herein because one or more Transfers to the Transferee may be in
reliance on Rule 144A.

 

___          ___         Will
the Transferee be acquiring interests in the Transferred

Yes           No         Certificates
only for the Transferee’s own account?

 

6.           If
the answer to the foregoing question is “no”, then in each case where the Transferee is acquiring any interest in
a Transferred Certificate for an account other than its own, such account belongs to a third party that is itself a “qualified
institutional buyer” within the meaning of Rule 144A, and the “qualified institutional buyer” status of
such third party has been established by the Transferee through one or more of the appropriate methods contemplated by Rule 144A.

 

7.           The
Transferee will notify each of the parties to which this certification is made of any changes in the information and conclusions
herein. Until such notice is given, the Transferee’s acquisition of any interest in the Transferred Certificates will constitute
a reaffirmation of this certification as of the date of such acquisition. In addition, if the Transferee is a bank or savings
and loan as provided above, the Transferee agrees that it will furnish to such parties any updated annual financial statements
that become available on or before the date of such acquisition, promptly after they become available.

 

    	C-2B-5

    	 

    

 

8.          Capitalized
terms used but not defined herein have the meanings ascribed thereto in the Pooling and Servicing Agreement pursuant to which
the Transferred Certificates were issued.

	 	 	 
	 	[Transferee]
	 	 	 
	 	By:	 
	 	 	Name:  
	 	 	Title:
	 	 	Date:

  

    	C-2B-6

    	 

    

 

ANNEX
2 TO EXHIBIT C-2B

 

QUALIFIED
INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

[For Transferees That Are Registered Investment Companies]

 

The
undersigned hereby certifies as follows to [name of Transferor] (the “Transferor”) and [name of Certificate
Registrar], as Certificate Registrar, with respect to the mortgage pass-through certificate being Transferred (the “Transferred
Certificates”) as described in the Transferee Certificate to which this certification relates and to which this certification
is an Annex:

 

1.           As
indicated below, the undersigned is the chief financial officer, a person fulfilling an equivalent function, or other executive
officer of the entity acquiring interests in the Transferred Certificates (the “Transferee”) or, if the Transferee
is a “qualified institutional buyer” as that term is defined in Rule 144A under the Securities Act of 1933, as
amended (“Rule 144A”) because the Transferee is part of a Family of Investment Companies (as defined in
paragraph 3 below), is an executive officer of the investment adviser (the “Adviser”).

 

2.           The
Transferee is a “qualified institutional buyer” as defined in Rule 144A because (i) the Transferee is an
investment company registered under the Investment Company Act of 1940, as amended, and (ii) as marked below, the Transferee
alone owned and/or invested on a discretionary basis, or the Transferee’s Family of Investment Companies owned, at least
$100,000,000, in securities (other than the excluded securities referred to in paragraph 4 below) as of the end of the Transferee’s
most recent fiscal year. For purposes of determining the amount of securities owned by the Transferee or the Transferee’s
Family of Investment Companies, the cost of such securities was used, unless the Transferee or any member of the Transferee’s
Family of Investment Companies, as the case may be, reports its securities holdings in its financial statements on the basis of
their market value, and no current information with respect to the cost of those securities has been published, in which case
the securities of such entity were valued at market.

 

		___	The
                                         Transferee owned and/or invested on a discretionary basis $___________ in securities
                                         (other than the excluded securities referred to below) as of the end of the Transferee’s
                                         most recent fiscal year (such amount being calculated in accordance with Rule 144A).

 

		___	The
                                         Transferee is part of a Family of Investment Companies which owned in the aggregate $___________
                                         in securities (other than the excluded securities referred to below) as of the end of
                                         the Transferee’s most recent fiscal year (such amount being calculated in accordance
                                         with Rule 144A).

 

3.           The
term “Family of Investment Companies” as used herein means two or more registered investment companies (or series
thereof) that have the same investment adviser or investment advisers that are affiliated (by virtue of being majority-owned

 

    	C-2B-7

    	 

    

 

subsidiaries
of the same parent or because one investment adviser is a majority-owned subsidiary of the other).

 

4.           The
term “securities” as used herein does not include (i) securities of issuers that are affiliated with the Transferee
or are part of the Transferee’s Family of Investment Companies, (ii) bank deposit notes and certificates of deposit,
(iii) loan participations, (iv) repurchase agreements, (v) securities owned but subject to a repurchase agreement,
and (vi) currency, interest rate and commodity swaps. For purposes of determining the aggregate amount of securities owned
and/or invested on a discretionary basis by the Transferee, or owned by the Transferee’s Family of Investment Companies,
the securities referred to in this paragraph were excluded.

 

5.           The
Transferee is familiar with Rule 144A and understands that the Transferor and other parties related to the Transferred Certificates
are relying and will continue to rely on the statements made herein because one or more Transfers to the Transferee will be in
reliance on Rule 144A.

 

___          ___          Will
the Transferee be acquiring interests in the Transferred

Yes          No           Certificates
only for the Transferee’s own account?

 

6.           If
the answer to the foregoing question is “no”, then in each case where the Transferee is acquiring any interest in
the Transferred Certificates for an account other than its own, such account belongs to a third party that is itself a “qualified
institutional buyer” within the meaning of Rule 144A, and the “qualified institutional buyer” status of
such third party has been established by the Transferee through one or more of the appropriate methods contemplated by Rule 144A.

 

7.           The
undersigned will notify the parties to which this certification is made of any changes in the information and conclusions herein.
Until such notice, the Transferee’s acquisition of any interest in the Transferred Certificates will constitute a reaffirmation
of this certification by the undersigned as of the date of such acquisition.

 

    	C-2B-8

    	 

    

 

8.           Capitalized
terms used but not defined herein have the meanings ascribed thereto in the Pooling and Servicing Agreement pursuant to which
the Transferred Certificates were issued.

	 	 	 
	 	Print Name of Transferee or Adviser
	 	 	 
	 	By:	 
	 	 	Name:  
	 	 	Title:
	 	 	 
	 	IF AN ADVISER:
	 	 
	 	Print Name of Adviser
	 	 
	 	Date:

 

    	C-2B-9

    	 

    

 

EXHIBIT
C-3A

 

FORM
OF TRANSFEROR CERTIFICATE

(FOR USE IN CONNECTION WITH TRANSFERS OF NON-REGISTERED CERTIFICATES

UNDER REGULATION S)

 

[Date]

 

Wells Fargo
Bank, National Association

Wells Fargo Center

Sixth Street and Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust Services: Wells Fargo Commercial Mortgage
Trust 2015-NXS3

 

Re:         Wells
Fargo Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates, Series 2015-NXS3 (the “Certificates”),
Class [_], [having an initial Certificate Principal Balance or Certificate Notional Amount as of October 13, 2015 (the “Closing
Date”) of $__________] [evidencing a ____% Percentage Interest in the related Class] (the “Transferred Certificates”)

 

Ladies and
Gentlemen:

 

This
letter is delivered to you in connection with the transfer by ____________ (the “Transferor”) to ________________
(the “Transferee”) through our respective Depository Participants of the Transferor’s beneficial ownership
interest (currently maintained on the books and records of The Depository Trust Company (“DTC”) and the Depository
Participants) in the Transferred Certificates. The Certificates, including the Transferred Certificates, were issued pursuant
to the Pooling and Servicing Agreement dated as of October 1, 2015 (the “Pooling and Servicing Agreement”),
among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor (the “Depositor”), Wells Fargo Bank, National
Association, as General Master Servicer, LNR Partners, LLC, as General Special Servicer, National Cooperative Bank, N.A., as NCB
Master Servicer, National Cooperative Bank, N.A., as NCB Special Servicer, Midland Loan Services, a Division of PNC Bank, National
Association, as One Court Square Special Servicer, Pentalpha Surveillance LLC, as Trust Advisor, Wells Fargo Bank, National Association,
as Certificate Administrator, as Tax Administrator and as Custodian, and Wilmington Trust, National Association, as Trustee (the
“Trustee”). All capitalized terms used herein and not otherwise defined shall have the respective meanings
set forth in the Pooling and Servicing Agreement. The Transferor hereby certifies, represents and warrants to and agrees with
you, and for the benefit of the Trustee and the Depositor, that:

 

1.          The
Transferor is the lawful owner of the Transferred Certificates with the full right to transfer such Certificates free from any
and all claims and encumbrances whatsoever.

 

2.          At
the time the buy order was originated, the Transferor reasonably believed that the Transferee was outside the United States, its
territories and possessions.

 

    	C-3A-1

    	 

    

 

3.            If
the Transferor is a “distributor” within the meaning of Rule 902(d) of Regulation S (“Regulation
S”) under the Securities Act of 1933, as amended (the “Securities Act”) with respect to the Transferred
Certificates, or an affiliate of such a distributor or of the Depositor, or a person acting on behalf of such a distributor, the
Depositor or any affiliate of such distributor or of the Depositor, then:

 

(a)          the
sale of the Transferred Certificates by the Transferor to the Transferee will be executed in, on or through a physical trading
floor of an established foreign securities exchange that is located outside the United States, its territories and possessions;

 

(b)          no
“directed selling efforts” within the meaning of Rule 902(c) of Regulation S have been made in the United
States, its territories and possessions, with respect to the Transferred Certificates by the Transferor, any of its affiliates,
or any person acting on behalf of any of the foregoing;

 

(c)          all
offers and sales, if any, of the Transferred Certificates by or on behalf of the Transferor prior to the expiration of the distribution
compliance period specified in category 2 or 3 (paragraph (b)(2) or (b)(3)) in Rule 903 of Regulation S, as applicable,
have been and will be made only in accordance with the provisions of Rule 903 of Regulation S, pursuant to registration of
the Transferred Certificates under the Securities Act, or pursuant to an available exemption from the registration requirements
of the Securities Act, and, in either case, in compliance with applicable state and foreign securities laws;

 

(d)          all
offering materials and documents (other than press releases), if any, used in connection with offers and sales of the Transferred
Certificates by or on behalf of the Transferor prior to the expiration of the distribution compliance period specified in category
2 or 3 (paragraph (b)(2) or (b)(3)) in Rule 903 of Regulation S, as applicable, complied with the requirements of Rule 902(g)(2)
of Regulation S; and

 

(e)          if
the Transferee is a distributor, a dealer or a person receiving a selling concession, a fee or other remuneration and the offer
or sale of the Transferred Certificates thereto occurs prior to the expiration of the applicable 40-day distribution compliance
period, the Transferor has sent a confirmation or other notice to the Transferee that the Transferee is subject to the same restrictions
on offers and sales that apply to a distributor.

 

4.            If
the Transferor is not a distributor with respect to the Transferred Certificates or an affiliate of such a distributor or of the
Depositor or acting on behalf of such a distributor, the Depositor or any affiliate of such a distributor or of the Depositor,
then:

 

(a)          the
sale of the Transferred Certificates by the Transferor to the Transferee will be executed in, on or through the facilities of
a designated offshore securities market described in Rule 902(b) of Regulation S and in compliance with applicable state
and foreign securities laws, and neither the Transferor nor anyone acting on its behalf knows

 

    	C-3A-2

    	 

    

 

that
such transaction has been prearranged with a buyer in the United States, its territories and possessions;

 

(b)          no
“directed selling efforts” within the meaning of Rule 902(c) of Regulation S have been made in the United
States, its territories and possessions, with respect to the Transferred Certificates by the Transferor, any of its affiliates,
or any person acting on behalf of any of the foregoing;

 

(c)          if
the Transferee is a dealer or a person receiving a selling concession, a fee or other remuneration in respect of the Transferred
Certificates and the offer or sale of the Transferred Certificates thereto occurs prior to the expiration of the applicable 40-day
distribution compliance period, the Transferor has sent a confirmation or other notice to the Transferee stating that the Transferred
Certificates may be offered and sold during the distribution compliance period only in accordance with the provisions of Regulation
S, pursuant to registration of the Transferred Certificates under the Securities Act or pursuant to an available exemption from
the registration requirements of the Securities Act, and, in either case, in compliance with applicable state and foreign securities
laws.

	 	 	 
	 	Very
    truly yours,
	 	 
	 	(Transferor)
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	C-3A-3

    	 

    

 

EXHIBIT
C-3B

 

FORM
OF TRANSFEREE CERTIFICATE

(FOR USE IN CONNECTION WITH TRANSFERS OF NON-REGISTERED CERTIFICATES
UNDER REGULATION S)

 

[Date]

 

Wells Fargo
Bank, National Association

Wells Fargo Center

Sixth Street and Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust Services: Wells Fargo Commercial Mortgage Trust
2015-NXS3 

______________________________

[TRANSFEROR]

______________________________

______________________________

______________________________ 

 

Re:         Wells
Fargo Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates, Series 2015-NXS3 (the “Certificates”),
Class [_], [having an initial Certificate Principal Balance or Certificate Notional Amount as of October 13, 2015 (the “Closing
Date”) of $__________] [evidencing a ____% Percentage Interest in the related Class] (the “Transferred Certificates”)

 

Ladies and
Gentlemen:

 

This
letter is delivered to you in connection with the Transfer by ____________ (the “Transferor”) to ___________
(the “Transferee”) through our respective Depository Participants of the Transferor’s beneficial ownership
interest (currently maintained on the books and records of The Depository Trust Company (“DTC”) and the Depository
Participants) in the Transferred Certificates. The Certificates, including the Transferred Certificates, were issued pursuant
to the Pooling and Servicing Agreement dated as of October 1, 2015 (the “Pooling and Servicing Agreement”),
among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor (the “Depositor”), Wells Fargo Bank, National
Association, as General Master Servicer, LNR Partners, LLC, as General Special Servicer, National Cooperative Bank, N.A., as NCB
Master Servicer, National Cooperative Bank, N.A., as NCB Special Servicer, Midland Loan Services, a Division of PNC Bank, National
Association, as One Court Square Special Servicer, Pentalpha Surveillance LLC, as Trust Advisor, Wells Fargo Bank, National Association,
as Certificate Administrator, as Tax Administrator and as Custodian, and Wilmington Trust, National Association, as Trustee (the
“Trustee”). All capitalized terms used herein and not otherwise defined shall have the respective meanings
set forth in the Pooling and Servicing Agreement. The Transferee hereby certifies, represents and warrants to and agrees with
you, and for the benefit of the Trustee and the Depositor, that:

  

    	C-3B-1

    	 

    

 

 

1.          The
Transferee is not a United States Securities Person. For purposes of this certification, “United States Securities Person”
means (i) any natural person resident in the United States (for purposes of this paragraph 1, “United States”
means the United States, its territories and possessions, any State of the United States, and the District of Columbia), (ii) any
partnership or corporation organized or incorporated under the laws of the United States; (iii) any estate of which any executor
or administrator is a United States Securities Person, other than any estate of which any professional fiduciary acting as executor
or administrator is a United States Securities Person if an executor or administrator of the estate who is not a United States
Securities Person has sole or shared investment discretion with respect to the assets of the estate and the estate is governed
by foreign law, (iv) any trust of which any trustee is a United States Securities Person, other than a trust of which any
professional fiduciary acting as trustee is a United States Securities Person if a trustee who is not a United States Securities
Person has sole or shared investment discretion with respect to the trust assets and no beneficiary of the trust (and no settlor
if the trust is revocable) is a United States Securities Person, (v) any agency or branch of a foreign entity located in
the United States, (vi) any non-discretionary account or similar account (other than an estate or trust) held by a dealer
or other fiduciary for the benefit or account of a United States Securities Person, (vii) any discretionary account or similar
account (other than an estate or trust) held by a dealer or other fiduciary organized, incorporated or (if an individual) resident
in the United States, other than one held for the benefit or account of a non-United States Securities Person by a dealer or other
professional fiduciary organized, incorporated or (if any individual) resident in the United States, (viii) any partnership
or corporation if (a) organized or incorporated under the laws of any foreign jurisdiction and (b) formed by a United
States Securities Person principally for the purpose of investing in securities not registered under the Securities Act, unless
it is organized or incorporated, and owned, by “accredited investors”, as defined in Rule 501(a) of Regulation D
under the United States Securities Act of 1933, as amended (the “Securities Act”), who are not natural persons,
estates or trusts; provided, however, that (A) any agency or branch of a United States Securities Person located outside the United
States which operates for valid business reasons and is engaged in the business of insurance or banking and is subject to substantive
insurance or banking regulation, respectively, in the jurisdiction where located, and (B) the International Monetary Fund, the
International Bank for Reconstruction and Development, the Inter-American Development Bank, the Asian Development Bank, the African
Development Bank, the United Nations and their agencies, affiliates and pension plans, any other similar international organization,
their agencies, affiliates and pension plans, shall not constitute United States Securities Persons.

 

2.          The
Transferee understands that (a) the Transferred Certificates have not been and will not be registered under the Securities
Act or registered or qualified under any applicable state or foreign securities laws, (b) none of the Depositor, the Trustee
or the Certificate Registrar is obligated so to register or qualify the Class of Certificates to which the Transferred Certificates
belong and (c) no interest in the Transferred Certificates nor any security issued in exchange therefor or in lieu thereof
may be reoffered, resold, pledged or otherwise transferred unless it is (i) registered pursuant to the Securities Act and
registered or qualified pursuant any applicable state or foreign 

 

    	C-3B-2

    	 

    

 

securities
laws or (ii) reoffered, resold, pledged or otherwise transferred in transactions which are exempt from such registration
and qualification.

 

3.          The
Transferee understands that it may not reoffer, resell, pledge or otherwise transfer any Transferred Certificate, any security
issued in exchange therefor or in lieu therefor or any interest in the foregoing except in compliance with the provisions of Section 5.02
of the Pooling and Servicing Agreement, which provisions it has carefully reviewed, and that each Transferred Certificate will
bear the following legends:

 

THIS
CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”)
OR THE SECURITIES LAWS OF ANY STATE OR FOREIGN JURISDICTION. ANY REOFFER, RESALE, PLEDGE OR OTHER TRANSFER OF THIS CERTIFICATE
OR ANY INTEREST HEREIN WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND WHICH IS IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT
REFERRED TO HEREIN.

 

NO
TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A) ANY RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN
OR ARRANGEMENT THAT IS SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”) OR ANY MATERIALLY SIMILAR PROVISIONS OF APPLICABLE
FEDERAL, STATE OR LOCAL LAW OR (B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR SUCH INTEREST
HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH ASSETS OF ANY SUCH RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT
PLAN OR ARRANGEMENT, EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED
TO HEREIN.

	 	 	 
	 	Very
    truly yours,
	 	 
	 	(Transferee)

 

    	C-3B-3

    	 

    

 

	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	C-3B-4

    	 

    

 

EXHIBIT
D-1

 

FORM
OF TRANSFEREE CERTIFICATE IN CONNECTION WITH ERISA

(NON-INVESTMENT GRADE CERTIFICATES HELD IN PHYSICAL FORM)

 

[Date]

 

Wells Fargo
Bank, National Association

Wells Fargo Center

Sixth Street and Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention:          Corporate
Trust Services – Wells Fargo Commercial Mortgage Trust 2015-NXS3

[OR OTHER CERTIFICATE REGISTRAR]

 

Re:         Wells
Fargo Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates, Series 2015-NXS3, Class __ Certificates
[having an initial aggregate Certificate [Principal Balance] [Notional Amount] as of October 13, 2015 (the “Closing Date”)
of $__________] [evidencing a ____% Percentage Interest in the related Class] (the “Transferred Certificates”)

 

Ladies and
Gentlemen:

 

This
letter is delivered to you in connection with the transfer by _________________ (the “Transferor”) to _________________
(the “Transferee”) of the Transferred Certificates pursuant to Section 5.02 of the Pooling and Servicing
Agreement (the “Pooling and Servicing Agreement”), dated as of October 1, 2015 among Wells Fargo Commercial
Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as General Master Servicer, LNR Partners, LLC,
as General Special Servicer, National Cooperative Bank, N.A., as NCB Master Servicer, National Cooperative Bank, N.A., as NCB
Special Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as One Court Square Special Servicer, Pentalpha
Surveillance LLC, as Trust Advisor, Wells Fargo Bank, National Association, as Certificate Administrator, as Tax Administrator
and as Custodian, and Wilmington Trust, National Association, as Trustee. 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 Certificate Registrar, as follows (check the applicable paragraph):

 

___                      1.          The
Transferee is neither (A) a retirement plan or other employee benefit plan or arrangement, including an individual retirement
account or annuity, a Keogh plan or a collective investment fund or separate account, the assets of which are considered “plan
assets” under U.S. Department of Labor Regulation § 2510.3-101, as modified by Section 3(42) of ERISA,
or for purposes of Similar Law, including an insurance company general account, that is subject to ERISA, Section 4975 of
the Code or Similar Law (each, a “Plan”), nor (B) a Person who is directly or indirectly purchasing the
Transferred Certificates on behalf of, as named fiduciary of, as trustee of, or with assets of a Plan;

 

    	D-1-1

    	 

    

 

___                      2.          The
Transferred Certificates are not Class R or Class V Certificates, and the Transferee is using funds from an insurance company
general account to acquire the Transferred Certificates, and the purchase and holding of such Certificates by such Person are
exempt from the prohibited transaction provisions of Section 406 of ERISA and Section 4975 of the Code under Sections I
and III of Prohibited Transaction Class Exemption 95 60; or

 

___                      3.          (I)
The Transferred Certificates are Class ___ Certificates, an interest in which is being acquired by or on behalf of a Plan in reliance
on the prohibited transaction exemption (as amended) issued by the U.S. Department of Labor to Wells Fargo Securities, LLC
(Prohibited Transaction Exemption 96-22) (as amended by Prohibited Transaction Exemption 2013-08), (II) such Transferred
Certificates have an investment grade rating on the date of this letter and (III) (X) such Plan is an “accredited
investor” as defined in Rule 501(a)(1) of Regulation D of the Securities Act, (Y) such Plan is not sponsored
(within the meaning of Section 3(16)(B) of ERISA) by any member of the Restricted Group, and (Z) such Transferee agrees
that it will obtain from each of its Transferees to which it transfers an interest in the Transferred Certificates, a written
certification to the effect described in Paragraph 1 above, a written certification to the effect described in Paragraph 2 above
or a written representation that such Transferee satisfies the requirements of the immediately preceding clauses (III) (X)
and (Y) of this Paragraph 3, together with a written agreement that such Transferee will obtain from each of its Transferees a
similar written certification or representation.

	 	 	 
	 	Very
    truly yours,
	 	 
	 	[TRANSFEREE]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	D-1-2

    	 

    

 

EXHIBIT
D-2

 

FORM
OF TRANSFEREE CERTIFICATE IN CONNECTION WITH ERISA

(CERTIFICATES HELD IN BOOK-ENTRY FORM)

 

[Date]

 

[TRANSFEROR]

 

Re:         Wells
Fargo Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates, Series 2015-NXS3, Class __ Certificates
[having an initial aggregate [Principal Balance] [Notional Amount] as of October 13, 2015 (the “Closing Date”)
of $__________] (the “Transferred Certificates”)

 

Ladies and
Gentlemen:

 

This
letter is delivered to you in connection with the Transfer by ______________________ (the “Transferor”) to
_________________ (the “Transferee”) through our respective DTC Participants of the Transferor’s beneficial
ownership interest (currently maintained on the books and records of The Depository Trust Company (“DTC”) and
the Depository Participants) in the Transferred Certificates. The Certificates, including the Transferred Certificates, were issued
pursuant to the Pooling and Servicing Agreement, dated as of October 1, 2015 (the “Pooling and Servicing Agreement”),
among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as General Master
Servicer, LNR Partners, LLC, as General Special Servicer, National Cooperative Bank, N.A., as NCB Master Servicer, National Cooperative
Bank, N.A., as NCB Special Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as One Court Square
Special Servicer, Pentalpha Surveillance LLC, as Trust Advisor, Wells Fargo Bank, National Association, as Certificate Administrator,
as Tax Administrator and as Custodian, and Wilmington Trust, National Association, as Trustee. 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 follows (check the applicable paragraph):

 

___                      1.          The
Transferee is neither (A) a retirement plan, an employee benefit plan or other retirement arrangement, including an individual
retirement account or annuity, a Keogh plan or a collective investment fund or separate account, the assets of which are considered
“plan assets” under U.S. Department of Labor Regulation § 2510.3-101, as modified by Section 3(42)
of ERISA, or for purposes of Similar Law, including an insurance company general account, that is subject to Section 406
of ERISA, Section 4975 of the Code or Similar Law (each, a “Plan”), nor (B) a Person who is directly
or indirectly purchasing an interest in the Transferred Certificates on behalf of, as named fiduciary of, as trustee of, or with
assets of, a Plan;

 

___                      2.          The
Transferee is using funds from an insurance company general account to acquire an interest in the Transferred Certificates, and
the purchase and holding of such interest by such Person are exempt from the prohibited transaction provisions of

 

    	D-2-1

    	 

    

 

Section 406
of ERISA and Section 4975 of the Code under Sections I and III of Prohibited Transaction Class Exemption 95-60; or

 

___                      3.          (I)
The Transferred Certificates are Class __ Certificates, an interest in which is being acquired by or on behalf of a Plan in reliance
on the prohibited transaction exemption (as amended) issued by the U.S. Department of Labor to Wells Fargo Securities, LLC
(Prohibited Transaction Exemption 96-22) (as amended by Prohibited Transaction Exemption 2013-08), (II) such Transferred
Certificates have an investment grade rating on the date of this letter and (III) (X) such Plan is an “accredited
investor” as defined in Rule 501(a)(1) of Regulation D of the Securities Act, (Y) such Plan is not sponsored
(within the meaning of Section 3(16)(B) of ERISA) by any member of the Restricted Group, and (Z) such Transferee agrees
that it will obtain from each of its Transferees to which it transfers an interest in the Transferred Certificates, a written
certification to the effect described in Paragraph 1 above, a written certification to the effect described in Paragraph 2 above
or a written representation that such Transferee satisfies the requirements of the immediately preceding clauses (III) (X)
and (Y) of this Paragraph 3, together with a written agreement that such Transferee will obtain from each of its Transferees a
similar written certification or representation.

	 	 	 
	 	[TRANSFEREE]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	D-2-2

    	 

    

 

EXHIBIT
E-1

 

FORM
OF TRANSFER AFFIDAVIT AND AGREEMENT

FOR TRANSFERS OF CLASS R CERTIFICATES

 

TRANSFER
AFFIDAVIT PURSUANT TO

SECTIONS 860D(a)(6)(A) AND 860E(e)(4) OF

THE INTERNAL REVENUE CODE OF 1986, AS AMENDED

 

Re:         Wells
Fargo Commercial Mortgage Trust 2015-NXS3, Series 2015-NXS3 (the “Certificates”) issued pursuant to the Pooling
and Servicing Agreement dated as of October 1, 2015 (the “Pooling and Servicing Agreement”), among Wells Fargo
Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as General Master Servicer, LNR Partners,
LLC, as General Special Servicer, National Cooperative Bank, N.A., as NCB Master Servicer, National Cooperative Bank, N.A., as
NCB Special Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as One Court Square Special Servicer,
Pentalpha Surveillance LLC, as Trust Advisor, Wells Fargo Bank, National Association, as Certificate Administrator, as Tax Administrator
and as Custodian, and Wilmington Trust, National Association, as Trustee

	 	 	 
	STATE OF	)	 
	 	)	ss.:
	COUNTY OF	)	 

 

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 the [________] 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 “REMIC I”, “REMIC II” and “REMIC
III”, respectively, relating to the Certificates for which an election has been or is to be made under Section 860D
of the Internal Revenue Code of 1986 (the “Code”).

 

3.          The
Purchaser is a Permitted Transferee (as defined in the Pooling and Servicing Agreement) and the Purchaser’s U.S. taxpayer
identification number is __________. The Purchaser is not a “Disqualified Organization” (as defined in the Pooling
and Servicing Agreement), 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 thereof, to a person that is
not a Permitted Transferee or to a Disqualified Organization. For the purposes hereof, a Disqualified Organization is any of the
following: (i) the United States or a possession thereof, any State or any political subdivision thereof, or any

 

    	E-1-1

    	 

    

 

agency
or instrumentality of any of the foregoing (other than an instrumentality which 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 any agency or instrumentality of
either of the foregoing, (iii) any organization (except certain farmers’ cooperatives described in Section 521
of the Code) which is exempt from the tax imposed by Chapter 1 of the Code (unless such organization is subject to the tax
imposed by Section 511 of the Code on unrelated business taxable income), (iv) rural electric and telephone cooperatives
described in Section 1381 of the Code or (v) any other Person so designated by the Tax Administrator, based upon an
Opinion of Counsel delivered to the Tax Administrator (but not at the Tax Administrator’s expense) to the effect that the
holding of an Ownership Interest in a Class R Certificate by such Person may cause the Trust or any Person having an Ownership
Interest in any Class of Certificates, other than such Person, to incur a liability for any federal tax imposed under the Code
that would not otherwise be imposed but for the Transfer of an Ownership Interest in a Class R Certificate to such Person.
The terms “United States”, “State” and “international organization” shall have the meanings
set forth in Section 7701 of the Code or successor provisions.

 

4.          The
Purchaser is not a foreign permanent establishment or a fixed base (within the meaning of any applicable income tax treaty between
the United States and any foreign jurisdiction) of a United States Tax Person.

 

5.          The
Purchaser will not cause the income from the Class R Certificates to be attributable to a foreign permanent establishment
or fixed base (within the meaning of any applicable income tax treaty between the United States and any foreign jurisdiction)
of a United States Tax Person.

 

6.          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.

 

7.          No
purpose of the acquisition of the Class R Certificates is to impede the assessment or collection of tax.

 

8.          [Check
the statement that applies]

 

•          If
the Transferor requires the safe harbor under Treasury Regulations Section 1.860E-1 to apply:

 

___       a.          In
accordance with Treasury Regulations Section 1.860E-1, the Purchaser (i) is an “eligible corporation” as
defined in Section 1.860E-1(c)(6)(i) of the Treasury Regulations, as to which the income of Class R Certificates will
only be subject to taxation in the United States, (ii) has, and has had in each of its two preceding fiscal years, gross
assets for financial reporting purposes (excluding any obligation of a person related to the transferee within the meaning of
Section 1.860E-1(c)(6)(ii) of the Treasury Regulations or any other assets if a principal purpose for holding or acquiring
such asset is to satisfy this condition) in excess of

 

    	E-1-2

    	 

    

 

$100 million
and net assets of $10 million, and (iii) hereby agrees only to transfer the Certificate to another corporation meeting
the criteria set forth in Treasury Regulations Section 1.860E-1;

 

or

 

___        b.          The
Purchaser is a United States Tax Person and the consideration paid to the Purchaser for accepting the Class R Certificates
is greater than the present value of the anticipated net federal income taxes and tax benefits (“Tax Liability Present
Value”) associated with owning such Certificates, with such present value computed using a discount rate equal to the
“Federal short-term rate” prescribed by Section 1274 of the Code as of the date hereof or, to the extent it is
not, if the Transferee has asserted that it regularly borrows, in the ordinary course of its trade or business, substantial funds
from unrelated third parties at a lower interest rate than such applicable federal rate and the consideration paid to the Purchaser
is greater than the Tax Liability Present Value using such lower interest rate as the discount rate, the transactions with the
unrelated third party lenders, the interest rate or rates, the date or dates of such transactions, and the maturity dates or,
in the case of adjustable rate debt instruments, the relevant adjustment dates or periods, with respect to such borrowings, are
accurately stated in Exhibit A to this letter.

 

•          If
the Transferor does not require the safe harbor under Treasury Regulations Section 1.860E-1 to apply:

 

___        c.          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.

 

10.         The
Purchaser understands that it may incur tax liabilities with respect to the Class R Certificates in excess of any cash flows
generated by such Certificates.

 

11.         The
Purchaser will not transfer the Class R Certificates to any person or entity as to which the Purchaser has not received an
affidavit substantially in the form of this affidavit or to any person or entity as to which the Purchaser has actual knowledge
that the requirements set forth in paragraphs 3, 4, 5, 7 or 9 hereof are not satisfied, or to any person or entity with respect
to which the Purchaser has not (at the time of such Transfer) satisfied the requirements under the Code to conduct a reasonable
investigation of the financial condition of such person or entity (or its current beneficial owners if such person or entity is
classified as a partnership under the Code).

 

12.         The
Purchaser agrees to such amendments of the Pooling and Servicing Agreement as may be required to further effectuate the prohibition
against transferring the Class R Certificates to a Disqualified Organization, an agent thereof or a person that does not
satisfy the requirements of paragraphs 7 and 9.

 

13.         The
Purchaser consents to the designation of the Tax Administrator as the agent of the Tax Matters Person of the REMIC I, REMIC II
and REMIC III pursuant to Section 10.01(d) of the Pooling and Servicing Agreement.

 

    	E-1-3

    	 

    

 

Capitalized
terms used but not defined herein have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

IN
WITNESS WHEREOF, the Purchaser has caused this instrument to be duly executed on its behalf by its duly authorized officer this
___ day of ________________. 

	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Personally
appeared before me [__] known or proved to me to be the same person who executed the foregoing instrument and to be a [__] of
the Purchaser, and acknowledged to me that he/she executed the same as his/her free act and deed and as the free act and deed
of the Purchaser.

 

Subscribed
and sworn before me this

____ day of _______________. 

	 	 
	Notary Public	 

 

    	E-1-4

    	 

    

 

EXHIBIT
E-2

 

FORM
OF TRANSFEROR CERTIFICATE FOR TRANSFERS OF

CLASS R CERTIFICATES

 

[Date]

 

Wells Fargo
Bank, National Association

Wells Fargo Center

Sixth Street and Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust Services – Wells Fargo Commercial Mortgage
Trust 2015-NXS3

[OR OTHER CERTIFICATE REGISTRAR]

 

Re:         Wells
Fargo Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates, Series 2015-NXS3, Class R Certificates,
evidencing a ____% Percentage Interest in such Class (the “Residual Interest Certificates”)

 

Ladies and
Gentlemen:

 

This
letter is delivered to you in connection with the transfer by _________________ (the “Transferor”) to _________________
(the “Transferee”) of the Transferred Certificates pursuant to Section 5.02 of the Pooling and Servicing
Agreement (the “Pooling and Servicing Agreement”), dated as of October 1, 2015 among Wells Fargo Commercial
Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as General Master Servicer, LNR Partners, LLC,
as General Special Servicer, National Cooperative Bank, N.A., as NCB Master Servicer, National Cooperative Bank, N.A., as NCB
Special Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as One Court Square Special Servicer, Pentalpha
Surveillance LLC, as Trust Advisor, Wells Fargo Bank, National Association, as Certificate Administrator, as Tax Administrator
and as Custodian, and Wilmington Trust, National Association, as Trustee. All capitalized terms used herein and not otherwise
defined 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, as follows:

 

1.          No
purpose of the Transferor relating to the transfer of the Residual Interest 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 E-1. The Transferor does not know or believe that any representation contained
therein is false.

 

3.          The
Transferor has at the time of this transfer conducted a reasonable investigation of the financial condition of the Transferee
(or the beneficial owners of the Transferee if the Transferee is classified as a partnership under the Code) as contemplated by

 

    	E-2-1

    	 

    

 

Treasury
Regulations 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 Interest
Certificates may not be 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,
	 	 	 
	 	By:	 
	 	 	(Transferor)
	 	 	Name:
	 	 	Title:

 

    	E-2-2

    	 

    

 

EXHIBIT
F-1

 

FORM
OF MASTER SERVICER REQUEST FOR RELEASE

 

[Date]

 

Wells Fargo
Bank, National Association

1055 10th Avenue SE

Minneapolis, Minnesota 55414

Attention: WFCM 2015-NXS3

 

Re:         Wells
Fargo Commercial Mortgage Trust 2015-NXS3,

Commercial Mortgage Pass-Through Certificates, Series 2015-NXS3

 

In
connection with the administration of the Mortgage Files held by or on behalf of you as custodian under a certain Pooling and
Servicing Agreement, dated as of October 1, 2015 (the “Pooling and Servicing Agreement”), among Wells Fargo
Commercial Mortgage Securities, Inc., as depositor, Wells Fargo Bank, National Association as general master servicer (in such
capacity, the “General Master Servicer”), as certificate administrator, as tax administrator and as custodian
(in such capacity, the “Custodian”), National Cooperative Bank, N.A., as NCB master servicer (in such capacity,
the “NCB Master Servicer”), National Cooperative Bank, N.A., as NCB special servicer, LNR Partners, LLC, as
general special servicer, Midland Loan Services, a Division of PNC Bank, National Association, as One Court Square special servicer,
Pentalpha Surveillance LLC, as trust advisor and Wilmington Trust, National Association, as trustee, the undersigned as [General]
[NCB] Master Servicer with respect to the following described Mortgage Loan hereby requests a release of the Mortgage File (or
the portion thereof specified below) held by or on behalf of you as Custodian with respect to such Mortgage Loan for the reason
indicated below.

 

Property
Name:

Address:

Loan No.:

 

If only
particular documents in the Mortgage File are requested, please specify which:

 

Reason for
requesting Mortgage File (or portion thereof):

 

		______	1.          Mortgage
                                         Loan paid in full. The undersigned hereby certifies that all amounts received in connection
                                         with the Mortgage Loan that are required to be credited to the [Collection Account] [[and
                                         the] Serviced Pari Passu Companion Loan Custodial Account] pursuant to the Pooling
                                         and Servicing Agreement, have been or will be so credited.

 

		______	2.          Other.
                                         (Describe) ___________________________________________________________________________________________
                                         

                                         _______________________________________________________________________________________________________________

 

The
undersigned acknowledges that the above Mortgage File (or requested portion thereof) will be held by the undersigned in accordance
with the provisions of the Pooling

 

    	F-1-1

    	 

    

 

and
Servicing Agreement and will be returned to you or your designee within ten days of our receipt thereof, unless the Mortgage Loan
has been paid in full, in which case the Mortgage File (or such portion thereof) will be retained by us permanently.

 

Capitalized
terms used but not defined herein shall have the meanings ascribed to them in the Pooling and Servicing Agreement.

	 	 	 
	 	[__________________________],
	 	as the [General] [NCB] Master Servicer
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	F-1-2

    	 

    

 

EXHIBIT
F-2

 

FORM
OF SPECIAL SERVICER REQUEST FOR RELEASE

 

[Date]

 

Wells Fargo
Bank, National Association

1055 10th Avenue SE

Minneapolis, Minnesota 55414

Attention: WFCM 2015-NXS3

 

Re:         Wells
Fargo Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates, Series 2015-NXS3

 

In
connection with the administration of the Mortgage Files held by or on behalf of you as custodian under a certain Pooling and
Servicing Agreement, dated as of October 1, 2015 (the “Pooling and Servicing Agreement”), among Wells Fargo
Commercial Mortgage Securities, Inc., as depositor, Wells Fargo Bank, National Association, as general master servicer, National
Cooperative Bank, N.A., as NCB master servicer, Wells Fargo Bank, National Association, as certificate administrator, as tax administrator
and as custodian (in such capacity, the “Custodian”), LNR Partners, LLC, as general special servicer (in such
capacity, the “General Special Servicer”), National Cooperative Bank, N.A., as NCB special servicer
(in such capacity, the “NCB Special Servicer”), Midland Loan Services, a Division of PNC Bank, National Association,
as One Court Square special servicer (the “One Court Square Special Servicer”), Pentalpha Surveillance LLC,
as trust advisor and Wilmington Trust, National Association, as trustee, the undersigned as the [General] [NCB] [One Court Square]
Special Servicer with respect to the following described Mortgage Loan hereby requests a release of the Mortgage File (or the
portion thereof specified below) held by or on behalf of you as Custodian with respect to such Mortgage Loan for the reason indicated
below.

 

Property
Name:

Address:

Loan No.:

 

If only
particular documents in the Mortgage File are requested, please specify which:

 

Reason for
requesting Mortgage File (or portion thereof):

 

______          1.          The
Mortgage Loan is being foreclosed.

 

______          2.          Other.
(Describe)

 

The
undersigned acknowledges that the above Mortgage File (or requested portion thereof) will be held by the undersigned in accordance
with the provisions of the Pooling and Servicing Agreement and will be returned to you or your designee within ten days of our
receipt thereof (or within such longer period as we have indicated as part of our reason for the request), unless the Mortgage
Loan is being foreclosed, in which case the Mortgage File (or such portion thereof) will be returned when no longer required by
us for such purpose, or unless the

 

    	F-2-1

    	 

    

 

Mortgage
Loan has been paid in full or otherwise liquidated, in which case the Mortgage File (or such portion thereof) will be retained
by us permanently.

 

Capitalized
terms used but not defined herein shall have the meanings ascribed to them in the Pooling and Servicing Agreement.

	 	 	 
	 	[__________________________],
	 	as [General] [NCB] [One Court Square] Special Servicer
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	F-2-2

    	 

    

 

EXHIBIT
F-3A

 

FORM
OF TRANSFEROR CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

 

[Date]

 

Wells Fargo
Commercial Mortgage Securities, Inc.

c/o Wells
Fargo Securities, LLC

375 Park
Avenue, 2nd Floor, J0127-023

New York,
New York 10152

Attention:
A.J. Sfarra

 

Re:         Wells
Fargo Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates, Series 2015-NXS3 (the “Certificates”)

 

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 with respect to the _________________ Mortgage Loan[s]
established under the Pooling and Servicing Agreement, dated as of October 1, 2015 (the “Pooling and Servicing Agreement”),
among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as General Master
Servicer, LNR Partners, LLC, as General Special Servicer, National Cooperative Bank, N.A., as NCB Master Servicer, National Cooperative
Bank, N.A., as NCB Special Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as One Court Square
Special Servicer, Pentalpha Surveillance LLC, as Trust Advisor, Wells Fargo Bank, National Association, as Certificate Administrator,
as Tax Administrator and as Custodian, and Wilmington Trust, National Association, as Trustee. 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 respect to the _________________ Mortgage Loan[s], 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, 

 

    	F-3A-1

    	 

    

 

which
(in the case of any of the acts described in clauses (a) through (e) hereof) would constitute a distribution of the
Excess Servicing Fee Right under the Securities Act of 1933, as amended (the “Securities Act”), or would render
the disposition of the Excess Servicing Fee Right a violation of Section 5 of the Securities Act or any state securities
laws, or would require registration or qualification of the Excess Servicing Fee Right pursuant to the Securities Act or any state
securities laws.

	 	 	 
	 	Very truly yours,
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	F-3A-2

    	 

    

 

EXHIBIT
F-3B

 

FORM
OF TRANSFEREE CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

 

[Date]

 

Wells Fargo
Commercial Mortgage Securities, Inc.

c/o Wells
Fargo Securities, LLC

375 Park
Avenue, 2nd Floor, J0127-023

New York,
New York 10152

Attention:
A.J. Sfarra

 

Wells Fargo
Bank, National Association

Commercial Mortgage Servicing

MAC D1086 120, 550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: WFCM 2015-NXS3 Asset Manager

 

Re:         Wells
Fargo Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates, Series 2015-NXS3 (the “Certificates”)

 

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 with respect to the _________________ Mortgage Loan[s]
established under the Pooling and Servicing Agreement, dated as of October 1, 2015 (the “Pooling and Servicing Agreement”),
among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as General Master
Servicer, LNR Partners, LLC, as General Special Servicer, National Cooperative Bank, N.A., as NCB Master Servicer, National Cooperative
Bank, N.A., as NCB Special Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as One Court Square
Special Servicer, Pentalpha Surveillance LLC, as Trust Advisor, Wells Fargo Bank, National Association, as Certificate Administrator,
as Tax Administrator and as Custodian, and Wilmington Trust, National Association, as Trustee. 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 applicable 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.

 

    	F-3B-1

    	 

    

 

2.          The
Transferee understands that (a) the Excess Servicing Fee Right has not been and will not be registered under the Securities
Act or registered or qualified under any applicable state securities laws, (b) none of the Depositor, the Trustee, Certificate
Administrator or the Certificate Registrar is obligated so to register or qualify the Excess Servicing Fee Right, and (c) the
Excess Servicing Fee Right may not be resold or transferred unless it is (i) registered pursuant to the Securities Act and
registered or qualified pursuant to any applicable state securities laws or (ii) sold or transferred in transactions which
are exempt from such registration and qualification and (A) the Depositor has received a certificate from the prospective
transferor substantially in the form attached as Exhibit F-3A to the Pooling and Servicing Agreement, and (B) each
of the [General] [NCB] Master Servicer and the Depositor have received a certificate from the prospective transferee substantially
in the form attached as Exhibit F-3B 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 3.11 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 

 

    	F-3B-2

    	 

    

 

experience
in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Excess Servicing
Fee Right; the Transferee has sought such accounting, legal and tax advice as it has considered necessary to make an informed
investment decision; and the Transferee is able to bear the economic risks of such investment and can afford a complete loss of
such investment.

 

7.          The
Transferee agrees (i) to keep all information relating to the Trust, the Trust Fund and the parties to the Pooling and Servicing
Agreement, and made available to it, confidential, (ii) not to use or disclose such information in any manner which could
result in a violation of any provision of the Securities Act or would require registration of the Excess Servicing Fee Right or
any Certificate pursuant to the Securities Act, and (iii) not to disclose such information, and to cause its officers, directors,
partners, employees, agents or representatives not to disclose such information, in any manner whatsoever, in whole or in part,
to any other Person other than such holder’s auditors, legal counsel and regulators, except to the extent such disclosure
is required by law, court order or other legal requirement or to the extent such information is of public knowledge at the time
of disclosure by such holder or has become generally available to the public other than as a result of disclosure by such holder;
provided, however, that such holder may provide all or any part of such information to any other Person who is contemplating an
acquisition of the Excess Servicing Fee Right if, and only if, such Person (x) confirms in writing such prospective acquisition
and (y) agrees in writing to keep such information confidential, not to use or disclose such information in any manner which
could result in a violation of any provision of the Securities Act or would require registration of the Excess Servicing Fee Right
or any Certificates pursuant to the Securities Act and not to disclose such information, and to cause its officers, directors,
partners, employees, agents or representatives not to disclose such information, in any manner whatsoever, in whole or in part,
to any other Person other than such Persons’ auditors, legal counsel and regulators.

 

8.          The
Transferee acknowledges that the holder of the Excess Servicing Fee Right shall not have any rights under the Pooling and Servicing
Agreement except as set forth in Section 3.11(a) of the Pooling and Servicing Agreement, and that the Excess Servicing Fee
Rate may be reduced to the extent provided in the Pooling and Servicing Agreement.

	 	 	 
	 	Very truly yours,
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	F-3B-3

    	 

    

 

EXHIBIT
G-1

 

FORM
OF DISTRIBUTION DATE STATEMENT

 

    	G-1-1

    	 

    

 

The
following shall be included as supplemental information in the report for at least one monthly period following the actual receipt
by the Certificate Administrator of, and based on the information set forth in, the notice or report (if any) contemplated as
described below. The information need not appear more than once for each Pari Passu Companion Loan respecting which a notice or
report (if any) is so received.

 

With
respect to each Pari Passu Mortgage Loan, if information is presented below, the Certificate Administrator has received a notice
or report setting forth the indicated initial information (if provided) with respect to the pooling and servicing agreement for
the securitization of the related Pari Passu Companion Loan.

 

[____________________]

 

Trust: [____________________]

Depositor: [____________________]

Master Servicer: [____________________]

Special Servicer: [____________________]

Trust Advisor: [____________________]

Trustee: [____________________]

Certificate Administrator/Paying Agent: [____________________]

Custodian: [____________________]

 

    	G-1-2

    	 

    

 

 

 

	 	 	 	 
		Wells Fargo Commercial Mortgage Trust 2015-NXS3

    Commercial Mortgage Pass-Through Certificates

    Series 2015-NXS3	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	11/17/15
	8480 Stagecoach Circle	Record Date:	10/30/15
	Frederick, MD 21701-4747	Determination Date:	11/11/15

	 	 	 	 	 	 	 	 	 
	DISTRIBUTION DATE STATEMENT
	Table of Contents
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	STATEMENT SECTIONS	PAGE(s)	 	 	 
	 	 	 	 	Certificate Distribution Detail	2	 	 	 
	 	 	 	 	Certificate Factor Detail	3	 	 	 
	 	 	 	 	Exchangeable Class Detail	4	 	 	 
	 	 	 	 	Reconciliation Detail	5	 	 	 
	 	 	 	 	Other Required Information	6	 	 	 
	 	 	 	 	Cash Reconciliation Detail	7	 	 	 
	 	 	 	 	Current Mortgage Loan and Property Stratification Tables	8-10	 	 	 
	 	 	 	 	Mortgage Loan Detail	11	 	 	 
	 	 	 	 	NOI Detail	12	 	 	 
	 	 	 	 	Principal Prepayment Detail	13	 	 	 
	 	 	 	 	Historical Detail	14	 	 	 
	 	 	 	 	Delinquency Loan Detail	15	 	 	 
	 	 	 	 	Specially Serviced Loan Detail	16-17	 	 	 
	 	 	 	 	Advance Summary	18	 	 	 
	 	 	 	 	Modified Loan Detail	19	 	 	 
	 	 	 	 	Historical Liquidated Loan Detail	20	 	 	 
	 	 	 	 	Historical Bond / Collateral Loss Reconciliation	21	 	 	 
	 	 	 	 	Interest Shortfall Reconciliation Detail	22-23	 	 	 
	 	 	 	 	Defeased Loan Detail	24	 	 	 
	 	 	 	 	Supplemental Reporting	25	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Depositor	 	 	 	General
    Master Servicer	 	 	 	NCB
    Master & NCB Special Servicer	 	 	 	General
    Special Servicer	 	 	 	Trust
    Advisor	 	 
	 	 	Wells Fargo Commercial Mortgage Securities, Inc.	 	 	 	Wells Fargo Bank, N.A.	 	 	 	

    National Cooperative Bank, N.A.

2011 Crystal Drive	 	 	 	
LNR Partners, LLC
1601 Washington Avenue	 	 	 	
Pentalpha Surveillance LLC
375 North French Road	 	 
	 	 	550 S. Tryon Street, 14th Floor	 	 	 	1901 Harrison Street	 	 	 	Suite 800	 	 	 	Suite 700	 	 	 		 	 
	 	 	Charlotte, NC 28202	 	 	 	Oakland, CA 94612	 	 	 	Arlington, VA 22202	 	 	 	Miami Beach, FL 33139	 	 	 	Suite 100	 	 
	 	 		 	 	 	 	 	 	 		 	 	 		 	 	 	Amherst, NY 14228	 	 
	 	 	Contact:	 	 	 	Contact:	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	REAM_InvestorRelations@wellsfargo.com	 	 	 	REAM_InvestorRelations@WellsFargo.com	 	 	 	Contact:  Kathleen Luzik	 	 	 	Contact:  www.lnrpartners.com	 	 	 	Contact: Don Simon	 	 
	 	 	Phone Number:  (866) 898-1615	 	 	 	Phone Number:            	 	 	 	Phone Number: (703) 302-1902	 	 	 	Phone Number:      (305) 695-5600	 	 	 	Phone Number:     (203) 660-61001	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	This report is compiled by Wells Fargo Bank, N.A. from
    information provided by third parties.  Wells Fargo Bank, N.A. has not independently confirmed the accuracy of the
    information.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Please visit www.ctslink.com for additional information
    and special notices.  In addition, certificateholders may register online for email notification when special notices
    are posted.  For information or assistance please call 866-846-4526.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

  

    	Page 1 of 25

    	 

    

 

	 	 	 	 
		Wells Fargo Commercial Mortgage Trust 2015-NXS3

    Commercial Mortgage Pass-Through Certificates

    Series 2015-NXS3	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	11/17/15
	8480 Stagecoach Circle	Record Date:	10/30/15
	Frederick, MD 21701-4747	Determination Date:	11/11/15

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Certificate Distribution
    Detail	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class
    (1)	 	CUSIP	 	Pass-Through
 Rate	Original

    Balance	 	Beginning

    Balance	 	Principal

    Distribution	 	Interest

    Distribution	 	Prepayment

    Premium	 	Realized
    Loss/

    Additional Trust

    Fund Expenses	 	Total

    Distribution	 	Ending

    Balance	 	Current

    Subordination

    Level (2)	 	 
	 	 	A-1	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-2	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-3	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-4	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-SB	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-S	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	B	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	C	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	D	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	E	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	F	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	G	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	H	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	R	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	Totals	 	 	 	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	CUSIP	 	Pass-Through
 Rate	Original

    Notional

    Amount	 	Beginning

    Notional

    Amount	 	Interest

    Distribution	 	Prepayment

    Premium	 	Total

    Distribution	 	Ending

    Notional

    Amount	 	 	 	 	 	 	 	 
	 	 	X-A	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-D	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-E	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-FG	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-H	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	

        (1)
        The balances of the Class A-S, Class B, Class C certificates represent the balance of their respective Regular Interest, as detailed in the Pooling and Servicing Agreement. A portion of these classes may be exchanged and held in Class PEX. For details on the current status and payments of Class PEX, see page 4.

        (2)
                     Calculated by taking (A) the sum of the ending certificate balance of all classes less (B) the sum of (i) the ending balance of the designated class and (ii) the ending certificate balance of all classes which are not subordinate to the designated class and dividing the result by (A).
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 2 of 25

    	 

    

	 	 	 	 
		Wells Fargo Commercial Mortgage Trust 2015-NXS3

    Commercial Mortgage Pass-Through Certificates

    Series 2015-NXS3	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	11/17/15
	8480 Stagecoach Circle	Record Date:	10/30/15
	Frederick, MD 21701-4747	Determination Date:	11/11/15

	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	Certificate Factor Detail
	 	 	 	 	 	 	 	 	 	 
	 	Class	CUSIP	Beginning

Balance
	Principal

Distribution
	Interest

Distribution
	Prepayment

Premium
	Realized
Loss/

Additional Trust

Fund Expenses
	Ending

Balance
	 
	 	 
	 	 
	 	A-1	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-2	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-3	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-4	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-SB	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-S	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	B	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	C	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	PEX	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	D	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	E	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	F	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	G	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	H	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	R	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	 	 	 	 	 	 	 	 	 
	 	Class	CUSIP	Beginning

        Notional

        Amount
	Interest

        Distribution
	Prepayment

        Premium
	Ending

        Notional

        Amount
	 	 	 
	 	 	 	 
	 	 	 	 
	 	X-A	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-D	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-E	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-FG	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-H	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	

                    
	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

 

    	Page 3 of 25

    	 

    

 

	 	 	 	 
		Wells Fargo Commercial Mortgage Trust 2015-NXS3

    Commercial Mortgage Pass-Through Certificates

    Series 2015-NXS3	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	11/17/15
	8480 Stagecoach Circle	Record Date:	10/30/15
	Frederick, MD 21701-4747	Determination Date:	11/11/15

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Exchangeable
    Class Detail
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class\

    Component	CUSIP	Pass-Through

    Rate	Original

    Balance	Beginning

    Balance	Principal

    Distribution	Interest

    Distribution	Prepayment

    Premium	Realized
    Loss /

    Additional Trust

    Fund Expenses	Total

    Distribution	Ending

    Balance	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	A-S Regular Interest Breakdown	 	 	 	 	 	 	 	 
	 	 	A-S
    (Cert)	 	0.000000%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	 	 
	 	 	A-S (PEX)	 	0.000000%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	 	 
	 	 	Totals	 	 	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	B Regular Interest Breakdown	 	 
	 	 	B (Cert)	 	0.000000%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	 	 
	 	 	B (PEX)	 	0.000000%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	 	 
	 	 	Totals	 	 	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	C Regular Interest Breakdown	 	 
	 	 	C
    (Cert)	 	0.000000%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	 	 
	 	 	C
    (PEX)	 	0.000000%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	 	 
	 	 	Totals	 	 	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class PEX Detail 	 	 
	 	 	 	 	 
	 	 	Class\

    Component	CUSIP	Pass-Through

    Rate	Original

    Balance	Beginning

    Balance	Principal

    Distribution	Interest

    Distribution	Prepayment

    Premium	Realized
    Loss /

    Additional Trust

    Fund Expenses	Total

    Distribution	Ending

    Balance	 	 
	 	 	PEX	 	0.000000%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 4 of 25

    	 

    

 

 

	 	 	 	 
		Wells Fargo Commercial Mortgage Trust 2015-NXS3

    Commercial Mortgage Pass-Through Certificates

    Series 2015-NXS3	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	11/17/15
	8480 Stagecoach Circle	Record Date:	10/30/15
	Frederick, MD 21701-4747	Determination Date:	11/11/15

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Reconciliation Detail	 	 
	 	 	Principal Reconciliation	 	 
	 	 	 	 	Stated
    Beginning 

    Principal Balance	 	Unpaid
    Beginning

    Principal Balance	 	Scheduled
    

    Principal	 	Unscheduled

    Principal	 	Principal

    Adjustments	 	Realized
    Loss	 	Stated
    Ending

    Principal Balance	 	Unpaid
    Ending

    Principal Balance	 	Current
    Principal

    Distribution Amount	 	 
	 	 	Total	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
    Certificate Interest Reconciliation
    	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	Accrual

    Dates	 	Accrual
 Days	 	Accrued

    Certificate

    Interest	 	Net Aggregate

    Prepayment

    Interest Shortfall	 	Distributable

    Certificate

    Interest	 	Distributable

    Certificate Interest

    Adjustment	 	WAC CAP

    Shortfall	 	Additional

    Trust Fund

    Expenses	 	Interest

    Distribution	 	Remaining

Unpaid

    Distributable

 Certificate Interest	 	 
	 	 	A-1	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	A-2	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	A-3	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	A-4	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	A-SB	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	X-A	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	X-D	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	X-E	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	X-FG	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	X-H	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	A-S	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	B	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	C	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	D	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	E	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	F	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	G	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	H	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  	 	 
	 	 	R	 	0	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  	 	 
	 	 	Totals	 	 	 	0	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 5 of 25

    	 

    

	 	 	 	 
		Wells Fargo Commercial Mortgage Trust 2015-NXS3

    Commercial Mortgage Pass-Through Certificates

    Series 2015-NXS3	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	11/17/15
	8480 Stagecoach Circle	Record Date:	10/30/15
	Frederick, MD 21701-4747	Determination Date:	11/11/15

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Other Required Information	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Available Distribution Amount (1)	 	  0.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 		 	 	Appraisal Reduction Amount	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Loan

    Number	 	 	Appraisal	 	 	Cumulative	 	 	Most
    Recent	 	 	 
	 	 	 	 	 	 	 	 	 	Reduction	 	 	ASER	 	 	App. Red.	 	 	 
	 	 	 	 	 	 	 	 	 	Effected	 	 	Amount	 	 	Date	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
        (1) The Available Distribution
        Amount includes any Prepayment Premiums.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 6 of 25

    	 

    

 

	 	 	 	 
		Wells Fargo Commercial Mortgage Trust 2015-NXS3

    Commercial Mortgage Pass-Through Certificates

    Series 2015-NXS3	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	11/17/15
	8480 Stagecoach Circle	Record Date:	10/30/15
	Frederick, MD 21701-4747	Determination Date:	11/11/15

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Cash Reconciliation Detail	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Total Funds Collected	 	 	 	Total Funds Distributed	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Interest:	 	 	 	Fees:	 	 	 
	 	Interest paid or advanced	0.00	 	 	Master Servicing Fee
    -     Wells Fargo Bank, N.A. and National  Cooperative Bank, N.A.	0.00	 	 
	 	Interest reductions due to Non-Recoverability
    Determinations	0.00	 	 	Trustee Fee - Wilmington Trust
    National     Association	0.00	 	 
	 	Interest Adjustments	0.00	 	 	Certificate Administrator Fee - Wells
    Fargo Bank, N.A.	0.00	 	 
	 	Deferred Interest	0.00	 	 	CREFC Royalty License Fee	0.00	 	 
	 	Net Prepayment Interest Shortfall	0.00	 	 	Trust Advisor Fee - Pentalpha Surveillance LLC	0.00	 	 
	 	Net Prepayment Interest Excess	0.00	 	 	Total Fees	 	0.00	 
	 	Extension Interest	0.00	 	 	Additional Trust Fund Expenses:	 	 	 
	 	Interest Reserve Withdrawal	0.00	 	 	 	 	 	 
	 	Total Interest Collected	 	0.00	 	Reimbursement for Interest on Advances	0.00	 	 
	 	 	 	 	 	ASER Amount	0.00	 	 
	 	Principal:	 	 	 	Special Servicing Fee	0.00	 	 
	 	Scheduled Principal	0.00	 	 	Rating Agency Expenses	0.00	 	 
	 	Unscheduled Principal	0.00	 	 	Attorney Fees & Expenses	0.00	 	 
	 	Principal Prepayments	0.00	 	 	Bankruptcy Expense	0.00	 	 
	 	Collection of Principal after Maturity
    Date	0.00	 	 	Taxes Imposed on Trust Fund	0.00	 	 
	 	Recoveries from Liquidation and Insurance
    Proceeds	0.00	 	 	Non-Recoverable Advances	0.00	 	 
	 	Excess of Prior Principal Amounts paid	0.00	 	 	Other Expenses	0.00	 	 
	 	Curtailments	0.00	 	 	Total Additional Trust Fund Expenses	 	0.00	 
	 	Negative Amortization	0.00	 	 	 	 	 	 
	 	Principal Adjustments	0.00	 	 	Interest Reserve Deposit	 	0.00	 
	 	Total Principal Collected	 	0.00	 	 	 	 	 
	 	 	 	 	 	Payments to Certificateholders &
    Others:	 	 	 
	 	Other:	 	 	 	Interest Distribution	0.00	 	 
	 	Prepayment Penalties/Yield Maintenance	0.00	 	 	Principal Distribution	0.00	 	 
	 	Repayment Fees	0.00	 	 	Prepayment Penalties/Yield Maintenance	0.00	 	 
	 	Borrower Option Extension Fees	0.00	 	 	Borrower Option Extension Fees	0.00	 	 
	 	Equity Payments Received	0.00	 	 	Equity Payments Paid	0.00	 	 
	 	Net Swap Counterparty Payments Received	0.00	 	 	Net Swap Counterparty Payments Paid	0.00	 	 
	 	Total Other Collected	 	0.00	 	Total Payments to Certificateholders
    & Others	 	0.00	 
	 	Total Funds Collected	 	0.00	 	Total Funds Distributed	 	0.00	 
	 	 	 	 	 	 	 	 	 

 

    	Page 7 of 25

    	 

    

	 	 	 	 
		Wells Fargo Commercial Mortgage Trust 2015-NXS3

    Commercial Mortgage Pass-Through Certificates

    Series 2015-NXS3	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	11/17/15
	8480 Stagecoach Circle	Record Date:	10/30/15
	Frederick, MD 21701-4747	Determination Date:	11/11/15

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current Mortgage Loan
    and Property Stratification Tables

    Aggregate Pool	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Scheduled Balance	 	State   (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Scheduled

    Balance	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (1)	WAC	Weighted

    Avg DSCR (2)	 	State	#
    of

    Props.	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (1)	WAC	Weighted

    Avg DSCR (2)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 8 of 25

    	 

    
 

	 	 	 	 
		Wells Fargo Commercial Mortgage Trust 2015-NXS3

    Commercial Mortgage Pass-Through Certificates

    Series 2015-NXS3	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	11/17/15
	8480 Stagecoach Circle	Record Date:	10/30/15
	Frederick, MD 21701-4747	Determination Date:	11/11/15

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current Mortgage Loan
    and Property Stratification Tables

    Aggregate Pool	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Debt Service Coverage Ratio	 	Property Type   (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Debt
    Service

    Coverage Ratio	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (1)	WAC	Weighted

    Avg DSCR (2)	 	Property
    Type	#
    of

    Props.	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (1)	WAC	Weighted

    Avg DSCR (2)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Note Rate	 	Seasoning	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Note

    Rate	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (1)	WAC	Weighted

    Avg DSCR (2)	 	Seasoning	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (1)	WAC	Weighted

    Avg DSCR (2)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	See footnotes on last page
    of this section.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 9 of 25

    	 

    

	 	 	 	 
		Wells Fargo Commercial Mortgage Trust 2015-NXS3

    Commercial Mortgage Pass-Through Certificates

    Series 2015-NXS3	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	11/17/15
	8480 Stagecoach Circle	Record Date:	10/30/15
	Frederick, MD 21701-4747	Determination Date:	11/11/15

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current Mortgage Loan
    and Property Stratification Tables

    Aggregate Pool	 
	 	 	 	 	 
	 	Anticipated Remaining Term (ARD and Balloon Loans)	 	Remaining Stated Term (Fully Amortizing Loans)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Anticipated
    Remaining

    Term (1)	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM
    

    (1)	WAC	Weighted

    Avg DSCR (2)	 	Remaining
    Stated

    Term	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (1)	WAC	Weighted

    Avg DSCR (2)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Remaining Amortization
    Term (ARD and Balloon Loans)	 	Age of Most Recent NOI	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Remaining
    Amortization

    Term	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM
    

    (1)	WAC	Weighted

    Avg DSCR (2)	 	Age
    of Most

    Recent NOI	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (1)	WAC	Weighted

    Avg DSCR (2)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(1) Anticipated Remaining Term and WAM are each calculated
    based upon the term from the current month to the earlier of the Anticipated Repayment Date, if applicable, and the maturity
    date.	 	 
	 	(2) Debt Service Coverage Ratios are updated periodically
as new NOI figures become available from borrowers on an asset level. In all cases, the most recent DSCR provided by the Servicer
is used. To the extent that no DSCR is provided by the Servicer, information from the offering document is used. The Trustee makes
no representations as to the accuracy of the data provided by the borrower for this calculation.	 	 
	 	(3) Data in this table was calculated by allocating
    pro-rata the current loan information to the properties based upon the Cut-off Date balance of each property as disclosed
    in the  offering document.	 	 
	 	 	 	 	 

 

    	Page 10 of 25

    	 

    

 

	 	 	 	 
		Wells Fargo Commercial Mortgage Trust 2015-NXS3

    Commercial Mortgage Pass-Through Certificates

    Series 2015-NXS3	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	11/17/15
	8480 Stagecoach Circle	Record Date:	10/30/15
	Frederick, MD 21701-4747	Determination Date:	11/11/15

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Mortgage
    Loan Detail	 
	 	 	 
	 	Loan

    Number	ODCR
    	Property

    Type (1)	City	State	Interest

    Payment	Principal

    Payment	Gross

    Coupon
    	Anticipated
    

    Repayment

    Date	Maturity

    Date	Neg.

    Amort

    (Y/N)	Beginning

    Scheduled

    Balance	Ending

    Scheduled

    Balance	Paid

    Thru

    Date	Appraisal

    Reduction

    Date	Appraisal

    Reduction

    Amount	Res.

    Strat.

    (2)	Mod.

    Code

    (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(1)
    Property Type Code	(2)
    Resolution Strategy Code	(3) Modification Code	 
	 	 	 
	 	MF 	-	Multi-Family	OF	-	Office	1	-	Modification	6	-	DPO	10	-	Deed in Lieu Of	1	-	Maturity Date Extension	6	-	Capitalization of Interest	 
	 	RT 	-	Retail	MU	-	Mixed Use	2 	-	Foreclosure	7	-	REO	 	 	     Foreclosure	2	-	Amortization Change	7	-	Capitalization of Taxes	 
	 	HC	-	Health Care	LO	-	Lodging	3	-	Bankruptcy	8	-	Resolved	11	-	Full Payoff	3	-	Principal Write-Off	8	-	Principal Write-Off	 
	 	IN  	-	Industrial	SS	-	Self Storage	4	-	Extension	9	-	Pending Return	12	-	Reps and Warranties	4	-	Blank	9	-	Combination	 
	 	WH	-	Warehouse	OT	-	Other	5	-	Note Sale	 	 	     to Master Servicer	13	-	Other or TBD	5	-	Temporary Rate Reduction	 	 	 	 
	 	MH 	-	Mobile Home Park	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 11 of 25

    	 

    

 

	 	 	 	 
		Wells Fargo Commercial Mortgage Trust 2015-NXS3

    Commercial Mortgage Pass-Through Certificates

    Series 2015-NXS3	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	11/17/15
	8480 Stagecoach Circle	Record Date:	10/30/15
	Frederick, MD 21701-4747	Determination Date:	11/11/15

	 	 	 	 	 	 	 	 	 	 	 	 
	 	NOI Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	ODCR	Property

    Type	City	State	Ending

    Scheduled

    Balance	Most

    Recent

    Fiscal NOI	Most

    Recent

    NOI	Most
    Recent

    NOI Start

    Date	Most
    Recent

    NOI End

    Date	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Total	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 12 of 25

    	 

    

 

 

	 	 	 	 
		Wells Fargo Commercial Mortgage Trust 2015-NXS3

    Commercial Mortgage Pass-Through Certificates

    Series 2015-NXS3	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	11/17/15
	8480 Stagecoach Circle	Record Date:	10/30/15
	Frederick, MD 21701-4747	Determination Date:	11/11/15

	 	 	 	 	 	 	 	 	 
	 	Principal Prepayment Detail	 
	 	 	 	 	 	 	 	 	 
	 	Loan Number	Loan Group	Offering
    Document	Principal
    Prepayment Amount	Prepayment
    Penalties	 
	 	Cross-Reference	Payoff
    Amount	Curtailment
    Amount	Prepayment
    Premium	Yield
    Maintenance Premium	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    	Page 13 of 25

    	 

    

 

	 	 	 	 
		Wells Fargo Commercial Mortgage Trust 2015-NXS3

    Commercial Mortgage Pass-Through Certificates

    Series 2015-NXS3	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	11/17/15
	8480 Stagecoach Circle	Record Date:	10/30/15
	Frederick, MD 21701-4747	Determination Date:	11/11/15

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Delinquencies	Prepayments	Rate
    and Maturities	 
	 	Distribution	30-59
    Days	60-89
    Days	90
    Days or More	Foreclosure	REO	Modifications	Curtailments	Payoff	Next
    Weighted Avg.	 	 
	 	Date	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	Coupon	Remit	WAM	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Note: Foreclosure and REO Totals are excluded from the
    delinquencies.	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 14 of 25

    	 

    

 

	 	 	 	 
		Wells Fargo Commercial Mortgage Trust 2015-NXS3

    Commercial Mortgage Pass-Through Certificates

    Series 2015-NXS3	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	11/17/15
	8480 Stagecoach Circle	Record Date:	10/30/15
	Frederick, MD 21701-4747	Determination Date:	11/11/15

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Delinquency Loan Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Loan
    Number	Offering

    Document

    Cross-Reference	#
    of

    Months

    Delinq.	Paid
    Through

    Date	Current

    P & I

    Advances	Outstanding

    P & I

    Advances **	Status
    of

    Mortgage

    Loan  (1)	Resolution

    Strategy

    Code  (2)	Servicing
Transfer Date	Foreclosure

    Date	Actual

    Principal

    Balance	Outstanding

    Servicing

    Advances	Bankruptcy

    Date	REO

    Date	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	(1)
    Status of Mortgage Loan	 	 	(2)
    Resolution Strategy Code	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	A	-	Payment Not Received	0	-  Current	4	-	Assumed Scheduled Payment	1	-	Modification	6	-	DPO	10	-	Deed In Lieu Of	 	 
	 	 	 	 	 But Still in Grace Period	1	-  One Month Delinquent	 	 	  (Performing Matured Balloon)	2 	-	Foreclosure	7	-	REO	 	 	     Foreclosure	 	 
	 	 	 	 	 Or Not Yet Due	2	-  Two Months Delinquent	5	-	Non Performing Matured Balloon 	3 	-	Bankruptcy	8	-	Resolved	11	-	Full Payoff	 	 
	 	 	B	-	Late Payment But Less	3	-  Three or More Months Delinquent	 	 	 	4 	-	Extension	9	-	Pending Return	12	-	Reps and Warranties	 	 
	 	 	 	 	 Than 1 Month Delinquent	 	 	 	 	 	5 	-	Note Sale	 	 	     to Master Servicer	13	-	Other or TBD	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	** Outstanding
    P & I Advances include the current period advance.	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 15 of 25

    	 

    

 

	 	 	 	 
		Wells Fargo Commercial Mortgage Trust 2015-NXS3

    Commercial Mortgage Pass-Through Certificates

    Series 2015-NXS3	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	11/17/15
	8480 Stagecoach Circle	Record Date:	10/30/15
	Frederick, MD 21701-4747	Determination Date:	11/11/15

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Specially Serviced Loan
    Detail - Part 1	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Distribution

    Date	Loan

    Number	Offering

    Document

    Cross-Reference	Servicing

    Transfer

    Date	Resolution

    Strategy

    Code (1)	Scheduled

    Balance	Property

    Type (2)	State	Interest

    Rate	Actual

    Balance	Net

    Operating

    Income	NOI

    Date	DSCR	Note

    Date	Maturity

    Date	Remaining

    Amortization

    Term	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(1) Resolution Strategy Code	(2) Property Type Code          	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	1	-   Modification	6	-	DPO	10	-	Deed In Lieu Of	MF	-	 Multi-Family	OF	-	Office	 
	 	2	-   Foreclosure	7	-	REO	 	 	Foreclosure	RT	-	 Retail	MU	-	Mixed use	 
	 	3	-   Bankruptcy	8	-	Resolved	11	-	Full Payoff	HC	-	 Health Care	LO	-	Lodging	 
	 	4	-   Extension	9	-	Pending Return	12	-	Reps and Warranties	IN	-	 Industrial	SS	-	Self Storage	 
	 	5	-   Note Sale	 	 	to Master Servicer	13	-	Other or TBD	WH	-	 Warehouse	OT	-	Other	 
	 	 	 	 	 	 	 	 	 	MH	-	 Mobile Home Park	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 16 of 25

    	 

    

 

 

	 	 	 	 
		Wells Fargo Commercial Mortgage Trust 2015-NXS3

    Commercial Mortgage Pass-Through Certificates

    Series 2015-NXS3	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	11/17/15
	8480 Stagecoach Circle	Record Date:	10/30/15
	Frederick, MD 21701-4747	Determination Date:	11/11/15

	 	 	 	 	 	 	 	 	 	 	 	 
	 	Specially Serviced Loan
    Detail - Part 2	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Distribution

    Date	Loan

    Number	Offering

    Document

    Cross-Reference	Resolution

    Strategy

    Code (1)	Site

    Inspection

    Date	

    Phase 1 Date
	Appraisal
Date	Appraisal

    Value	Other
    REO

    Property Revenue	Comment	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 
	(1)
    Resolution Strategy Code
	 	 	 	 	 	 	 	 	 	 	 
	 	1	-	Modification	6	-	DPO	10	-	Deed In Lieu Of	 
	 	2	-	Foreclosure	7	-	REO	 	 	Foreclosure	 
	 	3	-	Bankruptcy	8	-	Resolved	11	-	Full Payoff	 
	 	4	-	Extension	9	-	Pending Return	12	-	Reps and Warranties	 
	 	5	-	Note Sale	 	 	to Master Servicer	13	-	Other or TBD	 
	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 17 of 25

    	 

    

 

	 	 	 	 
		Wells Fargo Commercial Mortgage Trust 2015-NXS3

    Commercial Mortgage Pass-Through Certificates

    Series 2015-NXS3	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	11/17/15
	8480 Stagecoach Circle	Record Date:	10/30/15
	Frederick, MD 21701-4747	Determination Date:	11/11/15

	 	 	 	 	 	 	 
	Advance
    Summary
	 	 	 	 	 	 	 
	 	 	Current
    P&I

    Advances	Outstanding
    P&I

    Advances	Outstanding
    Servicing

    Advances	Current
    Period Interest

    on P&I and Servicing

    Advances Paid	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	Totals	0.00	0.00	0.00	0.00	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

    	Page 18 of 25

    	 

    

 

	 	 	 	 
		Wells Fargo Commercial Mortgage Trust 2015-NXS3

    Commercial Mortgage Pass-Through Certificates

    Series 2015-NXS3	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	11/17/15
	8480 Stagecoach Circle	Record Date:	10/30/15
	Frederick, MD 21701-4747	Determination Date:	11/11/15

	 	 	 	 	 	 	 	 	 	 
	 	Modified Loan Detail	 
	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	Offering

    Document

    Cross-Reference	Pre-Modification

    Balance	Post-Modification

    Balance	Pre-Modification

    Interest Rate	Post-Modification

    Interest Rate	Modification

    Date	Modification
    Description	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

 

    	Page 19 of 25

    	 

    

 

	 	 	 	 
		Wells Fargo Commercial Mortgage Trust 2015-NXS3

    Commercial Mortgage Pass-Through Certificates

    Series 2015-NXS3	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	11/17/15
	8480 Stagecoach Circle	Record Date:	10/30/15
	Frederick, MD 21701-4747	Determination Date:	11/11/15

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical Liquidated
    Loan Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Distribution

    Date	ODCR	Beginning

    Scheduled

    Balance	Fees,

    Advances,

    and Expenses *	Most
    Recent

    Appraised

    Value or BPO	Gross
    Sales

    Proceeds or

    Other Proceeds	Net
    Proceeds

    Received on

    Liquidation	Net
    Proceeds

    Available for

    Distribution	Realized
    

    Loss to Trust	Date
    of Current

    Period Adj.

    to Trust	Current
    Period

    Adjustment

    to Trust	Cumulative

    Adjustment

    to Trust	Loss
    to Loan

    with Cum

    Adj. to Trust	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current
    Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	Cumulative
    Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	*
    Fees, Advances and Expenses also include outstanding P & I advances and unpaid fees (servicing, trustee, etc.).	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 20 of 25

    	 

    

 

	 	 	 	 
		Wells Fargo Commercial Mortgage Trust 2015-NXS3

    Commercial Mortgage Pass-Through Certificates

    Series 2015-NXS3	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	11/17/15
	8480 Stagecoach Circle	Record Date:	10/30/15
	Frederick, MD 21701-4747	Determination Date:	11/11/15

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical Bond/Collateral
    Loss Reconciliation Detail	 
	 	 	 
	 	Distribution

    Date	 	 	Offering

    Document

    Cross-Reference	 	 	Beginning

    Balance

    at Liquidation	 	 	Aggregate

    Realized Loss

    on Loans	 	 	Prior
    Realized

    Loss Applied

    to Certificates	 	 	Amounts

    Covered by

    Credit Support	 	 	Interest

    (Shortages)/

    Excesses	 	 	Modification

    /Appraisal

    Reduction Adj.	 	 	Additional

    (Recoveries)

    /Expenses	 	 	Realized
    Loss

    Applied to

    Certificates to Date	 	 	Recoveries
    of

    Realized Losses

    Paid as Cash	 	 	(Recoveries)/

    Losses Applied to

    Certificate Interest	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	   	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 21 of 25

    	 

    

 

	 	 	 	 
		Wells Fargo Commercial Mortgage Trust 2015-NXS3

    Commercial Mortgage Pass-Through Certificates

    Series 2015-NXS3	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	11/17/15
	8480 Stagecoach Circle	Record Date:	10/30/15
	Frederick, MD 21701-4747	Determination Date:	11/11/15

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Interest Shortfall Reconciliation
    Detail - Part 1	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Offering

    Document

    Cross-

Reference	 	 	Stated

    Principal

    Balance at

    Contribution	 	 	Current

    Ending

    Scheduled

    Balance	 	 	Special
    Servicing Fees	 	 	ASER	 	 	(PPIS)
    Excess	 	 	Non-Recoverable

    (Scheduled

    Interest)	 	 	Interest
    on

    Advances	 	 	Modified
    Interest

    Rate (Reduction)

    /Excess	 
	Monthly	 	Liquidation	 	Work Out
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 22 of 25

    	 

    

 

	 	 	 	 
		Wells Fargo Commercial Mortgage Trust 2015-NXS3

    Commercial Mortgage Pass-Through Certificates

    Series 2015-NXS3	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	11/17/15
	8480 Stagecoach Circle	Record Date:	10/30/15
	Frederick, MD 21701-4747	Determination Date:	11/11/15

	 	 	 	 	 	 	 	 	 
	 	Interest Shortfall Reconciliation
    Detail - Part 2	 
	 	 	 	 	 	 	 	 	 
	 	Offering

    Document

    Cross-Reference	Stated
    Principal

    Balance at

    Contribution	Current
    Ending

    Scheduled

    Balance	Reimb
    of Advances to the Servicer	Other
    (Shortfalls)/

    Refunds	Comments	 
	Current
    Month	Left
    to Reimburse

    Master Servicer
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 
	 	Interest Shortfall
    Reconciliation Detail Part 2 Total	0.00	 	 	 
	 	Interest Shortfall
    Reconciliation Detail Part 1 Total	0.00	 	 	 
	 	Total Interest
    Shortfall Allocated to Trust	0.00	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    	Page 23 of 25

    	 

    

 

	 	 	 	 
		Wells Fargo Commercial Mortgage Trust 2015-NXS3

    Commercial Mortgage Pass-Through Certificates

    Series 2015-NXS3	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	11/17/15
	8480 Stagecoach Circle	Record Date:	10/30/15
	Frederick, MD 21701-4747	Determination Date:	11/11/15

	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	Defeased
    Loan Detail
	 	 	 	 	 	 	 	 
	 	Loan
    Number	Offering
    Document

    Cross-Reference	Ending
    Scheduled

    Balance	Maturity
    Date	Note
    Rate	Defeasance
    Status	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

 

    	Page 24 of 25

    	 

    
 

	 	 	 	 
		Wells Fargo Commercial Mortgage Trust 2015-NXS3

    Commercial Mortgage Pass-Through Certificates

    Series 2015-NXS3	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	11/17/15
	8480 Stagecoach Circle	Record Date:	10/30/15
	Frederick, MD 21701-4747	Determination Date:	11/11/15

	 	 	 
	 	 	 
	 	Supplemental Reporting	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

    	Page 25 of 25

    	 

    

 

 

EXHIBIT
G-2

 

MINIMUM
INFORMATION FOR DISTRIBUTION DATE STATEMENT

 

(1)            the
Distribution Date, Record Date, Interest Accrual Period and Determination Date for such Distribution Date;

 

(2)            the
aggregate Certificate Principal Balance or Class Notional Amount of each Class of Certificates and the Class A-S, Class B and
Class C Regular Interests before and after giving effect to the distribution made on such Distribution Date;

 

(3)            the
amount of the distribution on such Distribution Date to the Holders of each Class of Principal Balance Certificates and the Class
A-S, Class B and Class C Regular Interests in reduction of the Class Principal Balance thereof;

 

(4)            the
amount of the distribution on such Distribution Date to the Holders of each Class of Certificates and the Class A-S, Class B and
Class C Regular Interests allocable to the interest distributable on that Class of Certificates or Regular Interest, as the case
may be;

 

(5)            the
aggregate amount of P&I Advances made in respect of the Mortgage Pool for such Distribution Date pursuant to Section 4.03(a);

 

(6)            the
aggregate amount and general purpose of Servicing Advances that have been made by the General Master Servicer, the NCB Master
Servicer, the General Special Servicer, the NCB Special Servicer, the One Court Square Special Servicer and the Trustee with respect
to the Mortgage Loans;

 

(7)            (A)
the aggregate amount of servicing compensation in respect of the Mortgage Pool (separately identifying the amount of each category
of compensation) paid to the General Master Servicer, the NCB Master Servicer, the General Special Servicer, the NCB Special Servicer
and the One Court Square Special Servicer during the related Collection Period and (B) the aggregate amount of compensation
in respect of the Mortgage Pool (separately identifying the amount of each category of compensation) to the Trustee and the Certificate
Administrator;

 

(8)            the
aggregate Stated Principal Balance of the Mortgage Pool outstanding immediately before and immediately after such Distribution
Date;

 

(9)            the
number, aggregate unpaid principal balance, weighted average remaining term to maturity and weighted average Mortgage Rate of
the Mortgage Loans (but not any successor REO Mortgage Loans to Mortgage Loans) as of the close of business on the related Determination
Date;

 

(10)          the
number, aggregate unpaid principal balance (as of the close of business on the related Determination Date and aggregate Stated
Principal Balance (immediately after such Distribution Date) of Mortgage Loans (A) delinquent 30 to 59 days, (B) delinquent
60 to 89 days, (C) delinquent 90 or more days, and (D) not delinquent but constituting Specially Serviced Mortgage Loans
or in foreclosure but not constituting an REO Mortgage Loan;

 

    	G-2-1

    	 

    

 

(11)          with
respect to any REO Property that was included (or an interest in which was included) in the Trust Fund as of the close of business
on the related Determination Date, the loan number of the related Mortgage Loan, and, if available, the Appraised Value of such
REO Property as expressed in the most recent appraisal thereof and the date of such appraisal;

 

(12)          the
total payments and other collections Received by the Trust during the related Collection Period, the fees and expenses paid therefrom
(with an identification of the general purpose of such fees and expenses and the party receiving such fees and expenses), the
Available Distribution Amount for such Distribution Date, and the available funds with respect to (i) the Class A-S Certificates
and Class A-S-PEX Component, (ii) the Class B Certificates and Class B-PEX Component, and (iii) the Class C Certificates
and Class C-PEX Component, in each case for the Distribution Date;

 

(13)          the
amount of the distribution on such Distribution Date to the Holders of each Class of Certificates and the Class A-S, Class B and
Class C Regular Interests allocable to Prepayment Premiums and/or Yield Maintenance Charges;

 

(14)          the
Interest Distribution Amount and Accrued Certificate Interest in respect of each Class of Certificates and the Class A-S, Class
B and Class C Regular Interests for such Distribution Date or the related Interest Accrual Period, as applicable;

 

(15)          the
Pass-Through Rate for each Class of Certificates for the Interest Accrual Period related to such Distribution Date;

 

(16)          the
Principal Distribution Amount and the Unadjusted Principal Distribution Amount for such Distribution Date, separately identifying
the respective components thereof (and, in the case of any Principal Prepayment or other unscheduled collection of principal Received
by the Trust during the related Collection Period, the loan number for the related Mortgage Loan and the amount of such prepayment
or other collection of principal);

 

(17)          the
Class Principal Balance of each Class of Principal Balance Certificates and the Class Notional Amount of each Class of Interest
Only Certificates, outstanding immediately before and immediately after such Distribution Date, separately identifying any reduction
therein pursuant to Section 4.04 on such Distribution Date;

 

(18)          (A)
the loan number for each Required Appraisal Loan and any related Appraisal Reduction Amount as of the related Determination Date
and (B) the aggregate Appraisal Reduction Amount for all Required Appraisal Loans as of the related Determination Date;

 

(19)          on
a cumulative basis from the Cut-off Date, the number, aggregate Stated Principal Balance immediately after such Distribution Date
(in the case of subclauses (A), (B) and (E)), aggregate Cut-off Date Principal Balance (in the case of subclauses (C)
and (D)), weighted average extension period (except in the case of subclause (B) and which shall be zero in the case of subclause (C)),
and weighted average anticipated extension period (in the case of subclause (B)) of Mortgage Loans (A) as to which the
maturity dates have been extended, (B) as

 

    	G-2-2

    	 

    

 

to
which the maturity dates are in the process of being extended, (C) that have paid off and were never extended, (D) as
to which the maturity dates had previously been extended and have paid off and (E) as to which the maturity dates had been
previously extended and are in the process of being further extended;

 

(20)          any
unpaid Interest Distribution Amount in respect of each Class of Certificates after giving effect to the distributions made on
such Distribution Date, and if the full amount of the Principal Distribution Amount was not distributed on such Distribution Date,
the portion of the shortfall affecting each Class of Principal Balance Certificates;

 

(21)          the
amount of the distribution on such Distribution Date to the Holders of each Class of Principal Balance Certificates in reimbursement
of any Realized Loss or Additional Trust Fund Expense previously allocated thereto;

 

(22)          the
aggregate unpaid principal balance of the Mortgage Pool outstanding as of the close of business on the related Determination Date;

 

(23)          with
respect to any Mortgage Loan as to which a Liquidation Event occurred during the related Collection Period, (A) the loan
number thereof, (B) the nature of the Liquidation Event and, in the case of a Final Recovery Determination, a brief description
of the basis for such Final Recovery Determination, (C) the aggregate of all Liquidation Proceeds that are included in the
Available Distribution Amount and other amounts received in connection with such Liquidation Event (separately identifying the
portion thereof allocable to distributions on the Certificates), and (D) the aggregate amount of any Realized Loss and Additional
Trust Fund Expenses in connection with such Liquidation Event;

 

(24)          with
respect to any REO Property as to which a Final Recovery Determination was made during the related Collection Period, (A) the
loan number of the related Mortgage Loan, (B) a brief description of the basis for the Final Recovery Determination, (C) the
aggregate of all Liquidation Proceeds and other amounts Received by the Trust with respect to such REO Property during the related
Collection Period (separately identifying the portion thereof allocable to distributions on the Certificates), (D) the aggregate
amount of any Realized Loss and Additional Trust Fund Expenses in respect of the related REO Mortgage Loan in connection with
such Final Recovery Determination and (E) if available, the Appraised Value of such REO Property as expressed in the most
recent appraisal thereof and the date of such appraisal;

 

(25)          (A)
the aggregate amount of unreimbursed P&I Advances that had been outstanding with respect to the Mortgage Pool at the close
of business on the related Determination Date and the aggregate amount of any interest accrued and payable to the General Master
Servicer, the NCB Master Servicer or the Trustee in respect of any such unreimbursed P&I Advances in accordance with Section 4.03
as of the close of business on such related Determination Date and (B) the aggregate amount of unreimbursed Servicing
Advances that had been outstanding with respect to the Mortgage Pool as of the close of business on the related Determination
Date and the aggregate amount of interest accrued and payable to the General Master Servicer, the NCB Master Servicer, the General
Special Servicer, the NCB Special Servicer, the One Court Square Special Servicer or the Trustee in respect of such unreimbursed

 

    	G-2-3

    	 

    

 

Servicing
Advances in accordance with Section 3.11(g) as of the close of business on such related Determination Date;

 

(26)          the
aggregate amount of any interest on Advances in respect of the Mortgage Pool paid to the General Master Servicer or the NCB Master
Servicer, as applicable, and the Trustee or any other party hereto during the related Collection Period in accordance with Section 3.11(g)
and/or Section 4.03(d);

 

(27)          a
loan-by-loan listing of any Mortgage Loan that was defeased during the related Collection Period;

 

(28)          the
amount of Excess Liquidation Proceeds held in the Excess Liquidation Proceeds Account as of the end of the related Collection
Period;

 

(29)          the
amounts of the distributions made to the Holders of the Class R and Class V Certificates on such Distribution Date;

 

(30)          with
respect to any Mortgage Loan that was the subject of any material modification, extension or waiver during the related Collection
Period, (A) the loan number thereof, (B) the unpaid principal balance thereof and (C) a brief description of such
modification, extension or waiver, as the case may be;

 

(31)          with
respect to any Mortgage Loan as to which an uncured and unresolved Material Breach or Material Document Defect is alleged to exist,
(A) the loan number thereof, (B) the unpaid principal balance thereof, (C) a brief description of such alleged
Material Breach or Material Document Defect, as the case may be, and (D) the status of such alleged Material Breach or Material
Document Defect, as the case may be, including any actions known to the Certificate Administrator that are being taken by or on
behalf of the related Mortgage Loan Seller;

 

(32)          with
respect to any Mortgage Loan as to which the related Mortgaged Property became an REO Property during the related Collection Period,
the loan number of such Mortgage Loan and the Stated Principal Balance of such Mortgage Loan as of the related date of acquisition
by the Trust Fund;

 

(33)          the
aggregate of (A) all Realized Losses incurred during the related Collection Period and, as of the related Determination Date,
from the Closing Date and (B) all Additional Trust Fund Expenses (with a description thereof) incurred during the related
Collection Period and, as of the related Determination Date, from the Closing Date;

 

(34)          the
aggregate of all Realized Losses and Additional Trust Fund Expenses that remain unallocated immediately following such Distribution
Date;

 

(35)          the
Certificate Factor for each Class of Certificates immediately following such Distribution Date; and

 

    	G-2-4

    	 

    

 

(36)         an
itemized listing of any Disclosable Special Servicer Fees received by the General Special Servicer, the NCB Special Servicer or
the One Court Square Special Servicer, as applicable, or any of its affiliates during the related Collection Period.

 

In
the case of information provided to the Certificate Administrator as a basis for information to be furnished pursuant to clauses (5)
through (11), (18), (22) through (27), and (30) through (36) above, insofar as the underlying information is solely
within the control of the Depositor, the General Special Servicer, the NCB Special Servicer, the One Court Square Special Servicer,
the General Master Servicer, the NCB Master Servicer or the Certificate Administrator may, absent manifest error, conclusively
rely on the reports to be provided by the Depositor, the General Special Servicer, the NCB Special Servicer, the One Court Square
Special Servicer, the General Master Servicer or the NCB Master Servicer, as the case may be.

 

    	G-2-5

    	 

    

 

EXHIBIT
H

 

FORM
OF SERVICED PARI PASSU COMPANION LOAN HOLDER CERTIFICATION

 

[Date]

  

Wells
Fargo Bank, National Association, as General Master Servicer

Commercial Mortgage Servicing

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: WFCM 2015-NXS3 Asset Manager

 

Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services — WFCM 2015-NXS3

 

		Re:	Pooling
                                         and Servicing Agreement (“Pooling and Servicing Agreement”) relating to Wells
                                         Fargo Commercial Mortgage Trust 2015-NXS3, Trust Commercial Mortgage Pass-Through Certificates,
                                         Series 2015-NXS3 – Serviced Pari Passu Companion Loan

 

In
accordance with the requirements for obtaining certain information under the Pooling and Servicing Agreement, with respect to
any Serviced Pari Passu Companion Loan (as defined in the Pooling and Servicing Agreement), the undersigned hereby certifies and
agrees as follows:

 

1.          The
undersigned is a Serviced Pari Passu Companion Loan Holder (as defined in the Pooling and Servicing Agreement).

 

2.          The
undersigned is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the Certificate Administrator’s Website.

 

In
consideration of the disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information
confidential (except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related
Certificates, from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which
the undersigned is subject), and such Information shall not, without the prior written consent of the Depositor, be otherwise
disclosed by the undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the
“Representatives”) in any manner, in whole or in part.

 

The
undersigned shall not use or disclose the Information in any manner which could result in a violation of any provision of the
Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended,
or would require

 

    	H-1

    	 

    

 

registration
of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

3.          The
undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have
recertified that the representations contained herein remain true and correct.

 

4.          The
undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify
the Depositor, the Certificate Administrator, the Trustee, the General Master Servicer, the NCB Master Servicer, the General Special
Servicer, the NCB Special Servicer, the One Court Square Special Servicer, the Trust Advisor, the Underwriters, the Initial Purchasers
and the Trust Fund for any loss, liability or expense incurred thereby with respect to any such breach by the undersigned or any
of its Representatives.

 

5.          Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Agreement. 

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have
caused, its name to be signed hereto by its duly authorized signatory, as of the date certified.

 

	 	[Companion Loan Holder]
	 	 	 
	 	By: 	 
	 	 	Title:

Company:

    Phone:
	 	 	

 

    	H-2

    	 

    

 

EXHIBIT
I-1

 

FORM
OF NOTICE AND ACKNOWLEDGMENT

CONCERNING REPLACEMENT OF SPECIAL SERVICER

 

[Date]

 

DBRS, Inc.

333 West Wacker Drive, Suite 1800

Chicago, Illinois 60606

 

Kroll Bond
Rating Agency, Inc.

845 Third Avenue, 4th Floor

New York, New York 10022

 

Moody’s
Investors Service, Inc.

7 World Trade Center, 25th Floor

New York, New York 10007

 

Attn: ______________

 

Re:         Wells
Fargo Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates, Series 2015-NXS3

 

Ladies and
Gentlemen:

 

This
notice is being delivered pursuant to Section 6.05 of the Pooling and Servicing Agreement, dated as of October 1, 2015 (the
“Agreement”) among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National
Association, as General Master Servicer, LNR Partners, LLC, as General Special Servicer, National Cooperative Bank, N.A., as NCB
Master Servicer, National Cooperative Bank, N.A., as NCB Special Servicer, Midland Loan Services, a Division of PNC Bank, National
Association, as One Court Square Special Servicer, Pentalpha Surveillance LLC, as Trust Advisor, Wells Fargo Bank, National Association,
as Certificate Administrator, as Tax Administrator and as Custodian, and Wilmington Trust, National Association, as Trustee, and
relating to Wells Fargo Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates, Series 2015-NXS3 (the
“Certificates”). Capitalized terms used but not otherwise defined herein shall have respective meanings assigned
to them in the Agreement.

 

Notice
is hereby given that ____________________________________ has designated ________________________________ to serve as the [General]
[NCB] [One Court Square] Special Servicer under the Agreement.

 

The
designation of ____________________________ as [General] [NCB] [One Court Square] Special Servicer will become final if certain
conditions are met and each Rating Agency delivers to Wilmington Trust, National Association, the trustee under the Agreement
(the “Trustee”), written confirmation that if the person designated to become the [General] [NCB] [One Court
Square] Special Servicer were to serve as such, such event would not result in

 

    	I-1-1

    	 

    

 

a
qualification, downgrade or withdrawal of any Class of Rated Certificates then rated by such Rating Agency. Accordingly, such
confirmation is hereby requested as soon as possible.

 

Please
acknowledge receipt of this notice by signing the enclosed copy of this notice where indicated below and returning it to the Trustee,
in the enclosed stamped self-addressed envelope.

	 	 
	 	Very truly yours,
	 	 
	 	[___________]
	 	 
	 	 
	 	Name:
	 	Title:

	 	 	 
	Receipt acknowledged:	 
	 	 
	DBRS, INC.	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	Date:	 
	 	 	 
	kROLL BOND RATING AGENCY,
    INC.	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	Date:	 
	 	 	 
	MOODY’S INVESTORS
    SERVICE, INC.	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	Date:	 

 

    	I-1-2

    	 

    

 

EXHIBIT
I-2

 

FORM
OF ACKNOWLEDGMENT OF PROPOSED SPECIAL SERVICER

 

[Date]

 

[CERTIFICATE
ADMINISTRATOR]

[TAX ADMINISTRATOR]

[TRUSTEE]

[GENERAL MASTER SERVICER]

[NCB MASTER SERVICER]

[DEPOSITOR]

[GENERAL SPECIAL SERVICER]

[NCB SPECIAL SERVICER]

[ONE COURT SQUARE SPECIAL SERVICER]

[TRUST ADVISOR]

 

Re:         Wells
Fargo Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates, Series 2015-NXS3

 

Ladies and
Gentlemen:

 

Pursuant
to Section 6.05 of the Pooling and Servicing Agreement, dated as of October 1, 2015 relating to Wells Fargo Commercial Mortgage
Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates, Series 2015-NXS3 (the “Agreement”), the undersigned
hereby agrees with all the other parties to the Agreement that the undersigned shall serve as the [General] [NCB] [One Court Square]
Special Servicer under the Agreement. The undersigned hereby acknowledges and agrees that, as of the date hereof, it is and shall
be a party to the Agreement and bound thereby to the full extent indicated therein in the capacity of the [General] [NCB] [One
Court Square] Special Servicer. The undersigned hereby makes, as of the date hereof, the representations and warranties set forth
in Section 2.06 of the Agreement, with the following corrections with respect to type of entity and jurisdiction of organization:
____________________. The undersigned represents and warrants that it is a Qualified Replacement Special Servicer pursuant to
the Pooling and Servicing Agreement. Capitalized terms used but not otherwise defined herein shall have respective meanings assigned
to them in the Agreement.

	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	I-2-1

    	 

    

 

EXHIBIT
J

 

FORM
OF UCC-1 FINANCING STATEMENT

 

Seller/Debtor:

 

Wells Fargo
Commercial Mortgage Securities, Inc.

c/o Wells
Fargo Securities, LLC

375 Park
Avenue, 2nd Floor, J0127-023

New York,
New York 10152

Attention:
A.J. Sfarra

 

Buyer/Secured
Party:

 

Wilmington
Trust, National Association

as Trustee for the registered holders of

Wells Fargo Commercial Mortgage Trust 2015-NXS3,

Commercial Mortgage Pass-Through Certificates, Series 2015-NXS3

1100 North Market Street

Wilmington,
Delaware 19890

Attention: WFCM 2015-NXS3

 

Text:

 

See Schedule 1
attached hereto and made a part hereof.

 

A sale by
the Seller/Debtor of, or a grant by the Seller/Debtor of a security interest in, any collateral described in this financing statement
will violate the rights of the Buyer/Secured Party.

 

    	J-1

    	 

    

 

SCHEDULE
1 to EXHIBIT J

 

Seller/Debtor:

 

Wells Fargo
Commercial Mortgage Securities, Inc. 

375 Park
Avenue, 2nd Floor, J0127-023 

New York,
New York 10152 

Attention:
A.J. Sfarra

 

Buyer/Secured
Party:

 

Wilmington
Trust, National Association

as Trustee for the registered holders of

Wells Fargo Commercial Mortgage Trust 2015-NXS3,

Commercial Mortgage Pass-Through Certificates, Series 2015-NXS3

1100 North Market Street

Wilmington,
Delaware 19890

Attention: WFCM 2015-NXS3

 

Description
of the Property Covered:

 

This
Schedule 1 is attached to and incorporated in a financing statement pertaining to Wells Fargo Commercial Mortgage Securities,
Inc., as depositor (referred to as the “Seller/Debtor” for the purpose of this financing statement only), and Wilmington
Trust, National Association as trustee for the holders of the Series 2015-NXS3 Certificates (referred to as the “Buyer/Secured
Party” for purposes of this financing statement only), under that certain Pooling and Servicing Agreement, dated as of October
1, 2015 (as amended, restated, supplemented or otherwise modified from time to time, the “Pooling and Servicing Agreement”),
among the Seller/Debtor as depositor, the Buyer/Secured Party as trustee, Wells Fargo Bank, National Association as general master
servicer (in such capacity, the “General Master Servicer”), as certificate administrator (in such capacity,
the “Certificate Administrator”), as tax administrator and as custodian, LNR Partners, LLC, as general special
servicer (the “General Special Servicer”), National Cooperative Bank, N.A., as NCB master servicer (in such
capacity, the “NCB Master Servicer”) and as NCB special servicer (in such capacity, the “NCB Special
Servicer”), Midland Loan Services, a Division of PNC Bank, National Association, as One Court Square special servicer
(the “One Court Square Special Servicer”) and Pentalpha Surveillance LLC, as trust advisor, relating to the
issuance of the Wells Fargo Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates, Series 2015-NXS3
(collectively, the “Series 2015-NXS3 Certificates”). Capitalized terms used herein and not defined shall have
the respective meanings given to them in the Pooling and Servicing Agreement. The attached financing statement covers all of the
Seller/Debtor’s right, title and interest in and to the following, whether now owned or existing or hereafter acquired or
arising (the “Collateral”):

 

(1)          the
Mortgage Loans,

 

(2)          all
principal and interest received on or with respect to such Mortgage Loans after the Cut-off Date (other than scheduled payments
of interest and principal due and payable on such

 

    	J-2

    	 

    

 

Mortgage
Loans on or prior to their respective Cut-off Dates or, in the case of a Replacement Mortgage Loan, on or prior to the related
date of substitution),

 

(3)          all
amounts held from time to time in the Collection Account, the Distribution Account, the Interest Reserve Account, the Excess Liquidation
Proceeds Account and, if established, the REO Account, and all investment earnings on such amounts,

 

(4)          the
rights of the Seller/Debtor under Sections 2, 3, 4 (other than Section 4(c), (d) and (f)) and 5 (other than Section 5(f),
(g), (h) and (i)) and, to the extent related to the foregoing, Sections 9, 10, 11, 12, 13, 14, 15, 17 and 18 of each Mortgage
Loan Purchase Agreement,

 

(5)          all
other assets included or to be included in the Trust Fund, and

 

(6)          all
income, payments, products and proceeds of any of the foregoing, together with any additions thereto or substitutions therefor.

 

Definitions:

 

“Code”:
The Internal Revenue Code of 1986 and regulations promulgated thereunder, including proposed regulations to the extent that, by
reason of their proposed effective date, could, as of the date of any determination or opinion as to the tax consequences of any
action or proposed action or transaction, be applied to the Trust or the Series 2015-NXS3 Certificates.

 

“Collection
Account”: The segregated account or accounts created and maintained by each Master Servicer, pursuant to Section 3.04(a)
of the Pooling and Servicing Agreement, in trust for the Certificateholders.

 

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

 

“Defective
Mortgage Loan”: Any Mortgage Loan as to which there exists a material breach or a material document defect that has
not been cured in all material respects.

 

“Distribution
Account”: The segregated account or accounts created and maintained by the Certificate Administrator on behalf of the
Buyer/Secured Party, pursuant to Section 3.04(b) of the Pooling and Servicing Agreement, for the benefit of the Certificateholders.

 

“Excess
Liquidation Proceeds Account”: The segregated account (or the sub-account of the Distribution Account) created and maintained
by the Certificate Administrator on behalf of the Trustee pursuant to Section 3.04(d) of the Pooling and Servicing
Agreement for the benefit of the Certificateholders.

 

“Grantor
Trust”: A grantor trust as defined under subpart E of part 1 of subchapter J of the Code.

 

    	J-3

    	 

    

 

“Grantor
Trust Pool”: The Grantor Trust created pursuant to the Pooling and Servicing Agreement containing the Class A-S Specific
Grantor Trust Assets, the Class B Specific Grantor Trust Assets, the Class C Specific Grantor Trust Assets, the Class PEX Specific
Grantor Trust Assets and the Class V Specific Grantor Trust Assets.

 

“Interest
Reserve Account”: The segregated account (or sub-account of the Distribution Account) created and maintained by the
Certificate Administrator on behalf of the Trustee, pursuant to Section 3.04(c) of the Pooling and Servicing Agreement,
for the benefit of the Certificateholders.

 

“Loss
of Value Reserve Fund”: The “outside reserve fund” (within the meaning of Treasury Regulations Section 1.860G-2(h))
designated as such pursuant to Section 3.04(g) of the Pooling and Servicing Agreement. The Loss of Value Reserve Fund
will be part of the Trust Fund but not part of any REMIC Pool.

 

“Mortgage”:
With respect to any Mortgage Loan, separately and collectively, as the context may require, each mortgage, deed of trust, deed
to secure debt or similar document that secures the related Mortgage Note and creates a lien on the related Mortgaged Property.

 

“Mortgage
File”: The original Mortgage Note, the original or a copy of the Mortgage and each other legal, credit and servicing
document related to any Mortgage Loan or serviced pari passu companion loan as specified in the definition of “Mortgage
File” in the Pooling and Servicing Agreement.

 

“Mortgage
Loan”: Each of the Original Mortgage Loans and Replacement Mortgage Loans that are from time to time held in the Trust
Fund. As used herein, the term “Mortgage Loan” includes the interest of the Trust Fund in the related Mortgage Loan
Documents and each non-trust-serviced pooled Mortgage Loan, but does not include any companion loan.

 

“Mortgage
Loan Documents”: With respect to any Mortgage Loan or serviced pari passu companion loan, the documents included or
required to be included, as the context may require, in the related Mortgage File and Servicing File.

 

“Mortgage
Loan Purchase Agreement”: Any of (i) the Mortgage Loan Purchase Agreement dated as of September 25, 2015, between Natixis
Real Estate Capital LLC, as seller, and the Seller/Debtor, as purchaser; (ii) the Mortgage Loan Purchase Agreement dated as of
September 25, 2015, between Wells Fargo Bank, National Association, as seller, and the Seller/Debtor, as purchaser; (iii) the
Mortgage Loan Purchase Agreement dated as of September 25, 2015, between Silverpeak Real Estate Finance LLC, as seller, and the
Seller/Debtor, as purchaser; and (iv) the Mortgage Loan Purchase Agreement dated as of September 25, 2015, between National Cooperative
Bank, N.A., as seller, and the Seller/Debtor, as purchaser.

 

“Mortgage
Note”: The original executed promissory note(s) evidencing the indebtedness of a borrower under a Mortgage Loan, together
with any rider, addendum or amendment thereto, or any renewal, substitution or replacement of such note.

 

    	J-4

    	 

    

 

“Mortgaged
Property”: Individually and collectively, as the context may require, each real property (together with all improvements
and fixtures thereon) subject to the lien of a Mortgage and constituting collateral for a Mortgage Loan or loan combination, as
applicable. With respect to any cross-collateralized Mortgage Loan, if and when the context may require, “Mortgaged Property”
shall mean, collectively, all the mortgaged real properties (together with all improvements and fixtures thereon) securing the
relevant cross-collateralized group.

 

“Original
Mortgage Loans”: The mortgage loans initially identified on Schedule I to the Pooling and Servicing Agreement, including
each non-trust-serviced pooled Mortgage Loan. No pari passu companion loan is an “Original Mortgage Loan”.

 

“REMIC”:
A “real estate mortgage investment conduit” as defined in Section 860A through G of the Code.

 

“REMIC
Pool”: Any of REMIC I, REMIC II or REMIC III.

 

“REO
Account”: A segregated custodial account or accounts created and maintained by the General Special Servicer, the NCB
Special Servicer or the One Court Square Special Servicer, as applicable, pursuant to and for the benefit of the Persons specified
in Section 3.16(b) of the Pooling and Servicing Agreement.

 

“REO
Property”: A Mortgaged Property acquired on behalf and in the name of the Trustee for the benefit of
the Certificateholders (and, in the case of each such Mortgaged Property relating to a serviced loan combination, also on
behalf of the related Serviced Pari Passu Companion Loan Holder(s)) through foreclosure,
acceptance of a deed-in-lieu of foreclosure or otherwise in accordance with applicable law in connection with the default or
imminent default of a Mortgage Loan or Serviced Pari Passu Companion Loan; provided that a Mortgaged Property that
secures a Non-Trust-Serviced Pooled Mortgage Loan shall constitute an REO Property if and when it is acquired under
the related non-trust pooling and servicing agreement for the benefit of the Trustee as the holder of such
Non-Trust-Serviced Pooled Mortgage Loan and of the holder of the related Non-Serviced Companion Loan(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 Non-Trust-Serviced Pooled Mortgage Loan.

  

“Replacement
Mortgage Loan”: Any qualifying substitute Mortgage Loan that is substituted by a Responsible Repurchase Party for a
Defective Mortgage Loan as contemplated by Section 2.03 of the Pooling and Servicing Agreement.

 

“Responsible
Repurchase Party”: (i) With respect to each Mortgage Loan transferred to the Seller/Debtor by Natixis Real Estate Capital
LLC, Natixis Real Estate Capital LLC; (ii) with respect to each Mortgage Loan transferred to the Seller/Debtor by Wells Fargo
Bank, National Association, Wells Fargo Bank, National Association; (iii) with respect to each Mortgage Loan transferred to the
Seller/Debtor by Silverpeak Real Estate Finance LLC, Silverpeak Real Estate Finance LLC; and (iv) with respect to each Mortgage
Loan transferred to the Seller/Debtor by National Cooperative Bank, N.A., National Cooperative Bank, N.A..

 

“Servicing
File”: Any documents (other than documents required to be part of the related Mortgage File, but including copies of
documents required to be part of the related

 

    	J-5

    	 

    

 

Mortgage
File and originals or copies of all management agreements which are not covered by the definition of “Mortgage File”
and originals of any letters of credit) that are in the possession or under the control of, or that are required (pursuant to
the applicable Mortgage Loan Purchase Agreement, the Pooling and Servicing Agreement or otherwise) to be delivered and actually
have been delivered to, as the context may require, the applicable Master Servicer or the applicable Special Servicer and relating
to the origination and servicing of any Mortgage Loan or serviced loan combination or the administration of any REO Property and
reasonably necessary for the ongoing administration and/or servicing of the applicable Mortgage Loan or serviced loan combination,
including any documents delivered by a Mortgage Loan seller.

 

“Trust”:
The trust created by the Pooling and Servicing Agreement.

 

“Trust
Fund”: All of the assets of all the REMIC Pools, the Grantor Trust Pool and the Loss of Value Reserve Fund. For the
avoidance of doubt, no companion loan is an asset of the Trust Fund.

 

THE
SELLER/DEBTOR AND THE BUYER/SECURED PARTY INTEND THE TRANSACTIONS CONTEMPLATED BY THE POOLING AND SERVICING AGREEMENT TO CONSTITUTE
A SALE OF THE INTEREST IN THE COLLATERAL, AND THIS FILING SHOULD NOT BE CONSTRUED AS A CONCLUSION THAT A SALE HAS NOT OCCURRED.
THE REFERENCES HEREIN TO MORTGAGE NOTES SHOULD NOT BE CONSTRUED AS A CONCLUSION THAT ANY MORTGAGE NOTE IS NOT AN INSTRUMENT WITHIN
THE MEANING OF THE UNIFORM COMMERCIAL CODE OR THAT A FILING IS NECESSARY TO PERFECT THE OWNERSHIP OR SECURITY INTEREST OF THE
BUYER/SECURED PARTY IN ANY MORTGAGE NOTE, MORTGAGE OR OTHER MORTGAGE LOAN DOCUMENT. IN ADDITION, THE REFERENCES HEREIN TO SECURITIES,
INSTRUMENTS AND OTHER OBLIGATIONS SHOULD NOT BE CONSTRUED AS A CONCLUSION THAT ANY SUCH SECURITY, INSTRUMENT OR OTHER OBLIGATION
IS NOT AN INSTRUMENT, A CERTIFICATED SECURITY OR AN UNCERTIFICATED SECURITY WITHIN THE MEANING OF THE UNIFORM COMMERCIAL CODE,
AS IN EFFECT IN ANY APPLICABLE JURISDICTION, NOR SHOULD THIS FINANCING STATEMENT BE CONSTRUED AS A CONCLUSION THAT A FILING IS
NECESSARY TO PERFECT THE OWNERSHIP OR SECURITY INTEREST OF THE BUYER/SECURED PARTY IN THE CONTRACTUAL RIGHT TO PAYMENT, INCLUDING,
WITHOUT LIMITATION, THE RIGHT TO PAYMENTS OF PRINCIPAL AND INTEREST AND THE RIGHT TO ENFORCE THE RELATED PAYMENT OBLIGATIONS,
ARISING FROM OR UNDER ANY SUCH SECURITY, INSTRUMENT OR OTHER OBLIGATION (INCLUDING, WITHOUT LIMITATION, ANY PERMITTED INVESTMENT).

 

A
SALE BY THE SELLER/DEBTOR OF, OR A GRANT BY THE SELLER/DEBTOR OF A SECURITY INTEREST IN, ANY COLLATERAL DESCRIBED IN THIS FINANCING
STATEMENT WILL VIOLATE THE RIGHTS OF THE BUYER/SECURED PARTY.

 

    	J-6

    	 

    

 

EXHIBIT
K-1A

 

FORM
OF INVESTOR CERTIFICATION FOR NON-BORROWER PARTIES

(for Persons other than the Subordinate Class Representative

and/or a Subordinate Class Certificateholder)

 

[Date]

 

Wells Fargo Bank,
National Association

9062 Old Annapolis Road

Columbia, MD 21045 

Attention:             Corporate
Trust Services – WFCM 2015-NXS3

 

		Re:	Wells
                                         Fargo Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates,
                                         Series 2015-NXS3, Class [__] Certificates

 

In
accordance with the Pooling and Servicing Agreement, dated as of October 1, 2015 (the “Agreement”), among Wells
Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as General Master Servicer,
LNR Partners, LLC, as General Special Servicer, National Cooperative Bank, N.A., as NCB Master Servicer, National Cooperative
Bank, N.A., as NCB Special Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as One Court Square
Special Servicer, Pentalpha Surveillance LLC, as Trust Advisor, Wells Fargo Bank, National Association, as Certificate Administrator,
as Tax Administrator and as Custodian, and Wilmington Trust, National Association, as Trustee, with respect to the Wells Fargo
Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates, Series 2015-NXS3 (the “Certificates”),
the undersigned hereby certifies and agrees as follows:

 

1.          The
undersigned is a certificateholder, beneficial owner or prospective purchaser of the Class of Certificates referenced above and
is neither a Subordinate Class Certificateholder nor the Subordinate Class Representative.

 

2.          The
undersigned is not (i) a Borrower, a Mortgagor or a manager of a Mortgaged Property or any Affiliate thereof, (ii) solely with
respect to the ten largest Mortgage Loans by Cut-off Date Principal Balance, (A) any Person that owns, directly or indirectly,
25% or more of a Borrower, a Mortgagor or manager of a Mortgaged Property or (B) any Person that owns, directly or indirectly,
25% or more of a beneficial interest in any mezzanine lender of any mezzanine loan related to a Mortgage Loan that has accelerated
such mezzanine loan as set forth in clause (iii) or (iii) any mezzanine lender (or any Affiliate thereof) of any mezzanine loan
related to a Mortgage Loan that has accelerated such mezzanine loan (unless (a) acceleration was automatic under such mezzanine
loan, (b) the event directly giving rise to the automatic acceleration under such mezzanine loan was not initiated by such mezzanine
lender or an Affiliate of such mezzanine lender and (c) such mezzanine lender is stayed from exercising and has not commenced
the exercise of remedies associated with foreclosure of the equity collateral under such mezzanine loan) or commenced foreclosure
proceedings with respect to such mezzanine loan against the equity interests in the Borrower(s) of such Mortgage Loan.

  

    	K-1A-1

    	 

    

 

3.          The
undersigned is requesting access pursuant to the Agreement to certain information (the “Information”) on the
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 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 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.

 

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 shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify
each of the parties to the Agreement and the Trust Fund for any loss, liability or expense incurred thereby with respect to any
such breach by the undersigned or any of its Representatives.

 

5.          The
undersigned agrees that each time it accesses the Certificate Administrator’s Website, it is deemed to have recertified
that the representations herein contained remain true and correct.

 

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 have caused, or shall be deemed to have
caused, its name to be signed hereto by its duly authorized signatory, as of the date certified. 

	 	 
	 	 
	 	[Certificateholder] [Beneficial Owner] [Prospective
    Purchaser]

 

    	K-1A-2

    	 

    

 

 

	 	 	 
	 	By: 	 	 	 	 
	 	 	 	 	 	 
	 	Name: 	 	 	 
	 	 	 	 	 
	 	Title:  	 	 	 	 
	 	 	 	 	 	 
	 	Company: 	 	 
	 	 	 	 
	 	Phone: 	 	 	 

  

    	K-1A-3

    	 

    

  

EXHIBIT
K-1B

 

FORM
OF INVESTOR CERTIFICATION FOR NON-BORROWER PARTIES

(for the Subordinate Class Representative and/or a Subordinate Class
Certificateholder)

 

[Date]

 

Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, MD 21045 

Attention:
Corporate Trust Services – WFCM 2015-NXS3

 

LNR
Partners, LLC

1601
Washington Avenue, Suite 700

Miami,
Florida 33139

Attention:
Thomas F. Nealon, Esq., Steven A. Rivers, Esq. and Job Warshaw

 

Wells
Fargo Bank, National Association

Commercial
Mortgage Servicing

MAC
D1086 120, 550 South Tryon Street, 14th Floor

Charlotte,
North Carolina 28202

Attention:
WFCM 2015-NXS3 Asset Manager

 

National
Cooperative Bank, N.A.

2011
Crystal Drive, Suite 800

Arlington,
Virginia 22202

Attention:
Kathleen Luzik

 

Midland
Loan Services, a Division of PNC Bank, National Association

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head

 

		Re:	Wells
                                         Fargo Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates,
                                         Series 2015-NXS3

 

In
accordance with the Pooling and Servicing Agreement, dated as of October 1, 2015 (the “Agreement”), among Wells
Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as General Master Servicer,
LNR Partners, LLC, as General Special Servicer, National Cooperative Bank, N.A., as NCB Master Servicer, National Cooperative
Bank, N.A., as NCB Special Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as One Court Square
Special Servicer, Pentalpha Surveillance LLC, as Trust Advisor, Wells Fargo Bank, National Association, as Certificate Administrator,
as Tax Administrator and as Custodian, and Wilmington Trust, National Association, as Trustee, with respect to the Wells Fargo
Commercial Mortgage Trust 2015-

 

    	K-1B-1

    	 

    

 

NXS3,
Commercial Mortgage Pass-Through Certificates, Series 2015-NXS3 (the “Certificates”), the undersigned hereby
certifies and agrees as follows:

 

1.          The
undersigned is [the Subordinate Class Representative][a Subordinate Class Certificateholder] and is not an Excluded Controlling
Class Holder.

 

2.          The
undersigned is requesting access pursuant to the Agreement to certain information (the “Information”) on the
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 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 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.

 

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.

 

3.          The
undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify
each of the parties to the Agreement 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.

 

4.          The
undersigned agrees that each time it accesses the Certificate Administrator’s Website, it is deemed to have recertified
that the representations herein contained remain true and correct.

 

5.          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.

 

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 have caused, or shall be deemed to have
caused, its name to be signed hereto by its duly authorized signatory, as of the date certified.

 

    	K-1B-2

    	 

    

 

	 	 	 
	 	 
	 	[Subordinate Class Representative] [Subordinate Class
    Certificateholder]
	 	 	 
	 	By: 	 	 	 	 
	 	 	 	 	 	 
	 	Name: 	 	 	 
	 	 	 	 	 
	 	Title:  	 	 	 	 
	 	 	 	 	 	 
	 	Company: 	 	 
	 	 	 	 
	 	Phone: 	 	 	 

 

    	K-1B-3

    	 

    

 

EXHIBIT
K-2A

 

FORM
OF INVESTOR CERTIFICATION FOR BORROWER PARTIES 

(for
Persons other than the Subordinate Class Representative

and/or a Subordinate Class Certificateholder) 

 

[Date]

 

Wells Fargo Bank,
National Association

9062 Old Annapolis Road

Columbia, MD 21045 

Attention:             Corporate
Trust Services – WFCM 2015-NXS3

 

		Re:	Wells
                                         Fargo Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates,
                                         Series 2015-NXS3, Class [__] Certificates

 

In
accordance with the Pooling and Servicing Agreement, dated as of October 1, 2015 (the “Agreement”), among Wells
Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as General Master Servicer,
LNR Partners, LLC, as General Special Servicer, National Cooperative Bank, N.A., as NCB Master Servicer, National Cooperative
Bank, N.A., as NCB Special Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as One Court Square
Special Servicer, Pentalpha Surveillance LLC, as Trust Advisor, Wells Fargo Bank, National Association, as Certificate Administrator,
as Tax Administrator and as Custodian, and Wilmington Trust, National Association, as Trustee, with respect to the Wells Fargo
Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates, Series 2015-NXS3 (the “Certificates”),
the undersigned hereby certifies and agrees as follows:

 

1.         The
undersigned is a certificateholder, beneficial owner or prospective purchaser of the Class of Certificates referenced above and
is neither a Subordinate Class Certificateholder nor the Subordinate Class Representative.

 

2.          The
undersigned is (i) a Borrower, a Mortgagor or a manager of a Mortgaged Property or any Affiliate thereof, (ii) solely with respect
to the ten largest Mortgage Loans by Cut-off Date Principal Balance, (A) any Person that owns, directly or indirectly, 25% or
more of a Borrower, a Mortgagor or manager of a Mortgaged Property or (B) any Person that owns, directly or indirectly, 25% or
more of a beneficial interest in any mezzanine lender of any mezzanine loan related to a Mortgage Loan that has accelerated such
mezzanine loan as set forth in clause (iii) or (iii) any mezzanine lender (or any Affiliate thereof) of any mezzanine loan related
to a Mortgage Loan that has accelerated such mezzanine loan (unless (a) acceleration was automatic under such mezzanine loan,
(b) the event directly giving rise to the automatic acceleration under such mezzanine loan was not initiated by such mezzanine
lender or an Affiliate of such mezzanine lender and (c) such mezzanine lender is stayed from exercising and has not commenced
the exercise of remedies associated with foreclosure of the equity collateral under such mezzanine loan) or commenced foreclosure
proceedings with respect to such mezzanine loan against the equity interests in the Borrower(s) of such Mortgage Loan.

 

    	K-2A-1

    	 

    

  

3.          The
undersigned is requesting access to the Distribution Date Statement information in accordance with the Agreement (the “Information”),
and agrees (i) to keep the Information confidential (except from such outside persons as are assisting it in making an evaluation
in connection with purchasing the related Certificates, from its accountants and attorneys, and otherwise from such governmental
or banking authorities or agencies to which the undersigned is subject), and (ii) to use such Information for the sole purpose
of evaluating the purchase of the related Certificates, 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.

 

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 shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify
each party to the Agreement and the Trust Fund for any loss, liability or expense incurred thereby with respect to any such breach
by the undersigned or any of its Representatives.

 

5.          The
undersigned agrees that each time it accesses the Certificate Administrator’s Website, it is deemed to have recertified
that the representations herein contained remain true and correct.

 

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 have caused, or shall be deemed to have
caused, its name to be signed hereto by its duly authorized signatory, as of the date certified.

	 	 	 
	 	 
	 	[Certificateholder] [Beneficial Owner] [Prospective
    Purchaser]
	 	 	 
	 	By: 	 	 	 	 
	 	 	 	 	 	 
	 	Name: 	 	 	 
	 	 	 	 	 
	 	Title:  	 	 	 	 
	 	 	 	 	 	 
	 	Company: 	 	 
	 	 	 	 
	 	Phone: 	 	 	 

 

    	K-2A-2

    	 

    

 

EXHIBIT
K-2B

 

FORM
OF INVESTOR CERTIFICATION FOR BORROWER PARTIES 

(for
the Subordinate Class Representative and/or a Subordinate Class Certificateholder) 

 

[Date]

 

Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, MD 21045

Attention:
Corporate Trust Services – WFCM 2015-NXS3

 

LNR
Partners, LLC

1601
Washington Avenue, Suite 700

Miami,
Florida 33139

Attention:
Thomas F. Nealon, Esq., Steven A. Rivers, Esq. and Job Warshaw

 

Wells
Fargo Bank, National Association

Commercial
Mortgage Servicing

MAC
D1086 120, 550 South Tryon Street, 14th Floor

Charlotte,
North Carolina 28202

Attention:
WFCM 2015-NXS3 Asset Manager

 

National
Cooperative Bank, N.A.

2011
Crystal Drive, Suite 800

Arlington,
Virginia 22202

Attention:
Kathleen Luzik 

 

Midland
Loan Services, a Division of PNC Bank, National Association

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head

 

		Re:	Wells
                                         Fargo Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates,
                                         Series 2015-NXS3

 

In
accordance with the Pooling and Servicing Agreement, dated as of October 1, 2015 (the “Agreement”), among Wells
Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as General Master Servicer,
LNR Partners, LLC, as General Special Servicer, National Cooperative Bank, N.A., as NCB Master Servicer, National Cooperative
Bank, N.A., as NCB Special Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as One Court Square
Special Servicer, Pentalpha Surveillance LLC, as Trust Advisor, Wells Fargo Bank, National Association, as Certificate Administrator,
as Tax Administrator and as Custodian, and Wilmington Trust, National Association, as Trustee, with respect to the Wells Fargo
Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates, Series 2015-NXS3 (the “Certificates”),
the undersigned hereby certifies and agrees as follows:

 

    	K-2B-1

    	 

    

 

1.          The
undersigned is [the Subordinate Class Representative][a Subordinate Class Certificateholder] and is an [Excluded Holder][Excluded
Controlling Class Holder] and the applicable [Excluded Loans][Excluded Controlling Class Loans] are listed on Schedule 1 hereto.
The undersigned is not an Excluded Holder or an Excluded Controlling Class Holder with respect to any other Mortgage Loan.

 

2.          Except
for the Excluded Information in respect of an Excluded Controlling Class Loan, the undersigned is requesting access pursuant to
the Agreement to certain information (the “Information”) on the 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 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 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.

 

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.          To
the extent the undersigned receives access pursuant to the Agreement to any confidential or privileged information related to
any Excluded Controlling Class Loan (the “Excluded Loan Information”) on the Certificate Administrator’s
website or otherwise receives access to such Excluded Loan Information in connection with its duties, or exercise of its rights,
under the Agreement, the undersigned (i) shall not directly or indirectly provide any information related to the Excluded Controlling
Class Loan to the related Borrower or (A) any employees or personnel of the undersigned or any Affiliate involved in the management
of any investment in the related Borrower or the related Mortgaged Property or (B) to its actual knowledge, any non-Affiliate
that holds a direct or indirect ownership interest in the related Borrower, and (ii) shall maintain sufficient internal controls
and appropriate policies and procedures in place in order to comply with the obligations described in clause (i) above.

 

5.         
The undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify
each party to the Agreement 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 Information or Excluded Loan Information on the Certificate Administrator’s
Website, it is deemed to have recertified that the representations herein contained remain true and correct.

 

    	K-2B-2

    	 

    

 

7.         
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.

 

8.          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 date certified.

	 	 	 
	 	 
	 	[Subordinate Class Representative] [Subordinate Class
    Certificateholder]
	 	 	 
	 	By: 	 	 	 	 
	 	 	 	 	 	 
	 	Name: 	 	 	 
	 	 	 	 	 
	 	Title:  	 	 	 	 
	 	 	 	 	 	 
	 	Company: 	 	 
	 	 	 	 
	 	Phone: 	 	 	 

  

    	K-2B-3

    	 

    

 

SCHEDULE
1 to EXHIBIT K-2B

 

[EXCLUDED
LOANS][EXCLUDED CONTROLLING CLASS LOANS]

 

	Loan
    Number	Loan/Property
    Name
	 	 
	 	 
	 	 

 

    	K-2B-4

    	 

    

 

EXHIBIT
K-3A

 

FORM
OF NOTICE OF [EXCLUDED HOLDER][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:  WFCM 2015-NXS3
                                Asset Manager	Wells
    Fargo Bank, National Association

    9062 Old Annapolis Road

    Columbia, Maryland 21045

    Attention:  Corporate Trust Services – WFCM 2015-NXS3
		 
	LNR
                                         Partners, LLC 

        1601
        Washington Avenue, Suite 700

        Miami,
        Florida 33139

        Attention:
        Thomas F. Nealon, Esq., Steven A. 

Rivers, Esq. and Job Warshaw
	Wilmington
    Trust, National Association

    1100 North Market Street

    Wilmington, Delaware 19890

    Attention:  WFCM 2015-NXS3
	 	 
	Pentalpha
                                         Surveillance LLC

                                         375 N. French Road, Suite 100

                                         Amherst, New York, 14228

                                         Attention: Don Simon, Chief
                                         Operating Officer 

         

        Midland
        Loan Services, a Division of PNC 

Bank, National Association

        10851 Mastin Street, Suite 700

        Overland Park, Kansas 66210

        Attention: Executive Vice President – Division Head 
	National
    Cooperative Bank, N.A.

    2011 Crystal Drive, Suite 800

    Arlington, Virginia 22202

    Attention:  Kathleen Luzik

 

		Re:	Wells
                                         Fargo Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates,
                                         Series 2015-NXS3

 

In
accordance with Section 8.12(f) of the Pooling and Servicing Agreement, dated as of October 1, 2015 (the “Pooling and
Servicing Agreement”), among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National
Association, as General Master Servicer, LNR Partners, LLC, as General Special Servicer, National Cooperative Bank, N.A., as NCB
Master Servicer, National Cooperative Bank, N.A., as NCB Special Servicer, Midland Loan Services, a Division of PNC Bank, National
Association, as One Court Square Special Servicer, Pentalpha Surveillance LLC, as Trust Advisor, Wells Fargo Bank, National Association,
as Certificate Administrator, as Tax Administrator and as Custodian, and

      

    	K-3A-1

    	 

    

 

Wilmington
Trust, National Association, as Trustee, with respect to the Wells Fargo Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage
Pass-Through Certificates, Series 2015-NXS3 (the “Certificates”), the undersigned (the “Excluded Holder”)
hereby certifies and agrees as follows:

 

1.          The
undersigned is the [Majority Subordinate Certificateholder] [Subordinate Class Representative] [Subordinate Class Certificateholder]
as of the date hereof.

 

2.          The
undersigned has become an [Excluded Holder][Excluded Controlling Class Holder] with respect to the following Loans:

 

	 	Loan Number	 	ODCR	 	Loan Name	 	Borrower Name
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

 

3.          The
undersigned is simultaneously providing notice to the Certificate Administrator in the form of Exhibit K-3B to the Pooling and
Servicing Agreement, requesting termination of access to any Excluded Information. The undersigned acknowledges that it may not
and shall not access any Excluded Information with respect to such [Excluded Loan][Excluded Controlling Class Loan] unless and
until it has delivered notice of the termination of the related [Excluded Holder][Excluded Controlling Class Holder] status in
accordance with Section 8.12(f) of the Pooling and Servicing Agreement.

 

4.          The
undersigned agrees to indemnify and hold harmless the Trustee, the Certificate Administrator, the General Master Servicer, the
General Special Servicer (as applicable), the NCB Master Servicer, the NCB Special Servicer (as applicable), the One Court Square
Master Servicer (as applicable), the Trust Advisor, the Depositor, and the Trust 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 with respect
to any of the [Excluded Loans][Excluded Controlling Class Loans] listed in Paragraph 2 above, provided that such access is not
a result of such indemnified party’s negligence, bad faith or willful misconduct.

 

Capitalized
terms used but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

 

IN
WITNESS WHEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto
by its duly authorized officer, as of the day and year written above.  

 

    	K-3A-2

    	 

    

 

	 	 	 	 
	 	[Majority
    Subordinate Certificateholder]
	 	[Subordinate
    Class Representative][ Subordinate Class Certificateholder]
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:
	 	 	 	Phone:
	 	 	 	Email:
	 	 	 	Address:

 

    	K-3A-3

    	 

    

 

EXHIBIT
K-3B

 

FORM
OF NOTICE OF [EXCLUDED HOLDER] [EXCLUDED CONTROLLING CLASS HOLDER] TO CERTIFICATE ADMINISTRATOR

 

[Date]

 

	Via:
                                         Email

                                         Wells Fargo Bank, National Association

                                         9062 Old Annapolis Road

                                         Columbia, Maryland 21045

                                         Attention: Corporate Trust Services
                                         – WFCM 2015-NXS3

                                         trustadministrationgroup@wellsfargo.com

         

        with a copy
        to:

         

	Wells
    Fargo Bank, National Association

    8480 Stagecoach Circle

    Frederick, Maryland 21701-4747

    Attention:  WFCM 2015-NXS3

 

		Re:	Wells
                                         Fargo Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates,
                                         Series 2015-NXS3

 

In
accordance with Section 8.12(f) of the Pooling and Servicing Agreement, dated as of October 1, 2015 (the “Pooling and
Servicing Agreement”), among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National
Association, as General Master Servicer, LNR Partners, LLC, as General Special Servicer, National Cooperative Bank, N.A., as NCB
Master Servicer, National Cooperative Bank, N.A., as NCB Special Servicer, Midland Loan Services, a Division of PNC Bank, National
Association, as One Court Square Special Servicer, Pentalpha Surveillance LLC, as Trust Advisor, Wells Fargo Bank, National Association,
as Certificate Administrator, as Tax Administrator and as Custodian, and Wilmington Trust, National Association, as Trustee, with
respect to the Wells Fargo Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates, Series 2015-NXS3
(the “Certificates”), the undersigned (the “Excluded Holder”) hereby directs you as follows:

 

1.          The
undersigned is the [Majority Subordinate Certificateholder] [Subordinate Class Representative] [Subordinate Class Certificateholder]
as of the date hereof, and has become an [Excluded Holder][Excluded Controlling Class Holder] with respect to certain Mortgage
Loans.

 

2.          The
following USER IDs for CTSLink are affiliated with the undersigned and access to any information on the Certificate Administrator’s
Website with respect to the WFCM 2015-NXS3 transaction should be revoked as to such users:

 

 

    	K-3B-1

    	 

    

 

______________________________________

______________________________________

______________________________________

______________________________________

 

3.          The
undersigned acknowledges that it may not and shall not access any Excluded Information with respect to such [Excluded Loan][Excluded
Controlling Class Loan] unless and until it is no longer an [Excluded Holder][Excluded Controlling Class Holder] with respect
to such [Excluded Loan][Excluded Controlling Class Loan] and has submitted an investor certification in the form of Exhibit K-1B
thereof.

 

Capitalized
terms used but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement. 

 

IN
WITNESS WHEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto
by its duly authorized officer, as of the day and year written above.

	 	 	 	 	 
	 	[Majority Subordinate Certificateholder]
    	 
	 	[Subordinate Class Representative][Subordinate
    Class Certificateholder]	 
	 	 	 
	 	Name:	 
	 	Title:	 
	 	Phone:	 
	 	Email:	 
	 	Address:	 

  

The undersigned hereby
acknowledges that

access to CTSLink has been revoked for

the users listed in Paragraph 2.

 

WELLS FARGO BANK,
NATIONAL ASSOCIATION,

Certificate Administrator 

	 	 
	Name:	 
	Title:	 

 

    	K-3B-2

    	 

    

  

EXHIBIT
K-4

 

FORM
OF INVESTOR CONFIDENTIALITY AGREEMENT

 

[Date]

 

Wells Fargo Bank,
National Association

9062 Old Annapolis Road

Columbia, MD 21045 

Attention:             Corporate
Trust Services – WFCM 2015-NXS3

 

		Re:	Information
                                         Regarding Wells Fargo Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through
                                         Certificates, Series 2015-NXS3

 

Ladies and Gentlemen:

 

In
connection with the Wells Fargo Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates, Series 2015-NXS3
(the “Certificates”), we acknowledge that we will be furnished by Wells Fargo Bank, National Association, as
General Master Servicer, LNR Partners, LLC, as General Special Servicer, National Cooperative Bank, N.A., as NCB Master Servicer,
National Cooperative Bank, N.A., as NCB Special Servicer, and/or Midland Loan Services, a Division of PNC Bank, National Association,
as One Court Square 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 Subordinate
Class Representative with respect to the above-referenced Certificates and the related Mortgage Loans and will not disclose such
Information to any other Person or entity unless required to do so by law; provided such Information may be disclosed to (i) the
Representatives of the undersigned, (ii) the auditors and regulators of the undersigned (iii) to any Person or entity
that is 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 evaluation in connection with purchasing the related Certificates (but only if such person or
entity confirms in writing such contemplation of a prospective ownership interest and agrees in writing to keep such Information
confidential)), (iv) the accountants and attorneys of the undersigned and (v) such governmental or banking authorities
or agencies to which the undersigned is subject.

 

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 Subordinate Class Representative, the Trust Advisor, the Certificate Administrator, the Tax Administrator,
the Trustee, the General Master Servicer, the NCB Master Servicer, the General Special Servicer, the NCB Special Servicer, the
One Court Square Special Servicer and the Trust Fund for any

 

    	K-4-1

    	 

    

 

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 October 1, 2015, by and among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National
Association, as General Master Servicer, LNR Partners, LLC, as General Special Servicer, National Cooperative Bank, N.A., as NCB
Master Servicer, National Cooperative Bank, N.A., as NCB Special Servicer, Midland Loan Services, a Division of PNC Bank, National
Association, as One Court Square Special Servicer, Pentalpha Surveillance LLC, as Trust Advisor, Wells Fargo Bank, National Association,
as Certificate Administrator, as Tax Administrator and as Custodian, and Wilmington Trust, National Association, 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:	Wells
                                         Fargo Bank, National Association

                                         Wilmington Trust, National Association

 

    	K-4-2

    	 

    

 

EXHIBIT
K-5

 

FORM
OF NOTICE OF MEZZANINE COLLATERAL FORECLOSURE 

 

Wells Fargo Bank,
National Association 

9062 Old Annapolis
Road 

Columbia, Maryland
21045 

Attention: Corporate
Trust Services – WFCM 2015-NXS3

Email: trustadministrationgroup@wellsfargo.com 

 

In
accordance with Section [_______] of the Pooling and Servicing Agreement, dated as of October 1, 2015 (the “Agreement”),
among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as General Master
Servicer, LNR Partners, LLC, as General Special Servicer, National Cooperative Bank, N.A., as NCB Master Servicer, National Cooperative
Bank, N.A., as NCB Special Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as One Court Square
Special Servicer, Pentalpha Surveillance LLC, as Trust Advisor, Wells Fargo Bank, National Association, as Certificate Administrator,
as Tax Administrator and as Custodian, and Wilmington Trust, National Association, as Trustee, with respect to the above-referenced
certificates, the undersigned hereby notifies you that the following [Mezzanine Lenders] have accelerated the [Mezzanine Loan]
and/or have commenced foreclosure proceedings against the related mezzanine collateral:

 

[__________________]

 

As
set forth in the Agreement, you are required to cause such [Mezzanine Lender] to re-submit any Investor Certification previously
delivered by such [Mezzanine Lender], prior to allowing it access to the information on the Certificate Administrator’s
Website, to the extent such information is accessible only to Privileged Persons.

 

Capitalized
terms used but not defined herein shall have the meanings ascribed thereto in the Agreement.

	 	 	 	 	 	 
	 	[GENERAL][NCB][ONE COURT SQUARE][SPECIAL SERVICER]
	 	 	 
	 	By: 	 	 	 	 
	 	Name: 	 	 	 
	 	Title:  	 	 	 	 

 

    	K-5-1

    	 

    

 

EXHIBIT
L-1

 

FORM
OF POWER OF ATTORNEY BY TRUSTEE

FOR MASTER SERVICERS, NCB SPECIAL SERVICER AND ONE COURT SQUARE SPECIAL
SERVICER

 

RECORDING
REQUESTED BY:

{insert address} 

	 

SPACE
ABOVE THIS LINE FOR RECORDER’S USE

 

LIMITED
POWER OF ATTORNEY

 

KNOW
ALL MEN BY THESE PRESENTS, that Wilmington Trust, National Association, a national banking association, incorporated and existing
under the laws of the United States, having its usual place of business at 1100 North Market Street, Wilmington, Delaware 19890,
as Trustee (the “Trustee”) pursuant to that Pooling and Servicing Agreement dated as of October 1, 2015 (the
“Agreement”) by and among Wells Fargo Commercial Mortgage Securities, Inc., as depositor, Wells Fargo Bank,
National Association, as General Master Servicer [(the “Servicer”)], National Cooperative Bank, N.A., as NCB
Master Servicer [(the “Servicer”)], LNR Partners, LLC, as General Special Servicer, National Cooperative Bank,
N.A., as NCB Special Servicer [(the “Servicer”)], Midland Loan Services, a Division of PNC Bank, National Association,
as One Court Square Special Servicer [(the “Servicer”)], Pentalpha Surveillance LLC, as Trust Advisor, Wells
Fargo Bank, National Association, as Certificate Administrator, as Tax Administrator and as Custodian, and Wilmington Trust, National
Association, as Trustee, relating to the Wells Fargo Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates,
Series 2015-NXS3, and the Trustee hereby constitutes and appoints 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
(“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 (12) 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 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, 

                                         

 

    	L-1-1

    	 

    
 

	 	 	(i)
                                         does not adversely affect the lien of the Mortgage or deed of trust as insured and (ii)
                                         otherwise conforms to the provisions of the Agreement.
	 	 	 
		3.	The
                                         subordination of the lien of a Mortgage or deed of trust to an easement in favor of a
                                         public utility company or a government agency or unit with powers of eminent domain;
                                         this section shall include, without limitation, the execution of partial satisfactions/releases,
                                         partial reconveyances or the execution or requests to trustees to accomplish same.

 

		4.	The
                                         conveyance of the properties to the mortgage insurer, or the closing of the title to
                                         the property to be acquired as real estate owned, or conveyance of title to any real
                                         estate owned property.

 

		5.	The
                                         completion of loan assumption agreements.

 

		6.	The
                                         full satisfaction/release of a Mortgage or deed of trust or full conveyance upon payment
                                         and discharge of all sums secured thereby, including, without limitation, cancellation
                                         of the related Mortgage Note.

 

		7.	The
                                         assignment of any Mortgage or deed of trust and the related Mortgage Note, in connection
                                         with the repurchase of the mortgage loan secured and evidenced thereby.

 

		8.	The
                                         full assignment of a Mortgage or deed of trust upon payment and discharge of all sums
                                         secured thereby in conjunction with the refinancing thereof, including, without limitation,
                                         the assignment of the related Mortgage Note.

 

		9.	The
                                         full enforcement of and preservation of the Trustee’s interests in the Mortgage
                                         Notes, Mortgages or deeds of trust, and in the proceeds thereof, by way of, including
                                         but not limited to, foreclosure, the taking of a deed in lieu of foreclosure, or the
                                         completion of judicial or non-judicial foreclosure or the termination, cancellation or
                                         rescission of any such foreclosure, the initiation, prosecution and completion of eviction
                                         actions or proceedings with respect to, or the termination, cancellation or rescission
                                         of any such eviction actions or proceedings, and the pursuit of title insurance, hazard
                                         insurance and claims in bankruptcy proceedings, including, without limitation, any and
                                         all of the following acts:

 

		a.	the
                                         substitution of trustee(s) serving under a deed of trust, in accordance with state law
                                         and 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
                                         taking of deed in lieu of foreclosure;

 

    	L-1-2

    	 

    
 

		f.	the
                                         filing, prosecution and defense of claims, and to appear on behalf of the Trustee, in
                                         bankruptcy cases affecting Mortgage Notes, Mortgages or deeds of trust;

                                         

 

		g.	the
                                         preparation and service of notices to quit and all other documents necessary to initiate,
                                         prosecute and complete eviction actions or proceedings;

                                         

 

		h.	the
                                         tendering, filing, prosecution and defense, as applicable, of hazard insurance and title
                                         insurance claims, including but not limited to appearing on behalf of the Trustee in
                                         quiet title actions; and

 

		i.	the
                                         preparation and execution of such other documents and performance of such other actions
                                         as may be necessary under the terms of the Mortgage, deed of trust or state law to expeditiously
                                         complete said transactions in paragraphs 9.a. through 9.h. above.

 

		10.	With
                                         respect to the sale of property acquired through a foreclosure or deed-in lieu of foreclosure,
                                         including, without limitation, the execution of the following documentation:

                                         

 

		a.	listing
                                         agreements;

                                         

 

		b.	purchase
                                         and sale agreements;

                                         

 

		c.	grant/warranty/quit
                                         claim deeds or any other deed causing the transfer of title of the property to a party
                                         contracted to purchase same;

  

		d.	escrow
                                         instructions; and

                                         

 

		e.	any
                                         and all documents necessary to effect the transfer of property.

 

		11.	The
                                         modification or amendment of escrow agreements established for repairs to the mortgaged
                                         property or reserves for replacement of personal property.

 

		12.	The
                                         execution and delivery of the following:

 

		a.	any
                                         and all financing statements, continuation statements and other documents or instruments
                                         necessary to maintain the lien created by the Mortgage, deed of trust or other security
                                         document in the related Mortgage File or the related Mortgaged Property and other related
                                         collateral;

 

		b.	any
                                         and all instruments of satisfaction or cancellation, or of partial or full release or
                                         discharge, or of partial or full defeasance, and all other comparable instruments; and

 

		c.	any
                                         and all assumptions, modifications, waivers, substitutions, extensions, amendments, consents
                                         to transfers of interests in borrowers, consents to any subordinate financings to be
                                         secured by any related Mortgaged Property, consents to any mezzanine financing to be
                                         secured by the ownership interests in a borrower, consents to and monitoring of the application
                                         of any proceeds of insurance policies or 

 

    	L-1-3

    	 

    
 

			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, 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.

 

The
undersigned gives said Attorney-in-Fact full power and authority to execute such instruments and to do and perform all and every
act and thing necessary and proper to carry into effect the power or powers granted by or under this Limited Power of Attorney
as fully as the undersigned might or could do, and hereby does ratify and confirm to all that said Attorney-in-Fact shall be effective
as of the date set forth below.

 

This
appointment is to be construed and interpreted as a limited power of attorney. The enumeration of specific items, rights, acts
or powers herein is not intended to, nor does it give rise to, and it is not to be construed as a general power of attorney.

 

Solely
to the extent that the 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 Wilmington Trust, National Association, as Trustee, under this Limited Power
of Attorney, for purposes of performing its obligations and duties by executing such additional powers of attorney in favor of
its attorneys-in-fact as are necessary for such purpose. The 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 Wilmington Trust, National Association except as
specifically provided for herein. If the Servicer receives any notice of suit, litigation or proceeding in the name of Wilmington
Trust, National Association, 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 Mortgage 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 

 

    	L-1-4

    	 

    
 

nature
whatsoever incurred by reason or result of the negligent use, or negligent or willful misuse, of this Limited Power of Attorney
by the Servicer. The foregoing indemnity shall survive the termination of this Limited Power of Attorney and the Agreement or
the earlier resignation or removal of the Trustee under the Agreement.

 

This
Limited Power of Attorney is entered into and shall be governed by the laws of the State of New York, without regard to conflicts
of law principles of such state.

 

Third
parties without actual notice may rely upon the exercise of the power granted under this Limited Power of Attorney; and may be
satisfied that this Limited Power of Attorney shall continue in full force and effect and has not been revoked unless an instrument
of revocation has been made in writing by the undersigned.

 

IN WITNESS
WHEREOF, Wilmington Trust, National Association, as Trustee for Wells Fargo Commercial Mortgage Trust 2015-NXS3 has caused its
corporate seal to be hereto affixed and these presents to be signed and acknowledged in its name and behalf by a duly elected
and authorized signatory this ___________ day of ____________.  

	 	 	 	 
	 	Wilmington Trust, National
    Association, as Trustee for Wells Fargo Commercial Mortgage Trust 2015-NXS3
	 	 	 
	 	By: 	 	 
	 	 	Name:
	 	 	Title:

 

    	L-1-5

    	 

    
 

	State of	}
	County of	}

On
________________________, before me, _________________________________Notary Public, personally appeared _________________
__________, who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within
instrument and acknowledged to me that he/she executed the same in his/her authorized capacity and that by his/her signature
on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument.

 

I certify
under PENALTY OF PERJURY under the laws of the State of _________ that the foregoing paragraph is true and correct. 

Witness
my hand and official seal.  

	 	 
	Notary signature	 

 

    	L-1-6

    	 

    
 

EXHIBIT
L-2

 

FORM
OF POWER OF ATTORNEY BY TRUSTEE FOR GENERAL SPECIAL SERVICER

 

RECORDING
REQUESTED BY:

{insert
address}

	 

SPACE
ABOVE THIS LINE FOR RECORDER’S USE

  

LIMITED
POWER OF ATTORNEY

 

KNOW
ALL MEN BY THESE PRESENTS, that Wilmington Trust, National Association, a national banking association, incorporated and existing
under the laws of the United States, having its usual place of business at 1100 North Market Street, Wilmington, Delaware 19890,
as Trustee (the “Trustee”) pursuant to that Pooling and Servicing Agreement dated as of October 1, 2015 (the
“Agreement”) by and among Wells Fargo Commercial Mortgage Securities, Inc., as depositor, Wells Fargo Bank,
National Association, as General Master Servicer, National Cooperative Bank, N.A., as NCB Master Servicer, LNR Partners, LLC,
as General Special Servicer (the “Special Servicer”), National Cooperative Bank, N.A., as NCB Special Servicer,
Midland Loan Services, a Division of PNC Bank, National Association, as One Court Square Special Servicer, Pentalpha Surveillance
LLC, as Trust Advisor, Wells Fargo Bank, National Association, as Certificate Administrator, as Tax Administrator and as Custodian,
and Wilmington Trust, National Association, as Trustee, relating to the Wells Fargo Commercial Mortgage Trust 2015-NXS3, Commercial
Mortgage Pass-Through Certificates, Series 2015-NXS3, and the Trustee hereby constitutes and appoints the Special Servicer, by
and through the Special Servicer’s officers and authorized employees, the Trustee’s true and lawful Attorney-in-Fact,
in the Trustee’s name, place and stead and for the Trustee’s benefit, in connection with all mortgage loans (the “Mortgage
Loans”) serviced by the Special Servicer and all properties (“REO Properties”) administered by the Special Servicer
pursuant to the Agreement, to execute and acknowledge in writing or by facsimile stamp all documents customarily and reasonably
necessary and appropriate to effectuate the enumerated transactions described in items 1 through 13 below with respect to the
Mortgage Loans and REO Properties; provided however, that the documents described below may only be executed and delivered by
such Attorneys-in-Fact if such documents are required or permitted under the 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) 

 

    	L-2-1

    	 

    

 

			otherwise
                                         conforms to the provisions of the Agreement.

 

		3.	The
                                         subordination of the lien of a Mortgage or deed of trust to an easement in favor of a
                                         public utility company or a government agency or unit with powers of eminent domain;
                                         this section shall include, without limitation, the execution of partial satisfactions/releases,
                                         partial reconveyances or the execution or requests to trustees to accomplish same.

  

		4.	The
                                         conveyance of any property to the mortgage insurer, or the closing of title to any mortgaged
                                         property (a “Mortgaged Property”) to be acquired as REO Property,
                                         or conveyance of title to any REO Property.

  

		5.	The
                                         completion of loan assumption agreements and transfers of interest in borrower entities.

  

		6.	The
                                         full satisfaction/release of a Mortgage or full conveyance upon payment and discharge
                                         of all sums secured thereby, including, without limitation, cancellation of the related
                                         promissory note.

  

		7.	The
                                         assignment of any Mortgage and the related promissory note and other loan documents,
                                         in connection with the purchase or repurchase of the Mortgage Loan secured and evidenced
                                         thereby.

  

		8.	The
                                         full assignment of a Mortgage upon payment and discharge of all sums secured thereby
                                         in conjunction with the refinancing thereof, including, without limitation, the assignment
                                         of the related promissory note and other loan documents.

  

		9.	The
                                         full enforcement of and preservation of the Trustee’s interests in any Mortgage
                                         or the related promissory note, and in the proceeds thereof, by way of, including but
                                         not limited to, taking title to any Mortgaged Property on behalf of the Trust, foreclosure,
                                         the taking of a deed-in-lieu of foreclosure, or the completion of judicial or non-judicial
                                         foreclosure and/or any related litigation, including without limitation, guaranty or
                                         receivership litigation, or litigation on the note, or the termination, cancellation
                                         or rescission of any such foreclosure, the initiation, prosecution and completion of
                                         eviction actions or proceedings with respect to, or the termination, cancellation or
                                         rescission of any such eviction actions or proceedings, the initiation or defense of
                                         any litigation related to the ownership of any REO Property, and the pursuit of title
                                         insurance, hazard insurance and claims in bankruptcy proceedings, including, without
                                         limitation, any and all of the following acts:

 

		a.	the
                                         substitution of trustee(s) serving under a deed of trust, in accordance with state law
                                         and such deed of trust;

 

		b.	the
                                         preparation and issuance of statements of breach or non-performance;

 

		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;

                                         

    	L-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:

 

		f.	listing
                                         agreements;

 

		g.	purchase
                                         and sale agreements;

 

		h.	grant/warranty/quit
                                         claim deeds or any other deed causing the transfer of title of the property to a party
                                         contracted to purchase same;

  

		i.	escrow
                                         instructions; and

 

		j.	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:

 

		d.	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;

 

    	L-2-3

    	 

    

 

		e.	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;

  

		f.	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

  

		g.	any
                                         and all documents, instruments and certifications as are reasonably necessary to complete
                                         or accomplish the Special Servicer’s duties and responsibilities under the Agreement.

  

The
undersigned gives said Attorney-in-Fact full power and authority to execute such instruments and to do and perform all and every
act and thing necessary and proper to carry into effect the power or powers granted by or under this Limited Power of Attorney
as fully as the undersigned might or could do, and hereby does ratify and confirm to all that said Attorney-in-Fact shall be effective
as of the date set forth below.

  

This
appointment is to be construed and interpreted as a limited power of attorney. The enumeration of specific items, rights, acts
or powers herein is not intended to, nor does it give rise to, and it is not to be construed as a general power of attorney.

  

Solely
to the extent that the Special Servicer has the power to delegate its rights or obligations under the Agreement, the Special Servicer
also has the power to delegate the authority given to it by Wilmington Trust, National Association, as Trustee, under this Limited
Power of Attorney, for purposes of performing its obligations and duties by executing such additional powers of attorney in favor
of its attorneys-in-fact as are necessary for such purpose. The Special Servicer’s attorneys-in-fact shall have no greater authority
than that held by the Special Servicer.

  

Nothing
contained herein shall: (i) limit in any manner any indemnification provided to the Trustee under the Agreement, (ii) limit in
any manner the rights and protections afforded the

 

    	L-2-4

    	 

    

 

Trustee
under the Agreement, or (iii) be construed to grant the Special Servicer the power to initiate or defend any suit, litigation
or proceeding in the name of Wilmington Trust, National Association except as specifically provided for herein or in the Agreement.
If the Special Servicer receives any notice of suit, litigation or proceeding in the name of Wilmington Trust, National Association,
then the Special Servicer shall promptly forward a copy of same to the Trustee.

  

This
limited power of attorney is not intended to extend or limit the powers granted to the Special Servicer under the Agreement or
to allow the Special Servicer to take any action with respect to Mortgages, deeds of trust or the related promissory notes not
authorized by the Agreement.

  

The
Special Servicer hereby agrees to indemnify and hold the Trustee and its directors, officers, employees and agents harmless from
and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements
of any kind or nature whatsoever incurred by the Trustee by reason or result of or in connection with the negligent use, or negligent
or willful misuse, of this Limited Power of Attorney by the Special 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. 

 

IN WITNESS
WHEREOF, Wilmington Trust, National Association, as Trustee for Wells Fargo Commercial Mortgage Trust 2015-NXS3 has caused its
corporate seal to be hereto affixed and these presents to be signed and acknowledged in its name and behalf by a duly elected
and authorized signatory this ___________ day of ____________. 

 

Wilmington
Trust, National Association,

as Trustee
for Wells Fargo Commercial Mortgage Trust 2015-NXS3

	 	 	 	 	 
	 	 	By:	 	 
	 	 	 	Name:	 
	 	 	 	Title:	 
	 	 	 	 	 
	Prepared by:	 	 	 	 
	 	 	 	 	 
	 	 	 	Name:	 
	 	 	 	 	 
	Witness:	 	 	 	 
	 	 	 	 	 	 

 

    	L-2-5

    	 

    

 

	Witness:	 	 
	 	 	 	 

 

    	L-2-6

    	 

    

 

State
of Delaware}

County
of     } 

On
________________________, before me, _________________________________Notary Public, personally appeared __________________ _________,
who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and
acknowledged to me that he/she executed the same in his/her authorized capacity and that by his/her signature on the instrument
the person, or the entity upon behalf of which the person acted, executed the instrument. 

 

I certify
under PENALTY OF PERJURY under the laws of the State of Delaware that the foregoing paragraph is true and correct.

Witness
my hand and official seal. 

	 	 	 	 

Notary
signature

 

    	L-2-7

    	 

    

  

 EXHIBIT
M

 

FORM
OF FINAL CERTIFICATION OF CUSTODIAN

 

[Date]

 

[PARTIES
TO POOLING AND SERVICING AGREEMENT]

[MORTGAGE LOAN SELLERS]

[SERVICED PARI PASSU COMPANION LOAN HOLDERS]

[MAJORITY SUBORDINATE CERTIFICATEHOLDERS]

[SUBORDINATE CLASS REPRESENTATIVE]

 

		Re:	Wells
                                         Fargo Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates,
                                         Series 2015-NXS3

 

Ladies
and Gentlemen:

 

In
accordance with Section 2.02(b) of that certain Pooling and Servicing Agreement dated as of October 1, 2015 (the “Pooling
and Servicing Agreement”) pursuant to which the certificates of the above-referenced series were issued, the undersigned
hereby certifies that, with respect to each Original Mortgage Loan subject to the Pooling and Servicing Agreement, and subject
to the exceptions noted in Schedule I attached hereto, that: (a) the original Mortgage Note specified in clause (i)
of the definition of “Mortgage File” and all allonges thereto, if any (or a copy of such Mortgage Note, together
with a lost note affidavit and indemnity certifying that the original of such Mortgage Note has been lost), the original or copy
of documents specified in clauses (ii), (iii), (iv) (except with respect to a Non-Trust-Serviced Pooled Mortgage Loan),
(viii) (without regard to the verification of the effective date with respect to a title policy or the date of funding with
respect to a title commitment), (x) (if the Mortgage Loan Schedule specifies that a material portion of the interest of the
Borrower in the related Mortgaged Property consists of a leasehold interest) and (xx) (if the Mortgage Loan Schedule specifies
that the Mortgaged Property type is a hospitality property) of the definition of “Mortgage File” have been received
by it; (b) if such report is due more than 180 days after the Closing Date, the recordation/filing contemplated by Section 2.01(e)
has been completed (based solely on receipt by the Custodian of the particular recorded/filed documents or an appropriate
receipt of recording/filing therefor); (c) all documents received by the Custodian with respect to such Mortgage Loan have
been reviewed by the Custodian and (1) appear regular on their face (handwritten additions, changes or corrections shall
not constitute irregularities if initialed by the Borrower), (2) appear to have been executed and (3) purport to relate
to such Mortgage Loan; and (d) based on the examinations referred to in Sections 2.02(a) and 2.02(b) of
the Pooling and Servicing Agreement and only as to the foregoing documents, the information set forth in the Mortgage Loan Schedule
with respect to the items specified in clause (iv)(A) and clause (vi) of the definition of “Mortgage Loan Schedule”
accurately reflects the information set forth in the related Mortgage File.

 

    	M-1

    	 

    

 

Capitalized
terms used but not defined herein shall have the meanings given them in the Pooling and Servicing Agreement. 

	 	 	 
	 	WELLS FARGO BANK, NATIONAL
    ASSOCIATION,

    as Custodian
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

    	M-2

    	 

    

 

Schedule I
to Exhibit M

 

SCHEDULE
OF EXCEPTIONS TO MORTGAGE FILE DELIVERY

 

(under
Section 2.02(b) of the Pooling and Servicing Agreement)

 

    	M-3

    	 

    

 

EXHIBIT
N

 

FORM
OF DEFEASANCE CERTIFICATION

 

For
any loan that is not among ten (10) largest loans in pool, with outstanding balance of (a) $35,000,000 or less, or (b) less
than 2% of outstanding pool balance, whichever is less

 

To:

 

DBRS,
Inc.

333 West Wacker Drive, Suite 1800

Chicago, Illinois 60606

 

Attn:
______________

 

Kroll
Bond Rating Agency, Inc.

845 Third Avenue, 4th Floor

New York, New York 10022

 

Attn:
______________

 

Moody’s
Investors Service, Inc.

7 World Trade Center, 25th Floor

New York, New York 10007

 

Attn:
______________

 

		From:	[Wells
                                         Fargo Bank, National Association] [National Cooperative Bank, N.A.], in its capacity
                                         as [General] [NCB] Master Servicer (the “[General] [NCB] Master Servicer”)
                                         under the Pooling and Servicing Agreement dated as of October 1, 2015 (the “Pooling
                                         and Servicing Agreement”), among Wells Fargo Commercial Mortgage Securities,
                                         Inc., as Depositor, Wells Fargo Bank, National Association, as General Master Servicer,
                                         LNR Partners, LLC, as General Special Servicer, National Cooperative Bank, N.A., as NCB
                                         Master Servicer, National Cooperative Bank, N.A., as NCB Special Servicer, Midland Loan
                                         Services, a Division of PNC Bank, National Association, as One Court Square Special Servicer,
                                         Pentalpha Surveillance LLC, as Trust Advisor, Wells Fargo Bank, National Association,
                                         as Certificate Administrator, as Tax Administrator and as Custodian, and Wilmington Trust,
                                         National Association, as Trustee.

 

		Date:	_________,
                                         20___

 

		Re:	Wells
                                                                                                                         Fargo Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates,
                                                                                                                         Series 2015-NXS3 Mortgage loan (the “Mortgage
                                         Loan”) identified by loan number _____ on the Mortgage Loan Schedule attached
                                         to the Pooling and Servicing Agreement and heretofore secured by the Mortgaged Properties
                                         identified on the Mortgage Loan Schedule by the following names:  ____________________

____________________

 

    	N-1

    	 

    
 

Reference
is made to the Pooling and Servicing Agreement described above. Capitalized terms used but not defined herein have the meanings
assigned to such terms in the Pooling and Servicing Agreement.

 

As
[General] [NCB] Master Servicer under the Pooling and Servicing Agreement, we hereby:

 

1.           Notify
you that the Borrower has consummated a defeasance of the Mortgage Loan pursuant to the terms of the Mortgage Loan, of the type
checked below:

 

		____	a
                                         full defeasance of the payments scheduled to be due in respect of the entire Stated Principal
                                         Balance of the Mortgage Loan; or

 

		____	a
                                         partial defeasance of the payments scheduled to be due in respect of a portion of the
                                         Stated Principal Balance of the Mortgage Loan that represents ___% of the entire Stated
                                         Principal Balance of the Mortgage Loan and, under the Mortgage, has an allocated loan
                                         amount of $____________ or _______% of the entire Stated Principal Balance;

 

2.          Certify
that each of the following is true, subject to those exceptions set forth with explanatory notes on Schedule A hereto,
which exceptions the [General] [NCB] Master Servicer has determined, consistent with the Servicing Standard, will have no material
adverse effect on the Mortgage Loan or the defeasance transaction:

 

		a.	The
                                         Mortgage Loan Documents permit the defeasance, and the terms and conditions for defeasance
                                         specified therein were satisfied in all material respects in completing the defeasance.

 

		b.	The
                                         defeasance was consummated on __________, 20__.

 

		c.	The
                                         defeasance collateral consists of securities that (i) constitute “government
                                         securities” as defined in Section 2(a)(16) of the Investment Company Act of
                                         1940 as amended (15 U.S.C. § 80a-1 et seq.), (ii) are
                                         listed as “Qualified Investments for ‘AAA’ Financings” under
                                         Paragraphs 1, 2 or 3 of “Cash Flow Approach” in [Standard & Poor’s
                                         Public Finance Criteria 2000], as amended to the date of the defeasance, (iii) are
                                         rated ‘AAA’ by Standard & Poor’s, (iv) if they include a principal
                                         obligation, the principal due at maturity cannot vary or change, and (v) are not
                                         subject to prepayment, call or early redemption. Such securities have the characteristics
                                         set forth below:

 

CUSIPRATEMATPAY
DATESISSUED

 

		d.	The
                                         [General] [NCB] Master Servicer received an opinion of counsel (from counsel approved
                                         by the [General] [NCB] Master

 

    	N-2

    	 

    
 

			Servicer
                                         in accordance with the Servicing Standard) that the defeasance will not result in an
                                         Adverse REMIC Event.

 

		e.	The
                                         [General] [NCB] Master Servicer determined that the defeasance collateral will be owned
                                         by an entity (the “Defeasance Obligor”) as to which one of the statements
                                         checked below is true:

 

		____	the
                                         related Borrower was a Single-Purpose Entity (as defined in [Standard & Poor’s
                                         Structured Finance Ratings Real Estate Finance Criteria], as amended to the date of the
                                         defeasance (the “S&P Criteria”)) as of the date of the defeasance,
                                         and after the defeasance owns no assets other than the defeasance collateral and real
                                         property securing Mortgage Loans included in the pool;

 

		____	the
                                         related Borrower designated a Single-Purpose Entity (as defined in the S&P Criteria)
                                         to own the defeasance collateral; or

 

		____	the
                                         [General] [NCB] Master Servicer designated a Single-Purpose Entity (as defined in the
                                         S&P Criteria) established for the benefit of the Trust to own the defeasance collateral.

 

		f.	The
                                         Master Servicer received a broker or similar confirmation of the credit, or the accountant’s
                                         letter described below contained statements that it reviewed a broker or similar confirmation
                                         of the credit, of the defeasance collateral to an Eligible Account (as defined in the
                                         S&P Criteria) in the name of the Defeasance Obligor, which account is maintained
                                         as a securities account by the securities intermediary and has been pledged to the Trustee.

 

		g.	The
                                         Agreement executed in connection with the defeasance shall grant control of the pledged
                                         Securities Account to the Trustee and require the Securities Intermediary to make the
                                         scheduled payments on the Mortgage Loan from the proceeds of the defeasance collateral
                                         directly to the [General] [NCB] Master Servicer’s collection account in the amounts
                                         and on the dates specified in the Mortgage Loan Documents or, in a partial defeasance,
                                         the portion of such scheduled payments attributed to the allocated loan amount for the
                                         real property defeased, increased by any defeasance premium specified in the Mortgage
                                         Loan Documents (the “Scheduled Payments”).

 

		h.	The
                                         [General] [NCB] Master Servicer received from the Borrower written confirmation from
                                         a firm of independent certified public accountants, who were approved by the [General]
                                         [NCB] Master Servicer in accordance with the Servicing Standard, stating that

 

    	N-3

    	 

    
 

			(i) revenues
                                         from principal and interest payments made on the defeasance collateral (without taking
                                         into account any earnings on reinvestment of such revenues) will be sufficient to timely
                                         pay each of the Scheduled Payments after the defeasance including the payment in full
                                         of the Mortgage Loan (or the allocated portion thereof in connection with a partial defeasance)
                                         on its Stated Maturity Date, (ii) the revenues received in any month from the defeasance
                                         collateral will be applied to make Scheduled Payments within four (4) months after
                                         the date of receipt, and (iii) interest income from the defeasance collateral to
                                         the Defeasance Obligor in any calendar or fiscal year will not exceed such Defeasance
                                         Obligor’s interest expense for the Mortgage Loan (or the allocated portion thereof
                                         in a partial defeasance) for such year.

 

		i.	The
                                         Master Servicer received opinions from counsel, who were approved by the Master Servicer
                                         in accordance with the Servicing Standard, that (i) the agreements executed by the
                                         Borrower and/or the Defeasance Obligor in connection with the defeasance are enforceable
                                         against them in accordance with their terms except as such enforcement may be limited
                                         by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement
                                         of creditor’s rights generally, and by general principles of equity (regardless
                                         of whether such enforceability is considered in a proceeding in equity or at law), and
                                         (ii) the Trustee will have a perfected, first priority security interest in the
                                         defeasance collateral described above.

 

		j.	The
                                         agreements executed in connection with the defeasance (i) permit reinvestment of
                                         proceeds of the defeasance collateral only in Permitted Investments (as defined in the
                                         S&P Criteria), (ii) permit release of surplus defeasance collateral and earnings
                                         on reinvestment to the Defeasance Obligor or the Borrower only after the Mortgage Loan
                                         has been paid in full, if any such release is permitted, (iii) prohibit any subordinate
                                         liens against the defeasance collateral, and (iv) provide for payment from sources
                                         other than the defeasance collateral or other assets of the Defeasance Obligor 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.

 

		k.	The
                                         Mortgage Loan is not among the ten (10) largest loans in the Mortgage Pool. The
                                         entire Stated Principal Balance of the Mortgage Loan as of the date of defeasance was
                                         $___________ [$35,000,000 or less or less than two percent of the Mortgage Pool balance,
                                         whichever is less], which is less than 2% of the aggregate Certificate Principal Balance
                                         of the Certificates as of the date of

 

    	N-4

    	 

    
 

			the
                                         most recent Distribution Date Statement received by us (the “Current Report”).

 

		l.	The
                                         defeasance described herein, together with all prior and simultaneous defeasances of
                                         Mortgage Loans, brings the total of all fully and partially defeased Mortgage Loans to
                                         $__________________, which is _____% of the aggregate Certificate Balance of the Certificates
                                         as of the date of the Current Report.

 

3.            Certify
that, in addition to the foregoing, the [General] [NCB] Master Servicer has imposed such additional conditions to the defeasance
(or waived such conditions), subject to the limitations imposed by the Mortgage Loan Documents, as are consistent with the Servicing
Standard.

 

4.            Certify
that Schedule B hereto is a list of the material agreements, instruments, organizational documents for the Defeasance
Obligor, and opinions of counsel and independent accountants executed and delivered in connection with the defeasance described
above and that originals or copies of such agreements, instruments, documents and opinions have been or will be transmitted to
the Custodian for placement in the related Mortgage File or, to the extent not required to be part of the related Mortgage File,
are in the possession of the [General] [NCB] Master Servicer as part of the [General] [NCB] Master Servicer’s Servicing
File.

 

5.            Certify
and confirm that the determinations and certifications described above were rendered in accordance with the Servicing Standard
set forth in, and the other applicable terms and conditions of, the Pooling and Servicing Agreement.

 

6.            Certify
that the individual under whose hand the [General] [NCB] Master Servicer has caused this Notice and Certification to be executed
did constitute a Servicing Officer as of the date of the defeasance described above.

 

7.            Agree
to provide copies of all items listed in Schedule B to you upon request.

 

    	N-5

    	 

    
 

IN
WITNESS WHEREOF, the [General] [NCB] Master Servicer has caused this Notice and Certification to be executed as of the date captioned
above.

	 	 	 
	 	[______________________],
	 	as [General]
    [NCB] Master Servicer
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

    	N-6

    	 

    
 

Schedule A
to Exhibit N

 

SCHEDULE
A

 

SCHEDULE
OF EXCEPTIONS TO CERTIFICATION

 

    	N-7

    	 

    
 

Schedule B
to Exhibit N

 

SCHEDULE
B

 

LIST
OF AGREEMENTS, INSTRUMENTS, DOCUMENTS AND OPINIONS

 

    	N-8

    	 

    
 

EXHIBIT
O-1

 

FORM
OF TRUST ADVISOR ANNUAL REPORT1

(SUBORDINATE CONTROL PERIOD)

 

Report
Date: Report will be delivered annually no later than [INSERT DATE].

 

Transaction:
Wells Fargo Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates, Series 2015-NXS3

 

[Trust
Advisor: Pentalpha Surveillance LLC]

 

[General
Special Servicer: LNR Partners, LLC]

 

[NCB
Special Servicer: National Cooperative Bank, N.A.]

 

[One
Court Square Special Servicer: Midland Loan Services, a Division of PNC Bank, National Association]

 

Subordinate
Class Representative: [_____________________]

 

		I.	Population
                                         of Mortgage Loans that Were Considered in Compiling this Report. [__] Specially Serviced
                                         Mortgage Loans were transferred to special servicing in the prior calendar year [INSERT
                                         YEAR].

 

		a.	[__]
                                         of such Specially Serviced Mortgage Loans are still being analyzed by the [General] [NCB]
                                         [One Court Square] Special Servicer and/or Subordinate Class Representative as part of
                                         the development of an Asset Status Report. This report does not include work activity
                                         related to those open cases.

 

		b.	[__]
                                         of such Specially Serviced Mortgage Loans had executed Final Asset Status Reports. This
                                         report is based only on the Specially Serviced Mortgage 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, as well as the items listed below, the
Trust Advisor has undertaken a limited review of the [General] [NCB] [One Court Square] Special Servicer’s operational activities
to service certain Specially Serviced Mortgage Loans in accordance with the Servicing  

 

 

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 Trust Advisor will have the ability to modify or alter the organization and content of any particular report, subject to the
compliance with the terms of the Pooling and Servicing Agreement, including, without limitation, provisions relating to Privileged
Information.

 

    	O-1-1

    	 

    

 

Standard. Based on such review, the Trust Advisor [does, does not] believe there are material violations of the [General] [NCB]
[One Court Square] Special Servicer’s compliance with its obligations under the Pooling and Servicing Agreement. In addition,
the Trust Advisor notes the following: [PROVIDE SUMMARY OF ANY ADDITIONAL MATERIAL INFORMATION].

  

In
connection with the assessment set forth in this report:

 

		1.	The
                                         Trust Advisor reviewed the Final Asset Status Report that was previously executed by
                                         the [General] [NCB] [One Court Square] Special Servicer for the following [__] Specially
                                         Serviced Mortgage Loans: [LIST APPLICABLE SPECIALLY SERVICED MORTGAGE LOANS].

 

		2.	The
                                         Trust Advisor’s review of the Final Asset Status Reports should be considered a
                                         limited investigation and not be considered a full or limited audit. For instance, we
                                         did not review each page of the [General] [NCB] [One Court Square] Special Servicer’s
                                         policy and procedure manuals (including amendments and appendices), re-engineer the quantitative
                                         aspects of their net present value calculator, visit the propert(y)/(ies) or interact
                                         with the borrower(s).

 

		3.	All
                                         opinions outlined herein are limited to the Specially Serviced Mortgage Loans of this
                                         mortgage loan pool with respect to which Final Asset Status Reports have been delivered.
                                         Confidentiality and other provisions prohibit the Trust Advisor from using information
                                         it is privy to from other assignments in facilitating the activities of this assignment.

 

		4.	As
                                         required under the Pooling and Servicing Agreement, the Trust Advisor has undertaken
                                         a reasonable review of such additional limited non-privileged information and documentation
                                         provided by the [General] [NCB] [One Court Square] Special Servicer prior to the Trust
                                         Advisor finalizing its annual assessment.

 

		III.	Specific
                                         Items of Review

 

		1.	The
                                         Trust Advisor reviewed the following items in connection with the generation of this
                                         report: [LIST MATERIAL ITEMS].

 

		2.	The
                                         following is a general discussion of certain concerns raised by the Trust Advisor discussed
                                         in this report: [LIST CONCERNS].

 

		3.	In
                                         addition to the other information presented herein, the Trust Advisor notes the following
                                         additional items: [LIST ADDITIONAL ITEMS].

 

		4.	As
                                         required under the Pooling and Servicing Agreement, the Trust Advisor has undertaken
                                         a reasonable review of such additional limited non-privileged information and documentation
                                         provided by the [General] [NCB] [One Court Square] Special Servicer prior to the Trust
                                         Advisor finalizing its annual assessment.

 

    	O-1-2

    	 

    

 

		IV.	Qualifications
                                         Related to the Work Product Undertaken and Opinions Related to this Report

 

		1.	The
                                         Trust Advisor did not participate in, or have access to, the [General] [NCB] [One Court
                                         Square] Special Servicer’s and Subordinate Class Representative’s discussion(s)
                                         regarding any Specially Serviced Mortgage Loan. The Trust Advisor did not meet with the
                                         [General] [NCB] [One Court Square] Special Servicer or the Subordinate Class Representative.
                                         As such,
                                         the Trust Advisor generally relied upon its review of the information described in Item 1
                                         of Section III above and its interaction with the [General] [NCB] [One Court Square]
                                         Special Servicer in gathering the relevant information to generate this report.

 

		2.	The
                                         [General] [NCB] [One Court Square] Special Servicer has the legal authority and responsibility
                                         to service the Specially Serviced Mortgage Loans pursuant to the Pooling and Servicing
                                         Agreement. The Trust Advisor has no responsibility or authority to alter the standards
                                         set forth therein.

 

		3.	Confidentiality
                                         and other contractual limitations limit the Trust 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 Trust Advisor is given access to by the [General] [NCB]
                                         [One Court Square] Special Servicer.

 

		4.	There
                                         are many tasks that the [General] [NCB] [One Court Square] Special Servicer undertakes
                                         on an ongoing basis related to Specially Serviced Mortgage Loans. These include, but
                                         are not limited to, assumptions, ownership changes, collateral substitutions, capital
                                         reserve changes, etc. The Trust Advisor does not participate in discussions regarding
                                         such actions. As such, the Trust Advisor has not assessed the [General] [NCB] [One Court
                                         Square] Special Servicer’s operational compliance with respect to those types of
                                         actions.

 

		5.	This
                                         report is furnished to the Certificate Administrator pursuant to the provisions of the
                                         Pooling and Servicing Agreement. The delivery of this report shall not be construed to
                                         impose any duty on the Trust Advisor to respond to investor questions or inquiries.

 

Terms
used but not defined herein have the meaning set forth in the Pooling and Servicing Agreement dated as of October 1, 2015.

 

    	O-1-3

    	 

    

 

EXHIBIT
O-2

 

FORM
OF TRUST ADVISOR ANNUAL REPORT1

(COLLECTIVE CONSULTATION PERIOD AND SENIOR CONSULTATION PERIOD)

 

Report
Date: Report will be delivered annually no later than [INSERT DATE].

 

Transaction:
Wells Fargo Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates, Series 2015-NXS3

 

[Trust
Advisor: Pentalpha Surveillance LLC]

 

[General
Special Servicer: LNR Partners, LLC]

 

[NCB
Special Servicer: National Cooperative Bank, N.A.]

 

[One
Court Square Special Servicer: Midland Loan Services, a Division of PNC Bank, National Association]

 

Subordinate
Class Representative: [_____________________]

 

		I.	Population
                                         of Mortgage Loans that Were Considered in Compiling this Report

 

		1.	[__]
                                         Specially Serviced Mortgage Loans were transferred to special servicing in the prior
                                         calendar year [INSERT YEAR].

 

		a.	[__]
                                         of such Specially Serviced Mortgage Loans are still being analyzed by the [General] [NCB]
                                         [One Court Square] Special Servicer as part of the development of an Asset Status Report.

 

		b.	[__]
                                         of such Specially Serviced Mortgage Loans had executed Final Asset Status Reports. 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, as well as the items listed below, the
Trust Advisor has undertaken a limited review of the [General] [NCB] [One Court Square] Special Servicer’s operational activities
to service certain Specially Serviced Mortgage Loans in accordance with the Servicing Standard. Based on such review, the Trust
Advisor [does, does not] believe there are material violations of the [General] [NCB] [One Court Square] Special Servicer’s
compliance with its 

 

 

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 Trust
Advisor will have the ability to modify or alter the organization and content of any particular report, subject to the compliance
with the terms of the Pooling and Servicing Agreement, including, without limitation, provisions relating to Privileged Information.

 

    	O-2-1

    	 

    

 

obligations
                                         under the Pooling and Servicing Agreement. In addition, the Trust Advisor notes the following:
                                         [PROVIDE SUMMARY OF ANY ADDITIONAL MATERIAL INFORMATION].

 

In
connection with the assessment set forth in this report: 

 

		1.	The
                                         Trust Advisor reviewed the Asset Status Reports, net present value calculations and Appraisal
                                         Reduction Amount calculations and [LIST OTHER REVIEWED INFORMATION] for the following
                                         [__] Specially Serviced Mortgage Loans: [LIST APPLICABLE SPECIALLY SERVICED MORTGAGE
                                         LOANS]

 

		2.	[If
                                         report is rendered during a Senior Consultation Period, add:] The Trust Advisor met with
                                         the [General] [NCB] [One Court Square] Special Servicer on [DATE] for the annual meeting.
                                         Participants from the [General] [NCB] [One Court Square] Special Servicer included: [IDENTIFY
                                         PARTICIPANTS’ NAMES AND TITLES]. The Specially Serviced Mortgage Loans (including
                                         Asset Status Reports, other relevant accompanying information and any related net present
                                         value calculations and Appraisal Reduction Amount calculations) were referenced in the
                                         meeting. The discussion focused on the [General] [NCB] [One Court Square] Special Servicer’s
                                         execution of its resolution and liquidation procedures in general terms as well as in
                                         specific reference to the Specially Serviced Mortgage Loans.

 

		a.	The
                                         Trust Advisor’s review of the Asset Status Reports (including related net present
                                         value calculations and Appraisal Reduction Amount calculations) related to the Specially
                                         Serviced Mortgage Loans [[if report is rendered during a Senior Consultation Period:]
                                         and meeting with the [General] [NCB] [One Court Square] Special Servicer] should be considered
                                         a limited investigation and not be considered a full or limited audit. For instance,
                                         we did not review each page of the [General] [NCB] [One Court Square] Special Servicer’s
                                         policy and procedure manuals (including amendments and appendices), re-engineer the quantitative
                                         aspects of their net present value calculator, visit the propert(y)/(ies) or interact
                                         with the borrower(s).

 

		b.	All
                                         opinions outlined herein are limited to the Specially Serviced Mortgage Loans of this
                                         mortgage loan pool with respect to which Asset Status Reports have been delivered. Confidentiality
                                         and other provisions prohibit the Trust Advisor from using information it is privy to
                                         from other assignments in facilitating the activities of this assignment.

 

		3.	As
                                         required under the Pooling and Servicing Agreement, the Trust Advisor has undertaken
                                         a reasonable review of such additional limited non-privileged information and documentation
                                         provided by the [General]

 

    	O-2-2

    	 

    

 

			[NCB]
                                         [One Court Square] Special Servicer prior to the Trust Advisor finalizing its annual
                                         assessment.

 

		III.	Specific
                                         Items of Review

 

		1.	The
                                         Trust Advisor reviewed the following items in connection with [[if report is rendered
                                         during Senior Consultation Period:]the annual meeting] and the generation of this report:
                                         [LIST MATERIAL ITEMS].

 

		2.	During
                                         the prior year, the Trust Advisor consulted with the [General] [NCB] [One Court Square]
                                         Special Servicer regarding its strategy plan for a limited number of issues related to
                                         the following Specially Serviced Mortgage Loans: [LIST]. The Trust 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
                                         [General] [NCB] [One Court Square] Special Servicer [agreed with/did not agree with]
                                         the recommendations made by the Trust Advisor. Such recommendations generally included
                                         the following: [LIST].

 

		3.	Appraisal
                                         Reduction Amount calculations and net present value calculations:

 

		a.	The
                                         Trust Advisor [received/did not receive] information necessary to recalculate and verify
                                         the accuracy of the mathematical calculations and the corresponding application of the
                                         applicable formulas required to be utilized in connection with any Appraisal Reduction
                                         Amount or net present value calculations used in the [General] [NCB] [One Court Square]
                                         Special Servicer’s determination of what course of action to take in connection
                                         with the workout or liquidation of a Specially Serviced Mortgage Loan prior to the utilization
                                         by the [General] [NCB] [One Court Square] Special Servicer.

 

		b.	The
                                         Trust Advisor [agrees/does not agree] with the [mathematical calculations] [and/or] [the
                                         application of the applicable non-discretionary portions of the formulas] required to
                                         be utilized for such calculation.

 

		c.	After
                                         consultation with the [General] [NCB] [One Court Square] Special Servicer to resolve
                                         any inaccuracy in the mathematical calculations or the application of the non-discretionary
                                         portions of the related formulas 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 Trust Advisor discussed
                                         in this report: [LIST CONCERNS].

 

    	O-2-3

    	 

    

 

		5.	In
                                         addition to the other information presented herein, the Trust Advisor notes the following
                                         additional items: [LIST ADDITIONAL ITEMS].

 

		6.	As
                                         required under the Pooling and Servicing Agreement, the Trust Advisor has undertaken
                                         a reasonable review of such additional limited non-privileged information and documentation
                                         provided by the Special Servicer prior to the Trust Advisor finalizing its annual assessment.

 

		IV.	Qualifications
                                         Related to the Work Product Undertaken and Opinions Related to this Report

  

		1.	The
                                         Trust Advisor did not participate in, or have access to, the [General] [NCB] [One Court
                                         Square] Special Servicer’s and Subordinate Class Representative’s discussion(s)
                                         regarding any Specially Serviced Mortgage Loan. The Trust Advisor did not meet with the
                                         [[General] [NCB] [One Court Square] Special Servicer or the] Subordinate Class Representative.
                                         [[If report rendered during Senior Consultation Period:] While the Subordinate Class
                                         Representative may have attended the annual meeting,] the Trust Advisor generally did
                                         not address issues and questions to the Subordinate Class Representative. As such, the
                                         Trust Advisor generally relied upon its review of the information described in Item 1
                                         of Section III above and its interaction with the [General] [NCB] [One Court Square]
                                         Special Servicer in gathering the relevant information to generate this report.

 

		2.	The
                                         [General] [NCB] [One Court Square] Special Servicer has the legal authority and responsibility
                                         to service the Specially Serviced Mortgage Loans pursuant to the Pooling and Servicing
                                         Agreement. The Trust Advisor has no responsibility or authority to alter the standards
                                         set forth therein.

 

		3.	Confidentiality
                                         and other contractual limitations limit the Trust Advisor’s ability to outline
                                         the details or substance of [[if report rendered during Senior Consultation Period:]
                                         the meeting held between it and the [General] [NCB] [One Court Square] Special Servicer
                                         regarding any Specially Serviced Mortgage Loans and] 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 Trust Advisor is given
                                         access to by the [General] [NCB] [One Court Square] Special Servicer.

 

		4.	There
                                         are many tasks that the [General] [NCB] [One Court Square] Special Servicer undertakes
                                         on an ongoing basis related to Specially Serviced Mortgage Loans. These include, but
                                         are not limited to, assumptions, ownership changes, collateral substitutions, capital
                                         reserve changes, etc. The Trust Advisor does not participate in discussions regarding
                                         such actions. As such, the Trust Advisor has not assessed the 

 

    	O-2-4

    	 

    

 

[General]
[NCB] [One Court Square] Special Servicer’s operational compliance with respect to those types of actions.

 

		5.	This
                                         report is furnished to the Certificate Administrator pursuant to the provisions of the
                                         Pooling and Servicing Agreement. The delivery of this report shall not be construed to
                                         impose any duty on the Trust Advisor to respond to investor questions or inquiries.

 

Terms
used but not defined herein have the meaning set forth in the Pooling and Servicing Agreement dated as of October 1, 2015.

 

    	O-2-5

    	 

    

 

EXHIBIT
O-3

 

FORM
OF NOTICE FROM TRUST ADVISOR RECOMMENDING REPLACEMENT OF SPECIAL SERVICER

 

Wilmington
Trust, National Association

as Trustee

1100
North Market Street

Wilmington,
Delaware 19890

Attention: WFCM 2015-NXS3

 

Wells
Fargo Bank, National Association,

as Certificate Administrator

9062
Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services – WFCM 2015-NXS3

 

		Re:	Wells
                                         Fargo Commercial Mortgage Trust 2015-NXS3,

                                         Commercial Mortgage Pass-Through
                                         Certificates, Series 2015-NXS3,

                                         Recommendation of Replacement
                                         of Special Servicer

 

Ladies
and Gentlemen:

 

This
letter is delivered pursuant to Section 6.05(c) of the Pooling and Servicing Agreement, dated as of October 1, 2015 (the
“Pooling and Servicing Agreement”), by and among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor,
Wells Fargo Bank, National Association, as General Master Servicer, LNR Partners, LLC, as General Special Servicer, National Cooperative
Bank, N.A., as NCB Master Servicer, National Cooperative Bank, N.A., as NCB Special Servicer, Midland Loan Services, a Division
of PNC Bank, National Association, as One Court Square Special Servicer, Pentalpha Surveillance LLC, as Trust Advisor, Wells Fargo
Bank, National Association, as Certificate Administrator, as Tax Administrator and as Custodian, and Wilmington Trust, National
Association, as Trustee, on behalf of the holders of Wells Fargo Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through
Certificates, Series 2015-NXS3 (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 [General] [NCB] [One Court Square] Special Servicer’s operational practices conducted pursuant to
and in accordance with Section 3.28 of the Pooling and Servicing Agreement, it is our assessment that [________], in its
current capacity as [General] [NCB] [One Court Square] Special Servicer, is not [performing its duties under the Pooling and Servicing
Agreement] [acting in accordance with the Servicing Standard]. The following factors support our assessment: [________].

 

    	O-3-1

    	 

    

 

Based
upon such assessment, we further hereby recommend that [_______] be removed as [General] [NCB] [One Court Square] Special Servicer
and that [________] be appointed its successor in such capacity.

	 	 	 
	 	Very truly yours,
	 	 
	 	 	Pentalpha Surveillance LLC
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

Dated:_______________

    	O-3-2

    	 

    

 

EXHIBIT
P

 

FORM
OF NRSRO CERTIFICATION

 

Wells
Fargo Bank, National Association,

   as Certificate Administrator

9062 Old Annapolis Road

Columbia, Maryland 21045 1951

Attention: Corporate Trust Services – WFCM 2015-NXS3

 

		Re:	Wells
                                         Fargo Commercial Mortgage Trust 2015-NXS3,

                                         Commercial Mortgage Pass-Through
                                         Certificates, Series 2015-NXS3

 

Ladies
and Gentlemen:

 

In
accordance with the requirements for obtaining certain information pursuant to the Pooling and Servicing Agreement, dated as of
October 1, 2015 (the “Pooling and Servicing Agreement”), by and among Wells Fargo Commercial Mortgage Securities,
Inc., as Depositor (the “Depositor”), Wells Fargo Bank, National Association, as General Master Servicer, LNR
Partners, LLC, as General Special Servicer, National Cooperative Bank, N.A., as NCB Master Servicer, National Cooperative Bank,
N.A., as NCB Special Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as One Court Square Special
Servicer, Pentalpha Surveillance LLC, as Trust Advisor, Wells Fargo Bank, National Association, as Certificate Administrator,
as Tax Administrator and as Custodian, and Wilmington Trust, National Association, as Trustee, with respect to the Wells Fargo
Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates, Series 2015-NXS3 (the “Certificates”),
the undersigned hereby certifies and agrees as follows:

 

1.             (a)       The
undersigned is a Rating Agency; or

 

  (b)       The
undersigned is a nationally recognized statistical rating organization that either (x) has provided the Depositor with the appropriate
certifications under Exchange Act Rule 17g-5(e), had access to the Depositor’s 17g-5 website prior to the Closing Date,
is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the 17g-5 website pursuant to the provisions of the Pooling and Servicing Agreement, and agrees that any confidentiality agreement
applicable to the undersigned with respect to the information obtained from the Depositor’s 17g-5 website prior to the Closing
Date shall also be applicable to information obtained from the 17g-5 Information Provider’s website (including without limitation,
to any information received by the Depositor for posting on the 17g-5 Information Provider’s website), or (y), if the undersigned
did not have access to the Depositor’s 17g-5 website prior to the Closing Date, it hereby agrees that it shall be bound
by the provisions of the confidentiality agreement attached as Annex A hereto which shall be applicable to it with respect
to any information obtained from the 17g-5 Information Provider’s website, including any information that is obtained from
the section of the 17g-5 Information Provider’s website that hosts the Depositor’s 17g-5 website after the Closing
Date.

 

    	P-1

    	 

    

 

The
undersigned agrees that each time it accesses the 17g-5 Information Provider’s website, it is deemed to have recertified
that the representations herein contained remain true and correct.

 

Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the 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.

 

Date:

	 	 	 
	 	Very truly yours,
	 	 
	 	[NRSRO Name]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:
	 	 	Phone:
	 	 	E-mail:

 

    	P-2

    	 

    

 

ANNEX
A

 

CONFIDENTIALITY
AGREEMENT

 

This
Confidentiality Agreement (the “Confidentiality Agreement”) is made in connection with Wells Fargo Securities,
LLC (together with its affiliates, the “Furnishing Entities” and each a “Furnishing Entity”)
furnishing certain financial, operational, structural and other information relating to the issuance of the Wells Fargo Commercial
Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates, Series 2015-NXS3 (the “Certificates”)
pursuant to the Pooling and Servicing Agreement, dated as of October 1, 2015 (the “Pooling and Servicing Agreement”),
by and among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor (the “Depositor”), Wells Fargo
Bank, National Association, as General Master Servicer, LNR Partners, LLC, as General Special Servicer, National Cooperative Bank,
N.A., as NCB Master Servicer, National Cooperative Bank, N.A., as NCB Special Servicer, Midland Loan Services, a Division of PNC
Bank, National Association, as One Court Square Special Servicer, Pentalpha Surveillance LLC, as Trust Advisor, Wells Fargo Bank,
National Association, as Certificate Administrator, as Tax Administrator and as Custodian, and Wilmington Trust, National Association,
as Trustee and the assets underlying or referenced by the Certificates, including the identity of, and financial information with
respect to borrowers, sponsors, guarantors, managers and lessees with respect to such assets (together, the “Collateral”)
to you (the “NRSRO”) through the website of Wells Fargo Bank, National Association, as 17g-5 Information Provider
under the Pooling and Servicing Agreement, including the [section of the 17g-5 Information Provider’s website that hosts
the Depositor’s 17g-5 website after the Closing Date (as defined in the Pooling and Servicing Agreement]. Information provided
by each Furnishing Entity is labeled as provided by the specific Furnishing Entity.

 

Definition
of Confidential Information. For purposes of this Confidentiality Agreement, the term “Confidential Information”
shall include the following information (irrespective of its source or form of communication, including information obtained by
you through access to this site) that may be furnished to you by or on behalf of a Furnishing Entity in connection with the issuance
or monitoring of a rating with respect to the Certificates: (x) all data, reports, interpretations, forecasts, records, agreements,
legal documents and other information (such information, the “Evaluation Material”) and (y)  any of the
terms, conditions or other facts with respect to the transactions contemplated by the Pooling and Servicing Agreement, including
the status thereof; provided, however, that the term Confidential Information shall not include information which:

 

was
or becomes generally available to the public (including through filing with the Securities and Exchange Commission or disclosure
in an offering document) other than as a result of a disclosure by you or a NRSRO Representative (as defined in Section 2(c)(i)
below) in violation of this Confidentiality Agreement;

 

was
or is lawfully obtained by you from a source other than a Furnishing Entity or its representatives that (i) is reasonably
believed by you to be under no obligation to maintain the information as confidential and (ii) provides it to you without
any obligation to maintain the information as confidential; or

 

is
independently developed by the NRSRO without reference to any Confidential Information.

 

Information
to Be Held in Confidence.

 

You
will use the Confidential Information solely for the purpose of determining or monitoring a credit rating on the Certificates
and, to the extent that any information used is derived from but does not reveal any Confidential Information, for benchmarking,
modeling or research purposes (the “Intended Purpose”).

 

You
acknowledge that you are aware that the United States and state securities laws impose restrictions on trading in securities when
in possession of material, non-public information and that the NRSRO will advise (through policy manuals or otherwise) each NRSRO
Representative who is informed of the matters that are the subject of this Confidentiality Agreement to that effect.

 

    	P-3

    	 

    

 

You
will treat the Confidential Information as private and confidential. Subject to Section 4, without the prior written consent of
the applicable Furnishing Entity, you will not disclose to any person any Confidential Information, whether such Confidential
Information was furnished to you before, on or after the date of this Confidentiality Agreement. Notwithstanding the foregoing,
you may:

 

disclose
the Confidential Information to any of the NRSRO’s affiliates, directors, officers, employees, legal representatives, agents
and advisors (each, a “NRSRO Representative”) who, in the reasonable judgment of the NRSRO, need to know such
Confidential Information in connection with the Intended Purpose; provided, that, prior to disclosure of the Confidential
Information to a NRSRO Representative, the NRSRO shall have taken reasonable precautions to ensure, and shall be satisfied, that
such NRSRO Representative will act in accordance with this Confidentiality Agreement;

 

solely
to the extent required for compliance with Rule 17g-5(a)(3) of the Act (17 C.F.R. 240.17g-5),post the Confidential Information
to the NRSRO’s password protected website; and

 

use
information derived from the Confidential Information in connection with an Intended Purpose, if such derived information does
not reveal any Confidential Information.

 

Disclosures
Required by Law. If you or any NRSRO Representative is requested or required (orally or in writing, by interrogatory, subpoena,
civil investigatory demand, request for information or documents, deposition or similar process relating to any legal proceeding,
investigation, hearing or otherwise) to disclose any Confidential Information, you agree to provide the relevant Furnishing Entity
with notice as soon as practicable (except in the case of regulatory or other governmental inquiry, examination or investigation,
and otherwise to the extent practical and permitted by law, regulation or regulatory or other governmental authority) that a request
to disclose the Confidential Information has been made so that the relevant Furnishing Entity may seek an appropriate protective
order or other reasonable assurance that confidential treatment will be accorded the Confidential Information if it so chooses.
Unless otherwise required by a court or other governmental or regulatory authority to do so, and provided that you been informed
by written notice that the related Furnishing Entity is seeking a protective order or other reasonable assurance for confidential
treatment with respect to the requested Confidential Information, you agree not to disclose the Confidential Information while
the Furnishing Entity’s effort to obtain such a protective order or other reasonable assurance for confidential treatment
is pending. You agree to reasonably cooperate with each Furnishing Entity in its efforts to obtain a protective order or other
reasonable assurance that confidential treatment will be accorded to the portion of the Confidential Information that is being
disclosed, at the sole expense of such Furnishing Entity; provided, however, that in no event shall the NRSRO be
required to take a position that such information should be entitled to receive such a protective order or reasonable assurance
as to confidential treatment. If a Furnishing Entity succeeds in obtaining a protective order or other remedy, you agree to comply
with its terms with respect to the disclosure of the Confidential Information, at the sole expense of such Furnishing Entity.
If a protective order or other remedy is not obtained or if the relevant Furnishing Entity waives compliance with the provisions
of this Confidentiality Agreement in writing, you agree to furnish only such information as you are legally required to disclose,
at the sole expense of the relevant Furnishing Entity.

 

Obligation
to Return Evaluation Material. Promptly upon written request by or on behalf of the relevant Furnishing Entity, all material
or documents, including copies thereof, that contain Evaluation Material will be destroyed or, in your sole discretion, returned
to the relevant Furnishing Entity. Notwithstanding the foregoing, (a) the NRSRO may retain one or more copies of any document
or other material containing Evaluation Material to the extent necessary for legal or regulatory compliance (or compliance with
the NRSRO’s internal policies and procedures designed to ensure legal or regulatory compliance) and (b) the NRSRO may
retain any portion of the Evaluation Material that may be found in backup tapes or other archive or electronic media or other
documents prepared by the NRSRO and any Evaluation Material obtained in an oral communication; provided, that any Evaluation
Material so retained by the NRSRO will remain subject to this Confidentiality Agreement and the NRSRO will remain bound by the
terms of this Confidentiality Agreement.

 

    	P-4

    	 

    

 

Violations
of this Confidentiality Agreement.

 

The
NRSRO will be responsible for any breach of this Confidentiality Agreement by you, the NRSRO or any NRSRO Representative.

 

You
agree promptly to advise each relevant Furnishing Entity in writing of any misappropriation or unauthorized disclosure or use
by any person of the Confidential Information which may come to your attention and to take all steps reasonably requested by such
Furnishing Entity to limit, stop or otherwise remedy such misappropriation, or unauthorized disclosure or use.

 

You
acknowledge and agree that the Furnishing Entities would not have an adequate remedy at law and would be irreparably harmed in
the event that any of the provisions of this Confidentiality Agreement were not performed in accordance with their specific terms
or were otherwise breached. It is accordingly agreed that each Furnishing Entity shall be entitled to specific performance and
injunctive relief to prevent breaches of this Confidentiality Agreement and to specifically enforce the terms and provisions hereof,
in addition to any other remedy to which a Furnishing Entity may be entitled at law or in equity. It is further understood and
agreed that no failure to or delay in exercising any right, power or privilege hereunder shall preclude any other or further exercise
of any right, power or privilege.

 

Term.
Notwithstanding the termination or cancellation of this Confidentiality Agreement and regardless of whether the NRSRO has provided
a credit rating on a Security, your obligations under this Confidentiality Agreement will survive indefinitely.

 

Governing
Law. This Confidentiality Agreement and any claim, controversy or dispute arising under the Confidentiality Agreement, the
relationships of the parties and/or the interpretation and enforcement of the rights and duties of the parties shall be governed
by and construed in accordance with the laws of the State of New York applicable to agreements made and to be performed within
such State.

 

Amendments.
This Confidentiality Agreement may be modified or waived only by a separate writing by the NRSRO and each Furnishing Entity.

 

Entire
Agreement. This Confidentiality Agreement represents the entire agreement between you and the Furnishing Entities relating
to the treatment of Confidential Information heretofore or hereafter reviewed or inspected by you. This agreement supersedes all
other understandings and agreements between us relating to such matters; provided, however, that, if the terms of
this Confidentiality Agreement conflict with another agreement relating to the Confidential Information that specifically states
that the terms of such agreement shall supersede, modify or amend the terms of this Confidentiality Agreement, then to the extent
the terms of this Confidentiality Agreement conflict with such agreement, the terms of such agreement shall control notwithstanding
acceptance by you of the terms hereof by entry into this website.

 

Contact
Information. Notices for each Furnishing Entity under this Confidentiality Agreement, shall be directed as set forth below:

 

Wells
Fargo Securities, LLC

375 Park Avenue, 2nd Floor

New York, NY 10152

Attention: Matthew Orrino

E-mail: wfs.cmbs@wellsfargo.com]

 

    	P-5

    	 

    

 

EXHIBIT
Q

FORM OF ONLINE VENDOR CERTIFICATION

 

This
Certification has been prepared for provision of information to the market data providers listed in Paragraph 1 below pursuant
to the direction of the Depositor. If you represent a Market Data Provider not listed herein and would like access to the information,
please contact CTSLink at 866-846-4526, or at ctslink.customerservice@wellsfargo.com.

 

In
connection with the Wells Fargo Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates, Series 2015-NXS3
(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., Interactive Data Corp., Markit
Group Limited, BlackRock Financial Management, Inc., CMBS.com, Inc. or Thomson Reuters Corporation], a market data provider that
has been given access to the Distribution Date Statements, CREFC reports and supplemental notices on www.ctslink.com (“CTSLink”)
by request of the Depositor.

 

2.        
The undersigned agrees that each time it accesses CTSLink, the undersigned is deemed to have recertified that the representation
above remains true and correct.

 

3.        
The undersigned acknowledges and agrees that the provision to it of information and/or reports on CTSLink is for its own use only,
and agrees that it will not disseminate or otherwise make such information available to any other person without the written consent
of the Depositor.

 

4.        
Capitalized terms used but not defined herein shall have the respective meanings assigned thereto in the agreement pursuant to
which the Certificates were issued.

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be
signed hereto by its duly authorized signatory, as of the date certified. 

	 	 	 
	 	[________________]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:
	 	 	Phone:
	 	 	E-mail:

 

		Dated:	

 

    	Q-1

    	 

    

 

EXHIBIT
R

 

ADDITIONAL
DISCLOSURE NOTIFICATION

 

**SEND
VIA FAX TO ([__]) [_____] AND ([__]) [_____] AND VIA EMAIL TO [________] AND [cts.sec.notifications@wellsfargo.com]
AND VIA OVERNIGHT MAIL TO THE ADDRESSES IMMEDIATELY BELOW**

 

Wells
Fargo Bank, National Association,

as Certificate Administrator

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services – WFCM 2015-NXS3

 

Wells
Fargo Commercial Mortgage Securities, Inc.

as Depositor

c/o Wells Fargo Securities, LLC

375
Park Avenue, 2nd Floor, J0127-023

New
York, New York 10152

Attention:
A.J. Sfarra

 

Re:**Additional
Form [10-D][10-K][8-K] Disclosure Required**

 

Ladies
and Gentlemen:

 

In
accordance with Section [11.07][11.08][11.10] of the Pooling and Servicing Agreement, dated as of October 1, 2015, entered into
by Wells Fargo Commercial Mortgage Securities, Inc., as depositor, Wells Fargo Bank, National Association, as general master servicer
(in such capacity, the “General Master Servicer”), LNR Partners, LLC, as general special servicer (the “General
Special Servicer”), National Cooperative Bank, N.A., as NCB Master Servicer (in such capacity, the “NCB Master
Servicer”), National Cooperative Bank, N.A., as NCB Special Servicer (in such capacity, the “NCB Special Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as One Court Square Special Servicer (the “One Court
Square Special Servicer”), Pentalpha Surveillance LLC, as trust advisor, Wells Fargo Bank, National Association, as
certificate administrator, paying agent and custodian (the “Certificate Administrator”), and Wilmington Trust,
National Association, as trustee, the undersigned, as ___________, hereby notifies you that certain events have come to our attention
that [will] [may] need to be disclosed on Form [10-D][10-K][8-K].

 

Description
of Additional Form [10-D][10-K][8-K] Disclosure:

 

    	R-1

    	 

    

 

List
of any Attachments hereto to be included in the Additional Form [10-D][10-K][8-K] Disclosure:

 

Any
inquiries related to this notification should be directed to ______________, phone number: ________________; email address: ________________.

	 	 	 
	 	[NAME OF PARTY], as [role]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

    	R-2

    	 

    

 

EXHIBIT
S-1

 

FORM
OF TRUSTEE BACKUP CERTIFICATION

 

WELLS
FARGO COMMERCIAL MORTGAGE TRUST 2015-NXS3 (The “Trust”)

 

The
undersigned, __________, a __________ of WILMINGTON TRUST, NATIONAL ASSOCIATION, on behalf of WILMINGTON TRUST, NATIONAL ASSOCIATION,
as Trustee (the “Trustee”), under that certain Pooling and Servicing Agreement, dated as of October 1, 2015
(the “Pooling and Servicing Agreement”), entered into by Wells Fargo Commercial Mortgage Securities, Inc.,
as depositor, Wells Fargo Bank, National Association, as general master servicer (in such capacity, the “General Master
Servicer”), LNR Partners, LLC, as general special servicer (the “General Special Servicer”), National
Cooperative Bank, N.A., as NCB Master Servicer (in such capacity, the “NCB Master Servicer”), National Cooperative
Bank, N.A., as NCB Special Servicer (in such capacity, the “NCB Special Servicer”), Midland Loan Services,
a Division of PNC Bank, National Association, as One Court Square Special Servicer (the “One Court Square Special Servicer”),Wilmington
Trust, National Association, as trustee, Wells Fargo Bank, National Association, as certificate administrator, paying agent and
custodian (the “Certificate Administrator”), and Pentalpha Surveillance LLC, as trust advisor (the “Trust
Advisor”), certifies to [______], Wells Fargo Commercial Mortgage Securities, Inc. and its officers, directors and affiliates,
to the extent that the following information is within our normal area of responsibilities and duties under the Pooling and Servicing
Agreement, and with the knowledge and intent that they will rely upon this certification, that:

 

The
report on assessment of compliance with servicing criteria applicable to the Trustee for asset-backed securities with respect
to the Trustee or any Servicing Function Participant retained by the Trustee and related attestation report on assessment of compliance
with servicing criteria applicable to it required to be included in the annual report on Form 10-K for the relevant reporting
period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has been provided to the Depositor
and to the Certificate Administrator for inclusion as an exhibit to such Form 10-K. Any material instances of noncompliance
described in such reports have been provided to the Certificate Administrator and the Depositor for disclosure in such annual
report on Form 10-K.

 

Capitalized
terms used but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:

	 	 	 
	 	WILMINGTON TRUST, NATIONAL
    ASSOCIATION

 

    	S-1-1

    	 

    

 

	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

    	S-1-2

    	 

    

 

EXHIBIT
S-2

 

FORM
OF CUSTODIAN BACKUP CERTIFICATION

 

WELLS
FARGO COMMERCIAL MORTGAGE TRUST 2015-NXS3 (The “Trust”)

 

The
undersigned, __________, a __________ of WELLS FARGO BANK, NATIONAL ASSOCIATION, on behalf of WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Custodian (the “Custodian”), under that certain Pooling and Servicing Agreement, dated as of October 1,
2015 (the “Pooling and Servicing Agreement”), entered into by Wells Fargo Commercial Mortgage Securities, Inc.,
as depositor, Wells Fargo Bank, National Association, as general master servicer (in such capacity, the “General Master
Servicer”), LNR Partners, LLC, as general special servicer (the “General Special Servicer”), National
Cooperative Bank, N.A., as NCB Master Servicer (in such capacity, the “NCB Master Servicer”), National Cooperative
Bank, N.A., as NCB Special Servicer (in such capacity, the “NCB Special Servicer”), Midland Loan Services,
a Division of PNC Bank, National Association, as One Court Square Special Servicer (the “One Court Square Special Servicer”),
Wilmington Trust, National Association, as trustee, Wells Fargo Bank, National Association, as certificate administrator, paying
agent and custodian (the “Certificate Administrator”), and Pentalpha Surveillance LLC, as trust advisor (the
“Trust Advisor”), certifies to [______], Wells Fargo Commercial Mortgage Securities, Inc. and its officers,
directors and affiliates, to the extent that the following information is within our normal area of responsibilities and duties
under the Pooling and Servicing Agreement, and with the knowledge and intent that they will rely upon this certification, that:

 

The
report on assessment of compliance with servicing criteria applicable to the Custodian for asset-backed securities with respect
to the Custodian or any Servicing Function Participant retained by the Custodian and related attestation report on assessment
of compliance with servicing criteria applicable to it required to be included in the annual report on Form 10-K for the
relevant reporting period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has been
provided to the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form 10-K. Any material
instances of noncompliance described in such reports have been provided to the Certificate Administrator and the Depositor for
disclosure in such annual report on Form 10-K.

 

Capitalized
terms used but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:

	 	 	 
	 	WELLS FARGO BANK, NATIONAL
    ASSOCIATION

 

    	S-2-1

    	 

    

 

	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

    	S-1-2

    	 

    

 

EXHIBIT
S-3

 

FORM
OF CERTIFICATE ADMINISTRATOR BACKUP CERTIFICATION

 

WELLS
FARGO COMMERCIAL MORTGAGE TRUST 2015-NXS3 (the “Trust”)

 

The
undersigned, __________, a __________ of WELLS FARGO BANK, NATIONAL ASSOCIATION, on behalf of WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Certificate Administrator (the “Certificate Administrator”), under that certain Pooling and Servicing Agreement,
dated as of October 1, 2015 (the “Pooling and Servicing Agreement”), entered into by Wells Fargo Commercial
Mortgage Securities, Inc., as depositor (the “Depositor”), Wells Fargo Bank, National Association, as general
master servicer (in such capacity, the “General Master Servicer”), LNR Partners, LLC, as general special servicer
(the “General Special Servicer”), National Cooperative Bank, N.A., as NCB Master Servicer (in such capacity,
the “NCB Master Servicer”), National Cooperative Bank, N.A., as NCB Special Servicer (in such capacity, the
“NCB Special Servicer”), Midland Loan Services, a Division of PNC Bank, National Association, as One Court
Square Special Servicer (the “One Court Square Special Servicer”), Wilmington Trust, National Association,
as trustee (the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator, paying agent
and custodian, and Pentalpha Surveillance LLC, as trust advisor (the “Trust Advisor”), certifies to [_______],
Wells Fargo Commercial Mortgage Securities, Inc. and its officers, directors and affiliates, to the extent that the following
information is within our normal area of responsibilities and duties under the Pooling and Servicing Agreement, and with the knowledge
and intent that they will rely upon this certification, that:

 

		1.	I
                                         have reviewed the annual report on Form 10-K (the “Annual Report”)
                                         for the fiscal year 20[__] (the “Relevant Period”), and all reports
                                         on Form 10-D and Form 8-K to be filed in respect of periods included in the
                                         year covered by the Annual Report (collectively with the Annual Report, the “Reports”),
                                         of the Trust;

 

		2.	To
                                         my knowledge, the Reports taken as a whole, do not contain any untrue statement of a
                                         material fact or omit to state a material fact necessary to make the statements made,
                                         in light of the circumstances under which such statements were made, not misleading with
                                         respect to the period covered by the Annual Report;

 

		3.	To
                                         my knowledge, the distribution information required to be provided by the Certificate
                                         Administrator under the Pooling and Servicing Agreement for inclusion in the Reports
                                         is included in the Reports;

 

		4.	I
                                         am responsible for reviewing the activities performed by the Certificate Administrator
                                         under the Pooling and Servicing Agreement and based on my knowledge and the compliance
                                         reviews conducted in preparing the Certificate Administrator compliance statements required
                                         for inclusion on Form 10-K pursuant to Item 1123 of Regulation AB, and except
                                         as disclosed on any Reports, the Certificate Administrator has fulfilled its obligations
                                         in all material respects under the Pooling and Servicing Agreement; and

 

    	S-3-1

    	 

    

		5.	The
                                         report on assessment of compliance with servicing criteria applicable to the Certificate
                                         Administrator for asset-backed securities with respect to the Certificate Administrator
                                         or any Servicing Function Participant retained by the Certificate Administrator and related
                                         attestation report on assessment of compliance with servicing criteria applicable to
                                         it required to be included in the annual report on Form 10-K for the Relevant Period
                                         in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and
                                         15d-18 has been provided to the Depositor for inclusion as an exhibit to such Form 10-K.
                                         Any material instances of noncompliance described in such reports have been provided
                                         to the Depositor for disclosure in such annual report on Form 10-K.

 

In
giving the certifications above, the Certificate Administrator has reasonably relied on information provided to it by the following
unaffiliated persons: the General Master Servicer, the General Special Servicer, the NCB Master Servicer, the NCB Special Servicer,
the One Court Square Special Servicer, the Depositor, the Trustee and/or the Custodian.

 

Capitalized
terms used but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:

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

 

    	S-3-2

    	 

    

 

EXHIBIT
S-4

 

FORM
OF MASTER SERVICER BACKUP CERTIFICATION

 

WELLS
FARGO COMMERCIAL MORTGAGE TRUST 2015-NXS3 (the “Trust”)

 

I,
[identify the certifying individual], a [_______________] of [WELLS FARGO BANK, NATIONAL ASSOCIATION, as General Master Servicer]
[NATIONAL COOPERATIVE BANK, N.A., as NCB Master Servicer] under that certain Pooling and Servicing Agreement, dated as of October
1, 2015 (the “Pooling and Servicing Agreement”), entered into by Wells Fargo Commercial Mortgage Securities,
Inc., as depositor, Wells Fargo Bank, National Association, as general master servicer (in such capacity, the “General
Master Servicer”), LNR Partners, LLC, as general special servicer (the “General Special Servicer”),
National Cooperative Bank, N.A., as NCB Master Servicer (in such capacity, the “NCB Master Servicer”), National
Cooperative Bank, N.A., as NCB Special Servicer (in such capacity, the “NCB Special Servicer”), Midland Loan
Services, a Division of PNC Bank, National Association, as One Court Square Special Servicer (the “One Court Square Special
Servicer”), Pentalpha Surveillance LLC, as trust advisor, Wells Fargo Bank, National Association, as certificate administrator,
paying agent and custodian (in such capacity, the “Certificate Administrator”), and Wilmington Trust, National
Association, as trustee, and on behalf of the [General] [NCB] Master Servicer, certify to [Name of Certifying Person(s) for Sarbanes-Oxley
Certification], the Depositor, and its officers, directors and affiliates, and with the knowledge and intent that they will rely
upon this certification, that: 

 

		1.	Based
                                         on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
                                         Period”), and assuming the accuracy of the statements required to be made by
                                         each Special Servicer in the special servicer backup certificate delivered by each Special
                                         Servicer relating to the Relevant Period, all servicing information and all reports (the
                                         “Servicer Reports”) required to be submitted by the [General] [NCB]
                                         Master Servicer to the Certificate Administrator pursuant to Sections 4.02(c) and
                                         (d) of the Pooling and Servicing Agreement for inclusion in the annual report on Form 10-K
                                         for the Relevant Period and inclusion in all reports on Form 10-D or Form 8-K
                                         have been submitted by the [General] [NCB] Master Servicer to the Certificate Administrator
                                         for inclusion in these reports;

 

		2.	Based
                                         on my knowledge, and assuming the accuracy of the statements required to be made by each
                                         Special Servicer in the special servicer backup certificate delivered by each Special
                                         Servicer relating to the Relevant Period, the master servicing information contained
                                         in the Servicer Reports, taken as a whole, does not contain any untrue statement of a
                                         material fact or omit to state a material fact necessary to make the statements made,
                                         in light of the circumstances under which such statements were made, not misleading with
                                         respect to the period covered by these reports;

 

		3.	I
                                         am, or a Servicing Officer under my supervision is, responsible for reviewing the activities
                                         performed by the [General] [NCB] Master Servicer under the Pooling and Servicing Agreement
                                         and based upon my knowledge and the annual compliance reviews conducted in preparing
                                         the servicer compliance statements required to be delivered under

 

    	S-4-1

    	 

    

 

			Article XI
                                         of the Pooling and Servicing Agreement for inclusion on Form 10-K pursuant to Item 1123
                                         of Regulation AB with respect to the [General] [NCB] Master Servicer, and except as disclosed
                                         in the compliance certificate delivered by the [General] [NCB] Master Servicer under
                                         Section 11.12 of the Pooling and Servicing Agreement, the [General] [NCB] Master
                                         Servicer has fulfilled its obligations under the Pooling and Servicing Agreement in all
                                         material respects during the Relevant Period;

 

		4.	The
                                         accountants that are to deliver the annual attestation report on assessment of compliance
                                         with the Relevant Servicing Criteria in respect of the [General] [NCB] Master Servicer
                                         with respect to the Trust’s fiscal year _____ have been provided all information
                                         relating to the [General] [NCB] Master Servicer’s assessment of compliance with
                                         the Relevant Servicing Criteria in order to enable them to conduct a review in compliance
                                         with the standards for attestation engagements issued or adopted by the PCAOB; and

 

		5.	The
                                         report on assessment of compliance with servicing criteria applicable to the [General]
                                         [NCB] Master Servicer for asset-backed securities with respect to the [General] [NCB]
                                         Master Servicer or any Servicing Function Participant retained by the [General] [NCB]
                                         Master Servicer and related attestation report on assessment of compliance with servicing
                                         criteria applicable to it required to be included in the annual report on Form 10-K
                                         for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange
                                         Act Rules 13a-18 and 15d-18 has been provided to the Depositor and to the Certificate
                                         Administrator for inclusion as an exhibit to such Form 10-K. Any material instances
                                         of noncompliance described in such reports have been provided to the Certificate Administrator
                                         and the Depositor for disclosure in such annual report on Form 10-K.

 

[In
giving the certification above, I have reasonably relied on and make no certification as to information provided to me by the
following unaffiliated parties: [name(s) of third parties (including the [General Special Servicer and the One Court Square Special
Servicer] [NCB Special Servicer], but other than a Sub-Servicer, Additional Servicer or any other third party retained by the
[General] [NCB] Master Servicer that is not a Designated Sub-Servicer or a Sub-Servicer appointed pursuant to Section 3.22
of the Pooling and Servicing Agreement) and, notwithstanding the foregoing certifications, neither I nor the [General] [NCB] Master
Servicer makes any certification under the foregoing clauses (2) and (3) with respect to the information in the Servicer
Reports that is in turn dependent upon information provided by the [General Special Servicer and the One Court Square Special
Servicer] [NCB Special Servicer] under the Pooling and Servicing Agreement. 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
[General] [NCB] Master 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.]

 

    	S-4-2

    	 

    

 

Capitalized
terms used but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:

	 	 	 
	 	[WELLS FARGO BANK, NATIONAL
    ASSOCIATION] [NATIONAL COOPERATIVE BANK, N.A.]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

    	S-4-3

    	 

    

 

EXHIBIT
S-5

 

FORM
OF SPECIAL SERVICER BACKUP CERTIFICATION

 

WELLS
FARGO COMMERCIAL MORTGAGE TRUST 2015-NXS3 (the “Trust”)

 

I,
[identify the certifying individual], a [_______________ ] of [LNR PARTNERS, LLC] [MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK,
NATIONAL ASSOCIATION] [NATIONAL COOPERATIVE BANK, N.A.,] (the “[General] [One Court Square] [NCB] Special
Servicer”) as [General] [One Court Square] [NCB] Special Servicer under that certain Pooling and Servicing Agreement
dated as of October 1, 2015 (the “Pooling and Servicing Agreement”), entered into by Wells Fargo Commercial
Mortgage Securities, Inc., as depositor (the “Depositor”), Wells Fargo Bank, National Association, as general
master servicer (in such capacity, the “General Master Servicer”), LNR Partners, LLC, as general special servicer
(the “General Special Servicer”), National Cooperative Bank, N.A., as NCB Master Servicer (in such capacity,
the “NCB Master Servicer”) , National Cooperative Bank, N.A., as NCB Special Servicer (in such capacity, the
“NCB Special Servicer”), Midland Loan Services, a Division of PNC Bank, National Association, as One Court
Square Special Servicer (the “One Court Square Special Servicer”), Wilmington Trust, National Association,
as trustee (the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator, paying agent
and custodian (the “Certificate Administrator”), and Pentalpha Surveillance LLC, as trust advisor (the “Trust
Advisor”), on behalf of the [General] [One Court Square] [NCB] Special Servicer, certify to [Name of Certifying Person(s)
for Sarbanes-Oxley Certification], the Depositor, and its officers, directors and affiliates, and with the knowledge and intent
that they will rely upon this certification, that:

 

		1.	Based
                                         on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
                                         Period”), all servicing information and all required reports (the “Special
                                         Servicer Reports”) required to be submitted by the [General Special Servicer]
                                         [One Court Square Special Servicer] [NCB Special Servicer] pursuant to the Pooling and
                                         Servicing Agreement for inclusion in the annual report on Form 10-K for the Relevant
                                         Period and inclusion in all reports on Form 10-D or Form 8-K have been submitted
                                         by the [General Special Servicer] [One Court Square Special Servicer] [NCB Special Servicer]
                                         to the [General] [General] [NCB] Master Servicer, the Depositor, the Trustee or the Certificate
                                         Administrator, as applicable, for inclusion in these reports;

 

		2.	Based
                                         on my knowledge, the special servicing information contained in the Special Servicer
                                         Reports, taken as a whole, does not contain any untrue statement of a material fact or
                                         omit to state a material fact necessary to make the statements made, in light of the
                                         circumstances under which such statements were made, not misleading with respect to the
                                         period covered by these reports;

 

		3.	I
                                         am, or a Servicing Officer under my supervision is, responsible for reviewing the activities
                                         performed by the [General] [One Court Square] [NCB] Special Servicer under the Pooling
                                         and Servicing Agreement and based upon my knowledge and the annual compliance reviews
                                         conducted in preparing the servicer compliance statements required to be delivered under
                                         Article XI of the Pooling and Servicing Agreement for inclusion in

 

    	S-5-1

    	 

    

 

			the
                                         Form 10-K under Item 1123 of Regulation AB with respect to the [General] [One
                                         Court Square] [NCB] Special Servicer, and except as disclosed in the compliance certificate
                                         delivered by the [General] [One Court Square] [NCB] Special Servicer under Section 11.13
                                         of the Pooling and Servicing Agreement, the Special Servicer has fulfilled its obligations
                                         under the Pooling and Servicing Agreement in all material respects during the Relevant
                                         Period;

 

		4.	The
                                         accountants that are to deliver the annual attestation report on assessment of compliance
                                         with the Relevant Servicing Criteria in respect of the [General] [One Court Square] [NCB]
                                         Special Servicer with respect to the Trust’s fiscal year _____ have been provided
                                         all information relating to the [General] [One Court Square] [NCB] Special Servicer assessment
                                         of compliance with the Relevant Servicing Criteria, in order to enable them to conduct
                                         a review in compliance with the standards for attestation engagements issued or adopted
                                         by the PCAOB; and

 

		5.	The
                                         report on assessment of compliance with servicing criteria applicable to the [General]
                                         [One Court Square] [NCB] Special Servicer for asset-backed securities with respect to
                                         the [General] [One Court Square] [NCB] Special Servicer or any Servicing Function Participant
                                         retained by the [General] [One Court Square] [NCB] Special Servicer and related attestation
                                         report on assessment of compliance with servicing criteria applicable to it required
                                         to be included in the annual report on Form 10-K for the Relevant Period in accordance
                                         with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has been
                                         provided to the Depositor and to the Certificate Administrator for inclusion as an exhibit
                                         to such Form 10-K. Any material instances of noncompliance described in such reports
                                         have been provided to the Certificate Administrator and the Depositor for disclosure
                                         in such annual report on Form 10-K.

 

Capitalized
terms used but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:

 

	 	[GENERAL SPECIAL SERVICER] 

    [ONE COURT SQUARE SPECIAL SERVICER]

    [NCB SPECIAL SERVICER]
	 	 
	 	By:	
	 	 	Name:
Title:

 

    	S-5-2

    	 

    

 

EXHIBIT
S-6

 

FORM
OF TRUST ADVISOR BACKUP CERTIFICATION

 

WELLS
FARGO COMMERCIAL MORTGAGE TRUST 2015-NXS3 (the “Trust”)

 

I,
[identify the certifying individual], a [_______________ ] of PENTALPHA SURVEILLANCE LLC (the “Trust Advisor”)
as Trust Advisor under that certain Pooling and Servicing Agreement dated as of October 1, 2015 (the “Pooling and Servicing
Agreement”), entered into by Wells Fargo Commercial Mortgage Securities, Inc., as depositor (the “Depositor”),
Wells Fargo Bank, National Association, as general master servicer (in such capacity, the “General Master Servicer”),
LNR Partners, LLC, as general special servicer (the “General Special Servicer”), National Cooperative Bank,
N.A., as NCB Master Servicer (in such capacity, the “NCB Master Servicer”), National Cooperative Bank, N.A.,
as NCB Special Servicer (in such capacity, the “NCB Special Servicer”), Midland Loan Services, a Division of
PNC Bank, National Association, as One Court Square Special Servicer (the “One Court Square Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), and Wells Fargo Bank, National Association,
as certificate administrator, paying agent and custodian (the “Certificate Administrator”) and the Trust Advisor,
on behalf of the Trust Advisor, certify to [Name of Certifying Person(s) for Sarbanes-Oxley Certification], the Depositor, and
its officers, directors and affiliates, and with the knowledge and intent that they will rely upon this certification, that:

 

		1.	Based
                                         on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
                                         Period”), all information required to be submitted by the Trust Advisor to
                                         the General Master Servicer, the NCB Master Servicer, the Depositor, Trustee or Certificate
                                         Administrator, as applicable, pursuant to the Pooling and Servicing Agreement for inclusion
                                         in the annual report on Form 10-K for the Relevant Period and inclusion in all reports
                                         on Form 10-D or Form 8-K (the “Trust Advisor Reports”) have
                                         been submitted by the Trust Advisor to the General Master Servicer, the NCB Master Servicer,
                                         the Depositor, the Trustee or the Certificate Administrator, as applicable, for inclusion
                                         in these reports;

 

		2.	Based
                                         on my knowledge, the trust advisor information contained in the Trust Advisor Reports,
                                         taken as a whole, does not contain any untrue statement of a material fact or omit to
                                         state a material fact necessary to make the statements made, in light of the circumstances
                                         under which such statements were made, not misleading with respect to the period covered
                                         by these reports;

 

		3.	The
                                         accountants that are to deliver the annual attestation report on assessment of compliance
                                         with the Relevant Servicing Criteria in respect of the Trust Advisor with respect to
                                         the Trust’s fiscal year ________ have been provided all information relating to
                                         the Trust Advisor’s assessment of compliance with the Relevant Servicing Criteria,
                                         in order to enable them to conduct a review in compliance with the standards for attestation
                                         engagements issued or adopted by the PCAOB; and

 

    	S-6-1

    	 

    

 

		4. 	The
                                         report on assessment of compliance with servicing criteria applicable to the Trust Advisor
                                         for asset-backed securities with respect to the Trust Advisor or any Servicing Function
                                         Participant retained by the Trust Advisor and related attestation report on assessment
                                         of compliance with servicing criteria applicable to it required to be included in the
                                         annual report on Form 10-K for the Relevant Period in accordance with Item 1122
                                         of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has been provided to the Depositor
                                         and to the Certificate Administrator for inclusion as an exhibit to such Form 10-K.
                                         Any material instances of noncompliance described in such reports have been provided
                                         to the Certificate Administrator and the Depositor for disclosure in such annual report
                                         on Form 10-K.

 

Capitalized
terms used but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:

 

	 	PENTALPHA SURVEILLANCE LLC
	 	 
	 	By:	
	 	 	Name:
Title:

 

    	S-6-2

    	 

    

 

EXHIBIT
T

 

FORM
OF SARBANES OXLEY CERTIFICATION

 

Wells
Fargo Commercial Mortgage Trust 2015-NXS3,

Commercial Mortgage Pass-Through Certificates

Series 2015-NXS3 (the “Trust”)

 

I,
[identify the certifying individual], a [title] of Wells Fargo Commercial Mortgage Securities, Inc., the depositor into the above-referenced
Trust, certify that:

 

1.        I
have reviewed this annual report on Form 10-K, and all reports Form 10-D required to be filed in respect of periods
included in the year covered by this annual report, of the Trust;

 

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 annual report;

 

3.        Based
on my knowledge, all of the distribution, servicing and other information required to be provided under Form 10-D for the
period covered by this report is included in the Exchange Act periodic reports;

 

4.        Based
on my knowledge and the servicer compliance statements required in this report under Item 1123 of Regulation AB, and except
as disclosed in the Exchange Act periodic report, the servicers have fulfilled their obligations under the pooling and servicing
agreement 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.

 

    	T-1

    	 

    

 

In
giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties:
[______________].

 

Date:

 

	 	WELLS FARGO COMMERCIAL MORTGAGE SECURITIES INC.
	 	 
	 	By:	
	 	 	Name:
Title:

 

    	T-2

    	 

    

 

EXHIBIT
U

 

FORM
OF OUTSIDE MASTER SERVICER NOTICE

 

[Date]

 

[Non-Trust
Trustee]

 

[Non-Trust
Certificate Administrator]

 

[Non-Trust
Master Servicer]

 

[Non-Trust
Special Servicer]

 

[Non-Trust
Trust Advisor]

 

		Re:	Wells
                                         Fargo Commercial Mortgage Trust 2015-NXS3,

                                         Commercial Mortgage Pass-Through
                                         Certificates, Series 2015-NXS3

 

Ladies
and Gentlemen:

 

This
notice is being delivered pursuant to Section 3.01(h) of the Pooling and Servicing Agreement, dated as of October 1, 2015
(the “WFCM 2015-NXS3 Pooling and Servicing Agreement”) among Wells Fargo Commercial Mortgage Securities, Inc.,
as depositor, Wells Fargo Bank, National Association, as general master servicer (in such capacity, the “WFCM 2015-NXS3
General Master Servicer”), LNR Partners, LLC, as general special servicer (the “WFCM 2015-NXS3 General Special
Servicer”), National Cooperative Bank, N.A., as NCB Master Servicer, National Cooperative Bank, N.A., as NCB Special
Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as One Court Square Special Servicer, Pentalpha
Surveillance LLC, as trust advisor, Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the
“WFCM 2015-NXS3 Certificate Administrator”) and Wilmington Trust, National Association, as trustee (the “WFCM
2015-NXS3 Trustee”), and relating to Wells Fargo Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through
Certificates, Series 2015-NXS3 (the “Certificates”). Capitalized terms used but not otherwise defined herein
shall have respective meanings assigned to them in the WFCM 2015-NXS3 Pooling and Servicing Agreement.

 

Notice
is hereby given to you, as parties to the Non-Trust Pooling and Servicing Agreement relating to the [_____] Mortgage Loan, that
as of the date hereof, the WFCM 2015-NXS3 Trustee is the holder of the [_____] Mortgage Loan for the benefit of the Certificateholders.
As such, we hereby direct you to remit to the WFCM 2015-NXS3 General Master Servicer all amounts payable to, and to forward, deliver
or otherwise make available, as the case may be, to the WFCM 2015-NXS3 General Master Servicer all reports, statements, documents,
communications and other information that are to be forwarded, delivered or otherwise made available to, the holders of the [______]
Mortgage Loan under the related Intercreditor Agreement and the Non-Trust Pooling and Servicing Agreement referenced above.

 

    	U-1

    	 

    

 

The
contact information for each of the WFCM 2015-NXS3 Trustee, the WFCM 2015-NXS3 Certificate Administrator, the WFCM 2015-NXS3 General
Master Servicer, the WFCM 2015-NXS3 General Special Servicer and the party designated to exercise the rights of the “Non-Controlling
Note Holder” (as such term is defined in each related Intercreditor Agreement) is provided on Schedule 1 hereto. 

 

A
copy of the executed version of the WFCM 2015-NXS3 Pooling and Servicing Agreement [and a copy of the executed version of the
related Intercreditor Agreement] will be made available to you upon request. Please contact us at (866) 846-4526 if you have any
questions.

 

	 	 	Very truly yours,
	 	 	 
	 	 	WELLS FARGO BANK, NATIONAL ASSOCIATION

    WFCM 2015-NXS3 Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Name:
Title:

 

    	U-2

    	 

    

 

Schedule 1
to Exhibit U

 

Contact
Information

 

Wilmington
Trust, National Association

1100 North Market Street 

Wilmington,
Delaware 19890

Attention: WFCM 2015-NXS3

 

Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services – WFCM 2015-NXS3

 

Wells
Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086 120, 550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: WFCM 2015-NXS3 Asset Manager

 

LNR
Partners, LLC 

1601
Washington Avenue, Suite 700 

Miami,
Florida 33139 

Attention:
Thomas F. Nealon, Esq., Steven A. Rivers, Esq. and Job Warshaw

 

LNR
Securities Holdings, LLC

1601 Washington Avenue, 12th Floor

Miami Beach, Florida 33139

Attention: Thomas F. Nealon III, Esq., Steven A. Rivers, Esq. and Job
Warshaw

 

    	U-3

    	 

    

 

EXHIBIT
V

 

[RESERVED]

 

    	V-1

    	 

    

 

EXHIBIT
W

 

[RESERVED]

 

    	W-1

    	 

    

 

EXHIBIT
X

 

FORM
OF NOTICE OF EXCHANGE OF EXCHANGEABLE CERTIFICATES

 

[Certificateholder’s
letterhead]

 

Wells Fargo
Bank, National Association

Wells Fargo Center

Sixth Street and Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust Services – Wells Fargo Commercial Mortgage
Trust 2015-NXS3

 

		Re:	Wells
Fargo Commercial Mortgage Trust 2015-NXS3, Commercial Mortgage Pass-Through Certificates, Series 2015-NXS3 (the “Certificates”)
Notice of Exchange of Exchangeable Certificates

 

This
letter is delivered to you pursuant to Section 5.09 of the Pooling and Servicing Agreement, dated as of October 1, 2015 (the
“Pooling and Servicing Agreement”), among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor (the
“Depositor”), Wells Fargo Bank, National Association, as General Master Servicer, LNR Partners, LLC, as General
Special Servicer, National Cooperative Bank, N.A., as NCB Master Servicer, National Cooperative Bank, N.A., as NCB Special Servicer,
Midland Loan Services, a Division of PNC Bank, National Association, as One Court Square Special Servicer, Pentalpha Surveillance
LLC, as Trust Advisor, Wells Fargo Bank, National Association, as Certificate Administrator, as Tax Administrator and as Custodian,
and Wilmington Trust, National Association, as Trustee. All capitalized terms used but not otherwise defined herein shall have
the respective meanings set forth in the Pooling and Servicing Agreement.

 

The
undersigned hereby (i) certifies that as of the date above, the undersigned is the beneficial owner of the Exchangeable Certificates
set forth below under “Exchangeable Certificates to be Surrendered”, 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
set forth below under “Exchangeable Certificates to be Surrendered” 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 set forth below. We propose an Exchange Date of [______].

 

We
agree that upon such exchange, our interests in the portion(s) of the Exchangeable Certificates surrendered in exchange shall
be reduced and our interest in the portion(s) of the Exchangeable Certificates received in such exchange shall be increased.

 

    	X-1

    	 

    

 

	Exchangeable
                                         Certificates to be Surrendered
	 	Exchangeable
                                         

                                         Certificates to be 

                                         Received

	 	 	 	 	 	 	 
	CUSIP
	 	Outstanding
                                         

                                         Certificate Principal

                                         Balance
	 	Initial
                                         Certificate

                                         Principal Balance
	 	CUSIP

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

Our
Depository participant number is [________].

 

	 	Sincerely,
	 	 
	 	 By:	
	 	 	Name:
Title:

 

[Medallion
Stamp Guarantee]

 

    	X-2

    	 

    

 

EXHIBIT
                                         Y

 

FORM
OF INTERCREDITOR AGREEMENT AND 

SUBORDINATION AGREEMENT FOR CO-OP MORTGAGE LOANS

 

THIS
INTERCREDITOR AGREEMENT AND SUBORDINATION AGREEMENT (this “Agreement”) made as of this __ day of ____, 20__
between [_______], a [___________] having an office at [__________] in its capacity as senior lender (“Lender”),
and [_________], a [_________] having an office at [__________] in its capacity as subordinated lender (“Subordinated
Lender”).

 

W I T N E S S E T H:

 

WHEREAS,
Lender is the holder of a certain loan (the “Loan”) to [_________] (“Borrower”) dated the
date hereof in the amount of [_________] and 00/100 ($__________) Dollars, which Loan is secured by, among other things, a mortgage
upon the Project (hereinafter defined), which mortgage is intended to be recorded;

 

WHEREAS,
Subordinated Lender is the holder of a certain loan (the “Subordinated Loan”) dated the date hereof to Borrower
in the amount of [_________] and 00/100 ($_________) Dollars, which Subordinated Loan is secured by, among other things, a mortgage
upon the Project (hereinafter defined), which mortgage is intended to be recorded; and

 

WHEREAS,
Lender and Subordinated Lender desire to enter into this Agreement for the purpose of establishing the priorities of their respective
interests in the Project, and for the purpose of setting forth certain other agreements between them with respect to their agreements
with Borrower;

 

NOW,
THEREFORE, in consideration of the premises, the payment of good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, Lender and Subordinated Lender agree as follows:

 

Defined
Terms. As used in this Agreement, the following terms shall have the meanings hereinafter set forth, unless the context shall
otherwise require:

 

“Affiliate”
– Shall mean, as to any particular Person, any Person directly or indirectly, through one or more intermediaries, controlling,
Controlled by or under common control with the Person or Persons in question.

 

“Control”
– Shall mean, (i) the ownership, directly or indirectly, in the aggregate of more than fifty percent (50%) of the beneficial
ownership interests of such Person or (ii) the possession, directly or indirectly, of the power to direct or cause the direction
of the management or policies of an entity, whether through the ability to exercise voting power, by contract or otherwise. “Controlled
by,” “controlling” and “under common control with” shall have the respective correlative meaning
thereto.

 

    	Y-1

    	 

    

 

“Certificates”
– Shall mean any securities (including all classes thereof) representing beneficial ownership interests in the Loan or in
a pool of mortgage loans including the Loan issued in connection with a securitization of the Loan.

 

“Eligibility
Requirements” – Shall mean, with respect to any Person, that such Person (i) has total assets (in name or
under management) in excess of $200,000,000.00 and (except with respect to a pension advisory firm or similar fiduciary) capital/statutory
surplus or shareholder’s equity of $60,000,000.00 and (ii) is regularly engaged in the business of making or owning
commercial or multi-family real estate loans or operating commercial or multi-family mortgage properties.

 

“Event
of Default” – Shall mean (i) with respect to the Loan and the Loan Documents, any default thereunder which
has occurred and is continuing beyond any applicable grace or curative period, and (ii) with respect to the Subordinated
Loan and the Subordinated Loan Documents, any default thereunder which has occurred and is continuing beyond any applicable grace
or curative period.

 

“Loan
Documents” – Shall mean all loan documents, notes, security agreements, mortgages, including, without limitation,
those certain documents made by Borrower creating a first lien upon the Project and any other documents evidencing and securing
the Loan, in effect on the date hereof, as the same may be modified, amended, restated, supplemented, replaced or extended, from
time to time, in accordance with the terms hereof.

 

“Permitted
Fund Manager” – Shall mean any Person that on the date of determination is (i) a nationally-recognized manager
of investment funds investing in debt or equity interests relating to commercial real estate, (ii) investing through a fund
with committed capital of at least $250,000,000 and (iii) not subject to a Proceeding.

 

“Person”
– Shall mean any individual, sole proprietorship, corporation, general partnership, limited partnership, limited liability
company or partnership, joint venture, association, joint stock company, bank, trust, estate unincorporated organization, any
federal, state, county or municipal government (or any agency or political subdivision thereof) endowment fund or any other form
of entity.

 

“Proceeding”
– Shall mean the commencement, whether voluntary or involuntary, of any case, proceeding or other action against Borrower
under any existing or future law of any jurisdiction relating to bankruptcy, insolvency, reorganization or relief of debtors.

 

“Project”
– Shall mean that certain real property owned by Borrower described on Exhibit A attached hereto and the improvements
located or to be located thereon.

 

“Protective
Advance” – Shall mean all sums advanced for the purpose of payment of real estate taxes (including special payments
in lieu of real estate taxes), maintenance costs, insurance premiums or other items (including capital items) reasonably necessary
to protect the Project or any portion thereof (including, but limited to, all reasonable attorneys’ fees, costs relating
to the entry upon the Project or any portion thereof to make repairs and the payment, purchase, contest or compromise of any encumbrance,
charge or lien which in the judgment of Lender appears to be prior or superior to the Loan Documents).

 

    	Y-2

    	 

    

 

“Qualified
Transferee” – Shall mean (i) Subordinated Lender or an Affiliate of Subordinated Lender or (ii) one
or more of the following:

 

(A)          a
real estate investment trust, bank, saving and loan association, investment bank, insurance company, trust company, commercial
credit corporation, pension plan, pension fund or pension advisory firm, mutual fund, government entity or plan, provided that
any such Person referred to in this clause (A) satisfies the Eligibility Requirements;

 

(B)          an
investment company, money management firm or “qualified institutional buyer” within the meaning of Rule 144A
under the Securities Act of 1933, as amended, or an institutional “accredited investor” within the meaning of Regulation D
under the Securities Act of 1933, as amended, provided that any such Person referred to in this clause (B) satisfies the
Eligibility Requirements;

 

(C)          an
institution substantially similar to any of the foregoing entities described in clauses (ii)(A) or (ii)(B) that satisfies
the Eligibility Requirements;

 

(D)          any
entity controlled by any of the entities described in clause (i) or clauses (ii)(A) or (ii)(C) above;

 

(E)          a
Qualified Trustee in connection with a securitization of, the creation of collateralized debt obligations (“CDO”)
secured by or financing through an “owner trust” of, the Subordinated Loan (collectively, “Securitization
Vehicles”) so long as (A) the special servicer or manager of such Securitization Vehicle has the Required Special
Servicer Rating and (B) the entire “controlling class” of such Securitization Vehicle, other than with respect
to a CDO Securitization Vehicle, is held by one or more entities that are otherwise Qualified Transferees under clauses (ii)(A),
(B), (C) or (D) of this definition; provided that the operative documents of the related Securitization Vehicle require that (1) in
the case of a CDO Securitization Vehicle, the “equity interest” in such Securitization Vehicle is owned by one or
more entities that are Qualified Transferees under clauses (ii)(A), (B), (C) or (D) of this definition and (2) if any
of the relevant trustee, special servicer, or manager fails to meet the requirements of this clause (E), such Person must
be replaced by a Person meeting the requirements of this clause (E) within thirty (30) days; or

 

(F)          an
investment fund, limited liability company, limited partnership or general partnership where a Permitted Fund Manager or an entity
that is otherwise a Qualified Transferee under clauses (ii)(A), (B), (C) or (D) of this definition acts as the general partner,
managing member or fund manager and at least 50% of the equity interests in such investment vehicle are owned, directly or indirectly,
by one or more entities that are otherwise Qualified Transferees under clauses (ii)(A), (B), (C) or (D) of this definition.

 

“Qualified
Trustee” – Shall mean (i) a corporation, national bank, national banking association or a trust company,
organized and doing business under the laws of any state or the United States of America, authorized under such laws to exercise
corporate trust powers

 

    	Y-3

    	 

    

 

and
to accept the trust conferred, having a combined capital and surplus of at least $100,000,000 and subject to supervision or examination
by federal or state authority, (ii) an institution insured by the Federal Deposit Insurance Corporation or (iii) an
institution whose long-term senior unsecured debt is rated either of the then in effect top two rating categories of each of the
Rating Agencies.

 

“Rating
Agencies” – Shall mean, prior to a securitization, each of Standard & Poor’s Ratings Services, a division
of The McGraw-Hill Companies, Inc., Moody’s Investors Service, Inc., and Fitch Ratings, Inc., or any other nationally-recognized
statistical rating agency which has been designated by Lender and, after a securitization, shall mean any of the foregoing that
have rated any of the Certificates.

 

“Rating
Agency Confirmation” – Shall mean each of the Rating Agencies shall have confirmed in writing that the occurrence
of the event with respect to which such Rating Agency Confirmation is sought shall not result in a downgrade, qualification or
withdrawal of the applicable rating or ratings ascribed by such Rating Agency to any of the Certificates then outstanding. In
the event that no Certificates are outstanding or the Loan is not part of a securitization, any action that would otherwise require
a Rating Agency Confirmation shall require the consent of the Lender, which consent shall not be unreasonably withheld or delayed.

 

“Required
Special Servicer Rating” – Shall mean (i) a rating of “CSS1” in the case of Fitch Ratings, (ii) on
the S&P list of approved special servicers in the case of S&P and (iii) in the case of Moody’s, such special
servicer is acting as special servicer in a commercial mortgage loan securitization that was rated by Moody’s within the
twelve (12) month period prior to the date of determination, and Moody’s has not downgraded or withdrawn the then-current
rating on any class of commercial mortgage securities or placed any class of commercial mortgage securities on watch citing the
continuation of such special servicer as special servicer of such commercial mortgage securities.

 

“Subordinated
Loan Documents” – Shall mean all loan documents, notes, security agreements, mortgages, including, without limitation,
those certain documents made by Borrower creating a second lien upon the Project and any other documents evidencing and securing
the Subordinated Loan, in effect on the date hereof, as the same may be modified, amended, restated, supplemented, replaced or
extended, from time to time, in accordance with the terms hereof.

 

“Transfer”
– Shall mean any assignment, pledge, conveyance, sale, transfer, mortgage, encumbrance, grant of a security interest, issuance
of a participation interest, or other disposition, either directly or indirectly, by operation of law or otherwise.

 

1.            Approval
of Loans and Loan Documents; Characterization of Subordinated Loan.

 

(a)          Subordinated
Lender hereby acknowledges that (i) it has received and reviewed and, subject to the terms and conditions of this Agreement,
hereby consents to and approves of the Loan and, subject to the terms and provisions of this Agreement, all of the terms and provisions
of the Loan Documents, (ii) the continued performance of the Loan Documents

 

    	Y-4

    	 

    

 

will
not constitute a default or an event which, with the giving of notice or the lapse of time, or both, would constitute a default
under the Subordinated Loan Documents, and (iii) any application or use of the proceeds of the Loan for purposes other than
those provided in the Loan Documents shall not affect, impair or defeat the terms and provisions of this Agreement or the Loan
Documents.

 

(b)          Lender
hereby acknowledges that (i) it has received and reviewed, and, subject to the terms and conditions of this Agreement, hereby
consents to and approves of the making of the Subordinated Loan and, subject to the terms and provisions of this Agreement, all
of the terms and provisions of the Subordinated Loan Documents, (ii) the execution, delivery and performance of the Subordinated
Loan Documents will not constitute a default or an event which, with the giving of notice or the lapse of time, or both, would
constitute a default under the Loan Documents, (iii) any application or use of the proceeds of the Subordinated Loan for
purposes other than those provided in the Subordinated Loan Documents shall not affect, impair or defeat the terms and provisions
of this Agreement or the Subordinated Loan Documents.

 

2.            Representations
and Warranties.

 

(a)          Subordinated
Lender hereby represents and warrants as follows:

 

(i)           Subordinated
Lender has heretofore provided Lender with true, complete and correct copies of the Subordinated Loan Documents. To Subordinated
Lender’s knowledge, there currently exists no default or event which, with the giving of notice or the lapse of time, or
both, would constitute a default under any of the Subordinated Loan Documents.

 

(ii)          Subordinated
Lender is the legal and beneficial owner of the entire Subordinated Loan free and clear of any lien, security interest, option
or other charge or encumbrance.

 

(iii)          There
are no conditions precedent to the effectiveness of this Agreement that have not been satisfied or waived.

 

(iv)          Subordinated
Lender has, independently and without reliance upon Lender and based on such documents and information as it has deemed appropriate,
made its own credit analysis and decision to enter into this Agreement.

 

(v)          Subordinated
Lender is duly organized and validly exists under the laws of the jurisdiction under which it was organized with full power to
execute, deliver, and perform this Agreement and consummate the transactions contemplated hereby.

 

(vi)          All
actions necessary to authorize the execution, delivery, and performance of this Agreement on behalf of Subordinated Lender have
been duly taken, and all such actions continue in full force and effect as of the date hereof.

 

(vii)          Subordinated
Lender has duly executed and delivered this Agreement and this Agreement constitutes the legal, valid, and binding agreement of
Subordinated Lender enforceable against Subordinated Lender in accordance with its terms subject to

 

    	Y-5

    	 

    

 

(a) applicable
bankruptcy, reorganization, insolvency and moratorium laws, and (b) general principles of equity which may apply regardless
of whether a proceeding is brought in law or in equity.

 

(viii)          To
Subordinated Lender’s knowledge, no consent of any other Person and no consent, license, approval, or authorization of,
or exemption by, or registration or declaration or filing with, any governmental authority, bureau or agency is required in connection
with the execution, delivery or performance by Subordinated Lender of this Agreement or consummation by Subordinated Lender of
the transactions contemplated by this Agreement, other than those that have been obtained.

 

(ix)          None
of the execution, delivery and performance of this Agreement nor the consummation of the transactions contemplated by this Agreement
will (a) violate or conflict with any provision of the organizational or governing documents of Subordinated Lender, (b) to
Subordinated Lender’s knowledge, violate, conflict with, or result in the breach or termination of, or otherwise give any
other Person the right to terminate, or constitute (or with the giving of notice or lapse of time, or both, would constitute)
a default under the terms of any contract, mortgage, lease, bond, indenture, agreement, or other instrument to which Subordinated
Lender is a party or to which any of its properties are subject, (c) to Subordinated Lender’s knowledge, result in
the creation of any lien, charge, encumbrance, mortgage, lease, claim, security interest, or other right or interest upon the
properties or assets of Subordinated Lender pursuant to the terms of any such contract, mortgage, lease, bond, indenture, agreement,
franchise, or other instrument, (d) violate any judgment, order, injunction, decree, or award of any court, arbitrator, administrative
agency or governmental or regulatory body of which Subordinated Lender has knowledge against, or binding upon, Subordinated Lender
or upon any of the securities, properties, assets, or business of Subordinated Lender or (e) to Subordinated Lender’s
knowledge, constitute a violation by Subordinated Lender of any statute, law or regulation that is applicable to Subordinated
Lender.

 

(x)          The
Subordinated Loan is not cross defaulted with any loan except the Loan.

 

(b)          Lender
hereby represents and warrants as follows:

 

(i)          Lender
has heretofore provided Subordinated Lender with true, complete and correct copies of the Loan Documents. To Lender’s actual
knowledge, there currently exists no default or event which, with the giving of notice or the lapse of time, or both, would constitute
a default under any of the Loan Documents.

 

(ii)          Lender
is the legal and beneficial owner of the Loan free and clear of any lien, security interest, option or other charge or encumbrance.

 

(iii)          There
are no conditions precedent to the effectiveness of this Agreement against Lender that have not been satisfied or waived.

 

    	Y-6

    	 

    

 

(iv)          Lender
is duly organized and validly exists under the laws of the jurisdiction under which it was organized with full power to execute,
deliver, and perform this Agreement and consummate the transactions contemplated hereby.

 

(v)          All
actions necessary to authorize the execution, delivery, and performance of this Agreement on behalf of Lender have been duly taken,
and all such actions continue in full force and effect as of the date hereof.

 

(vi)          Lender
has duly executed and delivered this Agreement and this Agreement constitutes the legal, valid, and binding agreement of Lender
enforceable against Lender in accordance with its terms subject to (a) applicable bankruptcy, reorganization, insolvency
and moratorium laws and (b) general principles of equity which may apply regardless of whether a proceeding is brought in
law or in equity.

 

(vii)          To
Lender’s knowledge, no consent of any other Person and no consent, license, approval, or authorization of, or exemption
by, or registration or declaration or filing with, any governmental authority, bureau or agency is required in connection with
the execution, delivery or performance by Lender of this Agreement or consummation by Lender of the transactions contemplated
by this Agreement other than those that have been obtained.

 

(viii)          None
of the execution, delivery and performance of this Agreement nor the consummation of the transactions contemplated by this Agreement
will (a) violate or conflict with any provision of the organizational or governing documents of Lender, (b) to Lender’s
knowledge, violate, conflict with, or result in the breach or termination of, or otherwise give any other Person the right to
terminate, or constitute (or with the giving of notice or lapse of time, or both, would constitute) a default under the terms
of any material contract, mortgage, lease, bond, indenture, agreement, or other instrument to which Lender is a party or to which
any of its properties are subject, (c) to Lender’s knowledge, result in the creation of any lien, charge, encumbrance,
mortgage, lease, claim, security interest, or other right or interest upon the properties or assets of Lender pursuant to the
terms of any such material contract, mortgage, lease, bond, indenture, agreement, franchise or other instrument, (d) violate
any judgment, order, injunction, decree or award of any court, arbitrator, administrative agency or governmental or regulatory
body of which Lender has knowledge against, or binding upon, Lender or upon any of the securities, properties, assets, or business
of Lender or (e) to Lender’s knowledge, constitute a violation by Lender of any statute, law or regulation that is
applicable to Lender.

 

(ix)          The
Loan is not cross defaulted with any other loan, except for the Subordinated Loan.

 

3.            Subordination
and Priority. Subordinated Lender hereby subordinates and makes junior the Subordinated Loan, the Subordinated Loan Documents
(and any amendment, modification or extension thereof, and any future advance or increase respecting the Subordinated Loan, in
each instance, whether or not made in violation of this Agreement), and the lien and security interests created thereby and all
of the foregoing (collectively, the

 

    	Y-7

    	 

    

 

“Subordinated
Interests”) shall at all times be junior, subject and subordinate to the lien and security interest created by the Loan
Documents and all of the terms, covenants, conditions, rights and remedies contained in the Loan Documents, and no amendments
or modifications of the Loan Documents or waivers of any provisions thereof shall affect the subordination of the Subordinated
Interests as set forth in this Section 3, it being understood and agreed that the Loan Documents and the liens and security
interests created thereby shall be and remain a prior lien against the Project. In addition, all of Subordinated Lender’s
rights to payment of the Subordinated Loan and the obligations evidenced by the Subordinated Loan Documents are hereby subordinated
to all of Lender’s rights to payment by Borrower of the Loan and the obligations secured by the Loan Documents, and Subordinated
Lender shall not accept or receive payments (including, without limitation, whether in cash or other property and whether received
directly, indirectly or by set-off, counterclaim or otherwise) from Borrower and/or from the Project upon the occurrence and during
the continuance of an Event of Default (as defined in the Loan Documents) under the Loan. If a Proceeding shall have occurred,
Lender shall be entitled to receive payment and performance in full of all amounts due or to become due to Lender before Subordinated
Lender is entitled to receive any payment on account of the Subordinated Loan. All payments or distributions upon or with respect
to the Subordinated Loan which are received by Subordinated Lender contrary to the provisions of this Agreement shall be received
and held in trust by the Subordinated Lender for the benefit of Lender and shall be paid over to Lender in the same form as so
received (with any necessary endorsement) to be applied (in the case of cash) to, or held as collateral (in the case of non-cash
property or securities) for, the payment or performance of the Loan in accordance with the terms of the Loan Documents. Nothing
contained herein shall prohibit the Subordinated Lender from making protective advances (and adding the amount thereof to the
principal balance of the Subordinated Loan) notwithstanding the existence of a default under the Loan at such time.

 

4.            Modifications,
Amendments, Etc.

 

(a)          Lender
shall have the right without the consent of Subordinated Lender in each instance to enter into any amendment, deferral, extension,
modification, increase, renewal, replacement, consolidation, supplement or waiver (collectively, a “Senior Loan Modification”)
of the Loan or the Loan Documents provided that no such Senior Loan Modification shall (i) increase the interest rate or
principal amount of the Loan, (ii) increase in any other material respect any monetary obligations of Borrower under the
Loan Documents, (iii) extend or shorten the scheduled maturity date of the Loan (except that Lender may permit Borrower to
exercise any extension options in accordance with the terms and provisions of the Loan Documents), (iv) convert or exchange
the Loan into or for any other indebtedness or subordinate any of the Loan to any indebtedness of Borrower, (v) amend or
modify the provisions limiting transfers of interests in the Borrower or the Project, (vi) cross default the Loan with any
other indebtedness, (vii) obtain any contingent interest, additional interest or so-called “kicker” measured
on the basis of the cash flow or appreciation of the Project, (or other similar equity participation), or (viii) extend the
period during which voluntary prepayments are prohibited or during which prepayments require the payment of a prepayment fee or
premium or yield maintenance charge or increase the amount of any such prepayment fee, premium or yield maintenance charge; provided,
however, in no event shall Lender be obligated to obtain Subordinated Lender’s consent to a Senior Loan Modification
in the case of a work-out or other surrender, compromise, release, renewal, or indulgence relating to the Loan during the existence
of an Event of Default

 

    	Y-8

    	 

    

 

(as
defined in the Loan Documents) under the Loan, except that under no conditions shall clause (i) (with respect to increase
principal amount only), or clause (viii) be modified without the written consent of Subordinated Lender. In addition and
notwithstanding the foregoing provisions of this Section 2, any amounts funded by the Lender under the Loan Documents as
a result of (A) the making of any protective advances or other advances by the Lender, or (B) interest accruals or accretions
and any compounding thereof (including default interest), shall not be deemed to contravene this Section 2.

 

(b)          Subordinated
Lender shall have the right without the consent of Lender in each instance to enter into any amendment, deferral, extension, modification,
increase, renewal, replacement, consolidation, supplement or waiver (collectively, a “Subordinated Loan Modification”)
of the Subordinated Loan or the Subordinated Loan Documents provided that no such Subordinated Loan Modification shall (i) increase
the interest rate or principal amount of the Subordinated Loan, (ii) increase in any other material respect any monetary
obligations of under the Subordinated Loan Documents, (iii) extend or shorten the scheduled maturity date of the Subordinated
Loan (except that Subordinated Lender may permit Borrower to exercise any extension options in accordance with the terms and provisions
of the Subordinated Loan Documents), (iv) convert or exchange the Subordinated Loan into or for any other indebtedness or
subordinate the Subordinated Loan to any indebtedness of Borrower, (v) provide for any additional contingent interest, additional
interest or so called “kicker” measured on the basis of the cash flow or appreciation of the Project (or other similar
equity participation), (vi) amend or modify the provisions of the Subordinated Loan Documents limiting transfers of direct
or indirect interest in Borrower, (vii) modify or amend the terms and provision of any Subordinated Loan Document with respect
to the manner, timing or method of the application of payments under the Subordinated Loan Documents, (vi) cross default
the Subordinated Loan with any other indebtedness, or (vii) amend or modify the provisions limiting transfers of interests
in the Borrower or the Project. Notwithstanding anything to the contrary contained herein, if an Event of Default exists under
the Subordinated Loan Documents, Subordinated Lender shall be permitted to modify or amend the Subordinated Loan Documents in
connection with a work out or other surrender, compromise, release, renewal or modification of the Subordinated Loan except that
under no conditions shall clause (i), with respect to increases in principal amounts only, clause (ii), clause (iii)
(with respect to shortening the maturity only), clause (iv) or clause (v) be modified without the written consent of
the Lender. In addition and notwithstanding the foregoing provisions of this Section 6(b), any amounts funded by the Subordinated
Lender under the Subordinated Loan Documents as a result of (A) the making of any Protective Advances or other advances by
the Subordinated Lender, or (B) interest accruals or accretions and any compounding thereof (including default interest),
shall not be deemed to contravene this Section 6(b).

 

(c)          Lender
shall deliver to Subordinated Lender copies of any and all modifications, amendments, extensions, consolidations, spreaders, restatements,
alterations, changes or revisions to any one or more of the Loan Documents (including, without limitation, any side letters, waivers
or consents entered into, executed or delivered by Lender) within a reasonable time after any of such applicable instruments have
been executed by Lender.

 

(d)          Subordinated
Lender shall deliver to Lender copies of any and all modifications, amendments, extensions, consolidations, spreaders, restatements,
alterations,

 

    	Y-9

    	 

    

 

changes
or revisions to any one or more of the Subordinated Loan Documents (including, without limitation, any side letters, waivers or
consents entered into, executed or delivered by Subordinated Lender) within a reasonable time after any of such applicable instruments
have been executed by Subordinated Lender.

 

5.            Default
Notice.

 

(a)          Subordinated
Lender shall give Lender notice of any default under the Subordinated Loan Documents promptly upon the giving of such notice of
default to Borrower and in all instances prior to accelerating the Subordinated Loan on account of such default. Lender may, but
shall not be obligated to, cure any such default, in which event Subordinated Lender shall accept such cure by Lender as and for
the cure by Borrower.

 

(b)          Lender
shall give Subordinated Lender notice of any default under the Loan Documents promptly upon the giving of such notice of default
to Borrower and in all instances prior to accelerating the Loan on account of such default. Subordinated Lender may, but shall
not be obligated to, cure any such default, in which event Lender shall accept such cure by Subordinated Lender as and for the
cure by Borrower.

 

6.           Casualty
and Condemnation. In the event of a casualty to the buildings or improvements constructed on any portion of the Project or
a condemnation or taking under a power of eminent domain of all or any portion of the Project, Lender shall have a first and prior
interest in and to any payments, awards, proceeds, distributions, or consideration arising from any such event (the “Award”).
Subordinated Lender acknowledges and agrees that so long as the Loan is outstanding, it has no lien on or security interest in
any Award, nor any rights with respect to any Award except as expressly provided in this Agreement, and Subordinated Lender assigns
its rights to any Award to Lender up to an amount equal to the then outstanding amount of the Loan. Subordinated Lender agrees
to promptly, upon request by Lender, execute and deliver to Lender and/or to any other party as so directed by Lender, a written
confirmation of the terms set forth in the immediately preceding sentence and take sure other actions reasonably requested by
Lender to further evidence the foregoing agreement (although failure of Subordinated Lender to do so shall not affect the foregoing
agreement). If the amount of the Award is in excess of all amounts owed to Lender under the Loan Documents, however, and either
the Loan has been paid in full or Borrower is entitled to a remittance of same under the Loan Documents other than to restore
the Project, such excess Award or portion to be so remitted to Borrower shall, to the extent permitted in the Loan Documents and
required by the Subordinated Loan Documents, be paid to or at the direction of Subordinated Lender, unless other Persons have
claimed the right to such awards or proceeds, in which case Lender shall only be required to provide notice to Subordinated Lender
of such excess Award and of any other claims thereto. In the event of any competing claims for any such excess Award, Lender shall
continue to hold such excess Award until Lender receives an agreement signed by all Persons making a claim to the excess Award
or a final order of a court of competent jurisdiction directing Lender as to how and to which Person(s) the excess Award is to
be distributed. Notwithstanding the foregoing, in the event of a casualty or condemnation, Lender shall release the Award from
any such event to the Borrower if and to the extent required by the terms and conditions of the Loan Documents in order to repair
and restore the Project in accordance with the terms and provisions of the Loan Documents. Any portion of the Award made available
to the Borrower

 

    	Y-10

    	 

    

 

for
the repair or restoration of the Project shall not be subject to attachment by Subordinated Lender.

 

7.          Foreclosure
of the Subordinated Mortgage: Subordinated Lender expressly agrees that, for so long as a Loan shall remain outstanding, (A) due
notice of the commencement of any foreclosure of the Subordinated Loan Documents shall be given to Lender, and true copies of
all papers served or entered in such action will be delivered to Lender, (B) no portion of the rents, issues and profits
of the Project shall be collected in connection with the foreclosure of the Subordinated Loan Documents except through a receiver
appointed by the court in which such foreclosure action is brought, after due notice for the appointment of such receiver shall
have been given to Lender, (C) the rents, issues and profits collected by any such receiver shall be applied first to the
payment of taxes, maintenance and operating charges and disbursements incurred in connection with the operation and maintenance
of the Project and next to the payment of principal and interest (including, without limitation, default interest and late payment
charges) due under the Loan Documents, and (D) if during the pendency of any such foreclosure action an action shall be brought
for the foreclosure of the Loan Documents and an application shall be made for an extension of the receivership for the benefit
of Lender, all such rents, issues and profits held by such receiver as of the date of such application shall be applied by the
receiver solely for the benefit of Lender, and the Subordinated Lender shall not be entitled to any portion thereof until Lender
has received all amounts then due to it. Without limiting the generality of the foregoing, Subordinated Lender consents to, and
shall not object to, any action or proceeding at any time initiated by Lender for the appointment of a receiver and Subordinated
Lender further agrees that it shall not institute any action or proceeding for the appointment of a receiver at any time during
which a receiver shall have already been appointed for the benefit of Lender, and if Subordinated Lender shall have appointed
or caused the appointment of a receiver prior to Lender’s initiation of proceedings to do so, Subordinated Lender agrees
to take all action reasonably necessary to terminate such appointment in order to facilitate Lender’s appointment of same.

 

8.          Rights
of Subrogation. No payment or distribution to Lender pursuant to the provisions of this Agreement and no Protective Advance
by Subordinated Lender shall entitle Subordinated Lender to exercise any right of subrogation in respect thereof prior to the
payment in full of the Loan, and Subordinated Lender agrees that, except with respect to the enforcement of its remedies under
the Subordinated Loan Documents permitted hereunder, prior to the satisfaction of all obligations under the Loan it shall not
acquire, by subrogation or otherwise, any lien, estate, right or other interest in any portion of the Project or any other collateral
now securing the Loan or the proceeds therefrom that is or may be prior to, or of equal priority to, any of the Loan Documents
or the liens, rights, estates and interests created thereby.

 

9.          Transfer
of Subordinated Loan or Loan. Subordinated Lender shall not Transfer more than 49% of its beneficial interest in the Subordinated
Loan unless either (i) a Rating Agency Confirmation has been given with respect to such Transfer, in which case the related
transferee shall thereafter be deemed to be a “Qualified Transferee” for all purposes of this Agreement, or (ii) such
Transfer is to a Qualified Transferee. Any such transferee must assume in writing the obligations of Subordinated Lender hereunder
and agree to be bound by the terms and provisions hereof. Such proposed transferee shall also remake each of the representations
and warranties contained herein for the benefit of the Lender.

 

    	Y-11

    	 

    

 

At
least five (5) days prior to a transfer to a Qualified Transferee, the Subordinated Lender shall provide to Lender a certification
that such transfer will be made in accordance with this Section 9, such certification to include the name and contact information
of the Qualified Transferee, and a statement as to how it meets the definition of Qualified Transferee.

 

Subordinated
Lender acknowledges that any Rating Agency Confirmation may be granted or denied by the Rating Agencies in their sole and absolute
discretion and that such Rating Agencies may charge customary fees in connection with any such action, which fee, together with
any and all other reasonable costs and expenses of Rating Agencies or Lender incurred in connection with the processing of same,
including, without limitation, reasonable attorneys’ fees and costs, shall be paid by Subordinated Lender.

 

Lender
may, from time to time, in its sole discretion Transfer all or any of the Loan or any interest therein, and notwithstanding any
such Transfer or subsequent Transfer, the Loan and the Loan Documents shall be and remain a senior obligation in the respects
set forth in this Agreement to the Subordinated Loan and the Subordinated Loan Documents in accordance with the terms and provisions
of this Agreement.

 

Notwithstanding
anything contained in this Agreement, Subordinated Lender agrees that it shall in no event Transfer all or any part of the Subordinated
Loan to Borrower or to any Person which is an Affiliate of Borrower and any such Transfer shall be void ab initio.

 

10.          Notices.
All notices required to be given hereunder shall be sent by first class, certified or registered mail, postage prepaid, return
receipt requested, or delivered by hand, to either party at such party’s address first set forth above. Notices shall be
deemed to have been given when received. Either party may change its address for notices hereunder by written notice to the other
party.

 

11.          Obligations
Hereunder Not Affected. All rights, interests, agreements and obligations of Lender and Subordinated Lender under this Agreement
shall remain in full force and effect irrespective of:

 

(i)          any
lack of validity or enforceability of the Loan Documents or the Subordinated Loan Documents or any other agreement or instrument
relating thereto;

 

(ii)          any
taking, exchange, release or non-perfection of any other collateral, or any taking, release or amendment or waiver of or consent
to or departure from any guaranty, for all or any portion of the Loan or the Subordinated Loan;

 

(iii)          any
manner of application of collateral, or proceeds thereof, to all or any portion of the Loan or the Subordinated Loan, or any manner
of sale or other disposition of any collateral for all or any portion of the Loan or the Subordinated Loan or any other assets
of Borrower or any other Affiliates of Borrower;

 

(iv)          any
change, restructuring or termination of the corporate structure or existence of Borrower or any other Affiliates of Borrower;
or

 

    	Y-12

    	 

    

 

(v)          any
other circumstance which might otherwise constitute a defense available to, or a discharge of, Borrower or a subordinated creditor
or a Lender subject to the terms hereof.

 

12.          Continued
Effectiveness; Reinstatement. This Agreement shall continue to be effective or be reinstated, as the case may be, if at any
time any payment of all or any portion of the Loan is rescinded or must otherwise be returned by Lender or Subordinated Lender
upon the insolvency, bankruptcy or reorganization of Borrower or otherwise, all as though such payment had not been made.

 

13.          Estoppel.

 

(a)          Subordinated
Lender shall, within ten (10) days following a request from Lender, provide Lender with a written statement setting forth
the then current outstanding principal balance of the Subordinated Loan, the aggregate accrued and unpaid interest under the Subordinated
Loan, and stating whether to Subordinated Lender’s knowledge any default or Event of Default exists under the Subordinated
Loan, it being intended that any such estoppel delivered pursuant to this Section 13 may be relied upon by Lender and by
any prospective purchaser of all or any interest in the Loan.

 

(b)          Lender
shall, within ten (10) days following a request from Subordinated Lender, provide Subordinated Lender with a written statement
setting forth the then current outstanding principal balance of the Loan, the aggregate accrued and unpaid interest under the
Loan, and stating whether to Lender’s knowledge any default or Event of Default exists under the Loan, it being intended
that any such estoppel delivered pursuant to this Section 13 may be relied upon by Subordinated Lender and by any prospective
purchaser of all or any interest in the Subordinated Loan.

 

14.          No
Third Party Beneficiaries; No Modification. The parties hereto do not intend the benefits of this Agreement to inure to Borrower,
or any other Person other than the respective successors and permitted assignees of the parties hereto. This Agreement may not
be changed or terminated orally, but only by an agreement in writing signed by the party against whom enforcement of any change
is sought.

 

15.          Counterpart
Originals. This Agreement may be executed in counterpart originals, each of which shall constitute an original, and all of
which together shall constitute one and the same agreement.

 

16.          No
Waiver; Remedies. No failure on the part of Lender to exercise, and no delay in exercising, any right hereunder shall operate
as a waiver thereof, nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof
or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by
law.

 

17.          No
Joint Venture. Nothing provided herein is intended to create a joint venture, partnership, tenancy in common or joint tenancy
relationship between or among any of the parties hereto.

 

    	Y-13

    	 

    

 

18.          Captions.
The captions in this Agreement are inserted only as a matter of convenience and for reference, and are not and shall not be deemed
to be a part hereof.

 

19.          Conflicts.
In the event of any conflict, ambiguity or inconsistency between the terms and conditions of this Agreement and the terms and
conditions of any of the Loan Documents or the Subordinated Loan Documents, the terms and conditions of this Agreement shall control.

 

20.          No
Release. Nothing herein contained shall operate to release Borrower from (a) its obligation to keep and perform all of
the terms, conditions, obligations, covenants and agreements contained in the Loan Documents or (b) any liability of Borrower
under the Loan Documents or to release Borrower from (x) its obligation to keep and perform all of the terms, conditions,
obligations, covenants and agreements contained in the Subordinated Loan Documents or (y) any liability of Borrower under
the Subordinated Loan Documents.

 

21.          Severability.
In the event that any provision of this Agreement or the application hereof to any party hereto shall, to any extent, be invalid
or unenforceable under any applicable statute, regulation, or rule of law, then such provision shall be deemed inoperative to
the extent that it may conflict therewith and shall be deemed modified to conform to such statute, regulation or rule of law,
and the remainder of this Agreement and the application of any such invalid or unenforceable provisions to parties, jurisdictions
or circumstances other than to whom or to which it is held invalid or unenforceable, shall not be affected thereby nor shall same
affect the validity or enforceability of any other provision of this Agreement.

 

22.          Expenses.

 

(a)          Subordinated
Lender agrees upon demand to pay to Lender the amount of any and all reasonable expenses, including, without limitation, the reasonable
fees and expenses of its counsel and of any experts or agents, which Lender may incur in connection with the (i) exercise
or enforcement of any of the rights of Lender against Subordinated Lender hereunder to the extent that Lender is the prevailing
party in any dispute with respect thereto or (ii) failure by Subordinated Lender to perform or observe any of the provisions
hereof.

 

(b)          Lender
agrees upon demand to pay to Subordinated Lender the amount of any and all reasonable expenses, including, without limitation,
the reasonable fees and expenses of its counsel and of any experts or agents, which Subordinated Lender may incur in connection
with the (i) exercise or enforcement of any of the rights of Subordinated Lender against Lender hereunder to the extent that
Subordinated Lender is the prevailing party in any dispute with respect thereto or (ii) failure by Lender to perform or observe
any of the provisions hereof.

 

23.          Injunction.
Lender and Subordinated Lender each acknowledge (and waive any defense based on a claim) that monetary damages are not an adequate
remedy to redress a breach by the other hereunder and that a breach by either Lender or Subordinated Lender hereunder would cause
irreparable harm to the other. Accordingly, Lender and Subordinated Lender agree that upon a breach of this Agreement by the other,
the remedies of injunction, declaratory judgment and specific performance shall be available to such non breaching party.

 

    	Y-14

    	 

    

 

24.          Each
of Lender and Subordinated Lender acknowledges that the Loan, the Loan Documents, the Subordinated Loan and the Subordinated Loan
Documents are distinct, separate transactions and loans, separate and apart from each other. Each of Lender and Subordinated Lender
agrees that the other shall be treated as a separate lender with a distinct and separate loan.

 

25.          Waiver
of Jury Trial. LENDER AND SUBORDINATED LENDER EACH EXPRESSLY AND UNCONDITIONALLY WAIVES, IN CONNECTION WITH ANY SUIT, ACTION
OR PROCEEDING RELATING TO THIS AGREEMENT, ANY AND EVERY RIGHT IT MAY HAVE TO A TRIAL BY JURY.

 

26.          Successors
and Assigns. This Agreement shall be binding upon and benefit both Lender and Subordinated Lender and their respective permitted
successors and assigns. Lender shall have the right to record this Agreement.

 

27.          Governing
Law. This Agreement and the rights and obligations of the parties hereunder shall be governed by and construed and interpreted
in accordance with the laws of the State of New York.

 

28.          Amendments.
No provision of this Agreement shall be waived, amended or supplemented except by written agreement of the party charges with
such waiver, amendment or supplement.

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written. 

	 	 	 
	 	LENDER:
	 	 
	 	[__________]
	 	 	 
	 	By:	 
	 	 	 
	 	SUBORDINATED LENDER:
	 	 
	 	[__________]
	 	 	 
	 	By:	 

 

    	Y-15

    	 

    

 

	STATE OF NEW YORK	 )
	 	 )       ss.:
	COUNTY OF NEW YORK     	 )

 

On
the __ day of ________ in the year 20__ before me, the undersigned, personally appeared _________, personally known to me or proved
to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged
to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon
behalf of which the individual acted, executed the instrument.

 

	 	Signature and Office
    of individual

    taking acknowledgment

  

	STATE OF NEW YORK	 )
	 	 )       ss.:
	COUNTY OF NEW YORK     	 )

 

On
the ___ day of _________ in the year 20__ before me, the undersigned, personally appeared _________, personally known to me or
proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and
acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or
the person upon behalf of which the individual acted, executed the instrument.

 

	 	Signature and Office
    of individual

    taking acknowledgment

  

    	Y-16

    	 

    

  

SCHEDULE
I

 

MORTGAGE
LOAN SCHEDULE

 

    	S-I-1

    	 

    

 

 

	Wells Fargo Commercial Mortgage Trust 2015-NXS3	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	MORTGAGE LOAN SCHEDULE	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	2	 	3	 	4	 	5	 	6	 	7	 	8	 	9	 	10	 	11	 	12	 	13
	Mortgage
    

Loan 

Number	 	Mortgage
    Loan Seller	 	Property
    Name	 	Address	 	City	 	State	 	Zip
    Code	 	Original
    Principal Balance ($)	 	Cut-off
    Date Principal 

Balance ($)	 	Loan
    Amortization Type	 	Monthly
    P&I 

Payment ($)	 	Interest
    Accrual Basis	 	Mortgage
    Rate	 	Administrative
    Fee Rate	 	Payment
    Due Date
	1	 	Natixis	 	One
    Court Square	 	1
    Court Square	 	Long
    Island City	 	NY	 	11101	 	80,000,000.00	 	80,000,000.00	 	Interest-only,
    Balloon	 	263,858.89
    	 	Actual/360	 	3.893%	 	0.0136%	 	5
	2	 	Natixis	 	Huntington
    by the Sea	 	21871
    Newland Street	 	Huntington
    Beach	 	CA	 	92646	 	75,000,000.00	 	75,000,000.00	 	Interest-only,
    Amortizing Balloon	 	375,127.79
    	 	Actual/360	 	4.390%	 	0.0126%	 	5
	3	 	Natixis	 	Yosemite
    Resorts	 	Various	 	El
    Portal	 	CA	 	95318	 	66,000,000.00	 	65,914,030.64	 	Amortizing
    Balloon	 	336,769.36
    	 	Actual/360	 	4.560%	 	0.0126%	 	5
	3.01	 	Natixis	 	Yosemite
    View Lodge	 	11136
    State Highway 140	 	El
    Portal	 	CA	 	95318	 	48,141,176.48	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.02	 	Natixis	 	Yosemite
    Cedar Lodge	 	9966
    Highway 140	 	El
    Portal	 	CA	 	95318	 	17,858,823.52	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4	 	WFB	 	Northline
    Commons	 	4400
    North Highway; 15, 85 & 95 East Crosstimbers Street	 	Houston	 	TX	 	77022	 	65,000,000.00	 	65,000,000.00	 	Interest-only,
    Balloon	 	253,319.44
    	 	Actual/360	 	4.600%	 	0.0226%	 	11
	5	 	WFB	 	Hilton
    Nashville	 	121
    Fourth Avenue South	 	Nashville	 	TN	 	37201	 	50,000,000.00	 	49,877,353.03	 	Amortizing
    Balloon	 	256,920.16
    	 	Actual/360	 	4.620%	 	0.0211%	 	11
	6	 	WFB	 	11
    Madison Avenue	 	11
    Madison Avenue	 	New
    York	 	NY	 	10010	 	35,000,000.00	 	35,000,000.00	 	Interest-only,
    Balloon	 	105,281.38
    	 	Actual/360	 	3.560%	 	0.0099%	 	6
	7	 	Natixis	 	Hacienda
    Center	 	NWC
    Colima Road and South Azusa Avenue	 	Hacienda
    Heights	 	CA	 	91745	 	33,300,000.00	 	33,300,000.00	 	Interest-only,
    Amortizing Balloon	 	171,108.82
    	 	Actual/360	 	4.620%	 	0.0126%	 	5
	8	 	Natixis	 	Manhattan
    Gateway Shopping Center	 	1800
    Rosecrans Avenue	 	Manhattan
    Beach	 	CA	 	90266	 	31,000,000.00	 	31,000,000.00	 	Interest-only,
    Amortizing Balloon	 	154,869.87
    	 	Actual/360	 	4.380%	 	0.0126%	 	5
	9	 	WFB	 	Imperial
    Village	 	11020-11352
    Crenshaw Boulevard	 	Inglewood	 	CA	 	90303	 	25,000,000.00	 	25,000,000.00	 	Interest-only,
    Balloon	 	95,312.50
    	 	Actual/360	 	4.500%	 	0.0126%	 	11
	10	 	SPREF	 	Paper
    Factory Hotel	 	37-06
    36th Street	 	Long
    Island City	 	NY	 	11101	 	25,000,000.00	 	25,000,000.00	 	Interest-only,
    Amortizing Balloon	 	146,052.07
    	 	Actual/360	 	5.760%	 	0.0126%	 	6
	11	 	WFB	 	Lowe’s
    - San Bruno	 	1340
    El Camino Real	 	San
    Bruno	 	CA	 	94066	 	24,630,000.00	 	24,630,000.00	 	Interest-only,
    Amortizing Balloon	 	126,706.28
    	 	Actual/360	 	4.630%	 	0.0126%	 	11
	12	 	SPREF	 	Cooper’s
    Crossing	 	4085
    Warner Avenue	 	Landover
    Hills	 	MD	 	20748	 	21,700,000.00	 	21,700,000.00	 	Interest-only,
    Amortizing Balloon	 	116,145.72
    	 	Actual/360	 	4.974%	 	0.0186%	 	6
	13	 	Natixis	 	3011
    North First Street	 	3011
    North First Street	 	San
    Jose	 	CA	 	95134	 	21,000,000.00	 	21,000,000.00	 	Interest-only,
    Amortizing Balloon	 	106,761.08
    	 	Actual/360	 	4.529%	 	0.0126%	 	5
	14	 	Natixis	 	722
    12th Street NW	 	722
    12th Street NW	 	Washington	 	DC	 	20005	 	16,250,000.00	 	16,250,000.00	 	Interest-only,
    Amortizing Balloon	 	84,107.80
    	 	Actual/360	 	4.683%	 	0.0126%	 	5
	15	 	WFB	 	The
    Parking Spot LAX	 	9101
    South Sepulveda Boulevard	 	Los
    Angeles	 	CA	 	90045	 	16,000,000.00	 	15,957,300.47	 	Amortizing
    Balloon	 	98,566.20
    	 	Actual/360	 	4.190%	 	0.0126%	 	11
	16	 	WFB	 	Fremont
    Technology Park	 	46400-46446
    Fremont Boulevard	 	Fremont	 	CA	 	94538	 	13,850,000.00	 	13,850,000.00	 	Interest-only,
    Amortizing Balloon	 	71,249.77
    	 	Actual/360	 	4.630%	 	0.0126%	 	11
	17	 	SPREF	 	Royal
    Oaks Apartments	 	3200
    Stirling Road	 	Hollywood	 	FL	 	33021	 	13,000,000.00	 	13,000,000.00	 	Interest-only,
    Amortizing Balloon	 	70,823.31
    	 	Actual/360	 	5.130%	 	0.0126%	 	6
	18	 	Natixis	 	University
    Office Plaza	 	256-263
    Chapman Road	 	Newark	 	DE	 	19702	 	12,000,000.00	 	12,000,000.00	 	Interest-only,
    Amortizing Balloon	 	58,983.62
    	 	Actual/360	 	4.243%	 	0.0126%	 	5
	19	 	Natixis	 	10203
    Santa Monica Boulevard	 	10203
    Santa Monica Boulevard	 	Los
    Angeles	 	CA	 	90025	 	12,000,000.00	 	11,993,711.22	 	Amortizing
    Balloon	 	64,708.78
    	 	Actual/360	 	5.842%	 	0.0126%	 	5
	20	 	Natixis	 	Fresh
    Market Plaza	 	46
    and 52 Marion Avenue	 	Saratoga
    Springs	 	NY	 	12866	 	10,950,000.00	 	10,950,000.00	 	Interest-only,
    Amortizing Balloon	 	58,581.37
    	 	Actual/360	 	4.970%	 	0.0126%	 	5
	21	 	SPREF	 	100
    East Walton	 	100
    East Walton Street	 	Chicago	 	IL	 	60611	 	9,250,000.00	 	9,250,000.00	 	Interest-only,
    Balloon	 	35,218.60
    	 	Actual/360	 	4.494%	 	0.0126%	 	6
	22	 	SPREF	 	Haines
    City Mall	 	600
    US Highway 17-92 West	 	Haines
    City	 	FL	 	33844	 	9,000,000.00	 	9,000,000.00	 	Interest-only,
    Amortizing Balloon	 	46,731.51
    	 	Actual/360	 	4.710%	 	0.0126%	 	6
	23	 	NCB	 	Meadowlark
    Gardens Owners, Inc.	 	196-12/66
    67th Avenue, 196-11/71 69th Avenue, 196-12/74 69th Avenue, 196-11/73 73rd Avenue, 67-02/12 197th Street, 67-42/52 197th Street,
    69-02/12 197th Street, 69-46/56 197th Street	 	Flushing	 	NY	 	11365	 	8,800,000.00	 	8,787,001.27	 	Amortizing
    Balloon	 	41,305.40
    	 	Actual/360	 	3.860%	 	0.0876%	 	1
	24	 	SPREF	 	Creekwood
    Apartments	 	8343
    Hogan Road	 	Jacksonville	 	FL	 	32216	 	8,300,000.00	 	8,300,000.00	 	Interest-only,
    Amortizing Balloon	 	44,252.34
    	 	Actual/360	 	4.940%	 	0.0126%	 	6
	25	 	WFB	 	Extra
    Space Storage - Cockeysville	 	11150
    York Road	 	Cockeysville	 	MD	 	21030	 	8,000,000.00	 	8,000,000.00	 	Interest-only,
    Amortizing Balloon	 	40,772.84
    	 	Actual/360	 	4.550%	 	0.0126%	 	11
	26	 	SPREF	 	Holiday
    Inn - New Tampa	 	8310
    Galbraith Road	 	Tampa	 	FL	 	33647	 	7,600,000.00	 	7,590,783.48	 	Amortizing
    Balloon	 	40,566.52
    	 	Actual/360	 	4.950%	 	0.0126%	 	6
	27	 	SPREF	 	Sheraton
    Suites Chicago - Elk Grove	 	121
    Northwest Point Boulevard	 	Elk
    Grove Village	 	IL	 	60007	 	7,500,000.00	 	7,500,000.00	 	Interest-only,
    Amortizing Balloon	 	40,341.87
    	 	Actual/360	 	5.018%	 	0.0126%	 	6
	28	 	NCB	 	Birchwood
    on the Green Owners Corp.	 	2800
    Wilshire Lane	 	Oakdale	 	NY	 	11769	 	7,500,000.00	 	7,488,842.75	 	Amortizing
    Balloon	 	35,032.25
    	 	Actual/360	 	3.820%	 	0.0876%	 	1
	29	 	Natixis	 	Chagrin
    Plaza Beachwood	 	23611,
    23711 & 23811 Chagrin Boulevard	 	Beachwood	 	OH	 	44122	 	6,500,000.00	 	6,500,000.00	 	Interest-only,
    Amortizing Balloon	 	33,754.45
    	 	Actual/360	 	4.711%	 	0.0126%	 	5
	30	 	Natixis	 	Dollar
    General Portfolio	 	Various	 	Various	 	CA	 	Various	 	6,450,000.00	 	6,434,188.17	 	Amortizing
    Balloon	 	33,154.28
    	 	Actual/360	 	4.623%	 	0.0126%	 	5
	30.01	 	Natixis	 	Vallejo	 	920
    Tuolumne Street	 	Vallejo	 	CA	 	94590.00	 	2,404,728.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	30.02	 	Natixis	 	Antioch	 	20
    West 10th Street	 	Antioch	 	CA	 	94509.00	 	2,159,348.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	30.03	 	Natixis	 	Winters	 	176
    East Grant Avenue	 	Winters	 	CA	 	95694.00	 	1,885,924.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	31	 	WFB	 	Miraloma
    Red Gum Business Park	 	2901,
    2905, 2911, 2921, 2941 East Miraloma Avenue; 1325, 1345 North Red Gum Street	 	Anaheim	 	CA	 	92806	 	6,050,000.00	 	6,050,000.00	 	Interest-only,
    Amortizing Balloon	 	31,486.77
    	 	Actual/360	 	4.730%	 	0.0426%	 	11
	32	 	WFB	 	Redwood
    Apartments - Texas	 	1001
    East Fern Avenue	 	McAllen	 	TX	 	78501	 	5,500,000.00	 	5,493,080.23	 	Amortizing
    Balloon	 	28,690.60
    	 	Actual/360	 	4.750%	 	0.0126%	 	11
	33	 	WFB	 	Willow
    Glen Plaza	 	1102,
    1120 and 1130 Bird Avenue	 	San
    Jose	 	CA	 	95125	 	5,350,000.00	 	5,350,000.00	 	Interest-only,
    Amortizing Balloon	 	26,948.95
    	 	Actual/360	 	4.450%	 	0.0126%	 	11
	34	 	WFB	 	Budget
    Self Storage	 	555
    Roseland Avenue	 	Santa
    Rosa	 	CA	 	95407	 	5,300,000.00	 	5,300,000.00	 	Interest-only,
    Amortizing Balloon	 	27,043.60
    	 	Actual/360	 	4.560%	 	0.0126%	 	11
	35	 	Natixis	 	Price
    Chopper Plaza	 	795
    East Main Street	 	Cobleskill	 	NY	 	12043	 	5,250,000.00	 	5,236,267.14	 	Amortizing
    Balloon	 	25,980.75
    	 	Actual/360	 	4.300%	 	0.0126%	 	5
	36	 	NCB	 	The
    Fort Tryon Corp.	 	689
    Fort Washington Avenue	 	New
    York	 	NY	 	10040	 	5,200,000.00	 	5,192,318.94	 	Amortizing
    Balloon	 	24,407.73
    	 	Actual/360	 	3.860%	 	0.0876%	 	1
	37	 	WFB	 	Stevenson
    Retail Center	 	5741-5763
    Stevenson Boulevard	 	Newark	 	CA	 	94560	 	5,000,000.00	 	5,000,000.00	 	Interest-only,
    Amortizing Balloon	 	25,363.98
    	 	Actual/360	 	4.510%	 	0.0126%	 	11
	38	 	SPREF	 	Holiday
    Inn Express & Suites - Reidsville	 	101
    Express Drive	 	Reidsville	 	NC	 	27320	 	4,830,000.00	 	4,821,804.19	 	Amortizing
    Balloon	 	28,039.06
    	 	Actual/360	 	4.930%	 	0.0126%	 	6
	39	 	WFB	 	Walgreens
    – Clarkston	 	425
    Bridge Street	 	Clarkston	 	WA	 	99403	 	4,700,000.00	 	4,700,000.00	 	Interest-only,
    Amortizing Balloon	 	24,319.51
    	 	Actual/360	 	4.680%	 	0.0126%	 	11
	40	 	Natixis	 	Vista
    La Jolla	 	4747
    Morena Boulevard	 	San
    Diego	 	CA	 	92117	 	4,350,000.00	 	4,350,000.00	 	Interest-only,
    Amortizing Balloon	 	23,253.47
    	 	Actual/360	 	4.963%	 	0.0126%	 	5
	41	 	WFB	 	831
    Latour Court	 	831
    Latour Court	 	Napa	 	CA	 	94558	 	4,100,000.00	 	4,100,000.00	 	Interest-only,
    Amortizing Balloon	 	21,387.54
    	 	Actual/360	 	4.750%	 	0.0126%	 	11
	42	 	WFB	 	CVS
    - Frankfort	 	201
    South Jackson Street	 	Frankfort	 	IN	 	46041	 	4,093,993.00	 	4,086,751.51	 	Amortizing
    Balloon	 	23,105.71
    	 	Actual/360	 	4.650%	 	0.0126%	 	11
	43	 	WFB	 	Rainbow
    Towne Storage	 	6995
    West Dewey Drive	 	Las
    Vegas	 	NV	 	89113	 	3,700,000.00	 	3,700,000.00	 	Interest-only,
    Amortizing Balloon	 	19,300.95
    	 	Actual/360	 	4.750%	 	0.0126%	 	11
	44	 	Natixis	 	14120
    Crosby Lynchburg Road	 	14120
    Crosby Lynchburg Road	 	Crosby	 	TX	 	77532	 	3,435,250.00	 	3,427,649.73	 	Amortizing
    Balloon	 	18,693.92
    	 	Actual/360	 	5.120%	 	0.0126%	 	5
	45	 	NCB	 	Tudor
    Arms Owners Corp.	 	31
    Pondfield Road West	 	Yonkers	 	NY	 	10708	 	3,150,000.00	 	3,145,313.96	 	Amortizing
    Balloon	 	14,713.54
    	 	Actual/360	 	3.820%	 	0.0876%	 	1
	46	 	WFB	 	Green
    Township Self Storage	 	6128
    Harrison Avenue	 	Cincinnati	 	OH	 	45247	 	2,700,000.00	 	2,700,000.00	 	Interest-only,
    Balloon	 	9,790.50
    	 	Actual/360	 	4.280%	 	0.0126%	 	11
	47	 	NCB	 	The
    Manton House Corp. 	 	139-05
    85th Drive	 	Briarwood	 	NY	 	11435	 	2,300,000.00	 	2,296,602.60	 	Amortizing
    Balloon	 	10,795.73
    	 	Actual/360	 	3.860%	 	0.0876%	 	1
	48	 	Natixis	 	USCBP
    10 Airport Road Shelby	 	10
    Airport Road	 	Shelby	 	MT	 	59474	 	2,150,000.00	 	2,139,960.25	 	Amortizing
    Balloon	 	11,387.11
    	 	Actual/360	 	4.882%	 	0.0126%	 	5
	49	 	NCB	 	111
    Tenants Corp.	 	111
    East 75th Street	 	New
    York	 	NY	 	10021	 	2,000,000.00	 	2,000,000.00	 	Interest-only,
    Balloon	 	6,726.94
    	 	Actual/360	 	3.970%	 	0.0876%	 	1
	50	 	Natixis	 	606
    Locust Avenue	 	606
    Locust Avenue	 	Victoria	 	TX	 	77901	 	1,950,000.00	 	1,947,669.95	 	Amortizing
    Balloon	 	10,503.80
    	 	Actual/360	 	5.030%	 	0.0126%	 	5
	51	 	NCB	 	49
    East Owners Corp.	 	49
    East 12th Street	 	New
    York	 	NY	 	10003	 	1,600,000.00	 	1,598,642.93	 	Amortizing
    Balloon	 	6,677.07
    	 	Actual/360	 	3.990%	 	0.0876%	 	1
	52	 	WFB	 	Monroe
    Retail Center	 	15045
    North Kelsey Street	 	Monroe	 	WA	 	98272	 	1,600,000.00	 	1,597,636.23	 	Amortizing
    Balloon	 	8,430.44
    	 	Actual/360	 	4.550%	 	0.0626%	 	11
	53	 	NCB	 	Parkside
    Association, Inc.	 	549-561
    41st Street	 	Brooklyn	 	NY	 	11232	 	1,500,000.00	 	1,497,861.79	 	Amortizing
    Balloon	 	7,213.21
    	 	Actual/360	 	4.060%	 	0.0876%	 	1
	54	 	NCB	 	East
    72 Tenants Corp.	 	31
    East 72nd Street	 	New
    York	 	NY	 	10021	 	1,500,000.00	 	1,497,799.98	 	Amortizing
    Balloon	 	7,075.02
    	 	Actual/360	 	3.900%	 	0.0876%	 	1
	55	 	NCB	 	Carolyn
    Court Owners, Inc.	 	314
    Livingston Avenue	 	Mamaroneck	 	NY	 	10543	 	1,000,000.00	 	998,659.06	 	Amortizing
    Balloon	 	5,007.61
    	 	Actual/360	 	4.400%	 	0.0876%	 	1
	56	 	NCB	 	Bellcourt
    Owners, Inc.	 	36-06
    213th Street	 	Bayside	 	NY	 	11361	 	1,000,000.00	 	998,535.92	 	Amortizing
    Balloon	 	4,722.41
    	 	Actual/360	 	3.910%	 	0.0876%	 	1

 

    	 

    	 

    

 

	Wells Fargo Commercial Mortgage Trust 2015-NXS3	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	MORTGAGE LOAN SCHEDULE	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	14	 	15	 	16	 	17	 	18	 	19	 	20	 	21	 	22	 	23	 	24	 	25	 	26
	Mortgage
    

Loan 

Number	 	Mortgage
    Loan Seller	 	Property
    Name	 	Stated
    Maturity Date or 

Anticipated Repayment Date	 	Original
    Term to 

Maturity or ARD 

(Mos.)	 	Remaining
    Term to 

Maturity or ARD 

(Mos.)	 	Amortization
    Term 

(Original) (Mos.)	 	Amortization
    Term 

(Remaining) (Mos.)	 	Cross
    Collateralized and Cross 

Defaulted Loan Flag	 	Prepayment
    Provisions	 	Ownership
    

Interest	 	Grace
    Period Late (Days)	 	Secured
    by LOC (Y/N)	 	LOC
    Amount	 	Borrower
    Name	 	Master
Servicing

Fee Rate
	1	 	Natixis	 	One
    Court Square	 	9/5/2020	 	60	 	59	 	IO	 	IO	 	NAP	 	GRTR
    1% or YM(25),GRTR 1% or YM or D(31),O(4)	 	Fee	 	3
    days, 2 times during loan term	 	N	 	NAP	 	Waterbridge
    Court Square Holdings LLC	 	0.0025%
	2	 	Natixis	 	Huntington
    by the Sea	 	8/5/2025	 	120	 	118	 	360	 	360	 	NAP	 	L(26),D(87),O(7)	 	Both	 	0	 	N	 	NAP	 	Mills
    HBS, LLC	 	0.0050%
	3	 	Natixis	 	Yosemite
    Resorts	 	9/5/2025	 	120	 	119	 	360	 	359	 	NAP	 	L(25),D(91),O(4)	 	Fee	 	0	 	N	 	NAP	 	Cedar
    Lodge SPE LLC; Yosemite View Lodge SPE LLC	 	0.0025%
	3.01	 	Natixis	 	Yosemite
    View Lodge	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.02	 	Natixis	 	Yosemite
    Cedar Lodge	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4	 	WFB	 	Northline
    Commons	 	9/11/2025	 	120	 	119	 	IO	 	IO	 	NAP	 	L(25),D(88),O(7)	 	Fee	 	5	 	N	 	NAP	 	Northline
    Commons, LLC	 	0.0150%
	5	 	WFB	 	Hilton
    Nashville	 	8/11/2025	 	120	 	118	 	360	 	358	 	NAP	 	L(26),D(90),O(4)	 	Fee	 	5	 	N	 	NAP	 	Nashville
    Downtown Hotel, LLC	 	0.0125%
	6	 	WFB	 	11
    Madison Avenue	 	9/6/2025	 	120	 	119	 	IO	 	IO	 	NAP	 	L(25),D(88),O(7)	 	Fee	 	0	 	N	 	NAP	 	11
    Madison Avenue Owner LLC; 11 Madison Avenue Owner 2 LLC; 11 Madison Avenue Owner 3 LLC; 11 Madison Avenue Owner 4 LLC; 11
    Madison Avenue Owner 5 LLC; 11 Madison Avenue Owner 6 LLC; 11 Madison Eat Lender LLC	 	0.0025%
	7	 	Natixis	 	Hacienda
    Center	 	8/5/2025	 	120	 	118	 	360	 	360	 	NAP	 	L(26),D(91),O(3)	 	Fee	 	0	 	N	 	NAP	 	Pacific
    Castle Colima I, LLC; Master K Investment I, LLC	 	0.0050%
	8	 	Natixis	 	Manhattan
    Gateway Shopping Center	 	8/5/2025	 	120	 	118	 	360	 	360	 	NAP	 	L(26),D(90),O(4)	 	Fee	 	0	 	N	 	NAP	 	1800
    Rosecrans Partners, LLC	 	0.0050%
	9	 	WFB	 	Imperial
    Village	 	9/11/2025	 	120	 	119	 	IO	 	IO	 	NAP	 	L(25),D(91),O(4)	 	Fee	 	5	 	N	 	NAP	 	One
    Imperial Plaza L.P.	 	0.0050%
	10	 	SPREF	 	Paper
    Factory Hotel	 	8/6/2020	 	60	 	58	 	360	 	360	 	NAP	 	L(26),D(31),O(3)	 	Fee	 	0	 	N	 	NAP	 	Three
    Seven Hotel LLC	 	0.0050%
	11	 	WFB	 	Lowe’s
    - San Bruno	 	9/11/2025	 	120	 	119	 	360	 	360	 	NAP	 	L(25),D(91),O(4)	 	Fee	 	5	 	N	 	NAP	 	Khoury
    Lowes, LLC	 	0.0050%
	12	 	SPREF	 	Cooper’s
    Crossing	 	3/6/2020	 	60	 	53	 	360	 	360	 	NAP	 	L(31),D(25),O(4)	 	Fee	 	0	 	N	 	NAP	 	Coopers
    Apartments LLC	 	0.0025%
	13	 	Natixis	 	3011
    North First Street	 	6/5/2025	 	118	 	116	 	360	 	360	 	NAP	 	L(26),D(89),O(3)	 	Fee	 	0	 	N	 	NAP	 	SHP-Cute,
    LLC	 	0.0050%
	14	 	Natixis	 	722
    12th Street NW	 	8/5/2025	 	120	 	118	 	360	 	360	 	NAP	 	L(26),D(90),O(4)	 	Fee	 	0	 	N	 	NAP	 	Jemal’s
    C&P L.L.C.	 	0.0050%
	15	 	WFB	 	The
    Parking Spot LAX	 	9/11/2025	 	120	 	119	 	240	 	239	 	NAP	 	L(25),D(91),O(4)	 	Fee	 	5	 	N	 	NAP	 	Ella
    Lewin, LLC	 	0.0050%
	16	 	WFB	 	Fremont
    Technology Park	 	9/11/2025	 	120	 	119	 	360	 	360	 	NAP	 	L(25),GRTR
    1% or YM or D(88),O(7)	 	Fee	 	5	 	N	 	NAP	 	Fremont
    Ventures 2 LLC	 	0.0050%
	17	 	SPREF	 	Royal
    Oaks Apartments	 	9/6/2020	 	60	 	59	 	360	 	360	 	NAP	 	L(25),D(32),O(3)	 	Fee	 	0	 	N	 	NAP	 	Royal
    Oaks United, LLC	 	0.0050%
	18	 	Natixis	 	University
    Office Plaza	 	8/5/2020	 	60	 	58	 	360	 	360	 	NAP	 	L(26),D(31),O(3)	 	Fee	 	0	 	N	 	NAP	 	Shelbourne
    University LLC	 	0.0050%
	19	 	Natixis	 	10203
    Santa Monica Boulevard	 	9/5/2025	 	120	 	119	 	480	 	479	 	NAP	 	L(25),D(92),O(3)	 	Fee	 	0	 	N	 	NAP	 	SP
    Century LLC	 	0.0050%
	20	 	Natixis	 	Fresh
    Market Plaza	 	10/5/2025	 	120	 	120	 	360	 	360	 	NAP	 	L(24),D(93),O(3)	 	Fee	 	0	 	N	 	NAP	 	Prime
    Beechwood LLC	 	0.0050%
	21	 	SPREF	 	100
    East Walton	 	8/6/2025	 	120	 	118	 	IO	 	IO	 	NAP	 	L(26),D(90),O(4)	 	Fee	 	0	 	N	 	NAP	 	100
    East, L.L.C.	 	0.0050%
	22	 	SPREF	 	Haines
    City Mall	 	10/6/2025	 	120	 	120	 	360	 	360	 	NAP	 	L(24),D(95),O(1)	 	Fee	 	0	 	N	 	NAP	 	Haines
    City Mall LLC	 	0.0050%
	23	 	NCB	 	Meadowlark
    Gardens Owners, Inc.	 	9/1/2025	 	120	 	119	 	360	 	359	 	NAP	 	GRTR
    1% or YM(113),1%(3),O(4)	 	Fee	 	10	 	N	 	NAP	 	Meadowlark
    Gardens Owners, Inc.	 	0.0800%
	24	 	SPREF	 	Creekwood
    Apartments	 	10/6/2025	 	120	 	120	 	360	 	360	 	NAP	 	L(24),D(93),O(3)	 	Fee	 	0	 	N	 	NAP	 	Creekwood
    5775 LLC	 	0.0050%
	25	 	WFB	 	Extra
    Space Storage - Cockeysville	 	9/11/2025	 	120	 	119	 	360	 	360	 	NAP	 	L(25),D(91),O(4)	 	Fee	 	5	 	N	 	NAP	 	J.
    Stanley O’Donnell I, LLC; Hexon Self Storage III, LLC	 	0.0050%
	26	 	SPREF	 	Holiday
    Inn - New Tampa	 	9/6/2025	 	120	 	119	 	360	 	359	 	NAP	 	L(25),D(92),O(3)	 	Fee	 	0	 	N	 	NAP	 	New
    Tampa Hotels, LLC	 	0.0050%
	27	 	SPREF	 	Sheraton
    Suites Chicago - Elk Grove	 	8/6/2020	 	60	 	58	 	360	 	360	 	NAP	 	L(26),D(30),O(4)	 	Fee	 	0	 	N	 	NAP	 	Chicago
    Uma, LLC	 	0.0050%
	28	 	NCB	 	Birchwood
    on the Green Owners Corp.	 	9/1/2025	 	120	 	119	 	360	 	359	 	NAP	 	GRTR
    1% or YM(113),1%(3),O(4)	 	Fee	 	10	 	N	 	NAP	 	Birchwood
    on the Green Owners Corp.	 	0.0800%
	29	 	Natixis	 	Chagrin
    Plaza Beachwood	 	9/5/2025	 	120	 	119	 	360	 	360	 	NAP	 	L(25),D(92),O(3)	 	Fee	 	0	 	N	 	NAP	 	Shelbourne
    CP, LLC	 	0.0050%
	30	 	Natixis	 	Dollar
    General Portfolio	 	8/5/2025	 	120	 	118	 	360	 	358	 	NAP	 	L(26),D(91),O(3)	 	Fee	 	0	 	N	 	NAP	 	Cross
    Development Winters, LLC; CD DG Antioch, LLC; CD DG Vallejo, LLC	 	0.0050%
	30.01	 	Natixis	 	Vallejo	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	30.02	 	Natixis	 	Antioch	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	30.03	 	Natixis	 	Winters	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	31	 	WFB	 	Miraloma
    Red Gum Business Park	 	9/11/2025	 	120	 	119	 	360	 	360	 	NAP	 	L(25),D(91),O(4)	 	Leasehold	 	5	 	N	 	NAP	 	Mira
    Loma Red Gum Business Park LLC	 	0.0350%
	32	 	WFB	 	Redwood
    Apartments - Texas	 	9/11/2025	 	120	 	119	 	360	 	359	 	NAP	 	L(25),D(91),O(4)	 	Fee	 	5	 	N	 	NAP	 	Northeast
    McColl Apartments, L.P.	 	0.0050%
	33	 	WFB	 	Willow
    Glen Plaza	 	8/11/2025	 	120	 	118	 	360	 	360	 	NAP	 	L(26),D(90),O(4)	 	Fee	 	5	 	N	 	NAP	 	Mistry
    Investment Co., LLC	 	0.0050%
	34	 	WFB	 	Budget
    Self Storage	 	9/11/2025	 	120	 	119	 	360	 	360	 	NAP	 	L(25),D(91),O(4)	 	Fee	 	5	 	N	 	NAP	 	JLL
    Self Storage, LLC	 	0.0050%
	35	 	Natixis	 	Price
    Chopper Plaza	 	8/5/2025	 	120	 	118	 	360	 	358	 	NAP	 	L(26),D(90),O(4)	 	Fee	 	0	 	N	 	NAP	 	Cobleskill
    Winston Illinois Partners LLC	 	0.0050%
	36	 	NCB	 	The
    Fort Tryon Corp.	 	9/1/2025	 	120	 	119	 	360	 	359	 	NAP	 	GRTR
    1% or YM(113),1%(3),O(4)	 	Fee	 	10	 	N	 	NAP	 	The
    Fort Tryon Corp.	 	0.0800%
	37	 	WFB	 	Stevenson
    Retail Center	 	9/11/2025	 	120	 	119	 	360	 	360	 	NAP	 	L(25),D(91),O(4)	 	Fee	 	5	 	N	 	NAP	 	Gulesserian
    Enterprises Stevenson Station, LLC	 	0.0050%
	38	 	SPREF	 	Holiday
    Inn Express & Suites - Reidsville	 	9/6/2025	 	120	 	119	 	300	 	299	 	NAP	 	L(25),D(92),O(3)	 	Fee	 	0	 	N	 	NAP	 	Noble
    Hospitality Investment, L.L.C.	 	0.0050%
	39	 	WFB	 	Walgreens
    – Clarkston	 	8/11/2025	 	120	 	118	 	360	 	360	 	NAP	 	L(26),D(90),O(4)	 	Fee	 	5	 	N	 	NAP	 	CAP
    Clarkston, LLC	 	0.0050%
	40	 	Natixis	 	Vista
    La Jolla	 	9/5/2025	 	120	 	119	 	360	 	360	 	NAP	 	L(25),D(91),O(4)	 	Fee	 	0	 	N	 	NAP	 	J
    & J Properties - La Jolla, LLC	 	0.0050%
	41	 	WFB	 	831
    Latour Court	 	9/11/2025	 	120	 	119	 	360	 	360	 	NAP	 	L(25),GRTR
    1% or YM(91),O(4)	 	Fee	 	5	 	N	 	NAP	 	Latour
    Court 1, LP	 	0.0050%
	42	 	WFB	 	CVS
    - Frankfort	 	9/11/2025	 	120	 	119	 	300	 	299	 	NAP	 	L(25),D(91),O(4)	 	Fee	 	5	 	N	 	NAP	 	Rahman
    Enterprises, LLC	 	0.0050%
	43	 	WFB	 	Rainbow
    Towne Storage	 	9/11/2025	 	120	 	119	 	360	 	360	 	NAP	 	L(25),GRTR
    1% or YM(91),O(4)	 	Fee	 	5	 	N	 	NAP	 	Towne
    Storage Dewey Rainbow, L.C.	 	0.0050%
	44	 	Natixis	 	14120
    Crosby Lynchburg Road	 	8/5/2025	 	120	 	118	 	360	 	358	 	NAP	 	L(26),D(92),O(2)	 	Fee	 	0	 	N	 	NAP	 	NEC
    LBT, LLC	 	0.0050%
	45	 	NCB	 	Tudor
    Arms Owners Corp.	 	9/1/2025	 	120	 	119	 	360	 	359	 	NAP	 	GRTR
    1% or YM(113),1%(3),O(4)	 	Fee	 	10	 	N	 	NAP	 	Tudor
    Arms Owners Corp.	 	0.0800%
	46	 	WFB	 	Green
    Township Self Storage	 	8/11/2025	 	120	 	118	 	IO	 	IO	 	NAP	 	L(26),D(90),O(4)	 	Fee	 	5	 	N	 	NAP	 	Wildcat
    Self Storage IX, Ltd.	 	0.0050%
	47	 	NCB	 	The
    Manton House Corp. 	 	9/1/2025	 	120	 	119	 	360	 	359	 	NAP	 	GRTR
    1% or YM(113),1%(3),O(4)	 	Fee	 	10	 	N	 	NAP	 	The
    Manton House Corp. 	 	0.0800%
	48	 	Natixis	 	USCBP
    10 Airport Road Shelby	 	6/5/2025	 	120	 	116	 	360	 	356	 	NAP	 	L(28),D(89),O(3)	 	Fee	 	0	 	N	 	NAP	 	Jilly
    WF Real Estate, LLC	 	0.0050%
	49	 	NCB	 	111
    Tenants Corp.	 	9/1/2025	 	120	 	119	 	IO	 	IO	 	NAP	 	GRTR
    1% or YM(113),1%(3),O(4)	 	Fee	 	10	 	N	 	NAP	 	111
    Tenants Corp.	 	0.0800%
	50	 	Natixis	 	606
    Locust Avenue	 	9/5/2025	 	120	 	119	 	360	 	359	 	NAP	 	L(25),D(93),O(2)	 	Fee	 	0	 	N	 	NAP	 	LIBVICT,
    LLC	 	0.0050%
	51	 	NCB	 	49
    East Owners Corp.	 	9/1/2025	 	120	 	119	 	480	 	479	 	NAP	 	GRTR
    1% or YM(113),1%(3),O(4)	 	Fee	 	10	 	N	 	NAP	 	49
    East Owners Corp.	 	0.0800%
	52	 	WFB	 	Monroe
    Retail Center	 	9/11/2025	 	120	 	119	 	336	 	335	 	NAP	 	L(25),D(90),O(5)	 	Fee	 	5	 	N	 	NAP	 	WRM
    - Monroe, LLC	 	0.0550%
	53	 	NCB	 	Parkside
    Association, Inc.	 	9/1/2025	 	120	 	119	 	360	 	359	 	NAP	 	GRTR
    1% or YM(113),1%(3),O(4)	 	Fee	 	10	 	N	 	NAP	 	Parkside
    Association, Inc.	 	0.0800%
	54	 	NCB	 	East
    72 Tenants Corp.	 	9/1/2025	 	120	 	119	 	360	 	359	 	NAP	 	GRTR
    1% or YM(113),1%(3),O(4)	 	Fee	 	10	 	N	 	NAP	 	East
    72 Tenants Corp.	 	0.0800%
	55	 	NCB	 	Carolyn
    Court Owners, Inc.	 	9/1/2025	 	120	 	119	 	360	 	359	 	NAP	 	GRTR
    1% or YM(113),1%(3),O(4)	 	Fee	 	10	 	N	 	NAP	 	Carolyn
    Court Owners, Inc.	 	0.0800%
	56	 	NCB	 	Bellcourt
    Owners, Inc.	 	9/1/2025	 	120	 	119	 	360	 	359	 	NAP	 	GRTR
    1% or YM(113),1%(3),O(4)	 	Fee	 	10	 	N	 	NAP	 	Bellcourt
    Owners, Inc.	 	0.0800%

 

    	 

    	 

    

 

SCHEDULE
II

 

SCHEDULE
OF EXCEPTIONS TO MORTGAGE FILE DELIVERY

(under Section 2.02(a) of this Agreement)

 

[None.]

 

    	S-II-1

    	 

    

 

SCHEDULE III

 

SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT
OF COMPLIANCE

 

The assessment of compliance
to be delivered shall address, at a minimum, the criteria identified below as “Relevant Servicing Criteria”, provided
that, for the avoidance of doubt this Schedule III shall not require any assessment of any criterion to the extent that the assessment
of such criterion is not required under the terms of Regulation AB. In addition, this Schedule III shall not be construed to impose
on any Person any servicing duty that is not otherwise imposed on such Person under the main body of the Pooling and Servicing
Agreement of which this Schedule III forms a part or to require an assessment of a criterion that is not encompassed by the servicing
duties of the applicable party that are set forth in the main body of such Pooling and Servicing Agreement.

 

	 	Relevant Servicing Criteria	Applicable Party(ies)
	Reference	Criteria	 
	 	General Servicing Considerations	 
	 	 	 
	1122(d)(1)(i)	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	
        Certificate Administrator

        General Master Servicer

        NCB Master Servicer

        General Special Service

        NCB Special Servicer

        One Court Square 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.	
        Certificate Administrator

        General Master Servicer

        NCB Master Servicer

        General Special Servicer NCB Special Servicer 

        One Court Square Special Servicer

	1122(d)(1)(iii)	Any requirements in the transaction agreements to maintain a back-up servicer for the mortgage loans are maintained.	N/A
	1122(d)(1)(iv)	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.	General Master Servicer 

 NCB Master Servicer

General Special Servicer NCB Special Servicer 

 One Court Square Special Servicer
	1122(d)(1)(v)	Aggregation of information, as applicable., is mathematically accurate and the information conveyed accurately reflects the information.1	Certificate Administrator

General Master Servicer 

 NCB Master Servicer

General Special Servicer NCB Special Servicer 

 One Court Square Special Servicer
	 	Cash Collection and Administration	 

 

 

1
The servicing criteria in Item 1122(d)(1)(v) of Regulation AB shall be applicable on and after November
23, 2015.

 

    	S-III-1

    	 

    

 

	 	Relevant Servicing Criteria	Applicable Party(ies)
	Reference	Criteria	 
	 	General Servicing Considerations	 
	 	 	 
	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.	General Master Servicer 

 NCB Master Servicer

General Special Servicer NCB Special Servicer 

 One Court Square Special Servicer
	1122(d)(2)(ii)	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	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.	Trustee2

General Master Servicer NCB Master Servicer
	1122(d)(2)(iv)	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.	Certificate Administrator

General Master Servicer NCB Master Servicer
	1122(d)(2)(v)	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	Certificate Administrator

General Master Servicer 

 NCB Master Servicer

General Special Servicer NCB Special Servicer 

 One Court Square Special Servicer
	1122(d)(2)(vi)	Unissued checks are safeguarded so as to prevent unauthorized access.	Certificate Administrator

General Master Servicer 

 NCB Master Servicer

General Special Servicer NCB Special Servicer 

 One Court Square Special Servicer
	1122(d)(2)(vii)	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations (A) are mathematically accurate; (B) are prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) are 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.	General Master Servicer 

 NCB Master Servicer

General Special Servicer NCB Special Servicer 

 One Court Square Special Servicer 
	 	Investor Remittances and Reporting	 
	1122(d)(3)(i)	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in 	
        Certificate Administrator

        Trust Advisor*

 

 

2
Only to the extent that the Trustee was required to make an Advance pursuant to the Pooling and Servicing Agreement during the
applicable calendar year.

 

    	S-III-2

    	 

    

 

	 	Relevant Servicing Criteria	Applicable Party(ies)
	Reference	Criteria	 
	 	General Servicing Considerations	 
	 	 	 
	 	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 Servicer.	
        *(C) and (D) are not
        applicable.

	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 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.	Custodian

General Master Servicer NCB Master Servicer

General Special Servicer NCB Special Servicer 

 One Court Square Special Servicer
	1122(d)(4)(ii)	Mortgage loan and related documents are safeguarded as required by the transaction agreements.	Custodian
	1122(d)(4)(iii)	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	Certificate Administrator

General Master Servicer NCB Master Servicer

General Special Servicer NCB Special Servicer 

One Court Square Special Servicer
	1122(d)(4)(iv)	Payments on mortgage loans, including any payoffs, made in accordance with the related mortgage loan documents are posted to the Servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related mortgage loan documents.	General Master Servicer NCB Master Servicer
	1122(d)(4)(v)	The Servicer’s records regarding the mortgage loans agree with the Servicer’s records with respect to an obligor’s unpaid principal balance.	General Master Servicer NCB Master Servicer
	1122(d)(4)(vi)	Changes with respect to the terms or status of an obligor’s mortgage loans (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.	General Master Servicer NCB Master Servicer

General Special Servicer NCB Special Servicer 

 One Court Square Special Servicer
	1122(d)(4)(vii)	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and 	General
Special Servicer

 

    	S-III-3

    	 

    

 

	 	Relevant Servicing Criteria	Applicable Party(ies)
	Reference	Criteria	 
	 	General Servicing Considerations	 
	 	 	 
	 	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.	NCB
Special Servicer 

 One Court Square Special Servicer

Trust 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).	General Master Servicer NCB Master Servicer

General Special Servicer NCB Special Servicer 

 One Court Square 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.	General Master Servicer NCB 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.	General Master Servicer NCB 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.	General Master Servicer NCB 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.	General Master Servicer NCB 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.	General Master Servicer NCB Master Servicer 
	1122(d)(4)(xiv)	Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	General Master Servicer NCB 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

 

    	S-III-4

    	 

    

 

SCHEDULE IV

 

DESIGNATED SUB-SERVICERS

 

		1.	GEMSA Loan Services, L.P

		2.	Holliday Fenoglio Fowler, L.P.

		3.	Wells Fargo Bank, National Association

 

    	S-IV-1

    	 

    

 

SCHEDULE V

 

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 11.07 of the Pooling and Servicing Agreement to disclose to the Depositor and the
Certificate Administrator any information described in the corresponding Form 10-D Item described in the “Item on Form
10-D” column to the extent such party has actual knowledge (and in the case of financial statements required to be
provided in connection with Item 6 below, possession) of such information (other than information as to itself). Each of the
Certificate Administrator, the Trustee, the General Master Servicer, the NCB  Master Servicer, the General Special Servicer,
the NCB Special Servicer, the One Court Square Special Servicer and the Trust Advisor (in its capacity as such) 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 General Master Servicer, the NCB
Master Servicer, the General Special Servicer, the NCB Special Servicer, the One Court Square Special Servicer and the Trust
Advisor (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. If there is more than one Master Servicer at any given
time, in no event shall a Master Servicer be required to provide any information for inclusion in a Form 10-D that relates
to any Mortgage Loan for which such Master Servicer is not the Master Servicer. If there is more than one Special Servicer
at any given time, in no event shall a Special Servicer be required to provide any information for inclusion in a Form
10-D that relates to any Mortgage Loan for which such Special Servicer is not the Special Servicer. For this Pooling
and Servicing Agreement, each of the Certificate Administrator, the Trustee, the General Master Servicer, the NCB
Master Servicer, the General Special Servicer, the NCB Special Servicer, the One Court Square Special Servicer and the Trust
Advisor (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: Only with respect to any information required by 1121 which is NOT included
    on     the Distribution Date Statement	
        ·     Each
        Master Servicer (only with respect to 1121(a)(12) as to non-Specially Serviced Loans serviced by it)

         

        ·     Each
        Special Servicer (only with respect to 1121(a)(12) as to Specially Serviced Loans serviced by it)

         

        ·     Depositor

         

        ·     Certificate
        Administrator

	Item 2: Legal Proceedings:

Item 1117 of Regulation AB (to the extent material to Certificateholders)	
        ·     Each
        Master Servicer (as to itself)

         

        ·     Each
        Special Servicer (as to itself)

         

        ·     Trustee
        (as to itself)

         

        ·     Certificate
        Administrator (as to itself)

         

        ·     Depositor
        (as to itself)

        

 

    	S-V-1

    	 

    

 

	Item on Form 10-D	Party Responsible
	 	
        ·     Trust
        Advisor (as to itself)

         

        ·     Any
        other Reporting Servicer (as to itself)

         

        ·     Trustee/each
        Master Servicer/Depositor/each Special Servicer as to the Trust

         

        ·     Each
        Mortgage Loan Seller (as to itself and as to each Originator (as contemplated by Item 1110(b) of Regulation AB) of one or more
        Mortgage Loans sold by such Mortgage Loan Seller)

         

        ·     Depositor
        (as to any party under Item 1100(d)(1) of Regulation AB)

	Item 3: Sale of Securities and Use of Proceeds	·     Depositor
	Item 4: Defaults Upon Senior Securities	·     Certificate Administrator
	Item 5: Submission of Matters to a Vote of Security Holders	·     Certificate Administrator
	Item 6: Significant Obligors of Pool Assets	·     Each Master Servicer
	Item 7*: Change in Sponsor Interest in the Securities	
        ·     Each Mortgage Loan Seller (as to itself and its affiliates)

	Item
    8: Significant Enhancement Provider Information	·     N/A
	Item 9: Other Information (information required to be disclosed on Form 8-K that was not properly disclosed)	
        ·     Certificate
        Administrator (with respect to the balances of the Distribution Account and the Interest Reserve Account as of the related Distribution
        Date and the preceding Distribution Date)

         

        ·     The
        Certificate Administrator and any other party responsible for disclosure items on Form 8-K to the extent of such items (which,
        pursuant to Section 8 of the related Mortgage Loan Purchase Agreement, does not include the Mortgage Loan Sellers)

	Item 10: Exhibits	
        ·     Depositor
        (exhibits required by Item 601 of Regulation S-K, such as material agreements)

         

        ·     Certificate
        Administrator (Distribution Date Statement)

 

*
Form 10-D was amended, effective November 24, 2014, by adding new Item 7 in Part II and redesignating Items 7, 8 and 9 as Items
8, 9 and 10 as part of amendments related to the offering process, disclosure, and reporting for asset-backed securities, however,
the requirement to provide Additional Form 10-D Information with respect to Item 7 shall not apply until November 23, 2015. New
Item 7 will only be applicable (and newly numbered Items 8, 9 and 10 will only reflect their new numbers) on and after November
24, 2015.

 

    	S-V-2

    	 

    

 

SCHEDULE VI

 

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 11.07
of the Pooling and Servicing Agreement to disclose to the Depositor and the Certificate Administrator any information described
in the corresponding Form 10-K Item described in the “Item on Form 10-K” column to the extent such party has actual
knowledge (and in the case of financial statements required to be provided in connection with 1112(b) below, possession) of such
information (other than information as to itself). Each of the Certificate Administrator, the Trustee, the General Master Servicer,
the NCB Master Servicer, the General Special Servicer, the NCB Special Servicer, the One Court Square Special Servicer and the
Trust Advisor (in its capacity as such) 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 the General
Master Servicer, the NCB Master Servicer, the General Special Servicer, the NCB Special Servicer, the One Court Square Special
Servicer and the Trust Advisor (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. If there is more than one Master Servicer at
any given time, in no event shall a Master Servicer be required to provide any information for inclusion in a Form 10-K that relates
to any Mortgage Loan for which such Master Servicer is not the Master Servicer. If there is more than one Special Servicer at any
given time, in no event shall a Special Servicer be required to provide any information for inclusion in a Form 10-K that relates
to any Mortgage Loan for which such Special Servicer is not the Special Servicer. For this Pooling and Servicing Agreement, each
of the Certificate Administrator, the Trustee, the the General Master Servicer, the NCB Master Servicer, the General Special Servicer,
the NCB Special Servicer, the One Court Square Special Servicer and the Trust Advisor (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 (information required to be disclosed on Form 8-K that was not properly disclosed)	
        ·     Any party responsible for disclosure items on Form 8-K to the extent of such items (which, pursuant to Section 8 of the related Mortgage Loan Purchase Agreement, does not include the Mortgage Loan Sellers)

	Item 15: Exhibits, Financial Statement Schedules	
        ·     Certificate
        Administrator

         

        ·     Depositor

	Additional Item:

Disclosure per Item 1117 of Regulation AB (to the extent material to Certificateholders)	
        ·     Each
        Master Servicer (as to itself)

         

        ·     Each
        Special Servicer (as to itself)

         

        ·     Certificate
        Administrator (as to itself)

         

        ·     Trustee
        (as to itself)

        

 

    	S-VI-1

    	 

    

 

	Item on Form 10-K	Party Responsible
	 	

        ·     Depositor
        (as to itself)

         

        ·     Trust
        Advisor (as to itself)

         

        ·     Any
        other Reporting Servicer (as to itself)

         

        ·     Trustee/Certificate
        Administrator/each Master Servicer/Depositor/each Special Servicer as to the Trust

         

        ·     Each
        Mortgage Loan Seller (as to itself and as to each Originator (as contemplated by Item 1110(b) of Regulation AB) of one or more
        Mortgage Loans sold by such Mortgage Loan Seller)

         

        ·     Depositor
        (as to any party under Item 1100(d)(1) of Regulation AB)

	Additional Item:

Disclosure per Item 1119 of Regulation AB	
        ·     Each
        Master Servicer (as to itself) (to the extent material to Certificateholders and only as to affiliations under 1119(a) with the
        Trustee, Certificate Administrator, each Special Servicer or a sub-servicer retained by it meeting any of the descriptions in Item
        1108(a)(3))

         

        ·     Each
        Special Servicer (as to itself) (to the extent material to Certificateholders and only as to affiliations under 1119(a) with the
        Trustee, Certificate Administrator, each Master Servicer or a sub-servicer meeting any of the descriptions in Item 1108(a)(3))

         

        ·     Certificate
        Administrator (as to itself) (to the extent material to Certificateholders)

         

        ·     Trustee
        (as to itself) (to the extent material to Certificateholders)

         

        ·     Depositor
        (as to itself)

         

        ·     Depositor
        (as to the Trust)

         

        ·     Each
        Mortgage Loan Seller (as to itself and as to each Originator under Item 1110 of Regulation AB relating to one or more Mortgage
        Loans sold by such Mortgage Loan Seller)

         

        ·     Trust
        Advisor (as to itself)

         

        ·     Depositor
        (as to any party under Item 1100(d)(1) of Regulation AB)

	Additional Item:

Disclosure per Item 1112(b) of Regulation AB	Each Master Servicer
	Additional Item:

Disclosure per Items 1114(b)(2) and 1115(b) of Regulation AB	N/A

 

    	S-VI-2

    	 

    

 

SCHEDULE VII

 

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 11.10 of the Pooling
and Servicing Agreement to report to the Depositor and the Certificate Administrator the occurrence of any event described in the
corresponding Form 8-K Item described in the “Item on Form 8-K” column to the extent such party has actual knowledge
of such information (other than information as to itself). Each of the Certificate Administrator, the Trustee the General Master
Servicer, the NCB Master Servicer, the General Special Servicer, the NCB Special Servicer and the One Court Square Special Servicer
(each in its capacity as such) 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 General Master
Servicer, the NCB Master Servicer, the General Special Servicer, the NCB Special Servicer and the One Court Square Special Servicer
(each 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. If there is more than one Master Servicer at any given time, in no
event shall a Master Servicer be required to provide any information for inclusion in a Form 8-K that relates to any Mortgage Loan
for which such Master Servicer is not the Master Servicer. If there is more than one Special Servicer at any given time, in no
event shall a Special Servicer be required to provide any information for inclusion in a Form 8-K that relates to any Mortgage
Loan for which such Special Servicer is not the Special Servicer. For this Pooling and Servicing Agreement, each of the Certificate
Administrator, the Trustee, the General Master Servicer, the NCB Master Servicer, the General Special Servicer, the NCB Special
Servicer and the One Court Square Special Servicer each (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

Disclosure is required regarding entry into or amendment of any definitive agreement that is material to the securitization, even if depositor is not a party.

Examples: servicing agreement, custodial agreement.

Note: disclosure not required as to definitive agreements that are fully disclosed in the prospectus	
        ·     Trustee/Certificate Administrator/each Master Servicer/Depositor/each Special Servicer as to the Trust (only as to the agreements to which such entity is a party or entered into by such party on behalf of the Trust)

 

    	S-VII-1

    	 

    

 

	Item on Form 8-K	Party Responsible
	Item 1.02- Termination of a Material Definitive Agreement

Disclosure is required regarding termination of any definitive agreement that is material to the securitization (other than expiration in accordance with its terms), even if depositor is not a party.

Examples: servicing agreement, custodial agreement.	
        ·     Trustee/Certificate Administrator/each Master Servicer/Depositor/each Special Servicer as to the Trust (only as to the agreements to which such entity is a party or entered into by such party on behalf of the Trust)

	Item 1.03- Bankruptcy or Receivership	
        ·     Depositor

	Item 2.04- Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement

Includes an early amortization, performance trigger or other event, including event of default, that would materially alter the payment priority/distribution of cash flows/amortization schedule.

Disclosure will be made of events other than waterfall triggers which are disclosed in the monthly statements to the certificateholders.	
        ·     Depositor

        ·     Certificate
        Administrator

	Item 3.03- Material Modification to Rights of Security Holders

Disclosure is required of any material modification to documents defining the rights of Certificateholders, including the Pooling and Servicing Agreement.	
        ·     Certificate Administrator

	Item 5.03- Amendments of Articles of Incorporation or Bylaws; Change of Fiscal Year

Disclosure is required of any amendment “to the governing documents of the issuing entity”.	
        ·     Depositor

	Item 6.01- ABS Informational and Computational Material	
        ·     Depositor

	Item 6.02- Change of Servicer or Trustee 

Requires disclosure of any removal, replacement, substitution or addition of any master servicer, affiliated servicer, other servicer servicing 10% or more of pool assets at time of report, other material servicers or trustee.	
        ·     Each
        Master Servicer (as to itself or a servicer retained by it)

        ·     Each
        Special Servicer (as to itself or a servicer retained by it)

        ·     Certificate
        Administrator

        ·     Trustee

        ·     Depositor

	Reg AB disclosure about any new servicer or master servicer is also required.	
        ·     Each Master Servicer (as to itself or a servicer retained by it) or each Special Servicer (as to itself or a servicer retained by it), as applicable

	Reg AB disclosure about any new Trustee is also required.	
        ·     Trustee

	Reg AB disclosure about any new Certificate Administrator is also required.	
        ·     Certificate Administrator

	Item 6.03- Change in Credit Enhancement or External Support	N/A
	Item 6.04- Failure to Make a Required Distribution	
        ·     Certificate Administrator

 

    	S-VII-2

    	 

    

 

	Item on Form 8-K	Party Responsible
	Item 6.05- Securities Act Updating Disclosure

If any material pool characteristic differs by 5% or more at the time of issuance of the securities from the description in the final prospectus, provide updated Reg AB disclosure about the actual asset pool.

If there are any new servicers or originators required to be disclosed under Regulation AB as a result of the foregoing, provide the information called for in Items 1108 and 1110 respectively.	
        ·     Depositor

	Item 7.01- Regulation FD Disclosure	
        ·     Depositor

	Item 8.01 – Other Events

Any event, with respect to which information is not otherwise called for in Form 8-K, that the registrant deems of importance to certificateholders.	
        ·     Depositor

	Item 9.01 – Financial Statements and Exhibits	
        ·     Responsible party for reporting/disclosing the financial statement or exhibit

 

    	S-VII-3

    	 

    

 

SCHEDULE VIII

 

INITIAL NOI INFORMATION FOR SIGNIFICANT
OBLIGORS 

 

None.

 

    	S-VIII-1

    	 

    

 

SCHEDULE IX

 

SCHEDULE OF INITIAL SERVICED PARI PASSU
COMPANION LOAN HOLDER(S)

 

	Companion Loan(s)	 	Initial Companion Loan Holder
	Yosemite Resorts Note A-2	 	
         

        Natixis Real Estate Capital LLC

        1251 Avenue of the Americas

        New York, New York 10020

        Attention: Khaled Mohiuddin

        Facsimile: (212) 891-5777

         

        with a copy to:

         

        Natixis Real Estate Capital LLC

Office of Chief Operating Officer

1251 Avenue of the Americas

New York, New York 10020

Facsimile: (212) 891-6288

with a copy to:

Natixis North America LLC

Office of the General Counsel

1251 Avenue of the Americas

New York, New York 10020

for legal notices, with a copy to: 

        legal.notices@us.natixis.com 

         

	One Court Square Note A-1, Note A-2 and Note A-3	 	
         

        Natixis Real Estate Capital LLC

        1251 Avenue of the Americas

        New York, New York 10020

        Attention: Khaled Mohiuddin

        Facsimile: (212) 891-5777

         

        with a copy to:

         

        Natixis Real Estate Capital LLC

Office of Chief Operating Officer

1251 Avenue of the Americas

New York, New York 10020

Facsimile: (212) 891-6288

with a copy to:  

 

    	S-IX-1

    	 

    

  

	 	 	 

                                                           Natixis North America LLC
 Office of the General Counsel
 1251 Avenue of the Americas
 New York, New York 10020
 
 for legal notices, with a copy to: 
 legal.notices@us.natixis.com

                                                            

  

    	S-IX-2

    	 

    

  

SCHEDULE X

 

CLASS A-SB PLANNED PRINCIPAL BALANCE SCHEDULE

	 	 	 	 	 	 	 	 	 
	Distribution Date	 	Class A-SB

Planned Principal

Balance ($)	 	Distribution Date	 	Class A-SB

Planned Principal

Balance ($)
	November 2015	 	47,768,000.00	 	 	March 2019	 	47,768,000.00	 
	December 2015	 	47,768,000.00	 	 	April 2019	 	47,768,000.00	 
	January 2016	 	47,768,000.00	 	 	May 2019	 	47,768,000.00	 
	February 2016	 	47,768,000.00	 	 	June 2019	 	47,768,000.00	 
	March 2016	 	47,768,000.00	 	 	July 2019	 	47,768,000.00	 
	April 2016	 	47,768,000.00	 	 	August 2019	 	47,768,000.00	 
	May 2016	 	47,768,000.00	 	 	September 2019	 	47,768,000.00	 
	June 2016	 	47,768,000.00	 	 	October 2019	 	47,768,000.00	 
	July 2016	 	47,768,000.00	 	 	November 2019	 	47,768,000.00	 
	August 2016	 	47,768,000.00	 	 	December 2019	 	47,768,000.00	 
	September 2016	 	47,768,000.00	 	 	January 2020	 	47,768,000.00	 
	October 2016	 	47,768,000.00	 	 	February 2020	 	47,768,000.00	 
	November 2016	 	47,768,000.00	 	 	March 2020	 	47,768,000.00	 
	December 2016	 	47,768,000.00	 	 	April 2020	 	47,768,000.00	 
	January 2017	 	47,768,000.00	 	 	May 2020	 	47,768,000.00	 
	February 2017	 	47,768,000.00	 	 	June 2020	 	47,768,000.00	 
	March 2017	 	47,768,000.00	 	 	July 2020	 	47,768,000.00	 
	April 2017	 	47,768,000.00	 	 	August 2020	 	47,768,000.00	 
	May 2017	 	47,768,000.00	 	 	September 2020	 	47,767,820.93	 
	June 2017	 	47,768,000.00	 	 	October 2020	 	46,986,903.38	 
	July 2017	 	47,768,000.00	 	 	November 2020	 	46,253,647.76	 
	August 2017	 	47,768,000.00	 	 	December 2020	 	45,455,619.65	 
	September 2017	 	47,768,000.00	 	 	January 2021	 	44,716,401.29	 
	October 2017	 	47,768,000.00	 	 	February 2021	 	43,974,306.03	 
	November 2017	 	47,768,000.00	 	 	March 2021	 	43,044,424.71	 
	December 2017	 	47,768,000.00	 	 	April 2021	 	42,295,811.97	 
	January 2018	 	47,768,000.00	 	 	May 2021	 	41,482,864.00	 
	February 2018	 	47,768,000.00	 	 	June 2021	 	40,728,170.10	 
	March 2018	 	47,768,000.00	 	 	July 2021	 	39,909,314.13	 
	April 2018	 	47,768,000.00	 	 	August 2021	 	39,148,492.19	 
	May 2018	 	47,768,000.00	 	 	September 2021	 	38,384,708.86	 
	June 2018	 	47,768,000.00	 	 	October 2021	 	37,557,022.28	 
	July 2018	 	47,768,000.00	 	 	November 2021	 	36,787,040.86	 
	August 2018	 	47,768,000.00	 	 	December 2021	 	35,953,332.67	 
	September 2018	 	47,768,000.00	 	 	January 2022	 	35,177,105.36	 
	October 2018	 	47,768,000.00	 	 	February 2022	 	34,397,856.44	 
	November 2018	 	47,768,000.00	 	 	March 2022	 	33,434,285.73	 
	December 2018	 	47,768,000.00	 	 	April 2022	 	32,648,242.28	 
	January 2019	 	47,768,000.00	 	 	May 2022	 	31,798,929.38	 
	February 2019	 	47,768,000.00	 	 	June 2022	 	31,006,516.17	 

 

    	S-X-1

    	 

    

  

	 	 	 	 	 	 	 	 	 
	Distribution Date	 	Class A-SB 

Planned Principal 

Balance ($)	 	Distribution Date	 	Class A-SB

Planned Principal

Balance ($)
	July 2022	 	30,151,014.89	 	 	March 2024	 	12,900,272.94	 
	August 2022	 	29,352,182.81	 	 	April 2024	 	12,034,231.85	 
	September 2022	 	28,550,240.69	 	 	May 2024	 	11,107,199.06	 
	October 2022	 	27,685,481.82	 	 	June 2024	 	10,234,171.27	 
	November 2022	 	26,877,047.36	 	 	July 2024	 	9,300,350.70	 
	December 2022	 	26,005,981.01	 	 	August 2024	 	8,420,282.31	 
	January 2023	 	25,191,004.16	 	 	September 2024	 	7,536,786.09	 
	February 2023	 	24,372,854.13	 	 	October 2024	 	6,592,795.15	 
	March 2023	 	23,374,009.51	 	 	November 2024	 	5,702,177.60	 
	April 2023	 	22,548,774.82	 	 	December 2024	 	4,751,268.09	 
	May 2023	 	21,661,386.57	 	 	January 2025	 	3,853,474.28	 
	June 2023	 	20,829,479.90	 	 	February 2025	 	2,952,183.29	 
	July 2023	 	19,935,609.64	 	 	March 2025	 	1,877,949.81	 
	August 2023	 	19,096,979.53	 	 	April 2025	 	968,953.94	 
	September 2023	 	18,255,083.69	 	 	May 2025	 	189.35	 
	October 2023	 	17,351,508.69	 	 	June 2025 and	 	 	 
	November 2023	 	16,502,812.39	 	 	thereafter	 	0.00	 
	December 2023	 	15,592,630.55	 	 	 	 	 	 
	January 2024	 	14,737,081.34	 	 	 	 	 	 
	February 2024	 	13,878,200.23	 	 	 	 	 	 

 

    	S-X-2

    	 

    

 

SCHEDULE XI

 

DESIGNATED ESCROW/RESERVE MORTGAGE LOANS

 

 

1. Fresh Market Plaza

2. Sheraton Suites Chicago – Elk Grove

 

    	S-XI-1

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